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CITIC SEC: Maintains MEITUAN-W "Buy" rating; paying social insurance for riders enhances competitiveness.
CITIC SEC released a Research Report stating that MEITUAN-W (03690) has been very proactive in investing in and applying new technology. This wave of technological innovation is more beneficial for leading enterprises in various segments to enhance their competitiveness, maintaining a "Buy" rating. It is expected that in Q4 2024, MEITUAN's overall revenue will be 87.78 billion yuan, +19.1% year-on-year, with operating profit at 9.1 billion yuan, +417.3% year-on-year (including on-demand delivery 6.6 billion yuan, +42.2% year-on-year, in-store 5.05 billion yuan, +49.6% year-on-year, new business -2.11 billion yuan, significantly decreased losses year-on-year), with adjusted Net income of 10.42 billion yuan year-on-year.
CITIC SEC: Initiates a "Buy" rating for GUANGDONG INV with a Target Price of 8.00 HKD.
CITIC SEC released a Research Report stating that it is initiating coverage on GUANGDONG INV (00270) with a "Buy" rating and a Target Price of HKD 8.00. The company's core Business in the water resource Sector has strong operational stability, and the real estate and property Sector has fully provided for impairments in 2023. Starting from 2024, the company's performance is expected to return to an upward cycle. The bank noted that considering the possible contraction in capital expenditure and the need to reserve funds for the renewal of the new round of the Dongshen water supply project, the company still has a high dividend payout capability, with expected dividend yields of 6.6%/7.0%/7.4% for 2024-2026; divesting the real estate development Business to enhance its utility properties.
Citic Securities Upgrades Digital Realty Trust to Buy From Add, Adjusts Price Target to $201 From $190
CITIC SEC: A rebound in CH MODERN D's profits is expected, maintaining a "Buy" rating.
CITIC SEC today released a research report, maintaining a "Buy" rating on CH MODERN D (01117). CITIC SEC believes that improvements in Fodder costs will likely enhance CH MODERN D's gross margin, with profits expected to rebound significantly in 2025. Summary of CITIC SEC's core views: Cash flow performance is robust despite a significant decline in the company's Net income in 2024, mainly influenced by impairment of biological assets and goodwill; however, these impairments are all non-cash items and have no substantial impact on the company's cash flow. The company's cash EBITDA for 2024 is expected to reach 2.9 to 3.1 billion yuan (compared to 2.5 billion yuan in the same period of 2023.
Citic Securities, Guotai Junan Securities Among Banks Acting as Placing Agents for UBTECH Robotics
Citic Securities Adjusts Equinix Price Target to $1,031 From $980, Maintains Buy Rating
