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Citic Securities Adjusts Price Target on Workday to $326 From $316, Keeps Buy Rating
Hong Kong stocks movement | China-Affiliated Brokerage stocks decline has widened. Citigroup states that the merger of Foshan Golden Milky Way Intelligent Equipment is difficult to implement in the short term. Institutions are bullish on the sequential im
China-Affiliated Brokerage stocks saw an expanded decline in the late trading session. As of the time of writing, SWHY (06806) is down 7.09%, at 2.36 HKD; CITIC SEC (06030) is down 6.14%, at 22.15 HKD; China Merchants (06099) is down 5.89%, at 14.38 HKD; CSC (06066) is down 5.34%, at 9.75 HKD.
【Brokerage Focus】GTJA: The Brokerage Sector is expected to see a double increase in profitability and valuation.
Jinwu Financial News | GTJA indicates that the recovery and improvement of the Capital Markets, combined with a low base, is expected to lead to better-than-expected fundamental improvements. In 2025, the new 'Nine Policies' will serve as the core of the '1+N' policy framework, entering a period of implementation overall, with a clear policy framework for medium- and long-term funds entering the market. More incremental policies are expected to be continuously introduced, leading to a sustained recovery and improvement in the Capital Markets, which is bullish for the fundamental and valuation repair of the Brokerage Sector. In the first quarter of 2024, extreme market volatility impacted the profitability of the Brokerage's investment business, leading to pressure on the Sector's earnings. From the current point of view, the recovery and improvement of the Capital Markets are expected to drive growth in retail and institutional business for Brokerages, bringing positive outcomes.
CITIC SEC (06030): CITIC SEC International provides a guarantee for the 10 million US dollar notes issued by CSI MTN Limited.
CITIC SEC (06030) announced that its wholly-owned overseas subsidiary, CITIC SEC International's affiliated company CSI M...
CITIC SEC: Maintains Baidu Group-SW "Buy" rating, expects the company's AI-related revenue to continue to increase.
CITIC SEC released a Research Report stating that it maintains a "Buy" rating for Baidu Group-SW (09888). The firm claims that the company's overall valuation remains remarkably attractive, continuing to be bullish on the sustained recovery of the company's fundamentals, the incremental opportunities brought by AI, autonomous driving, and other businesses, as well as the ongoing cost reduction and efficiency improvement processes, which are expected to lead to significant performance improvement by 2025. CITIC pointed out that the company's performance in Q4 2024 is overall better than expected, with cloud business performance exceeding expectations, and Baidu Core's operating margin demonstrating resilience under optimized operational efficiency. In the medium term, with AI enabling multiple business lines, the cloud business focuses on scenarios and cost optimization.
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.
