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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.
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.
