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China Merchants Securities International: Downgrade Bud APAC to "Neutral" rating, target price of HKD 10.1.
China Merchants Securities International has issued a research report stating that, based on a 10x EV/EBITDA multiple in mid-2025, the target price of Bud APAC (01876) has been lowered by 23% from HKD 13.1 to HKD 10.1, and the rating has been downgraded from "shareholding" to "neutral". It is expected that the net income in 2024 will be about 14% lower than the market consensus. The bank has lowered its revenue forecast for 2024-2026 by 8-20% based on Q2 results in order to reflect a weaker domestic brand outlook. The gross profit forecast has been lowered by 7-19% considering the favorable raw material costs. The net profit forecast has been lowered by about 21% based on the higher operating expense ratio.
China Merchants Securities: reaffirmed Alibaba-SW's "strongly recommended" rating, with a target price of HKD 101.
China Merchants issued a research report stating that it reiterates its "strongly recommended" rating for Alibaba-SW (09988). It is bullish on its e-commerce business growth resilience and long-term growth potential in international business and cloud services. In addition, the expected entry to Hong Kong's main market is imminent and its current valuation is still low. Non-GAAP net income for FY2025-2027 is estimated to be 151.6, 169.8, and 188.5 billion yuan, respectively, and the target price is 101 Hong Kong dollars. Since FY2024, the company has increased its buybacks and dividends, and the FY2024 shareholder return (dividends & stock dividends / market cap at the end of FY2024) is approximately 9%, as calculated.
China Merchants Securities: 24H1 performance exceeded expectations, maintains 'shareholding' rating for Sunny Optical Technology.
China Merchants has released research reports stating that Sunny Optical Technology (02382) is expected to benefit from the recovery of mobile demand in 2024 and the trend of optical imaging innovation for high-end Android models, achieving increases in lens and camera module shipments, ASP and gross margin. At the same time, the product share of North American and South Korean customers is expected to continue to increase, opening up growth space for the next three years. The integration advantage of the automotive business layout is obvious, driving the growth of automotive intelligent driving camera, camera module, lidar and projection business. The shareholding rating of Sunny Optical Technology is maintained. Event: the company announced its semi-annual performance forecast on July 21.
China Merchants Securities: give a "shareholding" rating to China Res Beer, with a target price lowered to 37 Hong Kong dollars.
China Merchants Securities issued a research report stating that China Res Beer (00291) is expected to have a flat performance in the first half of the year, but the profit margin still increased due to efficiency, and believes that the potential good replenishment momentum in the peak season proves that the "shareholding" rating is reasonable, and the stock price has digested the first half-year performance. The company showed signs of demand recovery in early July; the trend needs to be confirmed. The target price was adjusted from HKD 45.4 to HKD 37, and the earnings forecast was lowered by 11%. China Merchants Securities stated that the full-year revenue growth expectation for Res Beer was lowered from 12.6% to 4.9% to reflect the flat performance in the first half of the year, and it is expected to achieve a growth of 10% in the second half of the year. The full-year gross margin forecast was increased.
China Railway has completed the issuance of 2 billion yuan of corporate bonds.
China Railway (0390) announces that the issuer, China Railway Limited, has obtained approval from the Shanghai Stock Exchange and registration with China Securities Regulatory Commission by virtue of the Permission for Securities Supervision of the China Securities Regulatory Commission (Document No. [2023]1327) to publicly issue corporate bonds not exceeding 60 billion RMB for professional investors. China Railway Limited will publicly issue technology innovation renewable corporate bonds (first tranche) for professional investors in 2024, with the issue size not exceeding 2 billion RMB (including 2 billion RMB) and the issue price of 100 RMB per bond. This tranche.
China Merchants will distribute a cash dividend of 0.252 yuan per share of A stock on July 16th.
China Merchants Securities (06099) announced that it will distribute a cash dividend of 0.252 yuan per A share on July 16, 2024.
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