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Tianfeng Securities to Raise Up to 4 Billion Yuan From Share Issuance; Shares Down 4%
Tianfeng Securities: Maintains a "buy" rating on Tencent with a target price of HK $476.
Tianfeng Securities released a research report maintaining a "buy" rating on Tencent (00700). The high gross margin of incremental business has laid a foundation for continuous improvement in gross margin. The performance of domestic/overseas games implies an accelerated quarter-on-quarter increase in game revenue in the second half of the year, and the forecasted Non-IFRS attributable net income to shareholders for 2024-2026 has been raised to 217.8/251.7/278.6 billion yuan (originally forecasted as 209.1/239.6/269.1 billion yuan), with year-on-year growth rates of 38%/16%/11%, respectively. The target price is maintained at HKD 476. The main points of view of Tianfeng Securities are as follows: overall performance: good profitability.
A-share noon report: Shanghai Composite Index rose 1.79%, Chinext Price Index rose 3.33%, nearly 5000 stocks rose! Brokerage stocks surged across the board.
As of noon closing, the Shanghai Composite Index rose 1.79% to 2930.8 points, the Shenzhen Component Index rose 2.96%, and the chinext price index rose 3.33%. Nearly 5000 stocks have risen.
Tianfeng Securities: Expects Alibaba-SW to complete dual listing conversion next month and maintains a "buy" rating.
Tianfeng Securities released a research report stating that due to Alibaba-SW's emphasis on increasing investment to enhance competitiveness, the bank raised its revenue forecast for the fiscal years 2025 to 2027 to 1.0249 trillion, 1.1236 trillion, and 1.2193 trillion yuan; Non-GAAP net income forecast was raised to 156.5 billion, 162.2 billion, and 164.7 billion yuan, maintaining a 'buy' rating. The report pointed out that it is expected that Alibaba's first quarter revenue in fiscal year 2025 will be 248.8 billion yuan, a year-on-year increase of 6.2%; adjusted EBITA fell by 10.8% year-on-year to 40.5 billion yuan.
Tianfeng Securities: A flat price has performed beautifully. Maintaining a "buy" rating for Chow Tai Fook.
Tianfeng Securities released a research report stating that Chow Tai Fook (01929) focuses on executing optimized pricing strategies and shifts its gold product portfolio from weight-based pricing to fixed-price products, easing the business challenges faced by the industry. In addition, the proportion of flat-priced gold product sales has rapidly increased, offsetting some of the recent slowdown in gold demand caused by the rise in gold prices, while verifying the effectiveness of the company's focus on higher value growth and profit quality, maintaining a 'buy' rating on the company. The company released its FY25Q1 operating performance for FY25Q1 (April 1, 2024 - June 30, 2024), with retail sales decreased by 20%; fixed-price gold production.
Tianfeng Securities: Maintains "buy" rating for TCL Electronics and promotes structural upgrades represented by Mini LED.
Tianfeng Securities released a research report stating that it maintains a "buy" rating for TCL Electronics (01070). Combining with the stock-based incentive goals, it is expected that the company's adjusted net income attributable to equity shareholders will be HKD 1.35/1.64/1.97 billion in 2024-2026. In the first half of 2024, the company's adjusted net income attributable to equity shareholders is expected to increase by about 130%-160% year-on-year. According to the calculation, the company's expected adjusted net income attributable to equity shareholders for 1H24 is HKD 0.6-0.68 billion. The high-end + global strategy in the TV business has remarkable effects, and the internet plus-related business is expected to continue to contribute to performance steadily. The innovative business has entered the stage of heavy volume, and the bank is bullish on the business.
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