BAC240830P39500
- 0.28
- -0.04-12.50%
Bank of America Newsroom
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Bank of America Securities: Downgrade eb environment's target price to 3.3 Hong Kong dollars, rating downgraded to 'underperform'
Bank of America Securities released a research report stating that it has lowered the target price of EB Environment (00257) from HKD 4.4 to HKD 3.3, and downgraded the investment rating from 'buy' to 'underperforming the market'. The bank has revised down its earnings forecast for the company by 10% and 9% for the current and next year, respectively, with the latest forecast 8% lower than the market consensus. This reflects a decrease in sewage treatment volume and profitability, a decline in EB Green Technology's profitability, a decrease in waste-to-energy profitability, an increase in debt this year, and an increase in EB Water Affairs' capital expenditure. The bank pointed out a more negative view on EB Environment, based on the forecast of an 11% decline in core earnings per share for the year, and a decrease in dividends per share for the year due to impairment risks.
Global M&A activity remains sluggish in the second quarter, with the three major Wall Street investment banks leading the M&A market.
According to a recent report by S&P Global Market Intelligence, global merger and acquisition activity is still sluggish in the second quarter of 2024.
Bank of America Securities: Maintains a "neutral" rating on Times Electric, with the target price raised to 34 Hong Kong dollars.
Bank of America Securities released a research report stating that it maintains a neutral rating on Times Electric (03898). Considering the second-quarter performance, the company's profit forecast for each year from this year to 2026 has been raised by 6%, 8%, and 6% respectively. The target price of H shares has been raised from HK$31.7 to HK$34. The report stated that the company's net profit for the second quarter increased by 31% year-on-year, in line with the previously announced preliminary performance; benefiting from the strong growth of railroad equipment, quarterly revenue increased by 16% year-on-year, surpassing the bank's expectations of 7%, and the gross margin reached 32.8%, increasing by 2.5 percentage points year-on-year but decreasing by 1.3 percentage points quarter-on-quarter, slightly lower than the bank's expectation of 33.3%. The bank pointed out,
Bank of America Securities: Reaffirmed a "buy" rating on topsports with a reduced target price of HKD 4.3.
Bank of America Securities released a research report stating that it reiterated a "buy" rating on Topsports (06110) and lowered its earnings forecast for 2025 and 2026 by 17% and 20% respectively to reflect weaker-than-expected retail demand and an increase in potential store closures. The target price was correspondingly reduced by 17% to HK$4.3. The bank expects that recent weak demand may lead to further order reductions and accelerated store closures, thus reducing the company's growth visibility for the fiscal year 2025. Despite the low and challenging growth visibility in the future, the company has a more diversified operating expense structure, has underperformed the market since the beginning of the year, has a relatively high valuation, and has a strong balance sheet.
Bank of America Securities: Maintains a "neutral" rating on Sinotruk with a target price of HKD 22.2.
Bank of America Securities released a research report stating that it has lowered its earnings forecast for Sinotruk (03808) for this year and next year by 2% and 6%, and its earnings forecast for 2026 by 14%, to reflect the downward adjustment of assumptions for sales volume and gross margin. The target price has been lowered from HK$23.7 to HK$22.2. The bank believes that the current price of the stock is reasonable and fully reflects the growth prospects, but still prefers the company's long-term export expansion and strong positioning in the domestic market, maintaining a "neutral" rating on Sinotruk. The bank pointed out that Sinotruk is estimated to sell 0.95 million heavy trucks in China this year, 1.05 million heavy trucks next year and in 2026, and recently focused on the National III emission standards.
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Full Text | Netease Q2 Earnings Conference Transcript: "World of Warcraft" data exceeded expectations, Blizzard's other games will also return one after another
Netease (Nasdaq: NTES; HKEX: 9999) released the second quarter report for 2024 ending on June 30th: Net revenue was 25.5 billion yuan, a year-on-year increase of 6.1%. Net income attributable to Netease shareholders was 6.8 billion yuan, compared to 7.6 billion yuan and 8.2 billion yuan in the previous quarter and the same period last year, respectively. Non-GAAP net income attributable to Netease shareholders was 7.8 billion yuan, compared to 8.5 billion yuan and 9 billion yuan in the previous quarter and the same period last year, respectively. Netease CEO Ding Lei, Vice President of Corporate Development Pang Dazhi, Vice President Hu Zhipeng and other company executives attended the subsequent event.
Two bankers from UBS Group left and joined Bank of America and Wells Fargo & Co.
According to anonymous sources, members of UBS Group's litigation defense team in the United States were poached by competing banks. Jonathan Lurvey, the director and CEO based in New York, is reported to be joining Bank of America Corp., focusing on mergers and acquisitions in the energy industry. Another director, Eric Wiley, who is also based in New York, will join Wells Fargo & Co's litigation defense business.
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Lucid opens up the new car leasing for Air in Canada.
According to reports, electric car manufacturer Lucid has announced that its financial services and leasing division, Lucid Financial Services, will offer more flexible rental options to residents of Canada. Now, Canadian consumers can lease the brand-new Air electric car, making Canada the third country where Lucid offers new car rental services. On August 20th, Lucid announced that Canadian customers can lease their Air model through the new service provided by Lucid Financial Services. It is reported that,
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