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Citigroup Options Spot-On: On August 23rd, 113.84K Contracts Were Traded, With 2.32 Million Open Interest
Shares of Banking Companies Are Trading Higher Amid Overall Market Strength Following Fed Chair Powell's Comments About the Economy and Future Rate Cuts.
Citigroup: Downgrades rating of Huaneng Power International to "sell", lowers target price to HKD 3.6.
Citigroup's research report states that after Huaneng Power International (01071) recorded a 6.1% year-on-year decline in second-quarter profit, it downgraded its rating from "Neutral" to "Sell". After the company announced a drop in second-quarter profits, it lowered its profit forecast for this year to 2026 by 10% to 13%, and the target price was reduced by 20% to HKD 3.6. It believes that the 5.5% return on the stock is not attractive in a low degree of certainty. The bank pointed out that the positive impact of the decline in fuel unit costs seems to have been largely reflected over the past 18 months; electricity generation has decreased; more renewable energy is being used as a substitute; and with increased competition, electricity prices continue to decline.
Citi: Weichai Power rated as "neutral", target price lowered to HK$12.9.
Citigroup released a research report stating that it gives Weichai Power a "neutral" rating. Due to the improved performance in the second quarter, the net income forecast for Weichai Power in 2025-2026 is raised by 3% and 8% respectively. However, due to the decline in the valuation of the two main businesses, the target price is correspondingly lowered from HK$14 to HK$12.9. The report states that the company's second-quarter performance was robust, with a 6% year-on-year growth in revenue and a stable performance quarter-on-quarter. The net income increased by 62% year-on-year, in line with expectations, with all business units recording robust growth, driving sales growth. The increase in economies of scale, average selling price of products, and the decrease in raw material costs in overseas markets contribute to the increase in profitability.
Citi: Raised the target price of Sinotruk to HKD 26.4, rated as "buy".
Citigroup has released a research report raising the target price of Sinotruk (03808) from HKD 25.6 to HKD 26.4 with a "buy" rating. The company has delivered strong performance in the first half of the year, with revenue growth of 18% and a 40% increase in net income, in line with the previously announced profit surprise. It is believed to be driven by solid sales growth of heavy-duty trucks (HDT) and light-duty trucks (LDT) by 15% and 14% respectively, accompanied by a 16% increase in average product price. At the same time, the company's cost control measures have been effective, leading to an improvement in EBIT profit margin.
Citigroup: Reiterates buy rating on CGN Power, raises target price to HK$4.
Citigroup released a research report stating that considering CGN Power's (01816) better-than-expected performance in the first half of the year, the company's net profit forecast for this year to 2026 has been slightly raised by 1% to 2%, and the target price has been increased by 11.1% from HK$3.6 to HK$4. They reiterated a "buy" rating and expect CGN Power's electricity generation to increase in the second half of the year and reduce the number of shutdowns, and the issuance of convertible bonds in the A-share market will benefit the H-share shareholders. The bank pointed out that the average utilization rate of the company's nuclear energy segment in the first half of this year decreased by 2.3% year-on-year to 3,659 hours, and the company expects that the utilization rate for this year will not be lower than the average from 2021 to 2023, which is 7 hours.
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