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Citigroup: Maintains a "buy" rating on CM Bank with a target price of HKD 41.52.
Citigroup released a research report stating that it maintains its 'buy' rating on CM Bank (03968) and includes it in a 30-day negative observation negative catalysis observation, with a target price of HKD 41.52. The company's stock price has risen by 32% since the beginning of this year, outperforming the 20% to 27% increase of the four major state-owned commercial banks during the same period, partly due to the support policy for mainland real estate and CM Bank being seen as the best representative of mainland banking stocks involved in the real estate business. The bank stated that the reason for including CM Bank in the 30-day negative observation negative catalysis observation is mainly due to an expected YoY decline of 1.5% in mid-term net profit and an estimated underperformance in 2Q this year due to the collection of the house mortgage.
Citigroup (C.US) appoints new head of Asia market financing to promote the development of fixed income client financial solutions.
Citigroup (C.US) has appointed a new head of financing for the Asian market, with Huntsman being transferred from London to Hong Kong, with the aim of promoting the development of fixed income client financial solutions at Citibank.
Citigroup: Rates asmpt as a "buy" with a target price lowered to HKD 110.
Citigroup has released a research report stating that ASMPT (00522) is rated as "buy", reiterating that the company is the main beneficiary of the development of artificial intelligence in the technology industry, although its recovery pace may be slower than expected. However, with the smooth recovery of the SMT business, it is believed that the turning point will still be reached next year, and the target price has been lowered from HK$140 to HK$110. The company's second-quarter revenue reached 3.342 billion yuan, a year-on-year decrease of 14%, but an increase of 6% compared to the previous quarter, which is 3% higher than the market's expectations. Due to the continued weak demand in the automobile and industrial sectors, the gross margin of the SMT business in the period decreased by 4.1 percentage points on a quarterly basis, dragging down the overall gross margin of the group.
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On July 23, the top 20 trading volume stocks on the US stock market: Microsoft says the EU should be responsible for this global IT failure.
Tesla, the top traded stock on Tuesday, fell by 2.04%, with a turnover of 24.372 billion US dollars. Tesla reported after Tuesday's closing that its Q2 revenue was $25.5 billion, higher than analysts' expectation of $24.63 billion; adjusted EPS was $0.52, lower than analysts' expectation of $0.60; operating profit was $1.61 billion, lower than analysts' expectation of $1.81 billion; gross margin was 18%, higher than the analysts' expectation of 17.4%; free cash flow was $1.34 billion, lower than analysts' expectation of $1.92 billion; it is expected that the growth rate of sales in 2024 will still decrease significantly; Q3 production is expected to be on a sequential basis.
Citigroup Options Trading: A Deep Dive Into Market Sentiment
Barclays: Large technology stocks are attractive due to the boost in earnings prospects.
Although investors worry about the continued decline of US technology giants, Barclays strategist says strong earnings prospects mean the sector remains attractive after a recent sell-off. The team led by Venu Krishna raised the year-end target for the S&P 500 index from 5,300 points to 5,600 points, citing positive profit expectations for large tech firms. This forecast implies a rise of about 0.6% above current levels, higher than the strategist's average expectation of 5,431. "Recent declines appear to have been contained," Krishna wrote in the report, "although we assume relatively high valuations for large tech companies".
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Citigroup: Rates HKEX as "sell", with a target price reduced to HKD 230.
Citigroup released a research report stating that it gives a "sell" rating on Hong Kong Stock Exchange (00388), and lowers the earnings per share forecast for the fiscal years 2024 to 2026 by 1% to 3% to reflect the downward adjustment of the average daily turnover forecast. The target price is lowered from HK$240 to HK$230. The company's performance for the second quarter is expected to be good but with uncertain growth prospects. Due to the market sentiment weakening again, the average daily turnover since July is about 100 billion yuan. Citigroup pointed out that Hong Kong Stock Exchange will announce the second quarter results on August 21. The bank predicts that the second quarter net profit will reach 3.3 billion yuan, an increase of 10% and 12% quarter-on-quarter and year-on-year, respectively, which is 2% higher than the market forecast.
Citigroup: If the Euro/Yen approaches 180, the Japanese government may intervene.
Citigroup analysts said that if the euro against the yen approaches 180, the Japanese authorities may sell euros. The euro went up to 175.43 on July 11, reaching its highest level since the euro was introduced in 1999. The currency pair subsequently fell back and was around 171 in early Tokyo trading on Tuesday. Japanese authorities may have spent about JPY 3.5 trillion ($22 billion) on July 11 to support the yen exchange rate - suspected third intervention this year. The next day, the Bank of Japan reportedly conducted a currency rate check on the euro/yen in the foreign exchange market and then allegedly intervened for the second consecutive day in the dollar/yen.
On Monday, crude oil in the USA WTI fell by 0.4%, dropping to the lowest level in a month.
Early on the morning of the 23rd Beijing time, the price of US WTI crude oil futures fell for the second consecutive trading day on Monday, and fell to the lowest level in more than a month. Investors ignored U.S. President Biden's decision not to seek re-election and instead focused on signs of rising inventories and weak demand. The West Texas Intermediate (WTI) crude oil futures price for August delivery on the New York Mercantile Exchange closed down $0.35, or about 0.44%, at $79.78 per barrel. September WTI crude oil fell $0.45 to $78.19 per barrel. Brent crude oil futures prices fell $0.47, or 0.6%, to $8