C240830P64000
- 1.80
- -0.40-18.18%
Citigroup Newsroom
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Deutsche Bank hires former Citigroup veteran to expand its wealth business in the United Kingdom.
Deutsche Bank has hired Adam Proctor, a former director at Citigroup, to help build its wealth team in the United Kingdom. The largest bank in Germany aims to capture more business in the global wealth management market. Proctor, 45, will join Deutsche Bank in London next month as a managing director and senior client manager, focusing on ultra-high net worth individuals and their personal investment firms. He will report to James Whittaker, Head of Private Banking for Deutsche Bank in the United Kingdom. A Deutsche Bank spokesperson confirmed the contents of the memorandum.
Citigroup: Maintains a 'neutral' rating on Guangdong Inv and raises target price to HK$4.8.
Citigroup issued a research report stating that it maintains a "neutral" rating on Guangdong Investment Limited (00270) with a target price raised from HKD 4 to HKD 4.8. Citigroup has revised its net income forecast for Guangdong Investment in the years 2024-2026 by 0.4%, 2.3%, and 2.2% respectively, to reflect the reduction in financial costs and improvement in cash flow. The report states that considering the risks faced by the company, Citigroup believes that a price-to-earnings ratio of 8.9 times for the fiscal year 2024 is reasonable. Although Guangdong Investment has increased its dividend payout ratio to 65%, higher than the bank's expected 50%, its earnings visibility still raises concerns. This is because the group's real estate
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Citi: Lowers target price for li auto inc to HKD 100.7, better than expected results for the current quarter.
Citigroup's research report states that due to the slowdown in sales of BEV models and unfavorable supply-demand relationships, the gross margin forecasts for li auto inc in 2025 and 2026 are respectively lowered by 0.1 percentage points and 0.8 percentage points to 18.8% and 17.9%. The target price is lowered from 113.8 yuan to 100.7 Hong Kong dollars, and there is a risk of valuation downgrade in 2025. The report states that li auto inc's net income in the second quarter was 1.1 billion RMB (the same below), an 86% increase on a quarterly basis, surpassing market expectations. The overall gross margin is 19.5%, a 1.1 percentage point drop on a quarterly basis, and the gross margin for vehicles is 18.7%.
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After pdd holdings released its financial report, here is an overview of the changes in institutions' ratings.
①Daiwa Securities: Maintains a buy rating on PDD Holdings and lowers its ADR target price from $220 to $185. ②Macquarie: Downgrades PDD Holdings from 'outperform' to 'neutral', reflecting a bleak profit outlook for the company, and correspondingly lowers the target price by 43% from $220 to $126. ③Bank of America Securities: Maintains a buy rating on PDD Holdings, shocking investors with its outlook guidance, and lowers the target price from $206 to $170. ④Citigroup: Downgrades the rating on PDD Holdings from buy to neutral, and lowers the target price from $194 to $120. ⑤Morgan Stanley: Believes that the management's ability to generate long-term profits is