Citi reiterates a 'buy' rating on Yue Yuen Ind with a target price increase to 17.5 Hong Kong dollars.
Citigroup released a research report stating that the earnings per share forecast for Yue Yuen Ind (00551) for 2024 to 2026 has been raised by 5% to 10%, with the target price increased from 16.5 Hong Kong dollars to 17.5 Hong Kong dollars, reiterating a 'buy' rating to reflect a 2024 pe of 8 times and a dividend yield of 7% to 8%. The report states that Yue Yuen Ind is expected to see a year-on-year increase of 140% to 145% in profit for the first three quarters, reaching around the median 0.334 billion US dollars, compared to about 0.138 billion US dollars in the same period last year. This profit forecast includes one-time spending of 30.5 million US dollars for last year's capacity adjustments, as well as the sale of a joint venture in the first half of 2024.
Citigroup: Maintains a "buy" rating on China Shenhua Energy with a target price of HK$41.4.
Citigroup released a research report stating that China Shenhua Energy (01088) saw a 4% year-on-year drop in net profit in the first nine months, reaching 84% of both the market and the bank's full-year forecasts. During the period, the gross profit was 78 billion yuan, a 3% decrease year-on-year. The data for the first three quarters indicate that Shenhua's net income in the third quarter reached 17.8 billion yuan, a 14% year-on-year increase, a 19% increase quarterly, exceeding market expectations. The bank maintains a "buy" rating on the Group's H shares, with a target price of 41.4 Hong Kong dollars.
Citigroup: Maintains 'buy' rating on cosco ship port, target price lowered to 5.9 Hong Kong dollars
Citi released a research report stating that considering the latest financial situation of cosco ship port (01199) and industry trends, the group's revenue, EBITDA, and core earnings for the years 2024 to 2026 are each lowered by an average of about 1.5%, about 2%, and about 8% to reflect lower expected average price growth and higher costs. The bank maintains a "buy" rating on the group with a target price reduced from HK$6.1 to HK$5.9.
Citi: Rated Great Wall Motor as "buy", with a target price of 20.2 Hong Kong dollars.
Citigroup released a research report stating that Citigroup has reiterated a "buy" rating on Great Wall Motor (02333) with a target price of HK$20.2. The report mentions that Great Wall Motor's third-quarter net profit dropped by 8% year-on-year and 13% quarter-on-quarter, slightly below market expectations. However, excluding one-time items, the bank estimates that the group's core net profit for the period will increase by 6% to 3.2 billion RMB. Citigroup, considering Great Wall Motor's strong order volume and sales growth, expects strong performance in the fourth quarter, with both the recovery of traditional internal combustion engine (ICE) vehicles and substantial growth in new energy vehicle (NEV) sales improving its profit trend, maintaining the group's quarterly profit recording at 13 billion RMB.
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Citigroup has lowered its 12-month forecast for Brent oil price to $60 as Middle East risks recede.
Citigroup has lowered its forecast for Brent crude oil prices, as the geopolitical risk premium driven by Middle East tensions gradually fades, according to analyst Max Layton. They stated in the report that Israel's military actions against Iran over the weekend are "unlikely to be seen by the market as an escalation likely to affect oil supply." Specifically, the three-month Brent oil price outlook has been reduced from $74 per barrel to $70 per barrel, while the 6-12 month outlook has been cut from $72 per barrel to $60 per barrel. However, risks still remain, with Citigroup estimating a 10% chance of a sharp increase in oil prices, lower than the previous forecast of 20%.
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Citigroup: It is now time to take profit on some of the 'Trump trades'.
Citigroup indicated that it is time to profit from certain trades related to Trump's potential victory. The company stated in a report that historical data shows most price fluctuations of assets occur before the actual election, so it is best to secure profits from key bets, even as investors increasingly believe in Trump's chances of winning. "We have been bullish on Trump's trades for some time," said Citigroup's Global Macro Research and Asset Allocation Director, Dirk Willer. "Despite investors thinking Trump will win, the poll data only slightly favors him. Therefore, we are inclined towards Trump in some aspects."
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