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Citigroup Newsroom
Citi: Maintains a 'buy' rating on Luk Fook Holdings, with target price lowered to HK$17.
Citigroup released a research report stating that luk fook hold (00590) has lowered its sales and profit margin forecasts after announcing its performance for the first half of 2025, resulting in a 23.4% decrease in the target price from HKD 22.2 to HKD 17, while maintaining a "buy" rating. Citigroup analysts pointed out that luk fook's interim net profit decline of 56% aligns with previous announcements, and management expects that due to the peak sales season approaching and a lower base, coupled with a slowdown in store closures in mainland china, the group's sales and profit margin performance in the second half of 2025 will improve. Citigroup believes that luk fook is currently attractively valued, with a predicted pe of 9 times and a dividend yield.
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Citi: Maintains tongchengtravel 'buy' rating, target price raised to 21 Hong Kong dollars.
Citigroup released a research report stating that it maintains a 'buy' rating on tongchengtravel (00780), with upward adjustments of 2%, 3%, and 0% in profit forecasts for 2024 to 2026, respectively, to reflect the third-quarter performance. The target price has been raised from HK$20 to HK$21, with the core OTA trend remaining strong and gross profit continuing to improve. The report mentioned that the company's third-quarter performance was robust, with both revenue and profit exceeding expectations. As for the fourth quarter, the bank expects the hotel and ticketing business to continue to perform well, with strong sales growth, stable year-on-year average daily room rates (ADR), and improved commissions.
Citigroup: Chow Tai Fook rated as buy with a target price cut to HK$9.4.
Citigroup released a research report stating that the target price of Chow Tai Fook (01929) has been lowered by 17.5%, from HK$11.4 to HK$9.4, with a 'buy' rating. Citigroup pointed out in the research report that Chow Tai Fook's mid-term revenue was weak as of the end of September this year, but net profit still met expectations, and the underlying profit margin was strong, with a significant hedge loss due to the surge in gold prices during the period. The mid-term dividend was lower than expected. Due to the early start of promotions for the november 11 shopping festival-related activities, sales performance improved in October, but has been relatively soft since November, leading to uncertainty about the prospects for demand recovery.
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U.S. stocks closed: The Dow and S&P reached all-time highs, while general motors plunged nearly 9%.
① Most technology giants rose, only Tesla fell; ② Eli Lilly and Co rose by 4.5%, as Biden proposed health insurance coverage for weight loss drugs; ③ The Chinese concept stock Jinlong Index fell by 0.8%, Nio fell by 7.7%; ④ Apple proposed to increase investment by 0.1 billion US dollars to seek to lift the sales ban, but was rejected by the Indonesian government.
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