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Goldman Sachs: Maintains a "Neutral" rating on China Tower, with the target price slightly raised to HKD 1.16.
Goldman Sachs released a research report stating that it maintains a 'neutral' rating on China Tower (00788), predicting that the slowdown in revenue growth next year will not affect future profit performance, forecasting that cost reduction can support a growth pace of over 10% for net profit. The target price has been slightly raised from 1.15 Hong Kong dollars to 1.16 Hong Kong dollars. The bank predicts that the company's revenue in 2025 will increase by 4% year-on-year, net profit will increase by about 12%, dividend per share will increase by 15% to 4.9 Chinese cents, and the dividend payout ratio will increase to about 79%. Although the extension of receivables may bring challenges, the cash flow and profit prospects of China Tower are stable, and it is believed that dividends can still be increased in the coming years.
Goldman Sachs: Maintains "buy" rating for Meituan-W with a target price of 212 Hong Kong dollars.
Goldman Sachs released a research report stating that Meituan-W (03690) had solid performance in the third quarter, with revenue increasing by 22% year-on-year, leading to a 196% year-on-year growth in EBIT. The adjusted EBIT for its core local business was 14.6 billion yuan, above the bank and market expectations of 13.6 billion to 13.9 billion yuan. The bank maintains a 'buy' rating for Meituan with a target price of 212 Hong Kong dollars, focusing on merchant support measures and Keeta investment among other factors. The bank noted that Meituan's delivery order volume showed solid year-on-year growth in the third quarter.
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Full text | Meituan Q3 earnings conference transcript: The total investment in the "Dining Merchant Support Initiative" is 1 billion yuan.
Meituan (HKEX: 3690) released its financial report for the third quarter of 2024 today: revenue was 93.6 billion yuan, an increase of 22.4% year-on-year. Net income was 12.9 billion yuan, compared to 3.6 billion yuan in the same period of 2023; adjusted net income under non-International Financial Reporting Standards was 12.83 billion yuan, a year-on-year increase of 124.0%. After the financial report was released, Meituan's chairman and CEO Wang Xing, along with senior vice president and CFO Chen Shaohui, participated in a subsequent analyst conference call to interpret the financial report. The following is a transcript of the Q&A session during the conference call: Citic Securities analyst Ya Jiang: I
Goldman Sachs Group (NYSE:GS) Is Due To Pay A Dividend Of $3.00
Goldman Sachs: Rates Hua Hong Semiconductor as a "buy", with a target price of 31.3 Hong Kong dollars.
Goldman Sachs released a research report stating that the target price for hua hong semi (01347) is 31.3 Hong Kong dollars, with a "buy" rating. The hua hong management is optimistic about the demand for all major products in 2025 and expects strong performance this year (CIS, RF, PMIC) to continue strong momentum next year, with the microcontroller unit (MCU) and power discrete devices seeing a recovery. The report mentions that hua hong's phase-two 12-inch wafer fab is scheduled to start production in the first quarter of 2025, and the company will gradually increase production and adjust the pace according to market demand. The group expects pricing for existing wafer fabs to remain stable due to
Wall Street macro traders see worst annual performance since the epidemic outbreak.
Global banks' forex and interest rate trading revenue is expected to hit the lowest level since the pandemic, influenced by narrowing profit margins and a challenging macroeconomic environment. According to data collected by Coalition Greenwich, Goldman Sachs, JPMorgan, Citigroup, Morgan Stanley, and over 250 other companies' G-10 interest rate trading is projected to collectively generate 32 billion USD in revenue, while forex trading revenue is expected to be 16.7 billion USD, representing year-on-year reductions of approximately 17% and 9%, respectively. Investor confidence in making significant macro trading views has declined this year, as unexpected economic data has undermined expectations of interest rate cuts from major global central banks.
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Behind the influx of hedge funds into japanese companies is the undervalued real estate worth 165 billion dollars.
Global hedge funds and private equity firms are flocking to Japanese companies in hopes of unlocking up to 25 trillion yen (165 billion USD) in undervalued real estate assets. The hidden value of real estate on corporate balance sheets has become a theme behind some large activist investor actions and merger and acquisition trades that have emerged in Japan this year. The latest case is the USA company Elliott Investment Management announcing that it holds 5.03% of Tokyo Gas shares, with reports last week estimating that Elliott values the latter's real estate investment portfolio at around 1.5 trillion yen — almost.