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DBS upgrades Sands China to "shareholding" rating and sets target price at HKD 22.
Morgan Stanley has released a research report stating that following the underperformance of Sands China (01928) in the second quarter, EBITDA forecast for 2024 and 2025 has been revised down by about 10%, 10% lower than the market expectation. The target price has been revised down from HKD 26 to HKD 22, with a rating of "shareholding." The report mentioned that the reason for the downgrade in EBITDA forecast includes a decrease in EBITDA profit margin from about 35% to 32-33% due to poor second quarter performance, and a significant reduction in non-gambling or non-retail revenue forecast by 10% and 30% respectively to reflect the deterioration of high-end consumption in the mainland, and the significant underperformance of European luxury goods companies in the past few weeks.
Credit Suisse: Give Haier Smarthome a "synchronous with the market" rating with a target price of HKD 26.
Morgan Stanley released a research report that believes Haier smarthome (06690) has over an 80% chance of outperforming the market within 15 days, with a target price of HKD 26 and a rating of "in sync with the market". According to the report, the National Development and Reform Commission announced a plan to replace old appliances with new ones, covering eight areas including refrigerators, washing machines, televisions, air conditioners, and computers. Each consumer can receive a subsidy in each of the eight areas, up to 20% of the retail price. Morgan Stanley pointed out that the specific policies of direct consumer subsidies will support the growth forecast and investment intentions of major household appliances companies including Haier smarthome.
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Morgan Stanley: Holcim's China Operations to Put Damper on Q2 Results
DBS: Reiterates bullish outlook on oil tanker shipping stocks, with target price of HKD 11.1 for Cosco Ship Engy.
Morgan Stanley released a research report stating that the short-term stock price adjustment caused by seasonal factors has basically ended and reiterated its bullish outlook on crude oil shipping stocks. It also pointed out that there is potential for an increase in crude oil production in the fourth quarter of this year, which will be a positive catalyst for the fundamentals. It also reiterated its 'shareholding' rating for COSCO Shipping Energy Transportation Co., Ltd. (01138) and raised its target price from HKD 10 to HKD 11.1. The report states that the crude oil tanker market has been less volatile this year than last year due to weak demand. Although the high point of the spot market in the first quarter of this year is lower than the same period last year, the second quarter is historically the off-season, and crude oil tanker freight rates are still far above the industry breakeven level, exhibiting stronger performance compared to traditional boom cycles.
Deutsche Bank: Treating the sell-off of ASMPT as an opportunity to attract market entry, maintaining shareholding with a target price of HK$130.
According to a research report released by Daiwa, they maintain a "shareholding" rating for ASMPT (00522) with a target price of HKD 130. They pointed out that the stock has been sold off to attract entry opportunities, and they expect a seasonal recovery in the fourth quarter. Combining the second-quarter performance and third-quarter guidance, the report lowered the company's earnings per share forecast for this year to the next year by 45%, 33%, and 19%, respectively, to reflect the long-term weakness of the mainstream tool market. The report stated that ASMPT's second-quarter performance was below expectations, and the third-quarter revenue guidance was to fall by 6.4% quarterly, which was 17% and 20% lower than the bank's and the market's expectations, respectively. The bank previously expected the mainstream market to recover mildly.
Morgan Stanley Capital Partners Completes Acquisition of American Restoration
SK Hynix's quarterly revenue growth has more than doubled, benefiting from strong demand for AI computing power.
SK Hynix has announced that its second-quarter revenue has more than doubled, and that its capital expenditures for the year may exceed previous plans, possibly indicating that the global AI hardware spending spree could continue this year. SK Hynix is an important partner of Nvidia's AI computing chip. The company reported quarterly revenue of 16.4 trillion won ($11.9 billion), better than expected, with high-bandwidth storage chip revenue up more than 250%. Boosted by rising DRAM and NAND prices, operating profit for the three months ending in June also exceeded expectations, reaching 5.47tn won with an operating margin of 33%. SK Hynix said,
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Deutsche Bank Adjusts Price Target on Morgan Stanley to $105 From $95, Maintains Hold Rating