Credit Suisse: Gives Hua Hong Semiconductor a "shareholding" rating, target price lowered to HKD 26.
According to a research report published by Deutsche Bank, it has given a 'shareholding' rating to Hua Hong Semiconductor (01347) and lowered the target price from HKD 28 to HKD 26. The company's second quarter performance met expectations, with revenue of USD 479 million, up 4% quarterly and down 24% YoY. The overall capacity utilization rate reached 98%, significantly better than the first quarter's 92%. Deutsche Bank pointed out that Hua Hong's management shared at the earnings conference that the company's China market revenue contribution reached 81% in the second quarter, which is consistent with the bank's view that Hua Hong benefits from China's semiconductor localization demand. At the same time, the company expects 70% of its revenue to come from the Chinese market in the long term and 30% from the global market.
Morgan Stanley: US stock valuations have not yet reflected the risks of the Federal Reserve being behind the curve.
Morgan Stanley's strategist stated that although the bond market has begun to digest the Fed's 'behind-the-curve' expectations, this risk is not reflected in the current stock market PE. The team led by Michael Wilson stated that investors are most concerned about economic growth issues, not inflation and interest rates. 'The market is looking forward to better economic growth, or more policy support to once again boost optimism. In the short term, we cannot see any definite evidence in any direction, which makes the stock index temporarily fluctuate within a narrow range,' they wrote in a report. They expect the S&P 500 index to
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Credit Suisse: giving fuyao glass a "synchronized with the market" rating, and raising the target price to HK $40.
According to the research report released by Daiwa, Fuyao Glass (03606) is rated 'in sync with the market' considering its better-than-expected performance in Q2 of this year and the strong gross margin outlook brought by its favorable product mix. Its profit forecast for fiscal years 2024 to 2026 has been raised by 3% to 6%, and its target price has been slightly raised from HKD 39 to HKD 40. As the leader in the mainland auto glass market, Fuyao Glass occupies a market share of 65% to 70%, and is expected to benefit from the trend of higher value-added products in the future. The bank believes that the company should upgrade its product structure and expand globally.
