Market Chatter: Morgan Stanley Plans to Boost Asia Bonuses by Up to 50%
Maersk expects global economic growth of 2.8% this year, with major economies stabilizing.
According to estimates from "Maersk Strategic Insights," shipping giant Maersk expects the Global economic growth rate to be around 2.8% in 2025. The company stated that this growth rate will reflect a "rebound from prior inflation-driven slowdowns." With real wage increases and loose MMF policy, Europe is expected to achieve "moderate growth" in 2025. "Consumer and manufacturing remain sluggish, and the outlook is bleak." The Asia-Pacific economy will still be a key driver of Global growth in 2025. Several Emerging Markets are expected to perform strongly, along with the conditions in major economies.
Morgan Stanley: Among the three major telecom operators, CHINA TELECOM is the preferred one, and the rating for CHINA TOWER has been upgraded to "Shareholding".
Morgan Stanley released a research report stating that it remains bullish on domestic telecom operators maintaining their dividends, while also expecting the industry to benefit from reduced capital expenditure after the 5G cycle and potential improvements in operating capital conditions. Compared to telecom operators, Morgan Stanley is more optimistic about the development of Datacenter and tower companies in the Chinese market. Currently, Morgan Stanley's preference ranking for the three major telecom operators is CHINA TELECOM (00728), China United Network Communications (00762), and CHINA MOBILE (00941), all receiving a 'Shareholding' rating. The bank predicts that this year's growth rate of service revenue in the domestic telecom industry will slightly rebound to 3.2%, compared to 2.7% in 2024, but still.
Morgan Stanley: Maintains "Shareholding" rating for Zijin Mining Group with a Target Price of 22.9 Hong Kong dollars.
Morgan Stanley released a research report stating that Zijin Mining Group (02899) has been given a "Shareholding" rating with a Target Price set at 22.9 Hong Kong dollars. The report mentioned that Zijin expects a 16% year-on-year increase in Gold production in 2025, and a 7.5% year-on-year increase in Copper production. Compared to the company's previous Copper production target, the new guidance reflects a decline of 5.7%. The report states that Zijin Mining's preliminary Net income for the 2024 fiscal year is approximately 32 billion yuan, which is 51.5% higher than the bank's forecast. Excluding one-time expenses, the core Net income is 31.4 billion yuan, a year-on-year increase of 45.3%. Given that last year's Gold and Copper production basically met the bank's expectations,
Morgan Stanley has rated China Shenhua Energy as "Shareholding" with a Target Price of 38 Hong Kong dollars.
Morgan Stanley released a research report stating that China Shenhua Energy (01088) updating its dividend guidance and asset injection is somewhat positive, with a Target Price of HKD 38 and a rating of "Shareholding." The company announced that the dividend payout ratio from 2025 to 2027 will not be less than 65%, higher than the 60% from 2022 to 2024. As the group's dividend payout ratio for 2022 to 2023 was 70%, Morgan Stanley believes the new guidance indicates a moderate room for dividend growth. The firm noted that Shenhua is acquiring 100% equity of Hangjin Energy from its parent company for RMB 0.8526 billion. Against the backdrop of falling coal prices and a lack of organic growth, the firm believes.
CITIC Lyon: Gives CHINA OILFIELD a 'Outperform the Market' rating, with attractive risk-reward.
CITIC Securities released a research report stating that the digital outlook for CHINA OILFIELD (02883) in 2025 is limited, and it is necessary to wait for the capital expenditure announcement from its parent company CNOOC (00883) to understand the specific situation. Based on limited data, the firm believes that mid-term capital expenditures will increase (approximately 7 billion RMB), primarily for oilfield services rather than rig procurement. Morgan Stanley believes that the risk-reward profile of CHINA OILFIELD is attractive, especially in the context of improvements in the Global oil market. The company is rated "outperform."
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