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European defense stocks outperformed the Large Cap after upgrades in ratings and Boeing securing the L for the next generation of fighter jets in the USA.
On Monday, defense stocks outperformed the European Large Cap, recovering some of last week's losses. Saab and Thales were boosted by upgrades from UBS Group. At the same time, after Boeing won the contract to design and manufacture the next generation of fighter jets in the USA, stocks of related suppliers may benefit. Goldman Sachs' European defense stock basket index rose 2.3%, outpacing the Stoxx 600 index.
UBS Group: Slight decrease in CHINA STATE CON Target Price to HKD 13.5, rating "Buy".
UBS Group released a Research Report indicating that CHINA STATE CON (03311) saw a 2% increase in net profit last year, lower than the expected double-digit growth. The annual dividend is 0.62 HKD, with a payout ratio of 33.1%, up 2.3 percentage points from 2023. The bank noted that the management of CHINA STATE CON provided guidance for double-digit profit growth this year and indicated that operational Cash / Money Market flow remains positive while continuing to expand. The bank has revised down its profit forecast for the company for both this year and next by 9% to reflect last year's profit performance, but believes that the company's growth momentum remains unchanged.
UBS Group: Upgrades LINK REIT rating to 'Buy', raises Target Price to 41 HKD.
UBS Group released a Research Report stating that sales from LINK REIT (00823) tenants in Hong Kong may bottom out in the fiscal year 2026/27. The bank's survey and analysis of the retail property supply in Shenzhen and Hong Kong, along with performance comments from DFI Retail Group, indicate that the northbound Consumer trend is stabilizing. The bank raised the Target Price for LINK REIT from HKD 37.4 to HKD 41, upgrading its rating from 'Neutral' to 'Buy'. It forecasts that sales growth from LINK REIT's Hong Kong tenants will turn positive in the fiscal year 2026/2027, growing by 1 to 2%, following a projected decline of 3% in the fiscal year 2025, in conjunction with the Hong Kong government's plan to review fixed penalties for traffic violations.
UBS Group: Raised the Target Price of HANSOH PHARMA to HKD 24, with management estimating that the contribution from Innovative Drugs will exceed 80%.
UBS Group released a Research Report stating that the Target Price for HANSOH PHARMA (03692) has been raised from HKD 22.1 to HKD 24, with a rating of "Buy." The bank also raised its earnings per share forecasts for the company by 11% and 9% for this year and next. The bank believes that key catalysts for HANSOH's stock price include the approval of auxiliary indications for Ameile in the first half of this year and GlaxoSmithKline launching a key study on HS-20093 (B7-H3) in the fourth quarter of this year. The report indicates that the contribution from the company's Innovative Drugs increased from 68% in 2023 to 77% last year, and this proportion is expected to exceed 80% this year, with Innovative Drug sales reaching.
Full text | NIO Q4 Earnings Conference transcript: Confident of profit in the fourth quarter of this year, but sales did not meet expectations.
NIO (NYSE: NIO; HKEX: 9866; SGX: NIO) today released its Earnings Reports for the fourth quarter and the full year 2024, ending on December 31. In the fourth quarter, total revenue was 19.7034 billion yuan, a year-on-year increase of 15.2% and a quarter-on-quarter increase of 5.5%. The net loss was 7.1115 billion yuan, an increase in loss of 32.5% year-on-year and an increase in loss of 40.6% quarter-on-quarter. Excluding Generally Accepted Accounting Principles in the USA, the adjusted net loss was 6.6222 billion yuan, a year-on-year increase in loss of 37.9% and a quarter-on-quarter increase in loss of 50.1%. For the full year 2024, total revenue was 657.3.
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