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UBS Group: Maintains Neutral rating for Hong Kong Exchanges and Clearing Limited, target price lowered to HKD 261.
UBS Group released a research report stating that it maintains a "neutral" rating on Hong Kong Exchanges and Clearing Limited (00388) and, taking into account market performance, lowers its forecast for daily average trading volume (ADT) from 2024 to 2026 to 110 billion, 123 billion and 137 billion yuan respectively. Correspondingly, the earnings per share forecast is lowered by 1%, 2% and 3% to 9.7, 9.9 and 10.1 yuan, and the target price is lowered from HKD 275 to HKD 261. The report states that HKEx is expected to announce its interim performance on August 21, and predicts that the after-tax net profit for the second quarter of this year will reach 3.2 billion yuan, with a year-on-year and quarterly increase of 10% and 7%, respectively; expected quarterly revenue to reach 5.
On July 23, the top 20 trading volume stocks on the US stock market: Microsoft says the EU should be responsible for this global IT failure.
Tesla, the top traded stock on Tuesday, fell by 2.04%, with a turnover of 24.372 billion US dollars. Tesla reported after Tuesday's closing that its Q2 revenue was $25.5 billion, higher than analysts' expectation of $24.63 billion; adjusted EPS was $0.52, lower than analysts' expectation of $0.60; operating profit was $1.61 billion, lower than analysts' expectation of $1.81 billion; gross margin was 18%, higher than the analysts' expectation of 17.4%; free cash flow was $1.34 billion, lower than analysts' expectation of $1.92 billion; it is expected that the growth rate of sales in 2024 will still decrease significantly; Q3 production is expected to be on a sequential basis.
Four UBS Financial Advisors in Pacific Desert Market Named to Barron's Top 1200 Financial Advisors List
UBS to Sell Former Credit Suisse Investment Unit to Managers
UBS Advisor Team The Rosegarten/Rubin Financial Group Named to Forbes Best-In-State Wealth Management Teams List
Goldman Sachs Maintains UBS Group(UBS.US) With Buy Rating, Maintains Target Price $39.91
UBS Group Futures celebrates its tenth anniversary and continues to expand in QFII commodity futures trading and internationalized business.
Qian Yujun, the CEO of UBS Group in China and chairman of UBS Securities, said that UBS looks forward to further leveraging its advantages and continuing to promote cross-border business to assist international investors in participating in China's futures market.
UBS Group: Hang Lung Properties' target price was cut in half to HKD 7, and the rating was downgraded to "neutral".
UBS Group released a research report stating that it downgraded Hang Lung Properties (00101) from a "buy" rating to a "neutral" rating due to concerns about weak local sales of luxury goods, intensifying competition among luxury malls, and the risk of stock price adjustments. The target price was lowered by 50% from HK$14 to HK$7. The bank expects the company's full-year profit in 2021 to drop by 8% year-on-year, with a dividend per share dropping by 23% to HK$0.6, but believes that the market has largely absorbed these factors, as the stock price has corrected by 33% from the beginning of the year. The bank also lowered its profit forecast for 2024 to 2026 by 8% to 25% each, reflecting a high-interest environment and sluggish rental income in the mainland-Hong Kong markets.
UBS Group: Reiterates Buy Rating for Hansoh Pharma, Target Price Raised to HKD 20.8.
UBS Group released a research report stating that it believes the market undervalues Hansoh Pharma (03692)'s high-quality drug pipeline, and has raised its target price from HKD 17.8 to HKD 20.8, maintaining its "buy" rating and industry preferred. The bank stated that the company's main mid-to-late-stage drug production line has an unadjusted peak sales revenue of RMB 11.2 billion and a Probability of Success (PoS) of 61.1%. Under the same conditions, the current stock price only considers a 2.2% PoS. In addition, the bank believes that Hansoh Pharma has the potential to release the overseas value of its pipeline through authorized transactions, bringing fundamental valuation upside.
Overnight News: Biden's withdrawal may short-term exacerbate market volatility. Executives from multiple US companies, including Apple, appeared in Beijing. Standard Chartered said it is difficult for Trump to devalue the US dollar.
For more global financial news, please visit our 24/7 real-time financial news market close: Biden's withdrawal from the election pushed US stocks higher, with Nasdaq rising 280 points. Top 20 US stock turnover on July 22: Musk said Tesla robots are expected to be mass produced in 2026. On Monday, US WTI crude oil fell 0.4% to its lowest level in a month. Popular China concept stocks rose across the board on Monday, with Taiwan Semiconductor up 2.2% and Alibaba up 1.8%. Major European stock indices rose collectively, with the EURO STOXX 50 index up 1.44%. Macro view: Biden's withdrawal may short-term exacerbate market volatility! Trump's trade may temporarily cool off, offering emerging markets breathing space. Harris is
Foreign Headlines: Experts say Harris' candidacy will make the competition more intense. AMC reaches agreement with creditors, UBS Group says oil prices will exceed $90 per barrel in the coming weeks.
The top news that global financial media have jointly focused on yesterday and this morning are as follows: Experts believe that Kamala Harris joining the race will make the competition more intense. They think that President Biden's support for Vice President Kamala Harris as the Democratic presidential candidate has made the November presidential election in the United States more tense and uncertain. Biden announced his withdrawal from the competition on Sunday because several Democratic leaders pressured him to withdraw from the competition after the disastrous first round of presidential debate in June, and Republican candidate Donald Trump was ahead in public opinion polls. The founder and president of Changchun Eurasia Group.
UBS Group recommends a "buy" rating for Sun Optical with a target price of HKD 77.
UBS Group released a research report stating that it rates Sunny Optical Technology Group (02382) as a "buy" with a target price of HKD77. The company has announced that it expects to have increased profits in the first half of the year due to the recovery in the mobile phone market and better product combinations, leading to increased sales volume and average selling price, which in turn leads to better profit margin. The company expects a mid-term surplus of RMB 1.048 billion to RMB 1.092 billion, significantly higher than the market expected RMB 0.859 billion, but in line with UBS' own forecast. Positive stock price response is anticipated.
What to Expect in the Week Ahead (Google and Tesla Earnings; GDP and PCE Data)
UBS Group: Maintains Buy rating on Pop Mart, target price raised to HKD 51.9.
UBS Group released a research report stating that it maintains a "buy" rating on Pop Mart (09992) and expects a positive response in stock price to the latest earnings report. The target price has been raised from HKD 48 to HKD 51.9. The company's earnings report indicates an expected revenue growth of no less than 55% year-on-year and a net income growth of no less than 90% for the first half of the year. The bank estimates that the revenue and net profit for the first half of the year will reach at least RMB 4.36 billion and RMB 0.895 billion, respectively, surpassing the bank's expectations of 11% and 22%. The bank pointed out that based on a 40-45% year-on-year revenue growth in the first quarter, the growth rate is expected to accelerate in the second quarter due to the diversification of product categories and strong overseas revenue.
Two officials of the Federal Reserve indicated that it is necessary to reform the discount window tool.
Boorman, a director of the Federal Reserve, and Logan, the president of the Dallas Federal Reserve, suggested that the Federal Reserve should assess to what extent its emergency lending tools can meet the liquidity needs of the banking system, implying the need to reform the discount window.
UBS Group: Latest employment data supports the Reserve Bank of Australia's rate hike next month.
The employment data in June in Australia reinforces the view of UBS Group that the Reserve Bank of Australia will raise interest rates by 25 basis points next month. UBS's opinion is contrary to that of some other institutions. In June, Australia added 50,200 new jobs, most of which were full-time positions. UBS believes that this data is stronger than the Reserve Bank of Australia's expectations. 'This is the last labor force survey report released before the RBA's monetary policy meeting on August 6th. This data removes one of the major downside risks to our expectation that the RBA will raise interest rates in August,' said George, UBS economist.
The issuance of esg funds has sharply declined, reflecting the strong resistance of the market to ESG.
ESG fund issuance is quietly stagnating at some of the world's largest asset management companies. According to data provided by Morningstar Direct, companies such as BlackRock, Deutsche Bank's DWS Group, Invesco, and UBS Group's asset management departments have all reduced the number of new funds with ESG requirements. The data shows that as of the end of May this year, just over 100 ESG funds have been issued globally, with the industry expected to be far below recent levels. In contrast, 566 ESG funds were issued globally in the whole of 2023, which was lower.
U.S. Banks' Solid Performance Bodes Well for European Peers -- Market Talk
UBS Group: Upgrades cr bldg mat tec rating to "Neutral", target price raised to HKD 1.95.
UBS Group has released a research report stating that CR Building Materials Technology (01313) has been upgraded from 'sell' to 'neutral' with a target price of HKD 1.95 (previously HKD 1.22), and the current valuation is reasonable. The bank believes that the cement leader in southern China has fully digested the impact of the real estate cycle and believes that as price competition eases, cement gross profit in southern China has bottomed out in the first half of the year. The bank stated that the average selling price of the group's cement from 2024 to 2026 is expected to increase by 3% to 6%, the gross profit forecast is raised by 18% to 55%, and the sales forecast is reduced by 3% to 7% to reflect production execution improvement after the peak season. It is also expected that CR
Deutsche Numis Maintains UBS Group(UBS.US) With Hold Rating, Raises Target Price to $31.32