Market NewsDaily rating of Daxing Bank | performance is dragged down by the market. Qiu Ti Technology continues to develop new areas.
Morgan Stanley: upgrade the rating of China Light and Power Holdings (00002.HK) to a target price of HK $68 in line with the market. Morgan Stanley reported that CLP lost 4.855 billion yuan in the first half of this year, mainly due to fair value and non-cash disposal losses of 8.94 billion yuan. In terms of continuing business, the group's operating profit was 4.111 billion yuan, a year-on-year decline of 25%. The decline was mainly due to losses in Australia and Taiwan and a 12% decline in India. The bank believes that due to the decline in spot electricity prices and the recovery in electricity generation, the worst is expected to be over for the Group's Australian business, and Energy Australia is expected to return to operating profit in the second half of this year.
Goldman Sachs: the first target price for Hagia Medical (06078.HK) neutral rating is HK $57. Goldman Sachs released a report for the first Hagia Healthcare Neutral rating, with a target price of HK $57, a price-to-earnings ratio of 42 times earnings and a price-earnings growth rate of 1.6 times, which is the average market level of health care providers. Goldman Sachs said it believes that Haigia will continue to serve as a complement to the public health care system by expanding its service network to meet oncology-related health care needs. It is expected that the company will open six new self-built hospitals by 2024, the number of operating beds will be three times as many as at the beginning of last year, and the production revenue per bed will be roughly the same. In the short term, Haijiya's income and profits are expected to grow by 44% and 15% respectively in the first half of the year, mainly due to the growth brought about by the acquisition of two hospitals and newly opened hospitals in the middle of last year, and partially offset the impact of COVID-19 's epidemic prevention. Full-year earnings growth is expected to be 36%. The bank also pointed out that since the start of the operation of radiation equipment, Haijiya has built and managed 12 oncology hospitals in a number of provinces in the mainland. Last year alone, it focused on radiotherapy and related nursing hospital business, accounting for 93% of the total revenue, and the remaining 7% of the income came from third-party radiotherapy business. The bank expects revenue and profit to grow at a compound annual rate of 29% and 27% respectively from 2021 to 2025, mainly driven by an increase in the number of hospital beds.
Lyon: lower the target price of 01478.HK to HK $5, outperforming the big market. According to a research report published by Lyon, Qiu Ti's revenue fell 24% year-on-year in the first half of the year, mainly due to falling average price and sales of smartphones; gross profit fell 6.3% year-on-year to 5.3%; net profit fell 71% year-on-year. Qiu Tian downgraded its forecast for smartphone sales this year, but maintained its sales forecast guidance for the automotive and Internet of things (IoT) business. In view of the recent pressure on its smartphone business, the bank cut Qiu Ti's profit forecast for fiscal years 2022 and 2023 to HK $5, maintaining an outperform rating.
Lyon: unified China (00220.HK) is not profitable, but as sales channels reopen, the stock is expected to recover. Lyon reported that sales of 00220.HK rose 7% year-on-year in the first half, while net profit fell 27% from a year earlier, in line with expectations. However, the company's lack of profitability remains a key issue, maintaining an outperform rating on the stock and raising its target price to HK $8.4 from HK $7.2. According to the report, the company's noodle product sales increased by 17% in the first half of the year compared with the same period last year, and it is believed that demand will remain high, mainly driven by epidemic prevention and control, reduced willingness to eat out, and other factors. Beverage sales grew by only 5% in the first half of the year compared with the same period last year, but with the reopening of sales channels, renewed activity and the hot summer, it is believed that a recovery is imminent.
Piper Sandler: maintain Micron's (MU.O) downgrade target price $50 Piper Sandler analyst Harsh Kumar maintains a downgraded rating on Micron with a target price of $50 after the company said fourth-quarter revenue could be at or below the low end of the revenue guidance, while Q1 revenue and profit margins are expected to decline in 2023. Kumar said in a research report that the weakness of personal computers and smartphones is not surprising, but the trend of spreading to other end markets is noteworthy. Analysts added that Q1's negative free cash flow in 2023 was also surprising.
Stephens: lower the target price of Upstart (UPST.O) to $23, maintain the downgrade Stephens analyst Vincent Caintic lowered the target price of Upstart from $28 to $23, and maintain the downgrade of the stock. The analyst said he had "increased concerns" about Upstart after it released its third-quarter guidance, withdrew its full-year 2022 guidance and redecided to become a balance sheet lender. In addition, the analyst believes that the third-quarter earnings guidance is not credible because management is reluctant to provide trends in July and the assumed pace of monthly earnings. He also pointed out that the most pressing issue for Upstart is money, "time is the key", he believes that funds may be guaranteed, but is worried that "the terms will include penalties."
Stephens: cut the target price of TSN.N to $95, maintain the overweight rating, Stephens analyst Ben Bienvenu lowered the target price of Tyson to $95 from $100, and maintained its overweight rating on the stock. Earlier, the company reported third-quarter results and updated its guidance for fiscal year 2022, maintaining revenue guidance while lowering sales expectations. Bienvenu said that with "significant growth momentum in the chicken business," he believes Tyson will be able to achieve stable and slightly improved earnings in the next fiscal year and continue to return cash to shareholders.
Bayer: cut the target price of Take-Two (TTWO.O) to $140 to maintain its outperform rating. Bayer analyst Colin Sebastian lowered the target price of Take-Two to $140 from $145and maintained its outperform rating on the stock. The analyst said it was not surprising that the first earnings report after the acquisition of Zynga looked a bit chaotic. Although consensus expectations were not met, traditional Take Two's accounts were in line with guidelines, and Zynga's accounts reflected a broader headwind in the mobile gaming market as users became more picky about in-app purchases.
Steinfer: cut the target price for Take-Two (TTWO.O) to $180, maintain the buy rating, analyst Drew Crum lowered the target price for Take-Two to $180 from $195, and maintained the buy rating for the stock. The company had previously reported first-quarter non-GAAP earnings of 71 cents a share, below his forecast of 98 cents and consensus expectations of 86 cents. The analyst said Take-Two also revised its outlook for fiscal year 2023, including Zynga, which was lower than his assumption, leading him to lower his forecast for fiscal year 2023. However, he is still optimistic that Take-Two 's "strong development pipeline" should promote meaningful growth in the coming periods.
Oppenheimer: cut Take-Two (TTWO.O) target price to $180 to maintain outperform market rating Oppenheimer analyst Andrew Uerkwitz lowered Take-Two 's target price to $180 from $190 due to lower expectations for 2024 as a result of lower gross profit margins and higher tax assumptions, and maintained its outperform rating on the stock. The analyst had expected an unexpected downside, which was confirmed by first-quarter data. Although the macro environment is still difficult for all game publishers, the analyst is more confident about buying Take-Two now because it has better visibility.
JPMorgan Chase: raise its target price for TGT.N to $190 and maintain its overrated rating. JPMorgan Chase analyst Christopher Horvers raised its target price to $190 from $180 and maintained its overweight rating on the stock. Horvers said the "earnings correction curve" for most retail stocks continued to deteriorate, with consumers facing "triple pressures"-inflation, wallet normalisation and a housing slowdown-colliding with two consecutive years of abnormal full-price sales and rising costs. Analysts said the market reacted "more positively" to the cut in expectations, which encouraged companies in the retail sector to lower their guidance.
Cowen: raise the target price of Luminar (LAZR.O) to $14 to maintain its outperform rating. Kowen analyst Joshua Buchalter raised the target price of Luminar to $14 from $12 and maintained its outperform rating on the stock. The analyst said the rising business goals and growing customer list have been validated, but equally important is the investment in Luminar's manufacturing footprint and leadership. In a difficult growth situation, the stock has fallen about 40% this year, and he thinks the current share price is attractive.
Truist: cut the target price of NVDA.O to $216and maintain its buy rating Truist analyst William Stein lowered the target price of Nvidia to $216from $283, maintaining its buy rating on the stock. The analyst said the decline in Nvidia's preliminary figures for the second quarter was "surprising", adding that weakness in the gaming business was likely to continue into the third quarter and was expected to recover between January and April 2023. He further pointed out that data centres and artificial intelligence businesses were less than expected to be related to the supply chain and that he believed that demand remained constructive.
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