GMT EIGHT - Research - HK Stock

CMSC International: Remains optimistic about Hong Kong stocks in the long term and maintains a neutral stance in the short term.

In terms of Hong Kong stocks, China Merchants Securities points out that the overall prospects of the Chinese economy and profits from Hong Kong stocks are positive, and the advantage of non-dollar assets is gradually increasing in the future, maintaining optimism for Hong Kong stocks in the long term.

Furui: Rating of "Hold" for SJM Holdings (00880) with a target price of 2.5 Hong Kong dollars.

Furui believes that relocating the gaming tables to its own casinos (including The Venetian Macao) may help Sands China improve its profit margin.

Bank of America Securities: Ratings Upgrade for Midea Group Co., Ltd (00300) to "Buy", with a target price of 88 Hong Kong dollars.

Midea Group (00300) previously announced a recall of approximately 1.7 million U and U+ type window air conditioners.

MGM: Sands China (01928) and GALAXY ENT (00027) had the fastest market share growth in May, the preferred entertainment industry leader.

The industry believes that the Kempinski Hotel will be fully operational by the end of 2025, driving the growth of Yin Entertainment's share in the high-end midfield market.

Citic Lyon: Macau's 11 satellite casinos will shut down by the end of the year, which is negative news for PARADISE ENT (01180).

Starting from 2026, satellite casinos must be directly owned by gaming operators or transitioned to a management agreement structure, with no payments allowed in the form of "profit sharing" or "commission".

Citigroup: Maintains "Buy" rating on China Longyuan Power Group Corporation (00916) with a target price of 7.1 Hong Kong dollars.

The company's total electricity generation in May increased by 1.5% year-on-year to 6.68 billion kilowatt-hours, with wind power and solar power generation increasing by 8.7% and 74.8% respectively.

HAITONG INT'L: Maintains "Outperform" rating on LI AUTO-W (02015) with a target price of HK$136.84.

According to Ideal Car's official account, the Ideal i8 is positioned as a mid-to-large-sized SUV and is scheduled to be officially released in July 2025, and will be the first to be equipped with the VLA model.

Sino-Thai International: "Buy" rating on HANSOH PHARMA (03692) raised, target price increased to HKD 29.3

China-Thai International has raised Johnson Pharmaceutical's 25-year total revenue forecast by 1.2% to 3.7%, and shareholders' net profit forecast by 1.3% to 4.9%.

Goldman Sachs expects the second half of the year to continue to be dominated by structured market trends. It is recommended to focus on dividends, technology, overseas expansion, and new consumer trends.

In the industry, the structural market is still the main trend. Zhongjin recommends focusing on dividends, technology, going overseas, new consumption, etc., and recommends overallocating to banks, telecommunications, technology hardware, media and entertainment, new consumption, biotechnology, etc., standard allocation to raw materials, utilities, essential consumption, underallocation to energy, real estate, and some industrial sectors.

Guosen: Current US bond investments need to focus on structural selection, with a preference for medium and short-term bonds, and cautious allocation to long-term bonds.

The resilience of US inflation and employment data, along with the uncertainty of trade policies, has pushed back expectations for the Federal Reserve to cut interest rates until September or even later.

China Securities Co., Ltd. expects that the release of the film will help the industry to recover, and highlights recommending MAOYAN ENT (01896) among others.

Ticket sales during the Dragon Boat Festival period increased by 20% compared to last year, making it the second box office period of the year to achieve positive growth after the Spring Festival period. The top three box office earners were all newly released films.

Tianfeng: Buy the best innovative Chinese medicine worldwide, focus on breakthrough therapeutic varieties with potential for overseas expansion.

Post-treatment drugs such as Pompeo-tase alpha of Shuetai Shen, Xianbi Xin's sublingual tablets (which have been recognized as breakthrough therapy in the United States), and many other varieties also have potential for business development.

Changjiang: Three major businesses have all made breakthroughs, maintaining a "buy" rating for LENOVO GROUP (00992).

Changjiang Securities released a review report, stating that Lenovo Group (00992) showed impressive performance in FY2025 and Q4, with all three major businesses achieving breakthroughs. They maintain a "buy" rating.

DBS: Raises China Telecom Corporation (00728) target price to HKD 7.1, maintains "buy" rating.

The company expects that, due to the increasing contribution of its industrial digital business, China Telecom's revenue and profit for the 2025 fiscal year will increase by 3% and 8% respectively.

Goldman Sachs: KUAISHOU-W (01024) AI revenue trend in the second quarter exceeds expectations, rated as "buy"

The company believes that the operational rate of Ling AI can exceed both the company's guidance and market expectations.

Sinolink: Takeout delivery has vast overseas expansion opportunities. It is recommended to pay attention to MEITUAN-W (03690).

Meituan's Keeta has efficiently broken into the Hong Kong food delivery market with precise localization strategies and technological innovation. Its technological advantages and expansion strategy are expected to be replicated in other overseas markets.

Citigroup: Lower CALB (03931) target price to 19.9 Hong Kong dollars, rating "buy"

Considering that Zhongchuang Innovation Airlines has sufficient trading history, and the battery prices have stabilized after a sharp decline in 2023 to 2024, unit net profit is trending towards stability. Therefore, the bank has canceled the high-risk rating.

Huatai: Maintains a "buy" rating on CHINAHONGQIAO (01378) with a target price of HKD 15.37.

This asset restructuring is conducive to enhancing the company's level of asset securitization and market influence. The bank believes that the overall value of the company is expected to be reassessed.

Citigroup: Downgrade BEIJING ENT(00392) to "Neutral", target price raised to HK$35.

The report stated that the group's current 4.9% yield is no longer advantageous.

JP Morgan: Raises KINGSOFT CLOUD (03896) target price to 10 Hong Kong dollars, high certainty in AI growth prospects.

The bank believes that the certainty of the growth prospects of Kingsoft Cloud's artificial intelligence revenue is higher than many other AI stocks.

Seeking Coverage

Being Writer

Exploring Cooperation