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Major bank rating | Goldman Sachs: Raises China International Capital Corporation's Target Price to 15.88 HKD, expecting revenue growth to slow after the first quarter.
Goldman Sachs published a report indicating that it is expected that the growth of revenues for CICC will gradually slow down after the first quarter of this year, especially in market-related Businesses, mainly due to the impact of tariff uncertainty on the market, such as the decline in daily trading volume and transaction rate. However, better-than-expected cost control may help offset the weak revenue growth. The bank also noted that compared to its predictions, the most surprising performances were in the Brokerage and Investment Banking Businesses, as it expected these areas to benefit the most from improvements in the Capital Markets. Moreover, despite the negative impact of rising bond yields during the quarter, investment income still exceeded the bank's forecast. The bank lowered its revenue forecast for CICC from this year to 2027 by 3%.
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CICC: CHINA TELECOM's B-end revenue growth may slow down. Currently maintaining a "Outperform Industry" rating for Listed in Hong Kong.
China International Capital Corporation released a Research Report stating that CHINA TELECOM (00728) experienced a B-end revenue growth in the first quarter of this year that was below expectations, resulting in revenue slightly falling short of market expectations. Additionally, due to the impact on revenue, first-quarter profits might also grow slower than the annual performance. Considering the group's control over accounts receivable and the quality of projects, B-end revenue growth may slow down; thus, the revenue forecasts for A-shares for 2025 and 2026 are adjusted slightly downwards to 534 billion and 543.4 billion yuan, respectively, while net profit forecasts are lowered by 1% and 1.3% to 34.7 billion yuan and 36.3 billion yuan, respectively. The Listed in Hong Kong rating of 'Outperform Industry' and a Target Price of 6 Hong Kong dollars are maintained.
CICC: Consolidate the stable situation in Real Estate, focus on urban renovation and reserve progress, Bullish on CHINA RES LAND and others.
China International Capital Corporation released a Research Report stating that on April 25, the Political Bureau of the Central Committee held a meeting to emphasize that the Real Estate sector should "continuously make efforts to prevent and resolve risks in key areas... enhance the implementation of urban renewal actions, and effectively and orderly promote the transformation of urban villages and the renovation of dilapidated houses. Accelerate the construction of a new model for Real Estate development, increase the supply of high-quality Residences, optimize the policies for acquiring existing Commodities, and continuously consolidate the stability of the Real Estate market." China International Capital Corporation believes that the meeting's statements on the transformation of urban villages and existing housing storage generally align with previous expectations, focusing on the progress of urban transformation in key cities, the autonomy regarding the use of existing housing storage, and the price tre
CICC: Downgrade Great Wall Motor's Target Price to HKD 15.5, maintain "outperform the industry" rating.
China International Capital Corporation released a research report stating that it has lowered the Target Price for Great Wall Motor (02333) H shares by 18% to HKD 15.5, and also reduced the A share Target Price by 14%, maintaining a rating of "outperforming the Industry" for both. Based on a conservative expectation of the company's overseas market performance in terms of volume and profit, China International Capital Corporation has lowered its earnings forecast for the company in 2025 by 6% to 14.5 billion yuan (the same below), while maintaining the earnings forecast for 2026. Great Wall Motor's revenue in the first quarter of 2025 was 40.02 billion yuan, a year-on-year decrease of 6.6%, and a quarter-on-quarter decrease of 33.2%; net profit attributable to parent was 1.75 billion yuan, a year-on-year decrease of 45.7%, and a quarter-on-quarter decrease of 22.7%, gross
