CICC’s ratings and target prices on Chinese property developers
China international Capital Corporation (CICC)’s ratings and target prices for Chinese property developers:
VIEWS & ANALYSIS
Goldman Sachs, CLSA, Jefferies slashed stock price target for Pop Mart
CLSA lowers the rating for Chinese designer toymaker Pop Mart to Outperform from Buy and slashed the highest stock price target by 48% to HK$26 from HK$50.
Macau casinos trade lower on weak performance in Q2, Morgan Stanley lowers forecast of Macau gaming revenue
Shares of Macau’s casino operators are trading lower in Hong Kong as weak performance in the second quarter. As of 11:57 am local time, shares of Galaxy Entertainment is down 2.3%, SJM Holdings down 2.2%, Sands China down 2.1% and MGM China down 1.5%.
CICC expects Tencent’s Q2 adjusted net profit to slide 20% on year, lowers price target by 4%
China International Capital Corporation (CICC) forecast Tencent Holdings’ revenue in the second quarter ended June 30 to drop by 3% year over year to 133.9 billion yuan, and the adjusted net profit to slide by 20% to 27.3 billion yuan, according to a note on Monday.
Citigroup, Credit Suisse raised forecast of Meituan’s revenue on faster-than expected recovery
Citigroup raised the forecast of Chinese on-demand service giant Meituan’s food delivery revenue and operating profit in Q2 by 2.4% and 11.7%, respectively, taking into account the reopening of restaurants in China, robust demand during Father’s Day and Dragon Boat festival, disciplined subsidies and cost optimization effort, according to a note on Monday.
China’s electricity consumption to rise 7% on year in second half of 2022 – industry body
China’s electricity consumption is expected to rise by 7% in the second half of the year from the same period last year, expanding by 4 percentage points from the previous six months, according to a report released by the China Electricity Council on Thursday.
China’s unsold residential properties rose in 2021 for first time in six years, property market to gradually recover this year – top state think tank
China is expected to see property sales by floor area grow at a slower pace in 2022, property prices rise slightly, new construction starts decline further and the growth of real estate investment slow significantly, according to a new report released by the Chinese Academy of Social Sciences (CASS), a top government think tank.
China’s economic activities likely picked up marginally in May as Covid-19 disruptions ease, economists say
China’s economic activities are expected to pick up marginally in May as Covid-19 restrictions eased, with industrial output, retail sales and investment declining at a slower pace, said economists.
China’s 60 billion yuan tax cut on car purchases could drive 2 million incremental demand for conventional fuel vehicles, said analysts
China on Monday rolled out a broad package of measures to support businesses and boost consumption in an effort to push the economy back onto a normal track and maintain the economic operations within a reasonable range.
