Big Moves | XPENG-W Target Price Significantly Raised! MEITUAN-W Still Has 56% Upside Potential?

Credit Suisse: Maintains XPENG-W "Outperform" rating, target price raised by 16% to $14.5

If calculated at the latest closing price of $10.15, this price means there is still a 43% upside!

The bank stated that dealer inspections showed a significant improvement in XPENG-W's new order flow in April. Based on the bank's sampling survey in Hangzhou and Shenzhen, it is estimated that its new order volume in April will reach 14,000 vehicles, compared with 7,079 deliveries in April.

The bank pointed out that considering the stronger-than-expected P7i order volume and increased confidence in the G6 SUV, the earnings per share forecast for 2023 to 2025 was raised by 9.3% to 136.7%.

Citigroup: Maintains MEITUAN-W "Buy" rating, target price of HKD 211

If calculated at the latest closing price of HKD 135.6, this price means there is still a 56% upside!

The bank predicts that MEITUAN-W's first-quarter performance will be stable, maintaining its forecast, with first-quarter revenue expected to increase by 23.1% year-on-year to CNY 56.98 billion, and non-GAAP net profit expected to reach CNY 1.41 billion, lower than market expectations.

In terms of business segmentation, it is predicted that the first-quarter revenue of MEITUAN-W's core local business will increase by 21% year-on-year to CNY 41.3 billion, the revenue of delivery business is expected to grow by 19%, and the revenue of in-store business will increase by 23.6%. In addition, the revenue of new business is expected to reach CNY 15.67 billion, a year-on-year increase of 30%. In addition, it is expected that the revenue growth in the second quarter will accelerate to 27.9%, reaching CNY 65.2 billion, and it is expected that the management can provide relatively optimistic expectations for the second quarter.

Considering the industry's competitive pressure and the level of in-store profit margin, the bank believes that the current stock price largely reflects competition from Douyin, and any revenue growth and profit margin performance that exceeds expectations will support profit forecasts and stock price increases.

Citigroup: Reiterates Buy rating for Prudential, target price raised to HKD 148.46

If calculated at the latest closing price of HKD 116.3, this price means there is still a 28% upside!

The bank stated that the company's first-quarter business performance was strong, with the main highlight being the recovery of Hong Kong sales after the mainland and Hong Kong customs clearance. Although some investors are concerned about the weak profit margins of the company's new business in Hong Kong and the growth rate of business outside Hong Kong, the bank expects the new business volume to have an upward trend. It also raised its forecast for the new business profit of Hong Kong business for the whole year by about 60%, and raised the overall NBP forecast by 11%. The Hong Kong and group NBP forecasts for 2023-25 are 15%-30%/6%-10% higher than market expectations, respectively.

Daiwa: Maintains Xiaomi's "Outperform" rating, target price lowered by 14% from HKD 14 to HKD 12

If calculated at the latest closing price of HKD 11.16, this price implies an 8% upside potential!

The bank re-examined Xiaomi's forecast for recent smartphone shipments and IoT sales development. Based on lower-than-expected smartphone shipments and IoT sales, the bank expects Xiaomi's Q1 revenue to contract by 19% YoY to CNY 59.7 billion, down from the previous estimate of CNY 65.3 billion.

However, the bank still expects Xiaomi's Q1 net income to recover by 13% YoY to CNY 3.2 billion (previously expected to be CNY 2.1 billion), reversing the trend of profit contraction from Q1 to Q4 2022.

Deutsche Bank: Maintains "Buy" rating on Uber, raises target price by 5% from USD 44 to USD 46

If calculated at the latest closing price of USD 37.49, this price implies a 23% upside potential!

The bank stated that Uber reported another strong quarter and "impressive" total bookings and EBITDA guidance for Q2, far exceeding Wall Street's general expectations, and concerns about potential issues surrounding Q2 mobile total bookings have been resolved.