Pre-market US stocks | Upstart surges 35%, Airbnb falls 13%, Affirm falls 8%! Alibaba continues to be listed on Goldman Sachs' buy list
Rivian Automotive rose 6%, JD.com and BILIBILI-W fell 2.6%, LI AUTO-W rose over 6%, XPENG-W rose nearly 2%, BIDU-SW fell 1.5%, CLOUD MUSIC and NIO-SW rose over 1%, TSMC fell 1.5%.
US Stock News
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Li Auto's Q1 revenue was RMB 18.79 billion, slightly lower than the market expectation of RMB 19 billion. Net profit was RMB 929 million, significantly higher than the market expectation of RMB 51 million. The gross profit margin also rebounded. The company expects to deliver 76,000 to 81,000 vehicles in Q2.
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According to Reuters, Klook, a travel and leisure booking platform, is reportedly planning to go public in the US next year, raising about $300-400 million.
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Market news: SoftBank will buy back up to 1.19% of its shares for JPY 100 billion.
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TSMC's April sales revenue was NT$147.9 billion, a YoY decrease of 14.3%.
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Toyota's net sales for Q4 of FY 2022/23 were JPY 9.69 trillion, a YoY increase of 19%, higher than the market estimate of JPY 9.03 trillion. Operating profit was JPY 626.93 billion, a YoY increase of 35%, higher than the market estimate of JPY 535.92 billion. Net profit was JPY 552.29 billion, a YoY increase of 3.4%, higher than the market estimate of JPY 534.82 billion.
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Upstart's adjusted loss per share in Q1 was $0.47, lower than the market expectation of $0.82. The company expects Q2 revenue to be about $135 million, higher than the market expectation of $129.2 million.
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Affirm Holdings expects Q4 revenue to be between $390 million and $415 million, higher than the market expectation of $388.9 million.
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Occidental Petroleum's Q1 revenue was $7.225 billion, with a net profit of $983 million.
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First Citizens Bancshares' total deposits in Q1 were $140.05 billion, higher than the market forecast of $118.98 billion.
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Airbnb's Q2 revenue guidance is $2.35 billion to $2.45 billion, with a midpoint lower than the market expectation of $2.42 billion. The company warned that Q2 will be challenging.
Pre-market Movers
In pre-market trading, Dow Jones futures, Nasdaq futures, and S&P 500 futures all fell by about 0.18%.
Airbnb fell more than 13%, warning that Q2 will be challenging.
Faraday Future Intelligent Electric rose more than 23% after announcing a $100 million unsecured convertible bond financing commitment.
Upstart surged more than 36% after reaching multiple long-term financing agreements, expecting to raise more than $2 billion in the next 12 months.
Rivian rose 5.4%, with Q1 revenue increasing nearly six times YoY to $661 million.
JD.com and Bilibili fell 2.6%, LI AUTO-W rose more than 6%, Xiaopeng rose nearly 2%, Baidu fell 1.5%, NetEase and NIO rose more than 1%. TSMC fell 1.5%.
Analyst Views
- Goldman Sachs: Maintains Alibaba's target price at HKD 133 and continues to list it as a conviction buy. Goldman Sachs said it continues to view Alibaba as one of the best value stocks, benefiting from the structural growth of advertising recovery, fintech and cloud computing. The bank believes that as its revenue growth recovers and its profits return to double-digit growth from 2023 to 2025, there is a lot of room for valuation revaluation. The bank expects Alibaba's adjusted EBITA to rise 45% year-on-year to RMB 23 billion in the last quarter.
Goldman Sachs has released a report predicting that Tencent's net profit growth will accelerate this year, with a 30% year-on-year increase. It maintains a buy rating, but has lowered its target price by up to 1% based on revenue forecasts for 2023 to 2025, with the target price also falling from HKD 447 to HKD 442. Goldman Sachs predicts that Tencent's first-quarter revenue will grow 11% year-on-year, and operating profit under non-general accounting standards is expected to grow 26%.