Analysis Report | BYD's target price raised! Ctrip's performance is optimistic, can it rise by 40%?
Ctrip's performance exceeded expectations. Fosun International stated that the focus in the future will be on the recent trends in travel demand and expectations for the second half of the year, as well as the prospects for local, outbound, and international tourism in the coming years.
Lyon: Maintains "Buy" rating on BYD, target price raised by 3% to HKD 310
Based on the latest closing price of HKD 247.6, this price implies a 25% upside!
The bank stated that BYD continues to implement its expansion strategy, with a significantly higher number of models compared to its peers, expanding into less competitive niche markets. The bank predicts that BYD's sales volume this year will be 3.05 million units, and by 2026, it will increase to 6 million units, including 2.4 million sedans, 3.2 million SUVs, and over 500,000 Denzas and Yangwangs.
The bank believes that BYD's vertical integration model provides greater flexibility in the face of intensified price competition.
Lyon: Maintains "Buy" rating on AIA, target price HKD 94
Based on the latest closing price of HKD 69.4, this price implies a 35% upside!
The bank quoted AIA management as stating that with support from new products, provinces, and channels, the group remains confident about the prospects of its mainland business in the second half of the year. Management believes that the sales of insurance to mainland visitors to Hong Kong should be sustainable, driven not only by pent-up demand but also by the growth potential in ASEAN and India.
The bank believes that AIA's post-tax operating profit growth will be even better if one-time expenses are excluded.
Credit Suisse: Maintains "Buy" rating on Ctrip, target price HKD 426
Based on the latest closing price of HKD 304, this price implies a 40% upside!
Ctrip's second-quarter revenue increased by 180% YoY to CNY 11.2 billion, surpassing market and bank expectations. Its non-GAAP net profit reached CNY 3.4 billion, also exceeding expectations. The bank stated that future focus will be on the recent trends in travel demand, expectations for the second half of the year, and the outlook for local, outbound, and international tourism in the coming years.
Nomura: Reiterates "Buy" rating on Sino Biopharmaceutical, target price raised by 9% to HKD 50
Based on the latest closing price of HKD 34.75, this price implies a 44% upside!
The bank continues to believe that Sino Biopharmaceutical is the top choice in the mainland biotech industry, mainly benefiting from the rapid growth of its commercial portfolio.
DBS: Maintains "Buy" rating on Ganfeng Lithium, target price lowered by 12% to HKD 57
Based on the latest closing price of HKD 39.25, this price implies a 45% upside!
The bank stated that Ganfeng Lithium's second-quarter revenue decreased by 3.2% YoY to CNY 8.673 billion, and its profit decreased by 6.7% YoY to CNY 3.48 billion, slightly better than expected.The bank expects that the company's gross margin will rebound in the next two quarters. It believes that the visibility of new sales growth in the second half of this year and next year will continue to increase, and it is expected that the income from the company's joint ventures will further rise from the third quarter onwards, boosting profitability. The bank stated that it has raised its profit forecast for the company by 6% and 1% for this year and next year, respectively.