交银国际每日晨报-20260309

Group 1: Broadcom (AVGO US) - The core view is that AI growth is expected to continue at least until 2028, maintaining a "Buy" rating with a target price of $460, indicating a potential upside of +38.2% from the closing price of $332.77 [1] - FY1Q26 performance slightly exceeded expectations, with FY2Q26 guidance surpassing market expectations, projecting revenue of $22 billion, higher than the anticipated $20 billion, with AI semiconductor revenue expected to be $10.7 billion and an EBITDA margin of 68% [1] - Revenue estimates for FY2026/27/28 have been raised to $104.1 billion, $157.5 billion, and $207.1 billion respectively, with AI chip revenue projected at $58.7 billion, $109.8 billion, and $153.5 billion for the same periods [2] Group 2: New World Development Group (1686 HK) - AI demand is driving growth, with a robust financial performance leading to an upgrade to a "Buy" rating and a target price of HKD 8.58, representing a potential upside of +36.2% from the closing price of HKD 6.30 [3] - For the first half of FY2026, revenue reached HKD 1.508 billion, a year-on-year increase of 2.6%, with recurring revenue from data centers and IT facilities at HKD 1.377 billion, up 7.0% [3] - The company reported an EBITDA growth of 4.1% to HKD 1.096 billion, largely in line with expectations, benefiting from improved operational leverage and cost control [3] Group 3: Financial Position and Market Outlook - As of December 2025, the group's bank balance and deposits stood at HKD 449 million, with net bank loans increasing by 2.5% to HKD 11.693 billion, benefiting from a 25.4% reduction in financing costs due to lower interest rates [4] - The recent stock price correction is viewed as a good buying opportunity, supported by a solid market position and clear growth trajectory [4]