Investment Rating - The report assigns a price target of HK$20.20 for Shandong Gold Mining Co. Ltd, indicating a potential upside of 20% from the current price of HK$16.88 as of October 14, 2024 [4]. Core Insights - Shandong Gold Mining Co. Ltd has guided for a 9M24 net profit range of Rmb1.85-2.25 billion, representing a year-over-year increase of 38-67%. The reported net profit for 1H24 was Rmb1.38 billion, suggesting a 3Q24 net profit range of Rmb467-867 million, compared to Rmb684 million in 2Q24. The company needs to achieve the upper end of this guidance to meet market expectations [3][4]. Financial Metrics - The fiscal year ending for Shandong Gold is December 2023, with projected earnings per share (EPS) of Rmb0.52 for FY23, increasing to Rmb0.86 in FY24e and Rmb1.25 in FY25e [4]. - Revenue projections are Rmb59.275 billion for FY23, Rmb63.878 billion for FY24e, and Rmb71.614 billion for FY25e [4]. - EBITDA is expected to grow from Rmb8.414 billion in FY23 to Rmb12.058 billion in FY24e and Rmb15.450 billion in FY25e [4]. - The company’s market capitalization is currently Rmb114.234 million, with an enterprise value of Rmb161.343 million [4]. Valuation Metrics - The report indicates a P/E ratio of 25.9 for FY23, decreasing to 17.8 for FY24e and further to 12.3 for FY25e [4]. - The EV/EBITDA ratio is projected to decline from 16.8 in FY23 to 12.8 in FY24e and 9.5 in FY25e [4].

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Investment Rating - The report assigns an "Overweight" rating to China Unicom [3][10][17] - The price target is set at HK$6.50, indicating a downside of 7% from the current price of HK$6.96 [3][10] Core Insights - China Unicom showcased a flagship 5G smart factory project with Paideer Battery, which significantly improves production efficiency by reducing production tasks from two days to just two hours [3][10] - The company views data as a crucial driver for future growth, engaging in the construction of third-party trustable data spaces to enhance AI development [3][10] - China Unicom is enhancing its receivables collection process by switching to continuous collection throughout the year, aiming for better cash flow management [3][10] Financial Projections - For the fiscal year ending December 2023, the projected revenue is Rmb 372.6 billion, with an EBITDA of Rmb 82.7 billion [3][10] - The earnings per share (EPS) estimates are projected to grow from Rmb 0.61 in 2023 to Rmb 0.82 by 2026 [3][10] - The net income is expected to increase from Rmb 18.7 billion in 2023 to Rmb 25.0 billion by 2026 [3][10] Market Position - China Unicom's market capitalization is currently US$27.4 billion, with an enterprise value of US$12.1 billion [3][10] - The company has a significant stake in China Tower, valued at HK$0.9 per share, contributing to its overall valuation [10]

Investment Rating - The investment rating for Tesla Inc. (TSLA) is Neutral, with a 12-month price target of $230, reflecting a downside potential of 3.7% from the current price of $238.77 [11][14]. Core Insights - Tesla showcased significant advancements in its Optimus humanoid robot and introduced the Cybercab and Robovan at the 'We, Robot' event, indicating strong progress in autonomous vehicle technology [1][2]. - The company plans to initiate unsupervised Full Self Driving (FSD) robotaxi operations in Texas and California next year, with production of the Cybercab expected to start in 2026 or before 2027 [2][4]. - Tesla anticipates that its Cybercab will have an average operating cost of approximately $0.20 per mile, with pricing expected to be around $0.30 to $0.40 per mile [3][4]. - The long-term revenue potential from robotaxis is significant, although initial deployments may yield limited revenues [4][6]. Summary by Sections Cybercab and Robovan - The Cybercab is a two-seat vehicle designed without traditional controls, while the Robovan can accommodate up to 20 passengers or transport goods [2]. - Tesla aims for the Cybercab to be priced at approximately $30,000 or less, with plans for inductive charging and self-cleaning capabilities [3][4]. Optimus Robot - The Optimus robot demonstrated impressive capabilities, including lifelike movements and interactive features, suggesting a growing role in Tesla's future [10][11]. - The total addressable market (TAM) for high-end humanoid robots could exceed $10 billion by 2030, with limited production of Optimus Version 1 expected to start early next year [11]. Financial Projections - Revenue projections for Tesla indicate growth from $96.77 billion in 2023 to $140.04 billion by 2026, with EBITDA expected to rise from $16.63 billion to $29.54 billion in the same period [13]. - The EPS is projected to increase from $2.60 in 2023 to $4.20 by 2026, reflecting anticipated growth in the company's software and FSD business [13].

October 10, 2024 04:18 AM GMT M Update | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|--------- ...

Investment Rating - The industry view is rated as Attractive [5][16]. Core Insights - Domestic polysilicon prices remained stable at Rmb40/kg, while overseas prices decreased by 2.3% week-over-week to US$21/kg [2][3]. - P-type and N-type wafer prices were stable, with PERC module prices declining by 4.1% to Rmb0.7/W [3][4]. - Prices for various types of solar film saw significant drops, with transparent EVA film decreasing by 3.8% and POE film by 20.5% week-over-week [3][4]. Price Trends Summary - Domestic polysilicon prices: Rmb40/kg, with bidding prices between Rmb37.5-43/kg [3]. - Overseas polysilicon prices: US$21/kg, down 2.3% week-over-week [3]. - PERC module prices: Domestic prices fell to Rmb0.7/W, while TOPCon module prices decreased by 1.4% to Rmb0.73/W [3][4]. - India PERC module prices fell by 2.9% to US$0.165/W, while US and EU prices remained flat [3]. - Prices of transparent EVA film dropped by 3.8%, white EVA by 3.6%, and POE film by 20.5% week-over-week [3][4].

Investment Rating - The investment rating for China Construction Bank Corp. is Overweight [1][22]. Core Views - The report indicates a price target of HK$7.10, with a current share price of HK$5.73, suggesting an attractive investment opportunity [1][3]. - The earnings forecasts for China Construction Bank have been revised down due to expected NIM contraction and weaker fee income growth, with net profit growth projected at 0.9%/0.3%/1.4% for 2024/25/26 [1][5]. - The bank's long-term stability is supported by a strong track record in bond trading and well-managed asset quality [5][6]. Summary by Sections Earnings Drivers - Net interest margin (NIM) is forecasted to decline to 1.52% in 2024 and 1.46% in 2025, influenced by mortgage rate cuts and LPR adjustments [1][9]. - Total asset growth is expected to moderate to 8.4% in 2024 and 7.0% in 2025 [9]. - Credit costs are projected to decrease to 0.51% in 2024 [9]. Revenue and Profitability - Revenue growth estimates have been revised down to -0.8% in 2024, 2.1% in 2025, and 8.1% in 2026 [1][5]. - Fee income growth is expected to decline by -7.2% in 2024, followed by modest growth in subsequent years [1][5]. Valuation and Price Target - The price target is derived from a dividend discount model, with a long-term dividend payout ratio of 32% and a discount rate of 10.5% in the base case [6][5]. - The report highlights an attractive valuation with a 7.7% dividend yield for CCB-H compared to approximately 5.6% for CCB-A [5][6]. Risk Reward Themes - The report indicates positive pricing power for the bank, with a 100% Overweight rating distribution [6][9]. - The bull case scenario assumes a quick recovery in the property market and strong global demand, leading to resilient ROE [6][7]. - The base case reflects moderating credit growth and higher NPL formation, while the bear case anticipates prolonged NIM pressure and asset quality deterioration [7][6].

Investment Rating - The investment rating for Industrial and Commercial Bank of China (ICBC) is "Overweight" with a price target of HK$5.60 [1][3][11]. Core Viewpoints - The report indicates that ICBC is well-positioned for earnings growth due to strong balance sheet liquidity and a healthy net interest income growth trend [2][5]. - The earnings forecast has been revised down due to expected net interest margin (NIM) contraction influenced by mortgage rate cuts and LPR cuts, leading to a net profit growth forecast of -2.2% in 2024 [1][4]. - The report maintains a long-term view on the bank's performance despite recent pressures, with a focus on fintech investments to improve efficiency [3][5]. Summary by Sections Earnings Forecast - The net interest margin is projected to decrease to 1.40% in 2024, 1.36% in 2025, and 1.39% in 2026 [4]. - Total asset growth is expected to be 7.7% in 2024, 5.7% in 2025, and 5.7% in 2026 [4]. - The cost-income ratio is forecasted to remain stable around 32.3% in 2024 [4]. Investment Drivers - A good balance sheet mix and growth trend are expected to support healthy net interest income growth [5]. - Efficiency improvements from fintech investments are anticipated to enhance pricing capability [5]. Risk and Reward Analysis - The report outlines a bull case price target of HK$8.30, a base case of HK$5.87, and a bear case of HK$2.03 [3][4]. - The implied probabilities for reaching the price targets are 12.3% for HK$5.60 and 0.2% for HK$8.30 [3]. Valuation Methodology - The valuation is based on a three-stage dividend discount model with a discount rate of 10.5% in the base case [6].

Battery). October 10, 2024 02:56 AM GMT M Update Autos & Auto Parts | Japan | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for S.F. Holding Co Ltd is "Equal-weight" with a price target of Rmb40.60, indicating a downside of approximately 3% from the current price of Rmb41.65 as of October 10, 2024 [4][17]. Core Insights - S.F. Holding Co Ltd has proposed an interim dividend of Rmb0.4 per share, representing a 40% payout ratio for the first half of 2024, an increase from 35% in 2023. Additionally, a special dividend of Rmb1 per share is planned before the Hong Kong listing, totaling Rmb4.8 billion, which implies a yield of 2.4% based on the latest closing price [2]. - The company has also executed share buybacks amounting to Rmb1 billion in the first phase and Rmb758 million in the second phase, which could provide an additional 0.9% return to shareholders if fully canceled [2]. Financial Metrics Summary - For the fiscal year ending December 2023, the estimated revenue is Rmb258,409 million, with projected growth to Rmb286,643 million in 2024 and Rmb304,883 million in 2025 [4]. - The earnings per share (EPS) is projected to increase from Rmb1.47 in 2023 to Rmb1.84 in 2024, and further to Rmb2.08 in 2025 [4]. - The company’s P/E ratio is expected to decrease from 27.5 in 2023 to 22.6 in 2024, indicating improved valuation metrics [4]. - The dividend yield is projected to rise from 1.5% in 2023 to 2.0% in 2024, and further to 2.4% in 2025 [4].