Core Viewpoint - Jiamaojiu (09922) has experienced a significant decline in stock price, dropping over 3% following the release of its mid-year results for 2025, indicating ongoing challenges in the restaurant industry [1] Financial Performance - The company reported a revenue of 2.753 billion yuan, representing a year-on-year decrease of 10.1% [1] - The profit attributable to equity shareholders was 60.691 million yuan, down 16% compared to the previous year [1] Same-Store Sales - The same-store sales growth rates for the company's main brands were as follows: Taier at -19.0%, Song Hotpot at -20.1%, and Jiamaojiu at -19.8% [1] Store Closures - In the first half of the year, the company closed a net total of 88 stores, primarily due to the expiration of lease agreements and underperformance of certain restaurants [1] Analyst Revisions - Morgan Stanley has revised its earnings per share forecasts for Jiamaojiu for 2025 to 2027 down by 9%, 6%, and 10% respectively, reflecting weaker-than-expected demand year-to-date [1] - The target price has been adjusted from 2.3 HKD to 2.1 HKD, maintaining a "Reduce" rating [1] Market Impact - The company is expected to face selling pressure in the short term due to its removal from the Hang Seng Composite Index effective September 8, which will exclude it from the Hong Kong Stock Connect program [1] - As of August 22, southbound funds held 311.7 million shares, accounting for 22.3% of the total share capital and 44.4% of the free float [1]

Core Viewpoint - Jiumaojiu (09922) has experienced a decline of over 3%, with a current price of 2.61 HKD and a trading volume of 57.16 million HKD, following the release of its mid-year results for 2025, which showed a significant drop in revenue and profit [1] Financial Performance - The company reported a revenue of 2.753 billion RMB, a year-on-year decrease of 10.1% [1] - The profit attributable to equity shareholders was 60.69 million RMB, down 16% year-on-year [1] Same-store Sales Data - The same-store sales growth rates for the company's main brands were as follows: - Taier: -19.0% - Song Hotpot: -20.1% - Jiumaojiu: -19.8% [1] Store Closures - In the first half of the year, the company closed 88 stores, primarily due to the expiration of lease agreements and underperformance of certain restaurants [1] Analyst Forecasts - Morgan Stanley has revised its earnings per share forecasts for Jiumaojiu for 2025 to 2027 down by 9%, 6%, and 10% respectively, reflecting weaker-than-expected demand year-to-date [1] - The target price has been adjusted from 2.3 HKD to 2.1 HKD, maintaining a "Reduce" rating [1] Market Impact - The company is expected to face significant selling pressure in the short term due to its removal from the Hang Seng Composite Index effective September 8, which will exclude it from the Hong Kong Stock Connect program [1] - As of August 22, southbound funds held 311.7 million shares, accounting for 22.3% of the total share capital and 44.4% of the free float [1]

Core Viewpoint - AIA Group's net profit for the first half of the year decreased by 24% to $2.5 billion, while the new business value increased by 14% to $2.8 billion, slightly below expectations [1] Financial Performance - AIA's new business value margin improved from 53.9% in the first half of last year to 57.7% this year [1] - The embedded value rose by 4% year-on-year to $70.9 billion after the company repurchased approximately $1.9 billion [1] Forecast Adjustments - The earnings forecast for 2025 to 2027 has been lowered by 8% to 11% due to increased net financial expenses related to insurance contracts [1] - The target price has been adjusted from HKD 92.2 to HKD 90, while maintaining a "Buy" rating [1]

Core Viewpoint - Bank of America Securities has downgraded the target price for Hang Seng Bank from HKD 102 to HKD 93.6, a decrease of 8%, citing headwinds in earnings and low non-performing loan coverage, while maintaining an underperform rating [1] Financial Performance - Hang Seng Bank reported a 2.7% year-on-year increase in revenue, reaching HKD 21 billion, and a 3.9% increase in pre-provision profit to HKD 13.4 billion, exceeding market expectations by 2% and 6% respectively [1] - However, net profit fell by 34.6% year-on-year to HKD 6.3 billion, missing market expectations by 22%, primarily due to a doubling of provisions [1] - The return on equity (ROE) decreased by 4.5 percentage points to 7.9% year-on-year [1] Capital and Dividends - The Common Equity Tier 1 (CET1) ratio increased by 3.6 percentage points to 21.3%, partly due to the implementation of Basel III regulations [1] - The bank announced an 8.3% year-on-year increase in dividends to HKD 2.6 per share, with the payout ratio rising by 30 percentage points to 78% [1] Share Buyback and Future Projections - Hang Seng Bank has announced a share buyback plan of up to HKD 3 billion, expected to be completed within six months [1] - Earnings forecasts for 2025 to 2027 have been reduced by 10% to 18%, mainly due to rising credit costs, projected at 110 basis points, 85 basis points, and 75 basis points for the respective years [1] - The cost of equity has been lowered by 50 basis points to 8.5% due to a decline in the HIBOR, resulting in a decrease in the risk-free rate [1]

Core Insights - Bank of America Securities reported that Hang Seng Bank's revenue for the first half of the year increased by 2.7% year-on-year to HKD 21 billion, with pre-provision profit rising by 3.9% to HKD 13.4 billion, exceeding market expectations by 2% and 6% respectively [1][1][1] - However, net profit fell by 34.6% year-on-year to HKD 6.3 billion, missing market expectations by 22%, primarily due to a doubling of provisions [1][1][1] - The return on equity (ROE) decreased by 4.5 percentage points year-on-year to 7.9% [1][1][1] Financial Ratios and Capital - The Common Equity Tier 1 (CET1) ratio increased by 3.6 percentage points to 21.3% due in part to the implementation of Basel III regulations [1][1][1] - The interim dividend rose by 8.3% year-on-year to HKD 2.6 per share, with the payout ratio increasing by 30 percentage points to 78% [1][1][1] Share Buyback and Earnings Forecast - Hang Seng Bank announced a share buyback plan of up to HKD 3 billion, expected to be completed within six months [1][1][1] - Bank of America Securities lowered its earnings forecasts for Hang Seng Bank for 2025 to 2027 by 10% to 18%, mainly due to rising credit costs, projected at 110 basis points, 85 basis points, and 75 basis points for the respective years [1][1][1] - The cost of equity was reduced by 50 basis points to 8.5% due to a decline in HIBOR, which led to a decrease in the risk-free rate [1][1][1] Target Price Adjustment - The target price for Hang Seng Bank was lowered by 8% from HKD 102 to HKD 93.6, reflecting headwinds in earnings and a low non-performing loan coverage ratio, with a reiterated "underperform" rating [1][1][1]

Core Viewpoint - Macquarie has downgraded its earnings forecast for Pinduoduo for the next two years and reduced the target price to $126 due to weak first-quarter performance and challenges in revenue growth and monetization [1] Group 1: Financial Performance - Pinduoduo's first-quarter revenue was 14% lower than Macquarie's expectations and 8% below market expectations [1] - Adjusted net profit margin was down by 2.3 and 9 percentage points compared to Macquarie's and market forecasts respectively [1] Group 2: Future Outlook - Macquarie anticipates that Pinduoduo's revenue growth will lag behind GMV growth and face monetization challenges, leading to a decrease in short-term attractiveness [1] - The firm believes that the current valuation level reflects most of the downside risks, maintaining an outperform rating despite the challenges [1] Group 3: Earnings Forecast Adjustment - Macquarie has lowered its earnings forecasts for 2025 and 2026 by 17% and 6% respectively [1] - The target price for Pinduoduo has been reduced from $153 to $126 [1]