Core Viewpoint - Morgan Stanley has revised its earnings forecast for Sensata Technologies (00425) upwards for 2025 and 2026 due to a recovery in U.S. automotive production, raising the target price from HKD 25 to HKD 40, maintaining an "Overweight" rating [1] Group 1: Earnings Forecast Adjustment - The earnings forecast for Sensata has been increased by 13% and 12% for 2025 and 2026 respectively, following a recovery in U.S. automotive production [1] - Earlier in April, the forecast was reduced by 12% due to uncertainties surrounding U.S. tariffs and potential weakness in automotive production [1] Group 2: Stock Performance - Sensata's stock has risen by 130% this year, significantly outperforming the Hang Seng Index, which increased by 26% during the same period [1] - The stock performance is attributed to improved liquidity in the Hong Kong market, the company's resumption of dividend payments, and better-than-expected trends in European electric vehicle sales [1] Group 3: Financial Performance - For the first half of the year, Sensata reported an 11% increase in revenue and approximately 20% growth in earnings, which aligns with the company's guidance and market expectations [1]

中银国际发布研报称，中海油田服务(02883)今年上半年净利润同比增长23%，至19.64亿元人民币，符 合该行预测，并已达该行对其原定全年预测的49%。该行预计公司下半年盈利将与上半年持平，尽管在 高租金区域开始营运的钻井设备将对盈利作出贡献，但其他业务板块面临的不利因素将抵销增长。虽然 中银国际将中海油田服务2025至2027年盈利预测下调3%至11%，并将其目标价从9.39港元下调至9.05港 元，惟重申"买入"评级。 ...

该行将洛阳钼业2025年盈利预测下调2%，以反映刚果出口禁令延长的影响，同时将2026及27年盈利预 测分别上调5%及8%；A股目标价由10元上调至14元，H股目标价由8.2港元上调至13.5港元，维持"增 持"评级。 摩根大通发表研报指，洛阳钼业A股股价昨日上升，主要受上半年稳健业绩及美国降息预期升温推动。 该行认为铜及钴产量强劲增长，正逐步达至全年指引上限。刚果的出口禁令或对第三季钴业务毛利构成 负面影响，但投资者倾向忽略有关因素，因铜价才是推动股价更关键的因素。 ...

花旗发表报告指，中国海外宏洋集团市场份额在重点城市增长，新销售毛利率翻倍。市场份额增长方 面，公司在现有32个二三线城市中，8个城市位列销量第一(11个城市进入前三)；2022年后新销售毛利 率达到19%，2025年上半年毛利率9.3%；2025年上半年更积极的土地收购，采取多元化渠道；2025年预 计总销售额稳定在300亿至320亿元；稳健的资产负债表，融资成本创历史新低。 该行维持中国海外宏洋"买入"评级，目标价由2.2港元上调至2.7港元，相当于预测2026年市盈率10倍， 因2025年上半年后盈利可见度提高及毛利率回升。花旗略微下调中海外宏洋2025财年盈利预测54%，以 反映上半年预订低于预期及下半年预计的减值；同时上调2026至2027财年盈利预测2-8%，以反映最新 的开发计划、销售进度、平均售价及成本假设。 ...

毛利率相对平稳，费用率上升，净利率有较大幅度下降 Q2 毛利率同比-0.4pct 至73.3%、相对平稳，销售费用率同比+2.3pct，拆分细项看，主要是收入下滑的 同时广告费用和人员费用相对刚性导致费用率提升，管理费用率/财务费用率分别+4.2pct/+0.9pct。Q2 归母净利率同比-9.6pct 至18.9%。 风险提示：宏观经济波动致使需求下滑，省外扩张不及预期等。 中高档产品受需求下滑影响较大，省外下滑大于省内 分产品看，上半年中高档酒实现收入126.7 亿，同比下滑36.5%，普通酒实现收入18.4 亿，同比下滑 27.2%，中高档是公司主力产品海天梦系列，受需求下降影响较大。分区域上半年省内营收71.2 亿，同 比下滑25.8%，省外营收73.9 亿，同比下滑42.7%，省外下滑幅度明显，一方面是需求环境影响，另一 方面，公司过去全国化较早，基数高，近年来被多个同价格带竞品转化了公司较多份额。 合同负债环比回落，Q2 销售收现下滑幅度与收入匹配 2025H1 末合同负债58.8 亿，同比增加19.4 亿元，环比下降11.5 亿元。Q2 销售收现25.7 亿元、同比下滑 48%，考虑合同负债确认 ...

高盛发布研报称，将恒基地产(00012)2025至27财年基本每股盈利预测分别上调5%、下调1%及下调 2%，至1.58港元、1.8港元及1.8港元，股息预测维持1.8港元不变。预期未来三年平均派息比率约 105%，对比过去五年平均约78%。目标价微降1.5%至19.3港元，维持"沽售"评级。 恒基地产上半年每股盈利0.6港元，同比跌8%，较去年下半年跌11%。期内来自土地收回的税前收益2.4 亿港元，相比去年同期的土地收回及投资物业处置收益为25亿港元。剔除一次性收益及IP重估影响，经 常性基本每股盈利0.58港元，同比跌4%，较该行预期低11%，主要因物业发展(DP)利润率低于预期。中 期股息维持每股0.5港元，符合该行预期。截至2025年6月底，负债比率约21%，与去年末持平，若计入 母公司贷款则负债比率约43%，较去年下半年升2个百分点。 ...

Core Viewpoint - Bank of America Securities reports that Wanwu Cloud (02602) management indicated during the earnings briefing on August 19 that revenue and core profit growth for the fiscal year 2025 is expected to exceed that of the first half of this year [1] Financial Forecast Adjustments - Bank of America Securities has raised the core profit forecast for Wanwu Cloud for the fiscal years 2025 to 2027 by 3.5% to 6.5% due to stable earnings [1] - However, the reported profit forecast has been lowered by 7.5% to 10.5% due to higher-than-expected credit provisioning losses [1] Target Price and Valuation - The target price for Wanwu Cloud has been increased from HKD 22.9 to HKD 24, based on a projected price-to-earnings ratio of 10 times for the fiscal year 2026 [1] - Despite the upward adjustment in target price, the company maintains an underperform rating due to concerns over sluggish growth [1]

Core Viewpoint - Cathay Pacific announced its 2025 H1 results, achieving a net profit of HKD 3.651 billion, a year-on-year increase of 1.1%, in line with expectations [1] Group 1: Financial Performance - The group reported a 9.5% year-on-year increase in revenue, reaching HKD 54.309 billion [1][3] - The adjusted net profit after excluding non-recurring items was HKD 3.832 billion, showing a slight decline year-on-year [1][3] - Passenger revenue accounted for 69% of total revenue, increasing by 12.7% year-on-year, while cargo revenue decreased to 23%, growing by 1.2% [3] Group 2: Capacity and Utilization - The group experienced significant growth in capacity and traffic, with ATK increasing by 15.9% and RTK by 18.1% year-on-year [2] - The passenger load factor improved by 2.4 percentage points, with passenger traffic rising by 27.8% [2] - Aircraft utilization increased by 20%, reaching an average of 10.8 hours [3] Group 3: Cost and Efficiency - Total costs increased by 10.7% year-on-year, but unit costs per ATK decreased by 4.1% [3] - The company announced a mid-year dividend of HKD 0.20 per share, totaling HKD 1.288 billion, with a payout ratio reduced to 35% from 46% in 2024 [3] Group 4: Fleet Expansion - As of 2025 H1, the fleet consisted of 234 aircraft, with an order for 14 additional Boeing 777-9 aircraft, bringing the total order for this model to 35 [4] - The new aircraft are expected to be delivered starting in 2034, indicating ongoing fleet optimization [4] Group 5: Investment Outlook - The company is expected to maintain high profitability levels, with a projected net profit of HKD 7.792 billion for 2025, down from a previous forecast of HKD 9.008 billion [4] - The PE ratios for 2025-2027 are projected to be 8.7x, 6.9x, and 6.2x, significantly below the industry average [4]

Core Viewpoint - Morgan Stanley has downgraded Cathay Pacific's net profit forecasts for 2025 to 2027 by 7%, 5%, and 7% respectively, primarily due to a reduction in passenger yield expectations, partially offset by improved cost control [1] Group 1: Financial Forecasts - The target price for Cathay Pacific has been lowered from HKD 12.1 to HKD 10.8 [1] - The company maintains a "market perform" rating amid operational uncertainties, with a 7% dividend yield potentially limiting downside risk [1] Group 2: Market Conditions - A more positive outlook may emerge if demand for routes to Japan and Thailand recovers better than expected, supporting yield performance [1] - The outlook for Sino-US trade is a variable that could impact cargo business momentum [1] Group 3: Cost Considerations - Fuel costs account for approximately 30% of Cathay Pacific's total costs, making oil price trends a significant observation indicator [1]

The consensus estimate for 'Net Sales- Engineered Materials' stands at $1.35 billion. The estimate indicates a year-over-year change of -7.8%. Based on the collective assessment of analysts, 'Operating EBITDA- Acetyl Chain' should arrive at $287.13 million. Compared to the current estimate, the company reported $338.00 million in the same quarter of the previous year. The consensus among analysts is that 'Operating EBITDA- Engineered Materials' will reach $278.50 million. Compared to the present estimate, t ...