Group 1 - Citigroup has lowered the target price for Spotify from $780 to $715 [1]

大摩维持其"与大市同步"评级，美股目标价由48美元微降至47美元；基于第四财季业绩超出预期，将 2026至2028财年各年非通用会计准则每股盈利预测上调12%、10%及3%，但下调远期盈利预测2%至 6%，以反映市场竞争加剧对利润的影响。 摩根士丹利发表研究报告指，新东方截至今年5月底止2025财年第四季业绩胜预期，但2026财年首季及 全财年收入指引则较市场预期逊色，关注海外业务需求恶化会否拖累2026财年收入及利润率，认为集团 实施成本控制措施未知能否抵销相关负面影响。集团给予2026财年首季展望，收入按年增长2%至5%， 较市场预期低5%至8%，全年收入预期增长5%至10%，亦较市场预期低3%至7%。 ...

巴克莱将 星巴克目标价从106美元上调至115美元；将西 思科目标价从77美元上调至82美元；将 Universal Health Services目标价从257美元上调至259美元；将Spotify目标价从800美元下调至750美元。 ...

Core Viewpoint - UBS has raised the target price for China Merchants Port (00144) from HKD 16.9 to HKD 17.5, reflecting better-than-expected container volumes and a decrease in the weighted average cost of capital under the assumption of a risk-free interest rate [1] Group 1: Financial Forecasts - UBS has increased the net profit forecast for China Merchants Port for the years 2025 to 2027 by 1% to 3% [1] - The company is expected to see a 6% year-on-year increase in recurring net profit for the first half of the year, driven by healthy growth in container volumes and a 3-4% increase in port charges both domestically and internationally [1] Group 2: Profit Adjustments - Despite the expected growth in recurring net profit, UBS anticipates a 9% year-on-year decrease in the company's net profit for the first half of the year due to abnormal items, including a net change in the fair value of financial assets/liabilities amounting to HKD 298 million and a compensation of RMB 317 million from a shipping company related to investments in Togo last year [1]

Group 1 - UBS raised the target price for China Merchants Port (00144) from HKD 16.9 to HKD 17.5, reflecting better-than-expected container volumes and a decrease in the weighted average cost of capital under the assumption of a risk-free rate [1] - UBS expects China Merchants Port's recurring net profit for the first half of the year to increase by 6% year-on-year, driven by healthy growth in container volumes and a 3-4% increase in port charges both domestically and internationally [1] - Despite the positive outlook, UBS anticipates a 9% year-on-year decrease in the company's net profit for the first half due to abnormal items, including a net change in the fair value of financial assets/liabilities of HKD 298 million and compensation of RMB 317 million from a shipping company related to its investment in Togo last year [1]

Core Viewpoint - Nomura has downgraded its profit forecasts for Haidilao from 2023 to 2027 by 7% to 10%, with a target price reduced to HKD 16.2 [1] Financial Performance - Nomura expects Haidilao's mid-term revenue to decline by 4.4% year-on-year to RMB 20.5 billion, primarily due to the impact on table turnover rates [1] - Despite improvements in average spending per order, restaurant operations are estimated to decrease by 6% year-on-year [1] - The growth in takeout and barbecue businesses may partially alleviate the decline [1] Profitability Metrics - The firm has lowered its profit margin forecasts, predicting a contraction in operating profit margin and adjusted net profit margin by 0.3% and 0.4% year-on-year, respectively [1] - Food cost ratio is expected to increase by 2.4% compared to the second half of last year [1] - Operating expense ratio is projected to rise by 0.4% year-on-year due to efforts to provide better value products [1] - Adjusted net profit is forecasted to decline by 8% year-on-year to RMB 1.8 billion [1] Long-term Outlook - The downgrade in net profit forecasts for the company from 2023 to 2027 reflects higher-than-expected operating costs [1] - The target price has been revised from HKD 20.2 to HKD 16.2, while maintaining a buy rating [1]

Core Viewpoint - HSBC Global Research has raised the target price for China Molybdenum (01208.HK) by 18.5% to HKD 3.2, while downgrading the rating from Buy to Hold due to copper price downside risks and lack of dividends [1] Group 1: Target Price Adjustment - The target price for China Molybdenum has been increased from HKD 2.7 to HKD 3.2, reflecting a 18.5% rise [1] - The stock price has increased over 30% in the past month, indicating positive developments in the copper industry and improved profit outlook for the group [1] Group 2: Rating Change and Market Conditions - HSBC believes the current valuation of the stock is reasonable, leading to the downgrade of the rating from Buy to Hold [1] - Despite potential increases in copper prices, HSBC sees limited upside for the stock price, while downside risks are intensifying [1]

Core Viewpoint - Credit Lyonnais has lowered the target price for Meituan to HKD 185 due to profit margin pressures from competition in the food delivery sector and global expansion efforts [1] Financial Performance - Meituan's Q1 2025 performance exceeded expectations, with total revenue and adjusted EBITDA increasing by 18% and 62% year-on-year, reaching RMB 86.6 billion and RMB 11.2 billion, respectively, surpassing Credit Lyonnais's estimates by 1% and 12% [1] - The company anticipates a slowdown in core local commerce revenue growth and a year-on-year decline in profits for Q2 2025, as it prioritizes competitive responses and faces increased losses from new business ventures due to global expansion [1] Revenue and Profit Forecasts - Credit Lyonnais projects a 13% year-on-year increase in total revenue for Q2 2025, while adjusted EBITDA is expected to decline by 21% [1] - Core local commerce revenue is forecasted to grow by 10% year-on-year, with adjusted EBITDA anticipated to decrease by 12% [1] Adjustments to Profit Predictions - The firm has revised its adjusted net profit forecasts for Meituan downwards by 7% and 6% for the next two years, leading to a reduction in the target price from HKD 195 to HKD 185 [1]

Core Viewpoint - Nomura reports that Miniso's profitability is under greater pressure, leading to a 3% reduction in its target stock price from $23.2 to $22.5 while maintaining a buy rating [1] Financial Performance - Miniso's Q1 earnings fell short of expectations, with operating profit margin declining by 4 percentage points year-on-year [1] - The decline in profit margin is attributed to an increase in revenue contribution from lower-margin Direct-to-Consumer (DTC) business and a decrease in profit margin from DTC stores in the US and China [1] Future Outlook - Miniso maintains that revenue growth for 2025 is expected to outpace that of 2024, but will reassess this by the end of Q2 2025 [1] - The report indicates that adjusted earnings growth for 2025 is anticipated to exceed that of 2024, highlighting ongoing pressure on profitability [1] - Nomura emphasizes the need to closely monitor the trend of slower profit growth compared to revenue growth in the US, which has persisted for four consecutive quarters [1]

Group 1 - Bank of America downgraded ZTO Express's rating from "Buy" to "Neutral" due to disappointing first-quarter performance [1] - The target price for ZTO Express was reduced by 21% from $24 to $19 [1] - The report indicates limited future catalysts for the company due to intense price competition in the industry [1]