Core Viewpoint - Goldman Sachs has adjusted its earnings forecasts for Hang Lung Properties (00012) for the fiscal years 2025 to 2027, with a slight increase for 2025 and decreases for the following two years, while maintaining the dividend forecast unchanged [1] Financial Performance - The company reported an earnings per share (EPS) of HKD 0.6 for the first half of the year, representing an 8% year-on-year decline and an 11% decrease compared to the second half of the previous year [1] - The pre-tax income from land recovery was HKD 240 million, significantly lower than the HKD 2.5 billion reported in the same period last year [1] - Excluding one-time gains and the impact of investment property revaluation, the recurring basic EPS was HKD 0.58, down 4% year-on-year and 11% below Goldman Sachs' expectations, primarily due to lower-than-expected profit margins in property development [1] Dividend and Payout Ratio - The interim dividend remains at HKD 0.5 per share, aligning with Goldman Sachs' expectations [1] - The average payout ratio for the next three years is projected to be around 105%, compared to an average of approximately 78% over the past five years [1] Debt and Financial Ratios - As of June 30, 2025, the debt ratio is approximately 21%, unchanged from the end of the previous year; when including parent company loans, the debt ratio rises to about 43%, an increase of 2 percentage points from the second half of last year [1] Target Price and Rating - The target price for Hang Lung Properties has been slightly reduced by 1.5% to HKD 19.3, with a maintained "Sell" rating [1]

Core Viewpoint - Morgan Stanley has downgraded the earnings forecasts for Kowloon Development for the fiscal years 2025 to 2027 due to weak performance in the first half of the year and challenging market conditions [1] Financial Performance - The basic earnings forecasts for Kowloon Development have been reduced by 13%, 7%, and 9% for the fiscal years 2025, 2026, and 2027 respectively [1] - Despite the downgrades, the company is expected to maintain a stable dividend policy, projecting a dividend of HKD 0.4 per share from 2025 to 2027 [1] Market Outlook - The target price for Kowloon Development has been raised from HKD 18.4 to HKD 19, reflecting the company's strong balance sheet but also the challenging operational outlook [1] - The company has been rated "Underweight" due to its unattractive valuation and difficult business environment [1]

Group 1 - The core viewpoint of the report indicates that Cheung Kong Infrastructure's net profit for the first half of the year is HKD 4.35 billion, with core net profit growing by 2% year-on-year to HKD 4.28 billion, meeting market expectations, driven by strong performance in the UK business [1] - The report anticipates that in the upcoming reset period, more favorable terms will drive single asset profit growth, with the group expected to achieve an annual profit growth of 9% to 10% over the next 2 to 3 years [1] - The earnings per share forecast for the company from 2025 to 2027 has been revised down by 4% to 5%, with the target price slightly reduced from HKD 60.2 to HKD 60, while maintaining a "neutral" rating [1] Group 2 - Cheung Kong Infrastructure Group (01038.HK) plans to hold a board meeting on August 13 to approve its interim results [2] - Huatai Securities has initiated coverage on Cheung Kong Infrastructure Group, giving a target price of HKD 64.73 and a "buy" rating [2]

Group 1 - The core viewpoint is that Bank of America has lowered the target price for Celanese from $65 to $59 [1]

Group 1 - Citigroup downgraded Trade Desk's rating from "Buy" to "Neutral" [1] - The target price for Trade Desk was reduced from $90 to $65 [1]

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%。 ...

Group 1 - Barclays raised the target price for Starbucks from $106 to $115 [1] - Barclays increased the target price for Cisco from $77 to $82 [1] - Barclays adjusted the target price for Universal Health Services from $257 to $259 [1] - Barclays lowered the target price for Spotify from $800 to $750 [1]

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]