Investment Rating - The investment rating for Times Electric (03898) has been downgraded from "Buy" to "Neutral" by Goldman Sachs, with the target price raised from HKD 35.1 to HKD 43.9 [1] Core Insights - Goldman Sachs believes that the current valuation of Times Electric is reasonable, as the stock price has increased by 18% year-to-date and is currently trading at a projected price-to-earnings ratio of 11 times for 2026 [1] - The compound annual growth rate (CAGR) for earnings per share is expected to be 7% from 2026 to 2030 [1] - Times Electric reported preliminary results for the fiscal year 2025, with revenue and net profit reaching RMB 28.761 billion and RMB 4.105 billion, respectively, reflecting year-on-year growth of 15% and 11%, which were 1% lower and 3% higher than Goldman Sachs' expectations [1]

Group 1 - Goldman Sachs downgraded the rating of Times Electric's H-shares from "Buy" to "Neutral" based on valuation considerations [1] - The target price for Times Electric was raised from HKD 35.1 to HKD 43.9 [1] - Goldman Sachs believes the current valuation of Times Electric is reasonable, as the stock price has increased by 18% year-to-date [1] Group 2 - Times Electric is currently trading at a projected price-to-earnings ratio of 11 times for 2026 [1] - The compound annual growth rate (CAGR) for earnings per share is expected to be 7% from 2026 to 2030 [1] - Times Electric reported preliminary results for the fiscal year 2025, with revenue and net profit reaching CNY 28.761 billion and CNY 4.105 billion, respectively, representing year-on-year increases of 15% and 11% [1]

Core Viewpoint - Goldman Sachs downgraded the rating of Times Electric (03898) H-shares from "Buy" to "Neutral" based on valuation considerations, while raising the target price from HKD 35.1 to HKD 43.9 [1] Group 1: Valuation and Performance - Times Electric's current valuation is considered reasonable, with the stock price having increased by 18% year-to-date [1] - The stock is currently trading at an expected price-to-earnings ratio of 11 times for 2026, with a projected compound annual growth rate of earnings per share of 7% from 2026 to 2030 [1] Group 2: Financial Results - On February 6, Times Electric released preliminary results for the fiscal year 2025, reporting revenue and net profit of RMB 28.761 billion and RMB 4.105 billion, respectively, representing year-on-year increases of 15% and 11% [1] - The reported figures were 1% lower than Goldman Sachs' expectations for revenue and 3% higher for net profit [1]

金十数据8月1日讯，该行将宁德时代(03750.HK)盈利预测上调5%以反映业绩好高预期，并将H股目标价 由400港元上调至415港元，相当于预测2026年及2027年综合市盈率20倍。考虑到H股自上市以来已累升 62%，估值已趋合理（H股相当于预测今明两年市盈率各26.9倍22倍），故下调评级由增持降至中性， 强调该下调纯属估值考量。 摩根大通因估值考量降宁德时代评级至中性 目标价升至415港元 ...