瑞银发表研究报告指，港交所将于下月初公布今年第三季业绩，目前预测季度收入及纯利将按年增长 43%及53%，达到77亿及48亿港元，再创新高，较市场普遍预期高出8%及11%。瑞银估计净投资收入将 录9.33亿港元，按年及按季分别跌23%及40%，主要受到港元拆息走弱及可能因美元贬值产生汇兑损失 影响。日均成交额再创新高至2860亿港元，南下资金贡献占比提升至约27%，相对于第一及第二季分别 为23%与24%。 该行因应市场气氛情况及南下资金参与度上升，将2025至2027年日均成交额预测上调9%至16%，每股 盈利预测上调7%至12%，目标价相应由464港元上调至485港元，评级"中性"。 ...

Core Viewpoint - Bank of America Securities maintains a "Neutral" rating on Sun Hung Kai Properties (00016) due to slightly disappointing performance expectations for the fiscal year 2025 [1] Group 1: Company Performance - The company is benefiting from a rebound in the Hong Kong residential market, but the low profit margin from property development may lead to flat earnings per share and dividends in the short term [1] - The target price for Sun Hung Kai Properties has been slightly increased from HKD 94 to HKD 95 [1] Group 2: Earnings Forecast - The earnings per share forecast for fiscal years 2026 to 2027 has been adjusted downwards by 1% to 4% due to changes in property sales recognition timing [1] - Unless there is a significant increase in Hong Kong property prices in the short term, earnings per share for fiscal years 2026 to 2027 are expected to remain relatively flat [1] Group 3: Market Comparison - Compared to peers with a 4% yield, the potential for further compression of Sun Hung Kai Properties' yield is considered limited [1]

Core Viewpoint - Morgan Stanley has raised the target price for CNOOC (00883) to HKD 23 and RMB 30 for A-shares, primarily due to improved medium to long-term earnings per share and free cash flow outlook [1] Group 1: Target Price and Ratings - The H-share rating for CNOOC has been upgraded from "Underweight" to "Overweight," while the A-share rating remains "Overweight," reflecting a projected increase in oil prices by USD 5 per barrel [1] - CNOOC's A/H shares have underperformed compared to China Petroleum (00857) A/H shares by 13-22% year-to-date [1] Group 2: Market Signals and Dividend Strategy - The increase in OPEC production is viewed as a signal of demand recovery and healthy global inventory levels, rather than a sign of OPEC disarray or a price war [1] - CNOOC's unexpected willingness to align its dividend yield with that of China Petroleum, which has successfully decoupled from oil prices, may help limit its stock price downside, even if oil prices could drop to USD 55 per barrel by Q1 2026 [1]

Core Viewpoint - Morgan Stanley has updated its forecast for Galaxy Entertainment, raising the dividend payout ratio prediction for 2025 to 2027 from 50% to 60%, with a 19% increase in the per-share dividend forecast [1] Financial Projections - EBITDA forecasts for 2025 to 2027 have been reduced by 1% due to higher operating expense expectations [1] - Earnings per share (EPS) forecasts have been adjusted from HKD 2.39, 2.58, and 2.73 to HKD 2.36, 2.56, and 2.72 for the respective years [1] - The target price for Galaxy Entertainment has been raised from HKD 40 to HKD 44 [1] Market Position and Outlook - The opening of the Capella Hotel is expected to help Galaxy Entertainment increase its market share [1] - Morgan Stanley has assigned a "market perform" rating, but cautions that if competitors resume dividends while Galaxy's market share remains weak, some potential premium may reverse [1]

Group 1 - Goldman Sachs reported that East Asia Bank's (00023) first-half revenue met expectations, but net interest income and fee income fell short, offset by trading gains [1] - Earnings per share exceeded Goldman Sachs' expectations by 14%, with a dividend payout ratio of 45%, slightly below the forecasted 47% [1] - The mid-term dividend was set at 39 HKD cents, approximately 10% higher than Goldman Sachs' estimate of 35 HKD cents [1] Group 2 - Goldman Sachs raised its earnings per share forecasts for East Asia Bank for the fiscal years 2025 to 2027 by 8%, 11%, and 24%, respectively, and increased the target price by 12% from 10.5 HKD to 11.8 HKD, maintaining a "sell" rating [1] - The bank's management anticipates headwinds for net interest margin in the second half of 2025 and maintains a conservative outlook on loan growth [1] - Loan growth forecasts for 2025 to 2027 were adjusted to 2.1%, 2.8%, and 4%, while deposit growth estimates were raised to 5.5%, 3.9%, and 2.9% [1] Group 3 - Goldman Sachs assumed a net interest margin sensitivity (NIM beta) of 0.16 times for the current interest rate cut cycle, slightly lower than the previous period [2] - Net interest margin forecasts for 2025 to 2027 are projected at 1.78%, 1.8%, and 1.75%, with corresponding net interest income expected to decline by 15%, increase by 5%, and increase by 0.4% [2] - Non-interest income estimates for 2025 to 2027 were raised by 11%, 8%, and 6% due to better-than-expected trading income performance [2] Group 4 - Credit costs for East Asia Bank are expected to be 97 basis points this year, normalizing to 80 and 55 basis points in 2026 and 2027, respectively [2] - Projected dividend payout ratios for 2025 to 2027 are 46%, 49%, and 51%, indicating an average payout ratio of 49% over the next three years, compared to an average of about 40% over the past five years [2]

Group 1 - HSBC Research has lowered the target price for Bank of Communications (03328.HK) from HKD 6.6 to HKD 6.3, maintaining a "Hold" rating [1] - The bank reported a year-on-year increase of 1.5% in earnings per share for the first quarter, attributed to better net interest margin trends and reduced credit costs compared to peers [1] - However, the growth in costs was higher than that of competitors, and the upcoming capital injection is expected to dilute earnings per share and dividends [1] Group 2 - HSBC has adjusted its earnings per share forecasts for the company downwards by 1.2%, 3.3%, and 2.7% for the years 2023 to 2027 respectively [1]