美银发表研报指，希慎兴业去年租金收入符合预期，重申"买入"评级。计入竹林苑项目更新后的交付时 间表及较低的资本化利率后，将2026至2027年每股盈利预测分别上调2%及下调9%，目标价微降1%至 24.6港元。该行认为，公司股价于公布业绩后下跌7%为过度反应。该行不认为流动性为主要忧虑，因 公司维持143亿港元的可用流动资金，足以应付即将到期的债务。 ...

Core Viewpoint - Goldman Sachs has downgraded the 2025 core earnings per share forecast for China Resources Land (01109) by 6% due to delays in the follow-up work for the issuance of Real Estate Investment Trusts (C-REIT) [1] Group 1: Earnings Forecast - The company's plan to spin off four shopping mall assets is currently under review by the Shenzhen Stock Exchange, leading to a reduction in the net income forecast from asset disposals for 2025 by 1.4 billion RMB [1] - Goldman Sachs has maintained its earnings per share forecasts for China Resources Land from 2026 to 2028, as well as the target price of HKD 36, which is based on a 10% discount to the projected net asset value (NAV) of HKD 40 at the end of 2026 [1] Group 2: Investment Rating - Goldman Sachs reiterated a "Buy" rating for China Resources Land and included it in the conviction buy list [1]

Core Viewpoint - Citigroup's report indicates that Hong Kong Exchanges and Clearing Limited (HKEX) is expected to announce its fourth-quarter results for the previous year on February 26, with a projected net profit of HKD 3.7 billion for the fourth quarter of 2025, reflecting a quarter-on-quarter decline of 24% and a year-on-year decrease of 2% [2][5] Financial Projections - Total revenue for HKEX is estimated at HKD 6.7 billion, which represents a quarter-on-quarter decrease of 14% but a year-on-year increase of 4%, attributed to seasonal factors affecting stock market trading volumes [2][5] - Investment income is forecasted to be HKD 900 million, showing a quarter-on-quarter decline of 13% and a year-on-year drop of 26%, primarily due to new margin collateral arrangements [2][5] Earnings Forecast Adjustments - Citigroup has revised its earnings per share (EPS) forecast for HKEX down by 1% to 2% for 2025, while increasing the EPS forecasts for 2026 and 2027 by 1% to 2% [2][5] Target Price and Rating - The target price for HKEX remains unchanged at HKD 505, with a "Buy" rating maintained [2][5]

Core Viewpoint - UBS forecasts that Hong Kong Exchanges and Clearing Limited (HKEX) will see a year-on-year increase in net profit and revenue for Q4 2025, projected to reach HKD 39 billion and HKD 68 billion respectively, despite a quarterly decline of 20% and 13% due to weak trading activity, reduced net investment income, and rising operating expenses [1] Financial Performance - The expected net investment income for Q4 is projected to decline by 29% year-on-year and 16% quarter-on-quarter, reaching HKD 8.56 billion, primarily impacted by the weakening of the Hong Kong interbank offered rate during the interest rate cut cycle [1] - Operating expenses are anticipated to rise by 6% quarter-on-quarter but decrease by 2% year-on-year, indicating effective cost control measures [1] Future Outlook - For 2026 and 2027, the daily trading volume forecasts have been revised upwards from HKD 222 billion and HKD 240 billion to HKD 236 billion and HKD 250 billion respectively [1] - Earnings per share forecasts have also been adjusted upwards by 8% and 4% for the respective years [1] Target Price and Rating - UBS has set a target price of HKD 471 for HKEX and maintains a "Neutral" rating [1]

Core Insights - Goldman Sachs reports that BeiGene's product sales in Q3 reached $1.4 billion, a 40% year-over-year increase, exceeding market expectations [2] - Brukinsa is the main growth driver, with revenue surpassing $1 billion for the first time, reflecting a 51% year-over-year growth and establishing it as the global leader in the BTK market, surpassing Imbruvica [2] - Due to strong sales performance, the company raised its full-year sales guidance to between $5.1 billion and $5.3 billion [2] - Goldman Sachs adjusted BeiGene's earnings per share forecasts for 2025 to 2027 and maintained a "Buy" rating, increasing the target price for U.S. stocks from $399.73 to $408.79 [2]

Core Viewpoint - UBS reports that Chow Tai Fook's sales for the second fiscal quarter of 2026 (July to September) increased by 4.1% year-on-year, indicating a positive trend in consumer sentiment and sales performance during the Golden Week holiday [1] Sales Performance - Same-store sales growth rates for Chow Tai Fook's retail stores in mainland China, franchised stores, and other market outlets were 7.6%, 8.6%, and 6.2% respectively [1] Earnings Forecast Adjustments - UBS has lowered its earnings per share (EPS) forecast for Chow Tai Fook for the fiscal year 2026 by 13%, while increasing its EBITDA forecast by 8% due to rising gold prices impacting related loan losses and convertible bond interest costs [1] - The strong gross margin and reduced share count partially offset these negative impacts [1] Future Projections - For fiscal years 2027 to 2028, UBS has raised its EPS forecast by 1% to 2% due to improved gross margins driven by pricing products and a lower share count [1] Target Price and Rating - UBS has increased its target price for Chow Tai Fook from HKD 16 to HKD 18.35 and maintains a "Buy" rating [1]

Core Viewpoint - Morgan Stanley's report indicates that while JPMorgan Chase's Q3 earnings exceeded expectations by 5%, most of this was driven by the corporate banking division, which has high volatility and lower valuation multiples. Excluding the corporate division's contribution, the actual earnings beat was only 1% [1] Earnings Forecast - Morgan Stanley raised its earnings per share (EPS) forecasts for JPMorgan Chase for 2026 and 2027 by 0.6% and 0.7% respectively, maintaining a "market perform" rating and increasing the target price from $336 to $338 [1] Growth Expectations - The firm anticipates an average annual EPS growth of 8% to 11% for JPMorgan Chase over the next three years, based on the continuation of capital market recovery until 2027, accelerated merger and acquisition financing activities, strong growth in credit card loans, and moderate credit losses [1] Return on Tangible Common Equity - Morgan Stanley expects the return on tangible common equity (ROTCE) for JPMorgan Chase to remain between 20% and 22% over the next three years [1]