高盛将Coinbase的目标价从368美元下调至314美元，维持"中性"评级。(格隆汇) ...

Core Viewpoint - Goldman Sachs has raised the target price for Minhua Holdings (01999) by 2% from HKD 4.7 to HKD 4.8, maintaining a "Neutral" investment rating [1] Financial Performance - Minhua's revenue for the first half of the year met expectations, while profits exceeded expectations [1] - For the fiscal year 2026, total revenue and net profit are projected to be HKD 8.045 billion and HKD 1.146 billion, representing a year-on-year decline of 3% and a growth of 1% respectively [1] - Compared to global figures, revenue and net profit are expected to show no growth and a 7% increase respectively [1] Business Segments - Minhua's overseas business growth continues to outpace domestic business growth [1] - Domestic business revenue has seen a reduced decline in quarterly comparisons, primarily due to the growth of online business and a lower base effect [1] Profitability - The profit margin exceeded expectations mainly due to favorable cost conditions, although this was partially offset by increased expenses [1] - Goldman Sachs has adjusted its earnings per share forecasts for Minhua for the fiscal years 2026 to 2028 upwards by 1-3% to reflect the latest performance [1]

Group 1 - TD Cowen has lowered the target price for Target from $110 to $105 [1] - TD Cowen has raised the target price for Walmart from $115 to $120 [1]

Core Viewpoint - UBS has downgraded Uni-President China (00220) earnings per share estimates for 2025 to 2027 by 1% to 3%, and reduced the target price from HKD 11.5 to HKD 10.5 while maintaining a "Buy" rating [1] Financial Performance - Uni-President's net profit for the first three quarters increased by 23% year-on-year, indicating a third-quarter net profit rise of 8% to RMB 726 million, aligning with UBS and market expectations [1] - The company aims for a revenue growth target of 6% to 8% for the year [1] Management Strategy - To address intensified competition in the beverage sector, the management plans to maintain stable pricing and focus on expanding well-performing sales points [1] - UBS believes that both Uni-President's performance and management outlook are in line with expectations, although the recent sluggish trend in the beverage business poses greater pressure and uncertainty for the company [1]

Group 1 - Citigroup raised the target price for Qualcomm (QCOM.US) from $175 to $180 [1] - Citigroup lowered the target price for McDonald's (MCD.US) from $375 to $371 [1]

Core Viewpoint - UBS has lowered the target price for China Unicom (600050) (00762) from HKD 11.6 to HKD 11 while maintaining a "Buy" rating, reflecting adjustments in profit forecasts due to macroeconomic headwinds affecting business growth [1] Financial Performance - For Q3 2025, China Unicom reported service revenue of RMB 83.3 billion, a year-on-year increase of 0.2%, and EBITDA of RMB 25.4 billion, also up 0.1% year-on-year [1] - Both service revenue and EBITDA figures were below market consensus by 1-2%, but in line with industry peers [1] - Net profit increased by 5.3% year-on-year, consistent with the 5% growth rate observed in the first half of 2025 [1] Depreciation Policy Change - Starting from October 1, 2024, China Unicom will extend the depreciation period for its 4G assets from 7 years to 10 years, benefiting from depreciation savings and contributing to profit growth in Q3 2025, outperforming peers [1]

Core Viewpoint - Goldman Sachs released a report indicating that Xtep International (01368) reported its operational performance for Q3 2025, with core brand Xtep retail sales growth meeting expectations, while Saucony brand growth exceeded 20%, slightly below expectations [1] Group 1: Financial Performance - Xtep International's full-year performance guidance was reaffirmed, with Xtep brand achieving positive growth and Saucony brand growth exceeding 30%, alongside a net profit increase of over 10% [1] - Goldman Sachs adjusted the net profit forecast for Xtep International for the fiscal years 2025 to 2027 down by 2% to 3%, primarily reflecting a decline in the profitability of the Bubugao brand and a slowdown in Saucony's growth [1] Group 2: Market Sentiment and Valuation - The target price for Xtep International was reduced from HKD 7.1 to HKD 6.8, reflecting overall industry demand weakness and short-term market sentiment under discount trends [1] - The current expected price-to-earnings ratio for 2026 is 9 times, which is considered reasonable, maintaining a "Buy" rating [1]

摩根士丹利发表报告指，尽管Arm营运开支扩张，预期授权和特许权使用费将支持9月底止第二季盈 利。客制化晶片开发与核心事业增长的长期前景，支持该行认为该股呈具吸引力切入点的看法。该行维 持予其"增持"评级，但由于对2027财年的预估有所变动，因此将目标价由180美元下调至171美元。 ...

Core Viewpoint - Morgan Stanley has lowered the target price for Duolingo from $515 to $465 [1] Summary by Category - **Company Analysis** - The target price adjustment indicates a reassessment of Duolingo's market position and future growth potential [1] - **Industry Context** - The change in target price reflects broader trends in the language learning and edtech sectors, which may be influenced by competitive dynamics and market demand [1]

Group 1 - Macquarie has lowered the target price for BHP by 2% to AUD 42 per share [1] - Macquarie has raised the target price for Rio Tinto by 4% to AUD 115 per share [1] - Macquarie has decreased the target price for Beach Energy by 2.2% to AUD 0.90 per share [1] - Macquarie has reduced the target price for Woodside Energy by 4% to AUD 24 per share [1]