GMT EIGHT - Research - HK Stock

Lyon: Raise target price of SINO BIOPHARM (01177) to HKD 9.2, reiterate "outperform" rating

The bank believes that China Biologic Products (01177) has entered a long-term upward cycle.

CICC: Raises target price of CHINA LIT (00772) to HK$43.5, maintains "outperform" rating.

Zhongjin believes that the company is expected to further enhance the value of its intellectual property (IP) by accelerating the layout of self-operated businesses and expanding the category matrix of IP derivative products through investing in industry chain companies.

BoA Securities: Raise target price of Great Wall Motor (02333) to HK$14.6, reaffirm "neutral" rating.

With the launch of several new car models in the second half of the year, Great Wall Motors (02333) expects monthly sales to increase gradually from 110,000 units in June to 130,000 units by the end of the third quarter and the beginning of the fourth quarter; and further increase to 150,000 units by the end of the fourth quarter.

DBS Group: CLP Holdings (00002) announces dividend with sustainable rating "Buy" target price of 74.9 Hong Kong dollars.

The report states that, based on current valuations, it can provide investors with a significant dividend yield of approximately 4.8%.

CMB International: Lowered YANCOAL AUS (03668) target price to HK$34, maintains "buy" rating.

The company stated that Yancoal Australia's second quarter attributable production or sales volume increased by 15% and decreased by 6% respectively compared to the same period last year, mainly due to the temporary closure of ports caused by severe weather, which affected delivery.

Goldman Sachs: Raised LUK FOOK HOLD (00590) target price to HK$23, Maintain "Neutral" rating

The report said that the market sentiment in the gold and jewelry industry has improved, led by Lao Pu Gold (06181), and the downward trend of same-store sales growth has bottomed out.

Citigroup: Dongfang Electric Corporation (01072) directly benefits from the Yarlung Tsangpo River Hydropower Project. Target price is 13.6 Hong Kong dollars.

The company has established a production and research base for high-altitude sediment erosion hydroelectric generating units in Nyingchi, Tibet, which can provide tailored equipment for the high drop environment of the Yarlung Tsangpo River.

UBS: Raises target price for LAOPU GOLD (06181) to 980 Hong Kong dollars. Rating: Neutral.

UBS expects that the quality of the gold of the old UBS shop will be improved compared to previous years, and estimates that the production capacity of these high-end new stores may be 2 to 4 times that of regular stores.

Morgan Stanley: Construction starts on the lower reaches of the Yarlung Tsangpo River hydropower project, benefiting the demand for cement, steel, and non-ferrous metals.

Daiwa expects Huaxin Cement to become the biggest beneficiary, while China National Building Material (03323) and Conch Cement (00914) will also benefit from the capacity in Tibet.

CICC International: Raises target price for SINO BIOPHARM (01177) to HK$7.7, reiterates "buy" rating.

Taking into account potential business development revenue, the bank slightly adjusted its drug sales forecast for this year, believing that the double-digit year-on-year growth guidance given by management is likely to be achieved.

Morgan Stanley: Raises SITC (01308) earnings forecast for 2025-2027, raises target price to HK$23.4, maintains "in line with market" rating.

Daiwa believes that the group's profit margin continues to maintain excellent performance. It maintains its "in line with the market" rating and expects that during the downturn of the container shipping cycle, Haifeng International will remain profitable.

BOCOM INTL: Raise the target price of FLAT GLASS (06865) to HKD 11.45 Glass prices hit bottom and are rebounding.

The industry is expected to start destocking in August, with glass prices expected to bottom out and rebound afterwards.

Lyon: The Wahaha share dispute may be beneficial to NONGFU SPRING (09633) and CR BEVERAGE (02460).

The family of the deceased founder of Wahaha, Zong Qinghou, is embroiled in a family dispute over inheritance. This incident may affect the sales of the company's products and market share. Competitors like Nongfu Spring (09633) and China Resources Beverage (02460) are expected to benefit from this situation, with their market share growing rapidly.

UBS: Raised SMOORE INTL (06969) target price to HK$14, maintaining "sell" rating.

Preliminary performance of the company shows a year-on-year increase of 18% in revenue for the first half of the year. The bank believes this is due to the recovery of the Vape business, with shipments increasing in advance of tariffs in the United States.

BOCOM INTL: Raised target price of SINO BIOPHARM (01177) to HK$8, maintain "buy" rating.

ReXin Pharmaceutical will become a wholly-owned subsidiary of Chinese biopharmaceuticals, and its main research and management team, along with its dual antibody, ADC, and other technology platforms, will join Chinese biopharmaceuticals.

CICC: Maintains target price of CHINA RES MIXC (01209) at 40.0 Hong Kong dollars, rating "Outperform" industry.

Looking ahead, the company is expected to continue its positive attitude towards shareholders by steadily increasing the regular dividend payout ratio and improving shareholder returns by continuing the principle of special dividends in the absence of large capital expenditures.

CICC: Lower the target price of HENGAN INT'L (01044) to HKD 25.5, maintaining a "neutral" rating.

The company is expected to have a slight decrease in revenue in the first half of 2025 compared to the same period last year, and the comparable net profit (excluding exchange losses) is also expected to decrease in unit numbers, in line with market expectations.

CICC: maintain target price of HK$3.0 for ZHOU HEI YA (01458) and maintain "outperform" rating.

The company expects to conduct a further analysis based on the sales data of new channel products in 1H25, in order to prepare for the optimization of product and channel deployment strategies for the new channels in 2H25.

CICC: Maintains target price of HK$8.56 for WH Group (00288) and maintains "outperform" rating.

The company expects that VV International's comparable operating profit in 2Q24 is expected to increase by a low double-digit percentage year-on-year (excluding the impact of government subsidies in 2Q24 US business), in line with market expectations.

Preview of Zhongjin Gang Stock Connect and Hang Seng Index Adjustment: POP MART (09992) and others expected to be included in the Hang Seng Index, with an estimated 19 companies expected to enter the Hong Kong Stock Connect.

Hang Seng Index Company will officially announce the results of the Hang Seng Series Index adjustment after the close on August 22, 2025 (Friday), and it will be officially implemented on September 8, 2025 (Monday).

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