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<Research>Citi Lowers HSI Target to 19,800 by Yr-end, Adds Tencent, GDS-SW, PICC GROUP, HAIER SMARTHOME into H-shr Top Picks, Upgrades Telecoms to Overweight
Recommend 64 Positive 88 Negative 62 |
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32% of the 451 A- and H-share companies under Citi Research's coverage reported better-than-expected 1H24 results, while 36% of them reported worse-than-expected results, Citi Research issued a research report saying. On the sectoral front, Citi Research upgraded its view on telecoms from Neutral to Overweight, taking into account the better-than-expected results of Chinese telecoms and attractive dividend yields. However, Citi Research downgraded basic materials from Overweight to Neutral on concerns over lower sales and prices. The broker also kept its Overweight view on industrials, internet and technology stocks. Citi Research preferred H-shares over A-shares due to higher valuation discounts and benefits from USD interest rate cuts. Citi Research added TENCENT (00700.HK), GDS-SW (09698.HK), PICC GROUP (01339.HK) and HAIER SMARTHOME (06690.HK) into H-share top picks, while keeping ASMPT (00522.HK), TECHTRONIC IND (00669.HK) and BYD COMPANY (01211.HK) as top picks. In addition, the broker cut its HSI target by 3%/ 5% to 19,800/ 21,000 by end-2024/ 1H25 due to lower forecasts for corporate earnings, China's power demand and M2 growth. AAStocks Financial News |
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