GMT EIGHT - Research - HK Stock

UBS: It is expected that Hong Kong IPO issuances will exceed HK$200 billion this year, with the revised minimum 40% allocation.

UBS Global Investment Banking Vice Chairman and Co-Head of Asian Corporate Clients, Li Zhengguo, expects that the amount raised from Hong Kong IPOs this year could exceed 200 billion Hong Kong dollars.

CICC: Raises target price of NIO-SW (09866) to 45 Hong Kong dollars and maintains "outperform" rating

Considering the good product cycle of the company, the target price is raised by 10% to 45 Hong Kong dollars, corresponding to a 2025 1.1x P/S ratio, with a 29% upside potential from the current stock price.

BOCOM INTL: NIO-SW(09866) LeDao L90 pricing exceeds expectations, top version priced at under 300,000 yuan, maintaining "buy" rating.

The line believes that the future market focus may lie in Nio's marginal improvement (especially in sales recovery) sustainability, while also questioning whether cost reduction effects can meet market expectations.

CICC: Raises MELCO INT'L DEV (00200) target price to HKD 5.80, maintains "outperform" rating.

The management pointed out that the strong trend in June 2025 is expected to continue into July 2025, and it is predicted that this trend will persist through to the third quarter of 2025.

CITIC Lyon: expects that the media service revenue of Autohome (02518) will resume growth in the third quarter and maintains a "hold" rating.

As the price war between car manufacturers gradually eases, the bank expects media service revenue to resume growth in the third quarter.

UBS: Upping HKT-SS (06823) target price to HKD 13.4, mid-term EBITDA in line with expectations.

The line indicates that due to the increase in corporate revenue, the fixed network business (TSS) revenue forecast for 2025 to 2027 has been raised by 2 to 3%, leading to an overall revenue forecast increase of 1% to 2% during the period.

UBS: Reiterates "buy" rating on AKESO (09926) with target price raised to 197.5 Hong Kong dollars.

The bank believes that Kangfang Biotech (09926) core product AK112 (ivonescimab) has huge potential in indications other than non-small cell lung cancer (NSCLC).

JP Morgan: Reiterate "Overweight" rating for STANCHART (02888) with a target price of HKD 148.

The line indicates that Standard Chartered Group is still its top choice, mainly due to the management's attention to the strong start of the group in the third quarter and the upward revision of the total revenue forecast for the 2025 fiscal year to the lower limit of 5-7% range.

Nomura Securities: Has upgraded Lenovo (00992) to a "buy" rating with a target price of 14 Hong Kong dollars.

Nomura Securities: Upgrades Lenovo's rating to "Buy" with a target price of HK$14.

Zhao Yin International: Expects the hot trend of AI glasses to benefit the technology supply chain, recommends buying XIAOMI-W (01810) and others.

Major technology brands such as Xiaomi Group-W (01810) are given a target price of 65.91 Hong Kong dollars; optical component manufacturer Q-Tech (01478) is given a target price of 13.21 Hong Kong dollars; speaker and microphone component company Goertek Technology (02018) is given a target price of 63.54 Hong Kong dollars, all with a "buy" rating.

UBS: Expects AIA (01299) second quarter new business value growth to accelerate quarter-on-quarter, rating "buy".

The estimated Hong Kong CER benchmark VNB growth rate has been raised from 16% in the first quarter to 28%. Excluding the impact of economic expectations, it is expected that the VNB in the Chinese market will grow by 12%.

Lyon: Lowering BUD APAC (01876) target price to 9.3 Hong Kong dollars, maintaining "outperform" rating.

The company has lowered its profit forecast, with predicted declines of 6% in revenue and 9% in Ebitda for the year 2025.

Lyon: Raise CSPC PHARMA (01093) target price to HK$17.4, reiterates "highly confident of outperforming the market" rating.

The revenue forecasts for Stony Pharmaceuticals for the years 2025, 2026, and 2027 have been adjusted by 1.6%, 14.3%, and 3% respectively, while the net profit forecasts have been adjusted by 11.8%, 73.3%, and 11.6% respectively to reflect assumptions about completed and potential licensed projects.

Tianfeng: First coverage of WULING MOTORS (00305), giving a "buy" rating with a target price of 0.77 Hong Kong dollars.

The company will cultivate 3 national champions in the manufacturing industry, including the national champion in the small and medium-sized energy-saving hybrid powertrain system industry, the national champion in the lightweight driving axle industry, and the national champion in the automotive chassis industry.

BOCOM INTL: The Fed cuts interest rates for the first time in the fourth quarter of the year, with the impact of tariffs lagging behind.

According to a report released by Guoyuan International, on July 31st, the Federal Reserve unanimously decided to maintain the target range for the federal funds rate at 4.25% to 4.5%, which is also the fifth consecutive meeting to press the "pause button" on interest rate cuts, in line with market and the bank's expectations.

UBS: Raises INNOVENT BIO (01801) target price to HKD 120.1, maintains "buy" rating.

Assuming IBI363 is approved for a new indication, the company has increased its sales forecast for the drug in China and globally to 5.7 billion RMB and 20.3 billion RMB respectively.

Macquarie: Slightly lowers target price of MGM China (02282) to 22.1 Hong Kong dollars, second quarter performance in line with expectations.

During the period, the company's market share increased by 0.6 percentage points year-on-year to 16.6%, the highest continuous growth among the six operators. The management is confident that its market share can be maintained at a mid-double-digit level.

JP Morgan downgrades Contemporary Amperex Technology (03750) to "Neutral" and raises its target price to 415 Hong Kong dollars.

The article stated that currently Ningde's H shares have a premium of over 40% compared to A shares.

Bank of America Securities: Raises HUANENG POWER's (00902) target price to 6 Hong Kong dollars, reiterates "buy" rating.

Due to better-than-expected performance, the bank raised the profit forecast for Huaneng Guodian National Power in 2025 and 2026 by 16% and 3%, respectively, to reflect the decrease in interest expenses and other costs, as well as the adjustment of thermal, wind, and photovoltaic electricity prices in 2026.

UBS: Downgrade rating of HANG SENG BANK (00011) to "Sell" and lower target price to HK$102, expecting annual dividend to decline.

UBS's $3 billion Hong Kong dollar share buyback plan is in line with expectations, and if loan demand remains weak next year, the buyback size may be increased.

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