<h3>Daiwa: Downgrades Tesla to &#34;Neutral&#34;, lowers target price by 20% from $245 to $195</h3><p>The bank stated that while long-term investors may benefit from the rebound in electric vehicle demand and growth, recent governance issues at Tesla could make this path more unstable.</p><p>&#34;Any restrictions on our long-term view of investing in Tesla, pursuing the breaking of technological and manufacturing barriers, and attracting top talent could have a negative impact. These risks, combined with a challenging demand environment, could eliminate support for the stock price.&#34;</p><h3>Goldman Sachs: Slightly lowers target price for XIAOMI-W to HKD 18.1, maintains &#34;Buy&#34; rating</h3><p>Goldman Sachs raised its adjusted net profit forecast for XIAOMI-WR in the fourth quarter of last year by 10% to RMB 3.9 billion, representing a year-on-year increase of 171%. The total revenue forecast was lowered by 4%, expecting a growth of 10% to RMB 72.8 billion. Goldman Sachs also lowered its revenue forecast for XIAOMI-W for the next two years by 1% to 2%, and adjusted net profit forecast by 2% to 4%.</p><h3>Nomura: Gives AIA a &#34;Buy&#34; rating, lowers target price by 2.65% to HKD 92.68</h3><p>Due to the strong Mainland China visitor (MCV) business in Hong Kong by 2023, the company's new business value (VoNB) calculated at actual exchange rates (AER) may increase by 30%, and by fixed exchange rates (CER) it may increase by 33% to USD 4.032 billion.</p><p>The bank expects AIA's embedded value (EV) to increase by 1% to USD 69.6 billion by the end of 2023, which is 1% lower than market expectations. The annualized value by 2023, the return on embedded value (ROEV) will increase by 2.6 percentage points to 12%. In addition, the bank predicts that its overall operating profit (OPAT) will remain flat compared to the same period last year, in line with consensus, and the dividend per share will increase by 4% to USD 0.21, with a stable dividend yield of 36.5%.</p><p>Furthermore, Nomura expects a strong rebound in AIA's Hong Kong VoNB, with a year-on-year growth of 81% in 2023 (111% in the first half of 2023), implying a year-on-year growth of 61% in the second half of 2023, as the MCV business is expected to almost fully recover to pre-pandemic levels by the second quarter of 2023, and the daily number of mainland Chinese tourists is also expected to almost fully recover.</p><h3>Nomura: Maintains &#34;Buy&#34; rating for China Literature, lowers target price by 32.5% to HKD 27</h3><p>The bank expects China Literature's revenue in the second half of 2023 to grow by 5% to RMB 3.7 billion, lower than the consensus forecast of 25% annual revenue growth. The gap is mainly due to weaker online business and intellectual property (IP) revenue.</p><p>By business segment, online business revenue is expected to decline by 4% to RMB 2 billion compared to the same period last year, while the market generally expects a 12% year-on-year growth. China Literature continues to take action to optimize its online business channels.</p><p>The report stated that China Literature has shifted its strategy from &#34;full network coverage&#34; to focusing on high-spending users. Its IP operations are expected to see a 19% year-on-year growth to RMB 1.7 billion in revenue in the second half of 2023, lower than the market's expectation of RMB 2.1 billion, mainly due to delays in multiple IP projects of New Classics Media (NCM) and China Literature itself (e.g., NCM: TV series &#34;Phoenix Walks&#34;).</p>

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<p>Daiwa believes that "any restrictions on long-term investment in Tesla, the pursuit of breaking technological and manufacturing barriers, and attracting top talent could have a negative impact on our long-term perspective. These risks, combined with a challenging demand environment, may eliminate support for the stock price."</p>

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Rating Quick Look | Tesla's rating and target price have been significantly downgraded! XIAOMI-W also faces "price cuts"