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<h3>Macquarie: Maintains &#34;Neutral&#34; rating on JD, raises target price from HKD 92 to HKD 105</h3>
<p>JD surprises the market with increased shareholder returns through dividends and buybacks. The management remains positive about this year's performance, as they have summarized the adjustments in international business and are aiming towards a recovery phase.</p>
<p>The report indicates that despite the macroeconomic headwinds, JD's retail revenue is expected to grow by 7% this year, reflecting a roughly equivalent increase in Gross Merchandise Volume (GMV). The core business remains stable, with an estimated adjusted operating profit margin of 3.8%. The company will continue to make proactive investments to maintain its market share. The improvement in shareholder returns will help alleviate investors' concerns about the macroeconomic environment.</p>
<h3>Bank of America: Reiterates &#34;Neutral&#34; rating on NIO-SW, lowers target price from HKD 58 to HKD 50</h3>
<p>NIO Inc.'s gross margin for the fourth quarter of 2023 increased by 3.6 percentage points year-on-year to 7.5%, but decreased by 0.5 percentage points quarter-on-quarter, falling short of expectations, mainly due to provisions for charging solutions. Increased research and marketing costs during the period led to operating expenses exceeding expectations, resulting in operating losses and net losses of RMB 6.6 billion and RMB 5.6 billion respectively, both worse than the bank's forecasts.</p>
<p>Considering NIO-SW's first-quarter delivery guidance ranging from 31,000 to 33,000 vehicles, Bank of America has lowered its sales volume forecasts for the fiscal years 2024 to 2025 by 4% and 5% respectively. The gross margin forecasts have been reduced by 2.7 and 0.3 percentage points, while the annual net loss forecasts have been raised by 21% and 9%. It is believed that the growth in sales volume this year will be offset by a slowdown in profit margin expansion.</p>
<h3>Goldman Sachs: Reiterates &#34;Buy&#34; rating on New Oriental, target price HKD 90</h3>
<p>The report notes that with the clear trend of China's education regulation, New Oriental is accelerating the expansion of its offline classroom centers, making its valuation attractive. New Oriental Education &amp; Technology currently has nine hundred educational centers, reflecting a more aggressive industry expansion compared to its peers.</p>
<p>Goldman Sachs believes that New Oriental has diversified businesses, including its own branded products, e-commerce, and tourism, all of which are profitable. Taking into account the accumulated brand reputation in education over 30 years, the growth of educational initiatives (such as Stem education) is expected to increase from 17% of revenue in the 2023 fiscal year to 28% in the 2026 fiscal year, with an estimated compound annual growth rate of 48% in earnings per share from 2023 to 2026.</p>
<h3>Commerzbank downgrades AMD to &#34;Hold&#34;, with a target price of $200</h3>
<h3>JPMorgan: Raises TSMC's target price from TWD 770 to TWD 850</h3>
<p>The bank believes that TSMC will become a key driver for data centers and almost all artificial intelligence processing at the edge. Over the next three to four years, there will be significant growth in artificial intelligence.</p>
<p>By 2027, the bank expects the AI risk exposure to rise to 25%. TSMC's role as a key driver of AI semiconductors is becoming increasingly clear, as various Graphics Processing Units (GPUs), Application-Specific Integrated Circuits (ASICs), and edge AI processor programs will accelerate in 2024, with even faster growth in 2025.</p>
<p>By 2027, as edge AI also begins to make meaningful contributions, the total revenue related to artificial intelligence will soar to 25%.</p>
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<p>Morgan Stanley has raised JD's target price from HKD 92 to HKD 105, believing that JD's increase in shareholder returns through dividends and buybacks has surprised the market. It is expected that JD's retail revenue will increase by 7% this year, reflecting a roughly corresponding growth in GMV, with stable core business. The adjusted operating profit margin is estimated to be maintained at 3.8%.</p>

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NIO Inc. USD OV

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Rating Quick Look: JD's target price significantly raised after earnings report! AMD's rating downgraded, NIO-SW facing price cuts.