<h3>JP Morgan: Lower PDD's target price to $190, rating &#34;Overweight&#34;</h3>
<h3>Citi: Maintains &#34;Buy&#34; rating on NVIDIA, significantly raises target price from $820 to $1030</h3>
<p>The report states that after two days of NVIDIA, there is a more positive attitude towards NVIDIA's vertical integration of its computing, networking, and software technologies.</p>
<p>The bank also raised its earnings forecasts for fiscal years 2024 and 2025 by 7% and 21% respectively to reflect better-than-expected pricing on the Blackwell platform.</p>
<h3>CMB International: Raises TENCENT's target price to HK$393, rating &#34;Overweight&#34;</h3>
<p>The report indicates that TENCENT's revenue in the last quarter increased by 7% year-on-year, gross margin increased by 7 percentage points to 50% year-on-year, benefiting from the shift in revenue structure towards high-profit businesses and cost control, driving non-IFRS operating and net profit to grow by 35% and 44% year-on-year, exceeding expectations of 5% and 2%.</p>
<p>The bank noted TENCENT's focus on shareholder returns. The company announced a cash dividend of HK$3.4 per share, totaling HK$32 billion, a 42% increase year-on-year. In addition, the 2024 share buyback program will increase to HK$100 billion, doubling from HK$49 billion in 2023. The bank expects the corresponding total shareholder return rate to be 4.85%.</p>
<p>CMB International slightly adjusted its profit forecast for TENCENT, expecting revenue to grow by 10% and 11% year-on-year in fiscal years 2024 and 2025, non-IFRS net profit to grow by 14% and 16% year-on-year, and profit margin to further increase, with the non-IFRS net profit margin reaching 27% in fiscal year 2024, an increase of 1 percentage point year-on-year.</p>
<h3>HSBC Research: Lowers XPeng-W's target price to RMB 73, long-term profit forecast lowered</h3>
<h3>BNP Paribas: Maintains &#34;Buy&#34; rating on Li Auto-W, lowers target price to HK$163</h3>
<p>The company lowered its first-quarter sales guidance to 76,000 to 78,000 vehicles, equivalent to March sales of 25,000 to 27,000 vehicles, a 50% reduction from previous estimates. It is believed that the short-term challenges mainly stem from the imbalance in resource allocation between the Mega and L series, and the Mega's response falling short of expectations. However, the company is expected to reverse Mega's weakness in the fourth quarter, while the L series, after receiving more resource allocation, continues to be a popular product, with an optimistic outlook for the first mass-market model L6.</p>
<h3>JP Morgan: Downgrades Cheung Kong Group from &#34;Overweight&#34; to &#34;Neutral&#34;, lowers target price from HK$45 to HK$34.5 by 23%</h3>
<p>The bank expects the group's property development business to remain weak in 2024, with profits expected to rebound strongly only in the 2025 fiscal year.</p>
<p>The report states that despite the company's earlier &#34;stable dividend&#34; guidance, Cheung Kong still cut its dividend per share by 10%, which was unexpected. This weakens investors' confidence in the visibility of future dividends, hence the downgrade in the company's rating. No catalysts are seen in the short term. Even though some investors have a positive view on Hong Kong residential properties, Cheung Kong is not as aggressive in pushing sales as Henderson Land and New World Development
Goldman Sachs: Maintains a &#34;Buy&#34; rating on Cheung Kong, with the target price raised from HKD 54 to HKD 56</p>
<p>The bank pointed out that it does not expect too many surprises in Cheung Kong's performance in 2023, with overall net profit declining, possibly due to the lack of one-off gains. The company's revenue increased by 1% year-on-year due to strong performance in Watsons retail, increased contributions from financing and investments, while EBITDA decreased by 1% year-on-year. Both the telecommunications business in Europe and the port business saw a decline in EBITDA.</p>
<p>The report stated that Cheung Kong's net profit last year met Goldman Sachs' expectations, with a 36% year-on-year decrease. Excluding the HKD 11 billion income from the sale of European telecommunications towers last year and the merger with Indonesia's Indosat, the group's underlying profit decreased by 9% year-on-year, mainly dragged down by rising financial expenses. Goldman Sachs also pointed out that Cheung Kong's year-end dividend is HKD 1.78, with a full-year dividend of HKD 2.53, a 13% decrease year-on-year, implying a dividend payout ratio of 42%, higher than 31% in 2022</p>

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<p>Citigroup has significantly raised NVIDIA's target price from $820 to $1030, while also increasing the earnings per share forecast for the 24/25 fiscal year by 7% and 21% respectively, to reflect the better-than-expected pricing of the Blackwell platform; meanwhile, BNP Paribas has lowered LI AUTO's target price to HKD 163, but estimates that the company will be able to reverse Mega's weakness in the fourth quarter</p>

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Rating Quick Look | TENCENT, NVIDIA's target prices significantly raised! PDD, Li Auto, XPENG-W facing price cuts