MB-CMSC@EC2601A(18520.HK)

CITIC Securities International's research report has lowered the target price for CHINA RES BEER to 31 yuan, maintaining a "buy" rating. Despite pressure on the ready-to-drink channel, sales growth in non-ready-to-drink channels has shown resilience in overall sales. Heineken's growth rate is about 20%, and low-end products have also seen slight positive growth. It is expected that net profit will achieve high single-digit to double-digit growth by 2025, with the dividend payout ratio expected to increase to 70%. At the same time, the liquor business may incur impairment losses, which will have short-term impacts but will be beneficial for valuation improvement in the long term. Revenue forecasts for the fiscal years 2025 and 2026 have been slightly adjusted downwards by about 2%

AASTOCKS·01/23/2026 10:03

06099

-4.13%

00291

-2.02%

AASTOCKS·01/23/2026 10:03

CITIC Securities: KUAISHOU's main business shows steady growth, target price 100 yuan

CMSC released a research report, giving KUAISHOU-W an "Overweight" rating and a target price of HKD 100, believing that its main business is growing steadily, with significant advantages in AI technology and commercialization potential. Kuaishou's core business forms a differentiated competitive advantage with AI applications, with user engagement time exceeding 130 minutes and a solid foundation for commercialization. It is expected that the core business will turn profitable in 2023, with net profit margin rising to 14% in 2024. CMSC predicts that the revenue growth rates for advertising and e-commerce core businesses will be 12% and 9% respectively in 2026 and 2027

AASTOCKS·01/22/2026 10:53

AASTOCKS·01/22/2026 10:53

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Big_Angel2025.01.14 03:52

Chinese brokerage stocks warmed up in the morning session, and the merger and reorganization of brokerages may accelerate. Institutions say that the 2024 performance forecasts of brokerages may become...