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Real-time News
On August 25th, Jefferies published a research report stating that Kingsoft (03888.HK)s second-quarter revenue and adjusted operating profit both fell short of expectations, primarily due to weaker-than-expected online game performance, partially offset by the performance of its office software business. Management emphasized that the new game "MechaBREAK" underperformed and may require more time for optimization. Jefferies is implementing a targeted strategy for its office software business to meet user and enterprise needs. Jefferies maintained its Buy rating on Kingsoft and lowered its target price from HK$42.8 to HK$40 due to the weaker-than-expected game performance.Jefferies: Raises year-end target for S&P 500 to 6,600.On August 25, HSBC Global Research reported that Greentown Service (02869.HK)s profit in the first half of the year increased by 21% year-on-year, exceeding the banks expectations, mainly due to effective cost control. However, the bank remains cautious because trade and other receivables increased by 26% year-on-year, far exceeding the 6% revenue growth, reflecting the risk of impairment provisions. Even with the profit growth, net operating cash flow was still negative in the first half of the year. In addition, the revenue growth rate was lower than the growth rate of managed building area, and community life service revenue decreased by 6% year-on-year, indicating that revenue capacity is deteriorating. In addition, the company did not declare an interim dividend, so the bank maintained its hold rating. The bank maintained its revenue forecast for Greentown Service, raised its gross profit margin forecast for 2025 and 2026 by 0.6 and 0.5 percentage points respectively, and raised its profit forecast by 21% and 20% respectively. The target price was raised from HK$4.3 to HK$5.4.On August 25th, Bank of America Securities reported that Everbright Environments (00257.HK) net profit fell 10% year-on-year in the first half of the year. Excluding one-time items, profit before tax (PBT) increased 23% year-on-year, significantly exceeding expectations. The interim dividend increased by 1 cent, bringing the payout ratio to 42%, a 7 percentage point increase year-on-year. The bank reiterated its Buy rating on Everbright Environment, projecting an attractive full-year yield of 6.5%, and anticipating further dividend increases. The company raised its earnings per share forecast for 2025-2027 by 23% to 38% to reflect higher gross profit margins, lower impairment losses, and lower debt costs in its waste-to-energy, green technology, and wastewater treatment businesses. The target price was raised from HK$4.5 to HK$5.3.On August 25th, Richard Clarida, global economic advisor at Pimco and former Federal Reserve Vice Chairman, said in a report that the Federal Reserve appears poised to cut its policy interest rate in the near term, though with a cautious approach. Powells highly anticipated speech at the Jackson Hole annual symposium last week did not disappoint the market, nor did the Feds revised monetary policy framework surprise Fed watchers. In the long term, the Fed reaffirmed its commitment to its dual mandate while offering only minor clarifications to its monetary policy framework.
