Cailian Press will regularly compile ratings and target prices from various institutions for Hong Kong stocks.
Cailian Press reported on March 9 (Editor: Tong Gu) The following are the latest ratings and target prices for Hong Kong stocks from various institutions:
China Merchants Securities (Hong Kong): Maintain Yancoal Australia’s Buy rating with a target price of 38 HKD.
China Merchants Securities (Hong Kong) released a research report on Yancoal Australia (03668.HK), stating that geopolitical conflicts in the Middle East have driven up natural gas prices, which could lead to a shift from gas to coal in power generation and boost seaborne thermal coal prices. Thermal and power coal sales account for 84% of the company’s revenue, and every 1% increase in coal prices will enhance profitability by 5%. The company is expected to benefit in the short term from price elasticity due to the Iran crisis. The brokerage maintains a Buy rating and a target price of HKD 38 based on NPV.
Haitong International: Maintain Neutral rating on SJM Holdings with a target price of HKD 2.20
Haitong International released a research report on SJM Holdings (00880.HK), stating that the concentrated closure of satellite casinos has led to short-term pressure on the company’s market share and a 3-percentage-point decline in EBITDA margins. However, the company is addressing customer loss by acquiring the Grand Lisboa Hotel area, the Triumph Hotel, and upgrading properties in Macau Peninsula. Capital expenditures of HKD 2 billion are expected for gaming zone upgrades by 2026. The brokerage maintains a Neutral rating and a target price of HKD 2.20.
Bank of Communications International: Maintain Buy rating on SUNeVision Holdings with a target price of HKD 8.58
Bank of Communications International released a research report on SUNeVision Holdings (01686.HK), stating that Phase I of the company’s MEGA IDC has been activated with an occupancy rate of 91%. Demand for AI inference and high-density deployments has significantly increased, with potential capacity from multiple large clients far exceeding Phase I. Additionally, a 25.4% reduction in financing costs due to declining interest rates, along with the company having passed the peak of capital expenditure and interest rate cycles, prompted an upgrade to a Buy rating with a target price of HKD 8.58.
CITIC Securities: Maintain Strong Buy rating on JD.com-SW
CITIC Securities released a research report on JD.com-SW (09618.HK), stating that the company’s Q4 retail operating profit decreased by only 2.5% year-on-year, better than expected. Losses in food delivery narrowed quarter-on-quarter as the peak investment period has passed. The impact of national subsidies tapering off is easing, with double-digit growth in daily goods and third-party advertising revenue. Combined with an annual shareholder return rate of approximately 10%, the brokerage maintains a Strong Buy rating.
CITIC Securities: Maintain a Buy rating for JD Logistics.
CITIC Securities released a research report on JD Logistics (02618.HK), stating that the company’s Q4 non-IFRS net profit increased by 5.7% year-on-year. Consolidation of instant delivery contributed to a 68% year-on-year surge in internal revenue from JD Group. Privatization of Deppon is expected to accelerate network integration and profit recovery. Doubling overseas warehouse capacity has entered the profit release phase. The brokerage maintains a Buy rating.
CITIC Securities: Maintain Buy rating on China Tobacco International
CITIC Securities issued a research report on China Tobacco International (06055.HK), stating that the company’s net profit attributable to shareholders in 2025 is expected to increase by 14.8% year-on-year. The gross margin of cigarette exports in the second half of the year increased by 6.2 percentage points year-on-year to 21.4%, reaching an all-time high, primarily due to the expansion of self-operated channels and optimization of product specifications. As the exclusive overseas capital operation platform for China Tobacco, its scarcity value is prominent, and the ‘buy’ rating is maintained.
Shenwan Hongyuan: Maintains Buy Rating for Bilibili-W
Shenwan Hongyuan issued a research report on Bilibili-W (09626.HK), stating that the company’s Q4 DAU grew by 10% year-on-year to 113 million, with advertising revenue increasing by 27% year-on-year. AI-driven improvements in placement efficiency and AIGC tool applications enhanced commercialization capabilities. The company achieved its first annual profit, with gross margin improving consecutively for 14 quarters. The ‘buy’ rating is maintained.
Shenwan Hongyuan: Maintains Buy Rating for Bosideng
Shenwan Hongyuan issued a research report on Bosideng (03998.HK), stating that despite a warm winter, the company still achieved mid-single-digit revenue growth. The main brand strengthened its brand momentum through three designer series: functional outdoor, Master Puff, and AREAL High-End Urban Line. The pop-up store at Galeries Lafayette in Paris marked an international breakthrough. Inventory remains healthy, and discounts are stable. The ‘buy’ rating is maintained.
Shenwan Hongyuan: Maintains Buy Rating for Swire Properties
Shenwan Hongyuan issued a research report on Swire Properties (01972.HK), stating that 67% of the company’s CNY 100 billion investment plan has been completed, with the compound annual growth rate (CAGR) of IP rights area in mainland China reaching 9% by 2032. Its landmark commercial property management capabilities are leading, and the concentration of luxury brands continues to rise, ensuring steady same-store growth. Financials remain robust, and dividends are steadily increasing. The company is rated ‘buy’ for the first time upon coverage.
Shenwan Hongyuan: Maintains Buy Rating for Shangmei Shares
Shenwan Hongyuan issued a research report on Shangmei Shares (02145.HK), stating that the company’s revenue in 2025 is expected to grow by 34.0%-35.4% year-on-year, with net profit increasing by 41.9%-44.4%. The Hansu Red Waist series sold 16.5 million sets, and the New Page One children’s skincare line showed strong growth. Multi-platform synergies on Douyin and Taobao/Tmall demonstrated robust performance, with a healthy channel structure and clear product portfolio. The ‘buy’ rating is maintained.
