Big Moves | Can MEITUAN-W Rise Another 75%? CLOUD MUSIC and CLOUD MUSIC Receive Positive Outlook After Earnings
China CITIC Securities International stated that MEITUAN-W's stock price has been under pressure recently due to macroeconomic factors, major shareholder reductions, and competition from short video platforms. However, the bank believes that there is limited downside to the stock price. The bank sees that MEITUAN-W has advantages in the face of competition, diversified products, and a wide range of prices to meet the diverse needs of merchants/users. As the competitive environment improves, MEITUAN-W still has advantages.
Zhongjin: Maintains CLOUD MUSIC "Outperform" rating with a target price of HKD 175
If calculated at the latest closing price of HKD 130.5, this price implies a 34% upside potential!
The bank stated that considering the optimization and improvement of its gross profit margin, it raised CLOUD MUSIC's 2023/24 Non-GAAP net profit by 7%/6% to RMB 25.7/28.1 billion. The company's first-quarter revenue met the bank's expectations, and Non-GAAP net profit was better than the bank's and market expectations. The bank believes that this is mainly due to the ROI level of the game business single product being better than expected and the continuous cost control of innovative business.
Zhongjin: Maintains CLOUD MUSIC "Outperform" rating with a target price of HKD 115
If calculated at the latest closing price of HKD 84, this price implies a 37% upside potential!
The bank believes that the company still values the ROI of copyright investment, and the progress of copyright return still needs to focus on the input-output ratio. The gross profit margin in the first quarter has increased significantly month-on-month, and it is expected to continue this trend in 2023, and is expected to achieve full-year Non-IFRS profitability.
CICC: Maintains "Buy" rating for MEITUAN-W with a target price of HKD 220
If calculated at the latest closing price of HKD 126, this price implies a 75% upside potential!
The bank stated that the company's stock price has been under pressure recently due to macroeconomic factors, major shareholder reductions, and competition in the short video platform. However, the bank sees limited downside potential for the stock price. The bank sees that MEITUAN-W has advantages in the face of competition, diversified products, and rich price ranges to meet the diverse needs of merchants/users, and the competitive environment has improved.
DBS Bank: Lowers Snowflake's target price from USD 200 to USD 185
If calculated at the latest closing price of USD 147.91, this price implies a 25% upside potential!