Credit Suisse: first give bilibili Hong Kong stocks a target price of HK $1088, upgrading US stocks to outperform the market.

Credit Suisse issued a report that$bilibili-SW (09626.HK) $Recently, the stock price has rebounded by 27% from its high level.Think or buy time, first give bilibili Hong Kong stock "outperform market" rating and target price of HK $1088Because its valuation extends to 2023. At the same time, the bank will$bilibili (BILI.US) $Investment rating of US stocksRise from "neutral" to "outperform the market" and reduce the target price from $150 to $140.

The bank pointed out that in the face of fierce competition, bilibili's user growth is still the fastest in the industry. The current penetration rate of Z-generation users is less than 50%, and there is room for improvement in the future. At the same time, the company has plans to launch more different types of content, which is expected to enhance user loyalty, coupled with the growth of advertising business and the potential opportunity to be included in the index, so it is optimistic about the long-term development prospects.

Credit Suisse points out that bilibili's market capitalization divided by the average number of monthly active users is $176, which is$Kuaishou-W (01024.HK) $About 60%, considering that the traffic has not been fully realized and the number of users is growing rapidly. The bank expects bilibili to have adjusted losses of $13.19,4.1,2.37 per share from 2021 to 2023, and estimated losses of $4.883 billion, 1.516 billion and 876 million respectively from 2021 to 2023.

Bilibili's Hong Kong shares closed down 0.58 per cent at HK $850, 28 per cent upside from Credit Suisse's target price. As of press time, bilibili's US stock fell 0.5% to US $108.6 before trading.

CICC: Tencent is still the core asset of the Internet sector, reiterating its target price of HK $682

$Tencent Holdings (00700.HK) $Prosus, the largest shareholder, announced plans to sell 192 million Tencent shares on April 7, reducing its stake from 30.9% to 28.9%. Prosus said it will use the proceeds to improve the company's financial flexibility and general corporate use. Prosus sold 190 million shares in 2018 and promised not to reduce its holdings for three years. Now that the promise expires, Prosus will reduce its holdings again and make another commitment not to reduce its holdings for three years. Tencent has been informed of Prosus's idea and supports it. The placement was completed at a transaction price of HK $595 per share before today's trading.

According to a research report released by CICC, the stock price trend of Tencent after it was reduced by Prosus in 2018 is of limited significance for this reference. The bank is still optimistic about the development of Tencent's business and believes that Tencent's net profit after adjustment in 2021 is expected to maintain a growth of more than 20%.

CICC refers to that from the medium-term dimension of one to three years, many of Tencent's businesses can be significantly improved. The first is that its video account, Mini Program and cloud businesses have gradually found the route that the company is good at. The play of general-purpose products and enhanced social relationships will support steady growth in the next three years. The second is that at present, the penetration of Internet users has entered the deep water zone, and the giants are facing either fresh products with low unit prices and high requirements in the supply chain (community group buying), or areas related to the transformation of traditional giant industries (car building). Or it is a super-long-term new business in a ten-year unit (self-driving). Although the success of each project means a lot of room, there is an uphill battle in almost every field.

The bank believes that Tencent is hardly directly involved in the "super war", but is still expected to share the industry dividend by virtue of its social network status and investment layout. Tencent remains a core asset in the Internet sector. The bank maintains a "neutral" rating on Tencent and a target price of HK $682, corresponding to a price-to-earnings ratio of 31.7 times the 2022 non-GAAP forecast.

Tencent closed up 0.08% at HK $620.5 today.

Credit Suisse: lower Ali's target price to HK $304 and maintain its "outperform" rating

Credit Suisse issued a report that$Alibaba-SW (09988.HK) $The stock price has reflected negative factors, coupled with the low valuation, the current stock price is attractive, and it is clear that the antitrust investigation and economic penalties are the catalyst for short-term share prices, lowering the target price from HK $323 to HK $304 and maintaining the "outperform" rating.

According to the report, Alibaba's CMR+ commission is expected to increase by 37% in the fourth quarter compared with the same period last year, while commodity trading volume (GMV) is expected to increase by 34% year-on-year.$Gao Xin Retail (06808.HK) $And from a low base, total revenue is expected to grow 56% year-on-year to 178.84 billion yuan. Among them, Taobao's clothing and furniture transactions should perform well, and consumer electronics and fast-moving consumer goods will also be supported. Other mainland retail revenue, including Freshippo, Sun-Art, Tmall supermarket, koala and so on, is expected to grow by 26% compared with the same period last year. Cloud computing revenue is expected to maintain healthy growth of 50% year-on-year.

The profit margin of non-GAAP EBITA is expected to be 13.9% in the fourth quarter, or down 3 percentage points from a year earlier, according to the report. As a result of Taobao transactions, live streaming, groceries and other new investment, the core adjusted EBITA profit margins may continue to fall. While ele.me increases its investment in attracting users and improving the consumer experience, it will increase the loss of its core business new business by 24% to 7.3 billion yuan.

However, Credit Suisse believes that Alibaba's increased investment is necessary to defend market share, and can take advantage of its own flow, logistics investment and merchant connectivity to seize the opportunity to accelerate the transition to online consumption after the epidemic, so it lowered its (EBITA) forecast of interest, tax and amortization before amortization for the fiscal year 2021-2022.

Alibaba closed down 2.24% at HK $218.

Piper Sandler: iPhone market share continues to grow, maintaining the target price of $160

Piper Sandler analyst Harsh Kumar released a report saying that in the agency's spring survey in 2021$AAPL.US (Apple) $The share of smartphone users continues to grow. In response, the analyst reiterated his "overweight" rating on Apple, with a target price of $160.

The analyst said 88 per cent of the 7000 respondents owned iPhone phones, compared with 85 per cent in the 2020 spring survey and the highest proportion of its multiple surveys.

In addition, Kumar added that iPhone's market share may still have room to rise. The analyst said 90 per cent of teenagers said they expected their next phone to be the iPhone. In addition, Apple's other hardware products are also performing strongly. Statistics show that 28% of teenagers own Apple Watch, and nearly 70% own Airpods. The analyst concluded that the survey results show that Apple still maintains its dominant position among teenagers.

As of press time, Apple fell 0.36% to $129.89 before trading.