Investment bank Argus: maintain Microsoft Corp's "buy" rating and raise its target price to $300

After Microsoft Corp announced that he would buy it at a price of 56 US dollars per share$subtle Communications (NUAN.US) $After that, the investment bank Argus issued a research report to maintain the$Microsoft Corp (MSFT.US) $And raised the target price to $300 from $275.

Joseph Bonner, an analyst at Argus, pointed out that Microsoft Corp will benefit from the increase in corporate IT spending, especially cloud services, during the reopening of the United States. Bonner said Microsoft Corp was "one of the few companies that showed sustained growth under the impact of the epidemic", and the analyst stressed that investors should not ignore Microsoft Corp's strong balance sheet and cash position.

As of press time, Microsoft Corp fell 0.42% to US $257.393.

Morgan Stanley: raise XIAOMI's target price to HK $31.50, and raise his rating to "overweight".

Morgan Stanley issued a research report that$XIAOMI Group-W (01810.HK) $With potential value, the potential development of its artificial intelligence Internet of things (AIoT) and Internet services is underestimated because the market focuses on short-term profit performance rather than long-term development of the industry.

The bank adopts a valuation method different from that of the market, which values XIAOMI's mobile phone business at a lower valuation and its AIoT and Internet services at a higher valuation. It is believed that in the long run, the development model combining mobile phone, AIoT and Internet will be more profitable and competitive. The rating of XIAOMI was upgraded from "neutral" to "overweight", and the target price was raised from HK $24 to HK $31.50.

XIAOMI closed up 2 per cent at HK $25.40, with a total market capitalization of HK $640.19 billion.

BoCom International: the first target price for Bilibili Inc. 's Hong Kong shares is HK $1086, while the target price for US stocks is lowered to US $140.

BoCom International released a report that the bank expects$Bilibili Inc. (BILI.US) $Revenue in the first quarter of 2021 was 3.75 billion yuan (RMB, the same below), an increase of 62% over the same period last year, in line with market expectations. The adjusted net loss was 880 million yuan, better than the market expectation of 900 million yuan. The short-term focus on single-generation mobile games fell slightly more than expected, with the bank lowering its 2021 game revenue forecast by 5% to 6 billion yuan. Live broadcast and value-added services and advertising are expected to maintain strong growth, with an increase of 83% and 195% in the first quarter compared with the same period last year.

Baili continues to strengthen the layout of the game industry chain, and has strategically invested in 5 game industry chain companies since 21 years, including the recent$Heart Company (02400.HK) $, holding 4.7%, optimistic about the deepening of cooperation with TapTap in game distribution and other areas, as well as the long-term growth potential of the game business.

The company raised HK $20.2 billion in a secondary listing, with 50% of the company's investment in content / R & D / marketing. Based on the segment plus valuation, the bank lowered its target price from $154 to $140, maintaining buying and covering for the first time$Bilibili Inc.-SW (09626.HK) $The target price of Hong Kong stocks is HK $1086, which is optimistic about the long-term growth potential.

As of press time, Bilibili Inc. rose 0.38% to US $104.823.

CICC: first awarded Kuaishou Technology's "outrun industry" rating, with a target price of HK $353.9

CICC covered for the first time$Kuaishou Technology-W (01024.HK) $To give the "outperform industry" rating, with a target price of HK $353.9, corresponding to 2022E10.7x pram S. The reasons are as follows:

1. Benefit from the general trend of video, community attribute network effect is significant.

two。 Kuaishou Technology continues to enhance the ecological core competitiveness, and there is still room for growth in the number of users.

3. Trust economy gives birth to huge space and unique development path of live e-commerce in the future.

Kuaishou Technology closed up 0.39% at HK $260.2 today.

Credit Suisse: lower JD.com 's target price to HK $431, rating "outperform the market"

Credit Suisse issued a report saying it expected$JD.com Group-SW (09618.HK) $Revenue in the first quarter of this year rose 34 per cent year-on-year to 195.6 billion yuan, mainly because of solid user growth, including electronics and home appliances, while service revenue will perform well based on a low base effect.

The report also pointed out that due to the increase in JD.com 's publicity activities and strategic investment this year, the operating profit margin of Non-GAAP in the first quarter is expected to fall 28 basis points year-on-year to 1.9%. As for the prospect of gross profit margin and investment in online grocery business, investors are still most concerned about it.

The bank added that JD.com 's outlook remains robust in the long run, while share prices are likely to fluctuate in a range in the short term as investors' impact on managing investment size and profit margins in the coming quarters becomes clearer. The bank cut its earnings per share forecast for 2021-23 by 4 per cent to 9 per cent and its target price from HK $452 to HK $431, maintaining an "outperform" rating.

JD.com 's Hong Kong shares closed up 2.55 per cent at HK $306.

Xiao Mo: the adjustment of the US tax rate will have a negative impact on Apple Inc's profit, maintaining the target price of $150,000,000.

JPMorgan Chase & Co analyst Samik Chatterjee published a research report saying that the Biden administration's plan to raise statutory federal tax rates and reform global invisible low-tax income (GILTI) will$Apple Inc (AAPL.US) $The profit has a negative impact. The analyst left his 2021 iPhone sales forecast unchanged, with Apple Inc's 12-month target price of $150.

The analyst estimates that the increase in the US corporate income tax rate from 21 per cent to 28 per cent and the increase in the tax rate on overseas profits of US companies are likely to offset the benefits of the statutory tax rate cut between 2017 and 2020 for the tech giant.

In 2017, the statutory federal income tax rate in the United States fell from 35% to 21%. However, some of the gains from the tax cuts were offset by an increase in the minimum tax rate on overseas income.

As US tax rates change, companies will not be able to average taxes in high-tax and low-tax jurisdictions to take advantage of the policy of lower tax rates on overseas income, Chatterjee said. Chatterjee estimates that Apple Inc's overseas income tax rate may reach 21% in low-tax areas and 26% in high-tax areas, higher than the current single-digit level.

Chatterjee points out that his estimates are based on simple assumptions about the impact of tax rate changes. However, he pointed out that the complexity of the calculation of taxable income and legal provisions could lead to a very different figure.

As of press time, Apple Inc fell 0.22% to US $134.14.