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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.

Davos 2023: Cowed crypto crowd feel winter freeze at WEF

Florala Chen

Jan 20, 2023 11:39

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In the snow and ice on the main drag in Davos, the impact of the crypto winter is plain for WEF attendees to see.


Last May, the dressed-up shop fronts that line both sides of the Promenade street running through the Swiss ski resort were dominated by crypto firms, rolling in bitcoin.


Now there are just a handful and the executives who have made it to Davos have swapped their hoodies for blazers, despite sub-zero temperatures outside.


Some of those from the digital industry which have set up shop on the fringes of the World Economic Forum (WEF) annual meeting were quick to distance themselves from cryptocurrencies.


“I hope there’s an increased focus on utility value and practical applications of the technology, and less focus on retail investors chasing meme coins,” Jeremy Allaire, CEO of USDC stablecoin issuer Circle, said.


“There was a lot of nonsense,” Allaire told the Reuters Global Markets Forum.


Former Reserve Bank of India Governor Raghuram Rajan believes last year’s plunge in digital assets allows investors to focus on the true value of the technology.


“We’re at the right place now in terms of crypto,” he said.


Executives in Davos said they are now all about blockchain technology, proper controls and regulation, and the promise of disruption that it holds for financial services and beyond.


“We are an infrastructure, plumbing play. We build infrastructure today for digital assets, which is crypto. Tomorrow it will be different assets,” said Dmitry Tokarev, chief executive of Copper, which provides custody services.


“I would question some of the stuff that I saw, ‘What is the return on that?'” Tokarev added, referring to the big presence of crypto companies at the last WEF meeting, which was unusually held in May as a result of the COVID-19 pandemic.


“We have been always ignoring the noise. All our partners were here last year. They are here this year,” Tokarev added.


The world of digital assets has changed drastically since May, with the value of the crypto market plummeting and some of the major crypto companies going under as investors pulled back from riskier assets in the face of rising interest rates.


The market capitalization of crypto currencies has shrunk by $1.4 trillion, a third of its value from peaks hit in late 2021 and some of the best-known crypto firms are under stress or have gone under, including the collapse of crypto exchange FTX.


“There is a place for trading use cases but they cannot be the singular focus, we need to move to more real use cases and put attention there,” said Denelle Dixon, CEO of Stellar Development Foundation, which supports the Stellar blockchain.


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