大行每日評級 | 大和: 新的電子煙管理辦法對思摩爾國際影響積極
港股點評
中金：維持小鵬汽車跑贏行業評級，目標價271港元中金髮表報告，指小鵬汽車(09868.HK)11月交付按年升近2.7倍，按月升54%，連續三個月付運量破萬輛，超出市場預期。智能化引領銷量快速提升，2022年體現規模優勢。報告認爲小鵬內公司前置投入帶動費用支出絕對額增長較明顯，但伴隨產能爬坡及新車交付帶動規模效應，後續公司在把握智能電動機遇期的同時，有望繼續體現明顯的單車費用收窄。堅持軟硬件全線自研，構建科技優勢和商業模式創新。中金稱，其現估值相當於預測明年市銷率7.2倍，維持公司盈利預測和跑贏行業評級不變，目標價271港元，相當於預測明年市銷率9倍。
裏昂：降佳兆業評級至沽售 目標價削至0.8港元裏昂發表報告指，佳兆業(01638.HK)面對高違約風險，未來數個月將有三筆離岸債券到期。該行認爲集團放售香港兩個項目，及潛在出售在港上市的物管業務佳兆業美好(02168.HK)只能提供有限幫助，出售資產不足以解決流動性問題；相信放寬限制性現金(restricted cash)是解決流動性問題的唯一辦法。裏昂一舉將佳兆業股份評級由買入降至沽售，目標價由3.7港元大削至0.8港元，並調低集團今年至2023年核心盈利預測分別59%、59.5%及56.9%，以反映銷售及竣工下跌及毛利率走低。該行認爲，佳兆業的前路現時取決於銀行或政策制定者的決定。
大和：上調思摩爾國際目標價至65港元 評級買入大和發表報告，電子煙管理辦法對思摩爾(06969.HK)等主要行業參與者影響積極，重申思摩爾買入評級，目標價由55港元提高至65港元。大和指，正如該行之前所預期，新規則在很大程度上遵循了傳統香菸在生產、批發和零售方面的許可程序，認爲這些規則與美國菸草產品上市前申請(PMTA)類似，都是爲了有利於主要參與者，並將刺激品牌、生產商和零售商的行業整合。而隨着對電子煙行業控制的加強和更多的行政程序，料電子煙行業的整體增長速度可能比前幾年要慢。
花旗：重申美團買入評級 目標價342港元花旗發表報告表示，本週三與美團(03690.HK)投資者關係團隊進行投資者會議，對其會員的吸引力和長期效益目標、騎手社會福利的實施時間表、美團優選的質量增長，以及其他新投資支出等進行了解。雖然疫情流行、極端天氣條件可能會影響美團今年第四季度和2022年初的需求和銷量增長，但料其整體用戶需求和運營保持彈性，該行對美團升級後的零售+科技戰略保持樂觀態度，重申對美團買入評級及目標價爲342港元。
美股點評
瑞銀：首予愛彼迎中性評級，目標價176美元瑞銀分析師Lloyd Walmsley在一份關於在線旅遊的更廣泛的研究報告中首次覆蓋愛彼迎(ABNB.O)，評級爲中性，目標價爲176美元。該分析師表示，他對該公司的長期房源增長持懷疑態度，而且他也不相信在家工作會永久改變愛彼迎的可用市場總量。Walmsley補充道，數據和檢查顯示美國度假市場持續改善，儘管隨着商務旅行的恢復，市場份額正在遷移回酒店，他仍然看到了來自日均房價的近期上升潛力。
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