Shares of China International Travel Service Corporation (06969.HK) fell by 4.140%, or 0.640 points, with a short-selling worth $68.43 million reported. Bank of America Securities reported that the company's 30.532% performance for the first half of the year was essentially in line with its earlier profit warning estimates. The brokerage firm has lowered the stock's target price from $32.8 to $26.7, but maintains a buy rating and believes that most short-term uncertainties have already been factored into the current price.
In the long run, considering the increasingly standardized market environment and Smore INTL's commitment to research and integration, the company's competitive advantage may be further strengthened.
In related news, Sinopec Shanghai Petrochemical Co. Ltd. has reported a 51.9% decrease in their net profit for the first half of the year, amounting to 1.385 billion Chinese yuan. They have also announced a dividend of 10 HK cents per share.
According to Bank of America Securities, it is predicted that the net asset value of SMIC will decrease in the second half of 2022, with a total decline of 3 billion RMB for the year.
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