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| HSI1 | 23,093.37 | +158.69 | 249.78B |
| HSCEI1 | 7,756.25 | +67.06 | 87.14B |
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2026-10-22 13:32:03 Goldman Sachs issued a research report reiterating its Buy rating on BIREN TECH (06082.HK), citing optimism over the ramp-up of the company's next-generation GPU products, supply management capabilities and customer expansion. The broker said the company is conducting internal testing for BR200 and aims to enter customer validation upon completion. Supported by proactive inventory management (inventory reached RMB1.2 billion at the end of 1H26, compared with RMB949 million at the end of 1H25) and secured capacity commitments, commercialization is expected to accelerate, with customers covering AI model developers, telecom operators, CSPs and enterprises. The broker expects the company to benefit from growth in China's cloud capital expenditure, rising shipments of next-generation AI chips and deeper penetration among CSP customers. It also forecast YoY growth in capital expenditure by leading Chinese cloud platforms of 105%, 21% and 14% for 2026 to 2028 respectively. The broker noted that the company completed a new share placement in October, raising net proceeds of HKD4 billion, of which 70% will be used for product commercialization, strategic supply chain procurement and production preparation, while 20% will be allocated to enhancing R&D capabilities and the software ecosystem. The broker raised its earnings forecasts for 2027 to 2030 by 17%, 18%, 13% and 9% respectively, mainly due to higher GPU product revenue driven by higher average selling prices and continued shipment growth. It also lowered gross margin forecasts for the same period to reflect product mix changes. The broker raised its 12-month TP from HKD80.5 to HKD92, based on 38.8x projected 2030 EV/EBITDA (previously 36.3x), discounted to 2027 using a 12.7% cost of equity.(ad/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |