Investment Rating - The investment rating for the company is "Neutral" [5] Core Insights - Walmart's performance shows steady growth, with global e-commerce continuing to gain momentum. In FY25 Q4, the company's revenue increased by 4.1% year-on-year to $180.6 billion, with a gross margin improvement of 53 basis points to 23.9% [7] - The company's revenue for FY2025 is projected to grow by 4.96% to $674.54 billion, with net profit increasing to $19.44 billion [7] - The growth in e-commerce revenue was 16%, contributing to 17.4% of total revenue, up from 15.6% in FY24 [7] - Walmart's U.S. operations saw a revenue increase of 5.0% to $123.5 billion, with e-commerce growing by 20% and advertising revenue up by 24% [7] - International revenue slightly declined by 0.7% to $32.2 billion due to currency fluctuations, but e-commerce sales grew by 20% in the second half of the year [7] - Sam's Club U.S. operations reported a revenue increase of 5.7% to $23.1 billion, with e-commerce growth of 24% [7] - For FY2026, the company expects revenue growth of approximately 3.0%-4.0% [7] - Earnings per share (EPS) for FY2026 is projected to be around $2.50-$2.60, with capital expenditures expected to be 3.0%-3.5% of revenue [7] Financial Projections - Revenue projections for FY2026, FY2027, and FY2028 are $708,224 million, $742,857 million, and $783,862 million, respectively, with year-on-year growth rates of 4.00%, 4.89%, and 5.52% [7][8] - Net profit projections for the same years are $21,039 million, $23,275 million, and $25,958 million, with growth rates of 8.25%, 10.63%, and 11.53% [7][8] - The price-to-earnings (P/E) ratios for FY2026, FY2027, and FY2028 are expected to be 36.19, 32.71, and 29.33, respectively [7][8]

Investment Rating - The report downgrades the investment rating of THK to "Neutral" [7] Core Views - The company's performance in Q4 2024 was below expectations, with a decline in orders on a sequential basis [7] - Revenue for 2024 is projected at 352.8 billion JPY, reflecting a year-on-year growth of 0.2% [7] - The company anticipates a brighter performance in Japan and China for 2025, with expected revenue growth of 3.0% [7] Financial Forecasts - For 2024, total revenue is expected to be 352.8 billion JPY, with a net profit of 10.4 billion JPY, indicating a significant year-on-year decline of 43.3% [7][8] - The earnings per share for 2024 is projected at 85.2 JPY, with a price-to-book ratio of 1.26 [7] - The company forecasts revenues of 376.9 billion JPY for 2025, with a net profit of 14.5 billion JPY, representing a recovery of 38.6% year-on-year [7][8] Order Trends - In Q4 2024, the company's orders for machine tools, general machinery, and semiconductor equipment decreased by 4.8%, 6.3%, and 1.4% respectively [7] - Regionally, orders in Japan, Europe, and the Americas saw declines, while Taiwan experienced a growth of 21.3% [7] Revenue and Profitability - The company achieved a revenue of 352.8 billion JPY in 2024, with an operating profit of 17.3 billion JPY, down 26.8% year-on-year [7][8] - The operating profit margin for 2024 is estimated at 4.9% [7] Future Outlook - The company projects a revenue of 363.5 billion JPY for 2025, with an operating profit of 23.5 billion JPY, indicating a growth of 35.5% [7] - The expected revenue breakdown for 2025 includes 1,158 billion JPY from Japan, 850 billion JPY from the Americas, 670 billion JPY from Europe, and 701 billion JPY from China [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance exceeded expectations, with non-gaming activities continuing to diversify [6] - The company achieved a total revenue of 9.3 billion USD in Q4 2024, recovering to 74.7% of the level seen in Q4 2019 [6] - The company is actively enhancing its market share through new initiatives and facilities to attract high-end customers [6] Financial Forecasts and Valuation - Total revenue projections for 2023A, 2024E, 2025E, and 2026E are 24,268.1 million HKD, 28,737.3 million HKD, 31,039.3 million HKD, and 32,661.4 million HKD respectively, with year-on-year growth rates of 330%, 18.4%, 8.0%, and 5.2% [1][7] - Adjusted property EBITDA forecasts for the same years are 7,467 million HKD, 8,995 million HKD, 9,587 million HKD, and 10,018 million HKD, with corresponding growth rates of 20.5%, 6.6%, and 4.5% [1][7] - The target price is set at 8.2 HKD, with the current stock price corresponding to 7.5x, 7.0x, and 6.7x EV/adjusted property EBITDA for 2024E, 2025E, and 2026E respectively [6][7] Operational Performance - The company reported a net gaming revenue of 7.7 billion USD and a non-gaming revenue of 1.6 billion USD in Q4 2024, with quarter-on-quarter growth of 7.1% and 2.8% respectively [6] - The adjusted property EBITDAR for Q4 2024 was 2.9 billion USD, exceeding Bloomberg consensus estimates by 6.2% [6] - The company’s profit margin improved, with an adjusted property EBITDAR margin of 31.6%, reflecting effective cost control measures [6]

Investment Rating - The report maintains a "Buy" rating for MGM China [1] Core Views - The company's performance in Q4 2024 exceeded expectations, with total revenue reaching HKD 8.71 billion, a 10% increase quarter-on-quarter, and recovering to 128.3% of the same period in 2019 [6] - The company achieved a significant increase in market share, with VIP and mass market gaming revenue growing by 29.9% and 8.0% respectively, leading to an overall market share increase to approximately 15.6% [6] - The report forecasts continued growth in revenue and adjusted property EBITDA for 2024-2026, with target prices set at HKD 16.6 [6] Financial Projections - Total revenue is projected to grow from HKD 24,684.2 million in 2023 to HKD 31,381.9 million in 2024, representing a 369% year-on-year increase [1] - Adjusted property EBITDA is expected to rise from HKD 7,235.3 million in 2023 to HKD 9,244.1 million in 2024, reflecting a 28% increase [1] - The diluted earnings per share are forecasted to increase from HKD 0.69 in 2023 to HKD 1.34 in 2024 [1] Market Performance - The stock closed at HKD 9.71, with a market capitalization of HKD 36,899 million [4] - The stock has a historical price range of HKD 9.00 to HKD 14.92 over the past year [4] Balance Sheet Highlights - The total assets are projected to be HKD 29,181 million in 2023, with a significant portion in non-current assets [7] - The company has a debt ratio of 100.2%, indicating a high level of leverage [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's Q4 2024 performance showed steady growth, with revenue increasing by 5.9% year-on-year to $4,233 million, and net profit rising by 16.6% to $9.71 per share. Overall, the annual performance for 2024 met expectations [1][5] - The HTS business segment demonstrated solid growth, with Q4 revenue up 4.0% to $3,342 million, outperforming the MRO industry growth rate of 2.0-2.5%. The segment's operating profit increased by 7.6% to $567 million, supported by improved gross margins [1][5] - The EA business segment also performed well, with Q4 revenue rising 15.1% to $816 million and operating profit increasing by 27.3% to $70 million [1][5] - The company provided a conservative revenue guidance for 2025, expecting a growth of 2.7%-5.2% to $17.6-$18.1 billion, reflecting the challenging economic environment [1][5] - The company is projected to achieve revenue growth of 2.8%, 2.6%, and 7.1% for 2025, 2026, and 2027, respectively, with corresponding net profit growth of 0.3%, 5.6%, and 11.0% [1][5] Financial Summary - For 2024, the company forecasts revenue of $17.2 billion, with a year-on-year growth of 4.2%. The operating profit margin is expected to be 15.5%, and earnings per share (EPS) is projected at $38.96, reflecting a 6.2% increase [1][6] - The company's financial metrics indicate a P/E ratio of 26.61 for 2024, decreasing to 22.64 by 2027, suggesting a potential for value appreciation over time [1][6] - The total assets are projected to grow from $8.83 billion in 2024 to $10.54 billion by 2027, indicating a healthy balance sheet [1][6]

Investment Rating - The investment rating for Home Depot (HD.N) is maintained at "Neutral" [1][2]. Core Insights - The report highlights that Home Depot's Q3 2024 revenue increased by 6.6% year-over-year to $40.2 billion, although comparable sales declined by 1.3% [2]. - The company has adjusted its 2024 full-year revenue growth guidance to approximately 4%, considering a comparable sales decline of 2.5% [2]. - The report indicates that the long-term fundamentals supporting home improvement demand remain strong, despite short-term pressures from high interest rates and economic uncertainty [2]. Summary by Sections Earnings Forecast and Valuation - Revenue projections for Home Depot are as follows: 2023A at $157.403 billion, 2024E at $163.699 billion, 2025E at $167.759 billion, and 2026E at $175.845 billion, with year-over-year growth rates of 4.1%, 4.0%, 2.5%, and 4.8% respectively [1]. - Net income estimates are: 2023A at $17.105 billion, 2024E at $16.785 billion, 2025E at $17.515 billion, and 2026E at $18.499 billion, with growth rates of 4.1%, -1.9%, 4.3%, and 5.6% respectively [1]. - The earnings per share (EPS) are projected to be $17.22, $16.90, $17.63, and $18.62 for 2023A, 2024E, 2025E, and 2026E respectively, with corresponding P/E ratios of 23.56, 24.01, 23.01, and 21.79 [1][2]. Operational Data - Key operational metrics for Q3 2024 show that customer transactions totaled 399 million, a slight decrease of 0.2% year-over-year, while the average transaction value was $88.65, down 1.3% from the previous year [2]. - The sales per square foot metric was recorded at $582.97, reflecting a 2.1% decline compared to the same period last year [2]. Market Indicators - The NAHB/Wells Fargo Housing Market Index (HMI) for October 2024 was reported at 43, indicating a slight increase but still below the breakeven point [2]. - The latest building permit data for September 2024 showed a total of 113.7 thousand permits, down 5.9% year-over-year, which is closely correlated with Home Depot's revenue [2]. Performance Outlook - The report anticipates that Home Depot will benefit from the recent hurricane-related demand, which is expected to provide a short-term boost to sales [2]. - The company plans to open approximately 12 new stores in 2024, maintaining its previous guidance, which represents a 0.5% increase from the 2,335 stores at the end of 2023 [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $6 [3]. Core Insights - The company reported its Q3 2024 financial results, which met expectations, showing a revenue of 1.43 billion yuan, a year-on-year increase of 31% [4]. - The revenue growth is attributed to stable performance and ongoing global business expansion [2]. - The company has accelerated its technology product development, with over 7.3 million vehicles globally equipped with its technology as of September 30, 2024 [4]. - The company has a strong project pipeline with over 40 models in development, indicating a diversified approach to vehicle integration [4]. - The company has launched new models in international markets, including the Lynk & Co 02 overseas version and the Smart 5 SUV [5]. Financial Summary - Total revenue projections for 2024, 2025, and 2026 are adjusted to 5.68 billion, 6.88 billion, and 8.68 billion yuan respectively, reflecting a decrease from previous estimates [3]. - The company is expected to continue incurring net losses, with projected net profits of -975 million yuan in 2024, -313 million yuan in 2025, and -32 million yuan in 2026 [3]. - The gross margin is projected to decline to 23% in 2024, with a gradual recovery to 24.6% by 2026 [13]. Operational Highlights - The company has successfully ramped up production at its new manufacturing base in Fuyang, Zhejiang, producing over 30,000 units of the Antora 1000 computing platform for the Geely Galaxy E5 model [5]. - The company has implemented advanced AI capabilities in its vehicles, enhancing safety features for children [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.0 [1] Core Views - The company's Q3 2024 performance exceeded expectations, with net revenue reaching HKD 7.5 billion, recovering to 91% of Q3 2019 levels [1] - Adjusted EBITDA for Q3 2024 was HKD 1.04 billion, surpassing the expected HKD 1.0 billion and recovering to 109.2% of Q3 2019 levels [1] - The company's market share in the gaming sector increased by 1.3 percentage points to 13.9% in Q3 2024 [1] - The new property, Grand Lisboa Palace, turned profitable in Q3 2024, contributing HKD 1.42 billion in gaming revenue, a 17.2% increase quarter-over-quarter [1] Financial Performance - Total revenue for 2023A was HKD 21,623.2 million, with a projected increase to HKD 28,921.2 million in 2024E, HKD 31,408.8 million in 2025E, and HKD 33,521.4 million in 2026E [1] - Adjusted property EBITDA for 2023A was HKD 1,928.0 million, expected to rise to HKD 3,786.5 million in 2024E, HKD 4,712.1 million in 2025E, and HKD 5,427.4 million in 2026E [1] - Earnings per share (EPS) for 2023A was -HKD 0.28, projected to improve to HKD 0.03 in 2024E, HKD 0.18 in 2025E, and HKD 0.31 in 2026E [1] Market Share and Operational Improvements - The company's market share in the VIP segment recovered to 26.9% of 2019 levels, while the mass market segment (including slot machines) recovered to 101.8% of 2019 levels [1] - Grand Lisboa Palace's adjusted property EBITDA reached HKD 165 million in Q3 2024, marking a turnaround from losses [1] - The company plans to enhance service quality by introducing new VIP programs, opening more leisure restaurants, and renovating the Sky Phoenix VIP area [1] Operational Costs - Daily operating expenses in Q3 2024 were approximately HKD 20.9 million, a 5.2% increase quarter-over-quarter, primarily due to higher summer traffic [1] - Grand Lisboa Palace's daily operating expenses were HKD 7.6 million, up 8.4% quarter-over-quarter, reflecting its growth phase and increased marketing personnel [1] Valuation Metrics - The company's EV/Adjusted EBITDA for 2024E is 11.7x, expected to decrease to 9.4x in 2025E and 8.2x in 2026E [1] - The current price-to-book (P/B) ratio is 1.41x, with a market capitalization of HKD 19.46 billion [2][3]

Investment Rating - Buy (Maintained) [1] Core Views - Sands China's 3Q24 performance slightly exceeded market expectations, with net revenue reaching $1.77 billion, slightly above the expected $1.74 billion, and recovering to 83.1% of the same period in 2019 [2] - The company's adjusted property EBITDA for 3Q24 was $590 million, in line with market expectations, recovering to 77.5% of the same period in 2019 [3] - The disruption from the Londoner Phase II renovation project is expected to peak in 4Q24, with 3,100-3,200 rooms temporarily closed, but the company remains confident in the recovery of EBITDA margins by 2025 [4] Financial Performance - Sands China's total gaming revenue in 3Q24 was $1.68 billion, recovering to 82.6% of the same period in 2019, with VIP and mass market (including slot machines) gaming revenues recovering to 40.4% and 94.2% of 2019 levels, respectively [1] - The company's gaming and non-gaming revenues in 3Q24 were $1.34 billion and $430 million, respectively, recovering to 80.2% and 97.3% of 2019 levels [2] - The adjusted property EBITDA margin in 3Q24 was 33.0%, down 2.7 percentage points from the same period in 2019, primarily due to the impact of the Londoner renovation and slower recovery in mass market gaming [3] Renovation Impact - The Londoner Phase II renovation project affected approximately 2,500 rooms in 3Q24, representing 63% of the Sheraton Grand Macao's rooms and 20% of the company's total room inventory [4] - The company expects the renovation disruption to peak in 4Q24, with 3,100-3,200 rooms temporarily closed, and only around 300 new suites remaining open [4] Future Outlook - Sands China's management is confident in the recovery of EBITDA margins by 2025, driven by the completion of the Londoner Phase II renovation in 2Q25 and the expected rebound in visitor numbers to Macau, particularly in the mass market segment [3] - The company's 2024-2026 revenue forecasts are maintained at $7.11 billion, $7.90 billion, and $8.39 billion, respectively, with adjusted property EBITDA forecasts of $2.27 billion, $2.75 billion, and $3.12 billion [4] - The current stock price implies 2024-2026 EV/EBITDA multiples of 9.6x, 7.9x, and 7.0x, respectively, with a target price of HKD 25.5, implying 2024-2026 EV/EBITDA multiples of 11.6x, 9.6x, and 8.5x [4]

Investment Rating - The report maintains a "Buy" rating for Galaxy Entertainment [1] Core Views - The company's performance in Q3 2024 met expectations, with a net revenue of HKD 10.67 billion, recovering to 83.9% of Q3 2019 levels. The adjusted property EBITDA was HKD 3.1 billion, also recovering to 71.5% of the same period in 2019 [1][2] - The management is optimistic about the future market share growth, supported by strong performance during the Golden Week and the upcoming openings of new luxury properties [3] Financial Forecasts and Valuation - Total revenue projections for 2024, 2025, and 2026 are HKD 45.62 billion, HKD 50.31 billion, and HKD 53.49 billion, respectively, with year-on-year growth rates of 27.8%, 10.3%, and 6.3% [1][3] - Adjusted property EBITDA forecasts for the same years are HKD 12.75 billion, HKD 15.38 billion, and HKD 16.66 billion, with corresponding growth rates of 34.5%, 20.6%, and 8.3% [1][3] - The current stock price corresponds to EV/EBITDA multiples of 11.5, 9.5, and 8.8 for 2024, 2025, and 2026, respectively [3]