Investment Rating - The report maintains a "Buy" rating for WEB Travel Group (WEB.AX) with a 12-month target price of A$7.10, representing a potential upside of 35% from the current price of A$5.26 [1][3]. Core Insights - WEB's total transaction value (TTV) reached A$4.9 billion for FY25, reflecting a year-on-year growth of 22%. Revenue increased by 1% year-on-year, with EBITDA reported at A$121 million [1][2]. - Management provided guidance for FY26 EBITDA margin between 44% and 47%, down from a previous estimate of 48%, due to investments in hotel contracting teams in the Asia-Pacific and Americas regions. Despite this, confidence in a 6.5% revenue/TTV margin for the medium term remains [3][12]. - The report highlights a strong performance in the first eight weeks of FY26, with TTV and order volume growing by 28% and 29% respectively, driven by a 36% increase in the Americas [1][2]. Financial Projections - Revenue projections for FY25, FY26, FY27, and FY28 are A$328.4 million, A$386.0 million, A$450.3 million, and A$507.2 million respectively, with a compound annual growth rate (CAGR) of 15.6% expected [4][11]. - EBITDA estimates for the same periods are A$120.6 million, A$153.6 million, A$191.2 million, and A$217.5 million, indicating a growth trajectory [4][11]. - The report anticipates a diluted EPS of A$0.20 for FY25, increasing to A$0.44 by FY28, reflecting a strong growth outlook [4][11]. Valuation Methodology - The valuation approach remains unchanged, utilizing an EV/EBITDA multiple adjusted to FY27 EBITDA, with a revised multiple of 12x based on comparable companies [12][15]. - The target price of A$7.10 is derived from a combination of fundamental valuation (85%) and theoretical M&A valuation (15%) [15][12].

分组1 - Investment Rating: Buy for Xiaomi, PDD, Kuaishou, Link REIT, Hesai, and Telstra [1][3][5][9] - Xiaomi's 1Q25 results exceeded expectations with revenue growth of +47% year-over-year to Rmb111 billion and adjusted net profit growth of +65% year-over-year to Rmb10.7 billion [1] - PDD's 1Q25 profit declined significantly due to increased user and merchant investments, leading to a negative share price reaction despite a +15% growth in online marketing revenue [3] - Kuaishou maintained its FY25 guidance and showed sequential improvement in advertising and eCommerce, indicating strong growth momentum [5] - Hesai's 1Q25 results showed a net profit beat driven by higher gross margins and lower operating expenses, with a revised target price increase to US$23.30 [5][9] 分组2 - Key segments for Xiaomi include AIoT and EV, which continue to outperform expectations [1] - PDD's domestic GMV profit margin is expected to stabilize at 2.0% to 2.2% for FY25E to FY27E, down from previous estimates [3] - Kuaishou's strong position in AI applications and better-than-industry ad growth are potential drivers for stock re-rating [5] - Telstra's strategy focuses on consistent earnings growth and maximizing shareholder returns, with a financial capacity exceeding A$20 billion through FY30 [9]

Investment Rating - The report does not explicitly provide an investment rating for the oil industry but discusses various factors influencing oil prices and production levels, indicating a cautious outlook based on current supply and demand dynamics. Core Insights - Crude oil prices have decreased week-on-week ahead of the OPEC+ meeting, with expectations of a final production increase of 411 thousand barrels per day (kb/d) in July due to new ex-shale projects entering the market and economic growth deceleration [1] - Geopolitical developments, including US-Iran nuclear talks and sanctions on Russia, have had mixed effects on oil prices, with cautious optimism surrounding negotiations offsetting earlier concerns [2] - Brazil's new FPSO Alexandre de Gusmão began production ahead of schedule, contributing to increased supply, while Norway's production also exceeded expectations [3] - Trackable net supply has increased by 0.1 million barrels per day (mb/d), driven by higher production from Russia and lower demand from China [4] - Global oil demand remains resilient, with Saudi domestic oil demand increasing by 0.1 mb/d year-on-year in April [6] Supply Dynamics - Kazakhstan and Iraq show a decrease in overproduction, but overall compliance improvements among OPEC+ members have been moderate [6] - The US Lower 48 crude production nowcast stands strong at 11.2 mb/d, while Canada’s liquids production nowcast is at 5.8 mb/d, slightly below expectations [14][20] - Russia's liquids production nowcast increased to 10.6 mb/d, while Iran's crude production remains stable at 3.5 mb/d [21] Demand Trends - China's oil demand nowcast has edged down by 0.1 mb/d to 16.7 mb/d, reflecting product stock builds [31] - OECD Europe oil demand has increased by 0.1 mb/d to 13.3 mb/d week-on-week, indicating a positive trend in demand [32] Inventory Levels - OECD commercial stocks have built up by 7 million barrels (mb) to 2,782 mb, which is 7 mb above the end-of-May forecast [40] - Global commercial stocks have increased by 18 mb, indicating a growing supply in the market [40] Price Dynamics - The Brent 1M/36M timespread gap with fair value has narrowed to -8 percentage points (pp), suggesting a normalization in pricing [51] - Average crude basis has increased by 1.1%, while the average crude prompt timespread remained flat [60] Geopolitical and Sanctioned Supply - The report highlights ongoing geopolitical risks, including sanctions on Russia and developments in Venezuela, which could impact supply dynamics [2][69]

Investment Rating - The report maintains a Neutral rating for Life Insurance Corporation of India (LIFI.BO) since June 22, 2022, with a target price of Rs880.00, indicating a potential upside of 1.0% from the current price of Rs871.05 [7][12]. Core Insights - The company reported a 4Q APE of Rs189 billion, reflecting an 11% year-over-year decline and a 4% miss against Goldman Sachs estimates. The VNB for the quarter was Rs35.3 billion, down 3% year-over-year, aligning with estimates, resulting in a VNB margin of 18.7%, which is an improvement of 77 basis points compared to estimates [1][12]. - The decline in topline was primarily due to a 12% year-over-year drop in the Individual Par business and a 16% decline in Group business, attributed to the impact of new product introductions [1][12]. - Margins improved by 154 basis points year-over-year, driven by a better product mix, including a focus on Non-par products and higher ticket size Par products, which offset the negative impacts from lower risk-free rates and new surrender payouts [1][2]. Summary by Sections Financial Performance - The report highlights that LIC generated an EVOP of Rs826 billion, with an Operating RoEV of 11.4%, supported by higher unwind and positive operating assumption changes. Notably, 50% of the economic variance was due to a fall in risk-free rates [2]. - The first-year commission rates decreased by 110 basis points in Q4, a significant reduction compared to the 250 basis points decline observed in Q3, indicating a recalibration of rates to maintain total payouts [2]. Product and Distribution Strategy - LIC has relaunched 13 new products in Q4, adding to the 38 launched in Q3, with a focus on selectively increasing premiums and adjusting ticket sizes and entry ages for key products [2]. - The Par segment continues to experience a decline, with a 12% year-over-year drop, as the agency adjusts to new products and lower commission payouts, although product margins have improved [2]. Future Outlook - Management anticipates a continued focus on Non-par products, which is expected to lead to margin improvements in the medium term [1][2]. - The report indicates that margin drivers will include persistency and product mix adjustments moving forward [2].

Investment Rating - The report maintains a Neutral rating for Motor Oil (MORr.AT) with a 12-month price target of €25.00, reflecting a potential upside of 6.1% from the current price of €23.56 [1][16]. Core Insights - Motor Oil reported an adjusted EBITDA of €216 million for 1Q25, which is 6% above the consensus estimate of €204 million, driven by strong marketing results, while adjusted net income was €96 million, slightly below the consensus of €99 million [1][17]. - The refining production volumes were strong at 2,695 kt, exceeding expectations, and total sales volumes were 2,920 kt, which was slightly below expectations [2][22]. - The adjusted refining margin for 1Q25 was reported at US$65/ton, slightly above the expected US$60/ton, leading to an adjusted EBITDA of €152 million for the Refining division [2][22]. - The company managed to maintain a total utilization rate of 90% of its refinery's nominal capacity, exceeding the guidance of 65-80% post-fire [2][22]. Financial Performance - The total revenue for 1Q25 was reported at €2,679 million, with operating expenses of €2,463 million, resulting in an adjusted EBITDA of €216 million [21]. - The company experienced a negative free cash flow (FCF) of -€260 million in 1Q25, attributed to high capital expenditures and operating cash flow challenges [19][23]. - For FY25, Motor Oil revised its capex guidance down to €500 million from €560 million, primarily due to the deferral of spending on renewable projects [15][27]. Future Outlook - The adjusted refining margin is expected to increase to $82/ton in 2Q25, driven by seasonal demand and supply constraints [14][26]. - The company anticipates receiving approximately €215 million in insurance compensation related to the fire incident, which is expected to support cash flow in the upcoming quarters [15][27]. - Motor Oil's strategic plan includes a multi-pillar decarbonization strategy targeting 2 GW of renewable energy capacity by 2030, with significant investments planned in renewable power and electric mobility [36][37].

28 May 2025 | 9:26AM EDT Rocket Pharmaceuticals Inc. (RCKT): Clinical Hold on Ph. 2 DD Trial Puts Largest Late-Stage Oppy At Risk; Downgrade to Sell w/ $2 PT On Tuesday (5/27), RCKT announced that the FDA placed a clinical hold on its pivotal Ph. 2 Danon disease (DD) trial. The hold was issued on 5/23 after a patient treated in early May experienced capillary leak syndrome that emerged ~1 week after RP-A501 dosing. Although there were some early signs the condition was beginning to improve, the patient subs ...

Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology with a revised target price of HK$63 per share [1][18][41] Core Insights - Kuaishou reported in-line results for 1Q25 and maintained its FY25 guidance on advertising, eCommerce, and profitability, indicating a positive growth momentum for the remainder of the year [1][18] - The advertising momentum is expected to improve, with management targeting a 12% year-on-year growth in 2Q25 and further acceleration in the second half of the year [2][32] - The revenue outlook for Kling AI has been raised significantly, reflecting a faster expansion of paying users and a competitive position in the global market [4][20] Summary by Sections Advertising - Management anticipates a 12% year-on-year growth in advertising for 2Q25, with expectations for high-teens growth in 2H25 driven by contributions from mini-games and local services [32] - Kuaishou's advertising revenue is projected to reach Rmb 81,351 million in 2025, reflecting a 12% growth from the previous year [33] eCommerce - Kuaishou targets a 13-15% year-on-year GMV growth, supported by stable livestreaming and eCommerce contributions [3] - The overall take rate for eCommerce is expected to remain stable at around 4% for 2025, with plans to improve monetization of pan-shelf based eCommerce traffic in the second half of the year [35][36] Kling AI - The revenue outlook for Kling AI has been raised to US$100 million for FY25, driven by an increase in paying users and enhanced marketing efforts [4][20] - Kling AI is positioned competitively against global peers, with expectations for rapid revenue growth in the coming quarters [27][28] Financial Projections - Revenue estimates for 2025-2027 have been fine-tuned upwards by 0.7% to 1.1%, reflecting better performance in livestreaming and other services [18] - The projected total revenue for Kuaishou is Rmb 140,739.1 million in 2025, with an EBITDA of Rmb 31,483.3 million [16]

Investment Rating - The report maintains a "Buy" rating for CapitaLand Ascendas REIT (CLAR) with an unchanged DDM-based target price of S$3.06, indicating a potential upside of 17.2% from the current price of S$2.61 [2][11]. Core Insights - The proposed acquisition of 9 Tai Seng Drive (data center) and 5 Science Park Drive (business park) for S$700 million is expected to yield a net property income (NPI) yield of 7.2% and 6.1% respectively, with a projected DPU accretion of 1.36% for FY24 on a pro forma basis [1][2][6]. - The acquisition aligns with the strategic goal of deepening CLAR's presence in Singapore and the data center sector, expanding its Singapore portfolio from 65% to 67% of assets under management (AUM) and increasing its data center portfolio by 83% to over S$1 billion [2][10]. - Management plans to prioritize redevelopment and seek further acquisition opportunities in Singapore, Europe, and the US, while also working on divestments exceeding S$300 million for the remainder of the year [2][10]. Financial Overview - The acquisition will be funded through a combination of debt and net proceeds from a private placement of at least S$500 million, with expected gearing post-acquisition at 38.6%, slightly above the coverage average of 38.4% as of March 2025 [6][10]. - The first-year NPI yield for 9 Tai Seng Drive is projected at 7.2% before transaction costs, while 5 Science Park Drive is expected to yield 6.1% [6][10]. - The properties are currently under-rented by approximately 30% and 15% compared to market rates, indicating potential for rental uplift [10].

27 May 2025 | 10:02PM EDT Global: GS Economic Indicators Update: Growth Signal From Soft Data Improves in the US Please find an update of our proprietary global economic indicators below. The data behind these exhibits can be downloaded here. Interactive charts can be found on our living page here. Chart of the Week Exhibit 1: The Growth Signal From US Soft Data Has Improved on the Back of a Better Trade Policy Outlook -2 -1.5 -1 -0.5 0 0.5 1 1.5 2 2.5 3 -2 -1.5 -1 -0.5 0 0.5 1 1.5 2 2.5 3 2023-06-01 2023-0 ...

Investment Rating - The report indicates that Capri Holdings (CPRI) is currently Not Rated [8]. Core Insights - Capri Holdings reported F4Q adjusted EPS of -$4.90, significantly below consensus estimates of -$0.16 to -$0.13, primarily due to a tax valuation allowance charge [1] - Despite the overall challenges, CPRI delivered better-than-expected revenue trends in the quarter, with consolidated sales declining by -15.4% year-over-year to $1.035 billion, surpassing consensus expectations of $974.7 million to $1.004 billion [1][9] - The company updated its FY26 guidance, now expecting total revenues of $3.3 billion to $3.4 billion, down from approximately $4.1 billion previously, reflecting the exclusion of Versace's contribution [2][9] - Management remains optimistic about returning to growth in FY27 and beyond, although profitability was disappointing due to gross margin contraction [3] Revenue Performance - Michael Kors sales were reported at $694 million, better than consensus expectations of $687.8 million, with a decline of -15.6% year-over-year [1][9] - Jimmy Choo sales were approximately in line with expectations at $133 million, declining -2.9% year-over-year [1][9] - Versace sales were reported at $208 million, consistent with consensus, declining -21.2% year-over-year [1][9] Margin Analysis - The adjusted gross margin for F4Q25 was 61.0%, below consensus estimates of 62.7% and 61.8% [1][9] - Adjusted SG&A as a percentage of sales was 64.2%, better than Goldman Sachs estimates of 65.3% but higher than consensus at 62.6% [1][9] - Adjusted EBIT margins were reported at -3.2%, below consensus estimates of -2.6% to -2.4% [1][9] FY26 Guidance - The company expects operating income of approximately $100 million for FY26, down from $150 million previously, with consensus estimates at $145.3 million to $141.9 million [2][9] - Michael Kors is now guided for sales of approximately $2.75 billion to $2.85 billion, while Jimmy Choo sales are expected at $540 million to $550 million [9] - For Q1, CPRI guided revenue of $765 million to $780 million, with adjusted EPS expected to be between $0.10 and $0.15 [9]