ab 16 May 2025 First Read NetEase A hard earned victory Strong Q125 with significant bottom line beat NetEase's Q125 was very strong with beat in both mobile and PC game revenue and notable margin beat, driven by higher than expected game margin and lower than expected S&M. Net, Q1 was 30/25% beat to UBSe/consensus bottom line. See our quick take. Key takeaways from conference call 1) PC game revenue grew strongly by 85% YoY, mainly driven by 1) the strong launch of Marvel Rivals; 2) record performance of e ...

ab 16 May 2025 Global Research Insurance Australia Group Go West RAC is an attractive deal though value upside from here appears moderate IAG has entered a strategic alliance with the Royal Automobile Club of Western Australia (RAC), including the acquisition of RAC Insurance and a 20yr distribution agreement for RAC Home & Motor products. The deal adds ~8% to IAG's GWP and lifts its WA market share across Home & Motor to ~55% (from 8%), subject to ACCC approval. Total upfront $1,350m consideration will be ...

ab 14 May 2025 Global Research Singapore Property Bits, bytes and barbell bets Overview This report summarises statistics on valuations, performance, and capital structures of the 40 Real Estate Investment Trusts (REIT) and Business Trusts listed in Singapore, with a combined market capitalisation of US$70.6bn. In terms of YTD price performance, SREITs are down 0.9% and Developers are up 2.8%. Key statistics SREITs are trading at a 6.18% 2025E yield, +375bps to 10Y Govt bonds. We expect SREIT DPU growth of ...

ab 14 May 2025 Global Research Inventec Q125 earnings: Solid results but guiding a fade into 2H25 Q125 reports solid profitability from servers Inventec held its Q125 results call after the close May 13th. Sales was NT$157.0bn (- 21% QoQ, +20% YoY), largely in-line with street and UBSe. Mix shifted to notebooks 49%, servers 48%, smart devices 3%, versus 47%, 49% and 4% respectively in Q424. AI servers reached 50% of server sales vs. 25-30% in 2024 mostly still Hopper generation H200 HGX systems and H20 to C ...

abc 2025 年 04 月 23 日 Global Research 快评 华恒生物 一季度净利润环比改善，关注豆粕涨价对氨基 酸需求带动 一季度净利润同比/环比-41%/+160% 2024年公司实现营收21.8亿元，同比增长12.4%；实现净利润1.9亿元，同 比下滑58%，小幅低于公司业绩快报数据（1.99亿元）。公司2024年净利 润同比下滑主要受到缬氨酸价格大幅下跌且新产品销量不及预期的影响。一 季度公司实现净利润5,110万元，同比下滑41%，但环比增长160%。我们 认为公司盈利环比改善主要受益于一季度缬氨酸平均价格上涨（Q125市场 均价环比增长9.5%）。展望2025年，我们认为或带动公司盈利改善的主要 因素应关注：1）新产品销售进展。公司部分产品产线（如丁二酸、苹果 酸）调整为柔性产线，我们认为公司将根据市场情况生产。2）豆粕年初以 来价格有所反弹，我们认为在中美贸易博弈背景下，豆粕价格上涨或带动氨 基酸需求。 2024年公司主要产品毛利率显著下滑 2024年公司氨基酸产品收入同比增长3%至15.09亿元，毛利率同比减 少13.32个百分点至30%，由于缬氨酸价格大幅下跌（2024年市 ...

ab 18 October 2024 Global Research Life Sciences & Diagnostic Tools China Pharma Mfg Returned to Double-digit Growth in Sept. | --- | --- | |------------|-------| | Equities | | | Americas | | | Healthcare | | Bottom Line We track China's monthly industrial output data as a key indicator for the China end market health in our Life Sciences Tools coverage. The September high-technology manufacturing output growth was +10.1% vs. +8.6% in August. Pharma manufacturing output returned to double-digit growth in S ...

Investment Rating - The report indicates a cautious stance on emerging markets (EM) with a focus on selective opportunities, particularly in Chinese equities, while maintaining a skeptical view on broader EM asset performance [4][5][6]. Core Insights - The report highlights that the recent Chinese stimulus package is expected to primarily benefit Chinese assets, with equities trading at approximately a 30% price-to-book (P/B) discount compared to EM peers [5][9]. - There is skepticism regarding the effectiveness of the stimulus and Federal Reserve easing in accelerating growth, suggesting that the market may be under-positioned and could react positively in the short term [4][6]. - The report emphasizes that while local equities in China are likely to benefit, the risk/reward for commodities and the Chinese yuan (RMB) appears weaker [6][7]. Summary by Sections Global Strategy - The report notes that sentiment towards EM has improved, driven by significant developments including China's stimulus and the Fed's interest rate cuts, but remains cautious about long-term reflation [4][6]. - It suggests that the market may experience a short-term rally in EM assets, particularly in the lead-up to the US elections [4]. Chinese Market Focus - Chinese equities are viewed as inexpensive, with a strong potential for growth due to fiscal support for consumers, despite the lack of focus on housing recovery [5][9]. - The report indicates that while Chinese exporters have outperformed, the stimulus measures are more likely to impact market sentiment rather than macroeconomic realities [19]. Regional Opportunities - Other Asian markets, such as Korea and South Africa, are identified as potential beneficiaries of easing headwinds from China, with favorable valuations and growth outlooks [7][9]. - The report suggests a selective approach to foreign exchange (FX) carry trades, with a preference for currencies like the South African rand (ZAR) and Brazilian real (BRL) against certain peers [7][8].

ab 12 September 2024 Global Research and Evidence Lab | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------| | | | | Eu ...

ab 28 August 2024 Global Research and Evidence Lab China Economic Perspectives Home Destocking Debate and Property Forecast Downgrade Economics China Where are we now in the property downturn? China's property activities have not bottomed since the unprecedented sharp downturn in 2021. The decline in urban housing prices has accelerated since H2 2023 amid elevated inventory pressure, weighing on household home purchase intention, consumption confidence and local government finances. China has eased property ...

ab 26 August 2024 Global Research and Evidence Lab US Equity Strategy Earnings Brief 2Q24: August 26 NVDA (6.6% of S&P 500 market cap) reports earnings on Wednesday. EPS is expected to grow 137% (vs. 462% in 1Q24, and expectations of 76% in 3Q24). Reported earnings have beaten estimates for the past 5 quarters. 90.2% of the S&P 500's market cap has reported. 2Q expectations are for revenues to grow 5.1% and EPS by 11.3%. Growth among groups varies significantly, as shown in the table below (a blend of conse ...