May 23, 2025 07:34 AM GMT India Consumer | Asia Pacific 4QF25 Paints: Update on competition Key Takeaways 4QF25 conference call takeaways from Grasim (GRAS.NS, covered by Rahul Gupta) on its paints business. | M | | | | --- | --- | --- | | | | Update | | May 23, 2025 07:34 AM GMT | | | | | Morgan Stanley India Company Private Limited+ | | | India Consumer Asia Pacific | Sheela Rathi | | | | Equity Analyst | | | 4QF25 Paints: Update on | Sheela.Rathi@morganstanley.com | +91 22 6118-2224 | | | Archana Menon, ...

May 23, 2025 03:55 AM GMT Managed Care | North America Underscoring the PBM Value Proposition: A Look at Recent LLY/NVO GLP-1 Benefit Offerings; Policy Dynamics Leveraging the PBM Toolkit: Yesterday, CI announced its Evernorth business will offer an enhanced benefit offering for GLP-1s, in its pursuit to further bend the drug cost curve and address key pain points for many of its customers. We discussed the latest offerings with CI, and there are two key components: (1) According to the company, CI has nego ...

May 23, 2025 04:01 AM GMT Embodied AI | North America AI Robotics Disruptors: Skild AI A key bottleneck for scaling AI in robotics is a lack of data. You need vision data to train a vision language action (VLA) model. Chatbots train on internet data. Can robots learn by watching YouTube? We profile Skild AI, a startup building general-purpose robotics models leveraging human videos. At a recent dinner party in Rome, I learned how to tie a bow tie by watching a YouTube video (I had to practice a few times be ...

Investment Rating - The biotechnology industry in North America is rated as Attractive [4]. Core Insights - Initial Phase I/II data for Genmab's Rinatabart sesutecan (Rina-S) in advanced endometrial cancer shows an unconfirmed overall response rate (ORR) of 50% for the 100 mg/m² dosing cohort and approximately 45% for the 120 mg/m² cohort, indicating competitive efficacy [3][6]. - Legend Biotech's Carvykti demonstrates promising outcomes in high-risk multiple myeloma (MM) with a median progression-free survival (mPFS) of 13 months compared to 4 months for standard of care [12]. - The pipeline updates for DLL3 and Claudin 18.2 programs from Legend Biotech show early efficacy signals, warranting further observation [6]. Summary by Relevant Sections Genmab (GMAB) - The report highlights initial data from the GTC1184-01 study, focusing on Rina-S for advanced endometrial cancer, with a median follow-up of approximately 19 weeks [3]. - The safety profile indicates that over 15% of patients required dose reductions, with one Grade 5 event noted [3][7]. - The efficacy signal is considered strong when compared to Merck's TROP2 ADC, which had an ORR of about 34% [3][7]. Legend Biotech (LEGN) - The CART-4 subgroup analysis shows promising outcomes in high-risk MM, with 5-year CART-1 data indicating a functional cure in about one-third of patients [6]. - The ongoing Phase I study of LB2102 in relapsed or refractory small cell lung cancer (SCLC) shows strong tolerability and initial signs of dose-dependent efficacy [10]. - Preliminary results from LB1908 in advanced gastroesophageal adenocarcinoma indicate tumor reductions of 1% to 41% in treated patients [11]. Overall Industry Insights - The report anticipates limited stock impact for both Genmab and Legend Biotech from the ASCO abstracts, with further details expected from full presentations [6]. - The biotechnology sector is viewed positively, with expectations for continued advancements and potential market opportunities [4].

May 23, 2025 05:42 AM GMT Sound Bites | Asia Pacific Kanzhun Ltd: Improving Recruitment Demand, High Earnings Visibility With improving recruitment demand in April-May and limited Industry View Attractive tariff impact, we expect BZ's cash billing growth to accelerate from 2Q25. Also, improving operating efficiency and cost control are likely to lead to earnings upside in 2025. Stay OW. Play Audio Read more: Kanzhun Ltd: Improving Recruitment Demand, High Earnings Visibility (22 May 2025) Kanzhun Ltd: 1Q25 ...

F3/28 OP target ¥140.0bn (F3/25 result: ¥98.9 billion): Tosoh released a new medium-term management plan for F3/26-28 on May 23 at 9:30 JST. The previous MTP had targeted OP of ¥150bn for F3/25, but the actual result fell short at ¥98.9bn. Although the engineering business exceeded target, the chlor-alkali and specialty products businesses fell significantly short . The OP target for the final year of the MTP is ¥140bn (F3/26 OP guidance: ¥108bn). Tosoh plans to expand earnings in cutting-edge businesses, s ...

May 23, 2025 06:26 AM GMT M Update Corporate Travel Management Limited | Asia Pacific Risk Reward Update | What's Changed | | | | --- | --- | --- | | Corporate Travel Management Limited (CTD.AX) | From | To | | Price Target | A$11.80 | A$12.50 | | Base Case | A$11.80 | A$12.50 | | Updated Components | | | | EPS | | | | Bull Base Bear Scenarios | | | Risk Reward for Corporate Travel Management Limited (CTD.AX) has been updated Reason for change When CTD cut guidance in early May, we felt the change in trajec ...

Investment Rating - Industry View: In-Line [6] Core Insights - The TLFI (Truck Load Freight Index) has shown a significant positive inflection, marking the fourth consecutive outperformance driven primarily by demand strength, with the supply component also contributing [3][4] - The demand component increased approximately 1,490 basis points compared to its average decrease of around 50 basis points, while the supply component decreased about 430 basis points compared to its average increase of approximately 170 basis points [8] - The MS TLQURE model predicts truck rates to rise to $1.74 in six months and $1.81 in twelve months, with bull and bear case predictions of $2.17 and $1.39 in six months, respectively [2][26] Summary by Sections TLFI Performance - The TLFI has outperformed typical seasonality, with the largest gap above long-term averages observed in 2025 [3] - The Reefer index has also outperformed, while the Flatbed index decreased sequentially but reversed to outperform for the first time in three updates [3][8] Demand and Supply Dynamics - Demand strength is the primary driver of the recent outperformance, with a notable increase in spot rates [3] - The interim China tariff rollback is seen as an opportunity for companies to build inventory, contributing to the current demand surge [3] Market Predictions - The MS TLQURE model forecasts an increase in spot rates over the next six and twelve months, indicating a positive outlook for the trucking industry [2][26] - The sentiment survey indicates a mixed outlook, with 10% of respondents viewing demand as strong, 59% neutral, and 31% weak [138]

May 21, 2025 05:26 AM GMT Regulated Utilities | North America AGA Conference Day 3: Key Takeaways On day 3 of AGA, we hosted meetings with the following utility management teams: CNP, AEE, NJR. We highlight takeaways in this note. We highlight takeaways from day 3 of the American Gas Association (AGA) Conference below. Ameren (AEE - EW): Conversations with data centers remain highly active. The company filed its data center tariff proposal in MO last week, aiming to ensure these new large loads are neutral ...

Comparable trading multiples, including: P/E, Adj. P/FCF, EV/Unlevered FCF, EV/ EBITDA, Div. Yield. Separate valuations for Large Cap Media, Internet Media, Mid-Cap Advertising/ Film/Entertainment/Sport, Cable/Satellite, and Communications Infrastructure. Sub-industries historical performance metrics, including: 1 Week, 1 Mo, 3 Mo, 12 Mo, 3 Year YTD. | Morgan Stanley & Co. LLC | | | --- | --- | | Benjamin Swinburne, CFA | | | Equity Analyst | | | Benjamin.Swinburne@morganstanley.com | +1 212 761-7527 | | Th ...