May 21, 2025 06:15 AM GMT Severn Trent | Europe FY25 Results Beat and Strong Indications for New Regulatory Period Reaction to earnings Unchanged Meaningful upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Key Takeaways Implied FY26 guide operationally in line. We take the moving parts of Y/Y guidance to deduce a FY26 implied guide that is operationally in line with Bloomberg consensus median (Adjusted EBITDA ~£1.3bn). Below EBITD ...

On Tuesday afternoon, Tesla CEO Elon Musk was interviewed at Giga Texas (Austin) by CNBC's David Faber on 'Power Lunch.' Given Musk rarely provides interviews to financial media outlets, we felt it was useful to include what we believe to be some of the more impactful messages (including some direct quotes from the transcript) along with our perspectives for what we believe matters most to Tesla. In the words of Mike Wilson (Morgan Stanley Chief Equity Strategist)... "let's get after it." | M May 21, 2025 0 ...

May 21, 2025 02:20 AM GMT Dicker Data Ltd | Asia Pacific M Update YTD light on profitability + constructive outlook reinforces 2H skew Reaction to earnings Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS 1st look, YTD 4mths reinforces 2H skew and not a complete surprise, but flat YTD EBITDA / PBT still short of 1H25e VA cons at +10% EBITDA / +13% PBT. Outlook: Australia Emerging Companies | Australia | Stock Ra ...

May 21, 2025 06:36 AM GMT Investor Presentation | Asia Pacific China Materials Updates We prefer gold, steel and cement in the near term, and see more opportunities for metals in 2H. | M | | Foundation | | --- | --- | --- | | May 21, 2025 06:36 AM GMT | | | | Investor Presentation Asia Pacific | Morgan Stanley Asia Limited+ Rachel L Zhang | | | | Equity Analyst | | | China Materials Updates | Rachel.Zhang@morganstanley.com | +852 2239-1520 | | | Hannah Yang, CFA | | | | Equity Analyst | | | | Hannah.Yang1@m ...

May 21, 2025 03:26 AM GMT Investor Presentation | Japan Semiconductor Production Equipment: Industry Outlook M Foundation Morgan Stanley MUFG Securities Co., Ltd.+ Tetsuya Wadaki Equity Analyst Tetsuya.Wadaki@morganstanleymufg.com +81 3 6836-8890 Semiconductor Production Equipment Japan Industry View Attractive Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect ...

M Update Japan Summit 2025: Bio CDMO to Drive Profit Growth in F3/27 We held a group meeting at Japan Summit 2025 (with Fujifilm HD CFO Masayuki Higuchi as main speaker). There was great interest from attendees in the healthcare segment (bio CDMO, medical systems). Management noted that although F3/25 results were mixed, it was overall on track to achieve goals in the current medium-term plan, with the OP jump from F3/26 (¥331bn as guidance) to F3/27, the final year (¥360bn), to be driven mainly by healthca ...

May 21, 2025 05:00 AM GMT Vipshop Holdings Ltd: More patience needed for revenue growth to return to positive territory Although Vipshop has witnessed improving consumption demand in April and May vs. 1Q25, it is still too early to expect its revenue growth to return to positive territory in 2Q25. However, VIPS' high shareholder return (12% yield) and low valuation (6.6x 2025e P/E) limit downside, in our view. Play Audio Read more: Vipshop Holdings Ltd: More patience needed for revenue growth to return to p ...

May 21, 2025 06:56 AM GMT FY25 in line, good execution. FY26 guide muted Reaction to earnings Divisionally, as expected, growth was more robust in the Industrial category of Facilities & Maintenance, Mechanical & Fluid Power, PPE & Site Safety (+3% LFL in FY25), while cyclical pressure remains in the electronics correlated categories of A&C and Electrification, Test & Measurement (-2%) and Semis & Passives (inc. SBC), Cables & Connectors (-8%). Regionally, EMEA was stable sequentially at -3% M Update Morgan ...

May 21, 2025 03:07 AM GMT China Utilities | Asia Pacific Takeaways from Energy Transition Trip We hosted a three-day China Energy Transition and Powering AI trip in Beijing and Shanghai, and talked with renewable experts on recent industry trends. Key Takeaways Regarding anti-excessive competition (along the solar value chain) efforts across the industry, Dr Tao (Deputy director from NDRC Energy Research Institute) noted that new and under-construction production capacity is now unlikely to commence operati ...

May 21, 2025 12:51 AM GMT LatAm Energy Tracker | Latin America M Foundation Brazil Oil Production Gaining Momentum Daily production data through early May shows strong growth in Brazil, up 8.5% vs Dec/24 and, year-to-date, 5.7% above the same period of last year. We are confident that our oil production growth forecast for Brazil will be met, and do not rule out upside risks, as new pre-salt platforms ramp-up. Key Takeaways Morgan Stanley does and seeks to do business with companies covered in Morgan Stanle ...