May 21, 2025 03:30 AM GMT European Banks | Europe Raising the industry view to Attractive With risks to European growth receding, we gain conviction that yield steepening will hold and NII growth will resume in 2026. We raise our estimates and now see 10% EPS CAGR 2024-27, which on 9x P/E is not priced in. We raise our industry view to Attractive. Our strategists also raise to Overweight. Gaining conviction on the curve. Post US-China de-escalation we believe risks to European growth have receded (see our E ...

(-) Hotel RevPARs grew 1% YoY, slower than we expected, due to a 17% decline in Singapore. (-) Offer to privatize Millennium & Copthorne Hotels New Zealand ended with CDL growing its stake from 76% to 84%, below the 90% threshold for compulsory acquisition. CDL will not make another takeover offer for at least nine months from April 22, 2025. | M May 21, 2025 03:21 AM GMT | | Update | | --- | --- | --- | | City Developments Asia Pacific | Morgan Stanley Asia (Singapore) Pte.+ Wilson W Ng, CFA | | | | Equity ...

Play Audio Read more: Nipro: New Mid-term Plan: Will Nipro Achieve Dynamic Capex Allocation? (20 May 2025) May 21, 2025 02:00 AM GMT Sound Bites | Japan M Update Nipro: New Mid-term Plan: Will Nipro Achieve Dynamic Capex Allocation? Industry View In-Line The capex plan is our particular focus among the many KPIs. Although management has rejigged the balance of capex among businesses, we think investors may have preferred a plan for an overall clear capex reduction. Morgan Stanley MUFG Securities Co., Ltd.+ ...

May 21, 2025 01:07 AM GMT TDK (6762) | Japan Japan Summit 2025: Sales of High Value-added Rechargeable Batteries Likely to Continue Increasing 3 key points from the group meeting with TDK were as follows. (1) TDK's base scenario F3/26 OP guidance of ¥225.0bn is a slight increase from ¥224.2bn in F3/25, assuming FX of ¥140/$. Of the four segments, passive components, sensors, and magnetics are expected to record profit growth, while energy, mainly rechargeable batteries, is expected to decline. (2) The firm' ...

Investment Rating - The investment rating for Ithaca Energy PLC is Equal-weight with a price target of 141p, while the current share price is 129p [7]. Core Insights - Ithaca Energy reported a 14% beat in 1Q25 EBITDAX, with adjusted EBITDAX of $653.2 million compared to consensus of $574.6 million, primarily driven by production performance and low operating expenses [3][10]. - The company achieved a strong production performance in 1Q25, averaging approximately 127.4 kboe/d, which is about 10% above consensus estimates [4][10]. - Cash flow from operations (CFFO) before working capital changes was $625.2 million, exceeding consensus by 3%, while free cash flow (FCF) was 11% higher than expected at $451.2 million [5][10]. - Ithaca's net debt at the end of 1Q25 was $792.4 million, a decline from $884.9 million at the end of 4Q24, despite a negative underlift impact of approximately $160 million [6][10]. - The company maintained its 2025 production guidance of 105-115 kboe/d, with updates reflecting the impact of an additional stake in the Cygnus field [11][12]. Summary by Sections Financial Performance - 1Q25 EBITDAX was $653.2 million, 14% above consensus [3]. - Average production in 1Q25 was ~127.4 kboe/d, 10% above consensus [4]. - CFFO before working capital changes was $625.2 million, 3% above consensus [5]. Debt and Cash Flow - Adjusted net debt at the end of 1Q was $792.4 million, down from $884.9 million [6]. - FCF ex working capital changes was $451.2 million, 11% higher than consensus [5]. Guidance and Future Outlook - 2025 production guidance maintained at 105-115 kboe/d, with updates due to the Cygnus field stake [11]. - Potential exit rate for 2025 is highlighted at ~135 kboe/d, including contributions from recent acquisitions [12].

May 21, 2025 07:03 AM GMT Arclands (9842) | Japan Risk Reward Update What's Changed | Arclands (9842.T) | From | To | | --- | --- | --- | | Price Target | ¥1,500 | ¥1,700 | | Bull Case | ¥4,100 | ¥4,400 | | Base Case | ¥1,500 | ¥1,700 | | Updated Components | | | | EPS | | | | Investment Thesis | | | | Bull Base Bear Scenarios | | | | Investment Drivers | | | Risk Reward for Arclands (9842.T) has been updated Reason for change We revise our estimates after reviewing F2/25 results. | M | | | | | | --- | --- ...

Investment Rating - The investment rating for Kawasaki Heavy Industries is Underweight [3][56]. Core Insights - There is a high interest in the defense-related business, with substantial increases in orders and improving margins due to a rise in the government defense budget. The operating profit margin (OPM) for the defense business improved from 3-4% in the past to 6% in F3/25, with expectations of reaching 7-8% in F3/26. The company targets sales revenue of ¥500-700 billion in F3/31 [1][3]. - In the rolling stock business, margins remain low, and capacity utilization in domestic and Asian markets is also low. The company is exploring various strategic options for business restructuring despite perceptions of a passive approach [1]. Summary by Sections Investment Rating - Stock Rating: Underweight [3]. - Price Target: ¥5,100 [3]. - Current Share Price (as of May 20, 2025): ¥8,732 [3]. Business Performance - Defense business OPM improved to 6% in F3/25, with expectations of 7-8% in F3/26 [1]. - Sales revenue target for defense business is ¥500-700 billion in F3/31 [1]. - Rolling stock business faces low margins and capacity utilization [1].

May 21, 2025 02:09 AM GMT The Kraft Heinz Co | North America Packaged Foods | United States of America | Stock Rating | Underweight | | --- | --- | | Industry View | In-Line | | Price target | $28.00 | | Shr price, close (May 20, 2025) | $27.90 | | Mkt cap, curr (mm) | $33,131 | | 52-Week Range | $36.53-27.14 | 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 ...

May 21, 2025 06:58 AM GMT Intermediate Capital Group PLC | Europe Strengthens our thesis Meaningful upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Solid third-party business performance. FMC revenues were ~5-6% better vs. Cons/Ms with mgmt fees ~3% ahead with main delta coming from catch-up fees of £62m vs. MS at £45m. Performance fees at £86m were also significantly ah ...

May 21, 2025 06:15 AM GMT SSE | Europe FY25 Results Bring Capex Cut Reaction to earnings Strengthens our thesis In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research We expect a positive reaction to SSE's solid FY25 results release, with capex cut a key positive, notwithstanding strong recent performance from April 9th lows. We interpret divisional guidance as giving operating profit & EPS marg ...