14 Nov 2024 22:02:43 ET │ 29 pages Fund Flow Insights US Continues to Lead in Flows and Performance CITI'S TAKE US$53.2bn inflows into equity funds — In the week ended 13 Nov, bond funds and equity funds attracted US$2.8bn and US$53.2bn, respectively. It's a second week of massive inflows into US ETFs, up to US$52.2bn. Global funds also recorded US$6.8bn of inflows. European funds, however, suffered US$3.1bn of redemptions. MSCI US was the only positive major index during the week, up 1.1%. A strong dollar ...

Summary of Loar Holdings Inc Conference Call Company Overview - **Company**: Loar Holdings Inc (LOAR.N) - **Industry**: Aerospace - **Market Cap**: $7,554 million - **Current Stock Price**: $82.17 (as of November 14, 2024) - **Price Target**: Increased from $75.00 to $89.00 Key Financial Metrics - **2024 Estimated Revenue**: $394 million (previous guidance: $374-$378 million) [doc id='18'] - **2024 Estimated Adjusted EBITDA**: $143 million (previous guidance: $134-$136 million) [doc id='18'] - **2024 Estimated Adjusted EPS**: $0.37 (previous guidance: $0.44-$0.46) [doc id='18'] - **2025 Estimated Revenue**: $470-$480 million [doc id='20'] - **2025 Estimated Adjusted EBITDA**: $176-$180 million [doc id='20'] - **2025 Estimated Adjusted EPS**: $0.45-$0.50 [doc id='20'] - **2026 Estimated Adjusted EBITDA**: $212 million [doc id='13'] Growth Strategy - **Execution of Growth Strategy**: Loar continues to execute on both organic and inorganic growth strategies, with a focus on mergers and acquisitions (M&A) [doc id='2'][doc id='3'] - **M&A Activity**: Management has closed 17 acquisitions over the last 13 years, targeting companies with valuable intellectual property and strong customer relationships [doc id='17'] - **Incremental M&A Contribution**: Estimated potential acquired EBITDA of $5 million included in the base case valuation [doc id='13'] Market Performance - **Stock Reaction**: Following the 3Q24 earnings report, LOAR's stock fell approximately 8.1%, which is viewed as overdone given the robust growth across OEM, aftermarket, and defense sectors [doc id='4'] - **Year-over-Year Growth**: - OEM sales increased by 21% - Aftermarket sales increased by 19% - Defense sales increased by 25% [doc id='4'] Future Outlook - **2025 Growth Drivers**: Expected growth in Commercial OEM, aftermarket, and defense sectors, with high single-digit to double-digit growth rates anticipated [doc id='20][doc id='19'] - **Free Cash Flow Conversion**: Management expects free cash flow conversion of over 125% in 2025, assuming no additional acquisitions [doc id='20'] Risks and Considerations - **Interest Expense**: Higher interest expenses from recent acquisitions may impact margins [doc id='16'] - **Regulatory Risks**: Potential regulatory challenges in acquiring PMA parts [doc id='27'] - **Market Conditions**: Weaker than expected market conditions could affect performance [doc id='27'] Valuation Metrics - **EV/EBITDA Multiple**: Maintained at 40x, reflecting a premium compared to peers [doc id='5'] - **Projected EBITDA Margins**: Estimated adjusted EBITDA margin of approximately 39% for 2026 [doc id='13'] Conclusion - **Investment Rating**: Maintained an Equal-weight rating, balancing strong growth potential with current valuation [doc id='11'] - **Price Target Justification**: The price target of $89 is based on projected revenue and EBITDA growth, alongside the potential for future acquisitions [doc id='13']

M Idea Friday Finish – US Economics | North America November 15, 2024 09:13 PM GMT Morgan Stanley & Co. LLC Seth B Carpenter Chief Global Economist Seth.Carpenter@morganstanley.com +1 212 761-0370 Sam D Coffin Economist Sam.Coffin@morganstanley.com +1 212 761-4630 Diego Anzoategui Economist Diego.Anzoategui@morganstanley.com +1 212 761-8573 Lenoy Dujon US/Canada Economist Lenoy.Dujon@morganstanley.com +1 212 761-2779 Heather Berger Economist Heather.Berger@morganstanley.com +1 212 761-2296 The Noise Continu ...

Summary of Xiaomi Corp. (1810.HK) Conference Call Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Industry**: Consumer Electronics and AIoT (Artificial Intelligence of Things) Key Points and Arguments Singles' Day Performance - Xiaomi reported a Gross Merchandise Volume (GMV) of Rmb31.9 billion during the Singles' Day promotion, which is approximately 42% higher year-over-year (yoy) compared to the previous year [9][32] - This GMV represents 79% of Goldman Sachs' estimated revenue for China smartphone and AIoT in Q4 2024, significantly higher than 65% and 62% in Q4 2023 and Q4 2022, respectively [9][32] Smartphone Sales - Xiaomi ranked No.1 in sales volume and No.2 in GMV on JD.com during Singles' Day [10][37] - The Xiaomi 15 series achieved over 1 million shipments faster than the Xiaomi 14 series, with a favorable model mix attracting new users, including 20% from iPhone users [11] - The Xiaomi 15 captured the No.1 position in the Rmb4-6k price segment on JD.com, while the Xiaomi 15 Pro ranked No.6 in the Rmb6k+ segment [11] AIoT and Home Appliances - Xiaomi ranked No.3 in sales volume for air conditioners, No.6 in washing machines, and No.6 in refrigerators during Singles' Day [18] - The GMV for large home appliances grew over 70% yoy, with specific products like dual-drum washing machines and upward airflow ACs exceeding management targets by 4.5x and 3.5x, respectively [18] - Wearables, including Mi Bands and smartwatches, saw significant sales, with Mi Band 9 Pro shipments tripling compared to the previous model [18] Ecosystem and Offline Expansion - Xiaomi achieved No.1 positions in over 60 product categories within its ecosystem, with notable GMV growth in smart lockers, range hoods, and water purifiers [19] - Cumulative GMV at Mi Home stores grew by 109% yoy, indicating a shift in sales mix towards AIoT products [20] - The number of Mi Home stores expanded by approximately 40% yoy to 14,000, with a target of 15,000 by year-end [21] Future Outlook - Xiaomi aims to secure a top 3 position in China's white goods sector, focusing on technology capabilities, quality standards, and consumer-oriented services [30] - The company is rated as a "Buy" with a 12-month target price of HK$30.7, based on a sum-of-the-parts valuation methodology [79] Important but Overlooked Content - The Xiaomi 15 series is expected to have lifecycle sales potentially 18% higher than the Xiaomi 14 series, driven by a 12% higher average selling price (ASP) [21] - The robust growth in AIoT GMV, which accelerated from 21% yoy in Q2 2024 to 32% yoy in Q3 2024, indicates a strong market demand [22] - Xiaomi's strategic focus on premiumization and internet revenue growth is expected to stabilize core gross profit margins despite rising costs [67] This summary encapsulates the critical insights from the conference call, highlighting Xiaomi's strong performance during the Singles' Day promotion, its competitive positioning in the smartphone and AIoT markets, and its strategic initiatives for future growth.

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Summary of Greenbrier Company's Q3 Fiscal 2024 Earnings Conference Call Company Overview - The conference call pertains to the Greenbrier Company, which operates in the railcar manufacturing and repair industry [1]. Core Points and Arguments - The call marks the third quarter of fiscal 2024, indicating the company's ongoing financial performance and strategic direction [1]. - A question and answer session is scheduled following the presentation, allowing analysts to engage with the company's management [1]. - The call is recorded for instant replay, suggesting the importance of the information shared for stakeholders [1]. Other Important Content - Analysts are instructed to limit themselves to one question with a possible follow-up, indicating a structured approach to the Q&A session [1]. - The call is in a listen-only mode until the Q&A begins, which may reflect the company's desire to control the flow of information during the presentation [1].

从mputeX看产业链繁荣度及光模块需求 ...

快速连接的连接器其实非常难做所以这是我觉得对于夜冷这个角度它更多的是对于可以把这些ODM公司的利润率可以大幅的提升以达到我们预估的可能即时采用BioNTech这种模式它也可以做到差不多四到五个点净利这样的一个预判所以推荐上面来说的话 呃服务器厂商还是复联这些那业能里面会有一些很多小公司但是这次我们想讲的就是确实看完之后我们并没有看到特别多的大陆公司进入到这样的一个供应链里面那更多的会是以台西的厂商啊因为我们就说他们确实原来做服务器跟PCI等等都会有先发优势那所以在这里面我们推荐的话以后去选公司我们强烈推荐大家要去选的是有 有美国跟墨西哥这些北美产能的公司因为就我们这次跟一些下游的客户去交流的话其实甚至包括美国大厂来说的话都会倾向于基于供应链安全角度希望产能全部都是在北美所以这个是我们认为其实对大陆公司来说如果要进入这样一个非常好的一个供应链的话需要去干的事情是需要去投北美包括 我们之前推荐一些电力相关的公司也是啊就我们推荐像一个二什么啊那我们重点看好的就是他有北美的产能啊所以这是我们认为未来对一个供应链的一个比较大趋势啊如果对于大陆公司希望去进入这样一个供应链的话那否则的话我们认为 在英伟达这条供应链里面不会 ...

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高盛：富士康：2024年mputex董事长会议要点服务器强劲增长，非业务也表现良好 ...