12 August 2024 | 9:48AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 GCC Energy Limited upside for Saudi drillers, prefer higher visibility for ADNOC Drilling Remain Neutral-rated on Saudi drillers Into 3Q, we expect Arabian Drilling's (ADC) top line to marginally grow on a further ramp-up of unconventional rigs, partially offset by lower offshore contribution following suspensions which we see weighing slightly on margins. For ADES, we expect broadly stable top-line/EBITDA performance, partially supported by the c ...

11 August 2024 | 10:46PM EDT Sell 2131d4eaf4cb4d50b1d51c8af07b64b4 Funko Inc. (FNKO) Earnings Review: Key takes coming out of 2Q24 results FNKO 12m Price Target: $6.50 Price: $9.62 Downside: 32.4% Funko reported 2Q24 results that came in above the company's 2Q24 guidance and Visible Alpha Consensus Data expectations. Results featured a beat to Revenues ($284M vs. consensus of $231M), Adjusted EBITDA ($28M vs consensus $12M), and Adjusted Diluted EPS estimates ($0.10 vs consensus -$0.13). The beat to Revenue ...

12 August 2024 | 10:17AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 BinDawood Holding (4161.SE): 2Q24 First Take: Beat vs GSe/consensus driven by stronger-than-expected margins BinDawood Holding reported preliminary 2Q24 revenue of SR1.42bn (+0.4% yoy), c.1%/2% below GSe/Reuters consensus. Net income came in at SR75mn, up c.14% yoy, c.23%/24% above GSe/consensus. Net margin came in at 5.3%, up c.65bp yoy and c.100bp above GSe/consensus. n Revenue was up 0.4% yoy, supported by improved product mix, increased engag ...

11 August 2024 | 10:08PM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 Credicorp (BAP): Key takeaways from 2Q24 conference call - Lower 2024 loan growth guidance 2024 ROE guidance of ~17% reaffirmed Management hosted its conference call post 2Q24 results and provided updated 2024 guidance. Credicorp revised 2024 loan growth guidance down to 1-3%, from 3-5%, given weaker loan growth in 1H24 and increased caution on asset quality. Indeed, the company now expects the upper range of its cost of risk guidance, largely du ...

12 August 2024 | 11:21AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 Roman Reshetnev +971(4)376-3423 | roman.reshetnev@gs.com Goldman Sachs International James Tate +44(20)7774-3705 | james.tate@gs.com Goldman Sachs International Stefani Spasenoska +44(20)7774-6569 | stefani.spasenoska@gs.com Goldman Sachs International Stroeer: 2Q24 results review: Strong OOH performance largely offset by ASAM Beauty weakness; PT unchanged Stroeer delivered solid 2Q24 results, with group revenues broadly in line with expectations ...

12 August 2024 | 1:51PM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 China Consumer Staples Cost Index Tracker: Jul 2024: Further cost downtrend for soy sauce/dairy/beer, sequential inflation in meat In the monthly tracker, we track 40+ raw material price trends (including agriculture goods and packaging materials), and update our GS proprietary cost index for 6 different staple sub-sectors (beer, condiments, dairy, beverages, prepared food, pet food). We also conduct a theoretical cost impact analysis for 2024 for ...

12 August 2024 | 12:16PM CST 2131d4eaf4cb4d50b1d51c8af07b64b4 China Healthcare: July 2024 China hospital equipment bidding: Gradual improvement rather than an inflection We continue to track the procurement value of main medical devices in China, including patient monitors, ultrasound, endoscope, CT scanners, MRI, PET-CT, and digital radiography (DR). We note that July's month-on-month numbers were positive for 5 out of the 7 devices we track at 50%/17%/13%/9%/5% m/m growth for PET-CT/DR/ultrasound/endoscop ...

12 August 2024 | 1:01AM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 Bancolombia (CIB): Key takeaways from 2Q24 conference call - More constructive on macro scenario, but pressure from lower rates remains ROE relatively stable in 2025 Bancolombia hosted its conference call post 2Q24 results, giving more color on the outlook for net interest margin and profitability through 2025. Even though management is more constructive regarding economic activity, it still expects NIM to contract 30bps in 2025, following the exp ...

12 August 2024 | 12:01AM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 Americas Retail: Specialty Hardlines: Takeaways from IR/Management; DG vs. Family Dollar pricing; Home furnishings In this note, we discuss key takeaways from meetings with the IR/management team of COST, DRVN, EYE, MODG, TCS, and VVV. We also detail findings from our visit to DG and Family Dollar on 8/2/24 to compare prices. Additionally, we provide read-throughs to our coverage from home furnishings earnings (ARHS, ETD, and W). Takeaways from I ...

11 August 2024 | 11:06PM BRT 2131d4eaf4cb4d50b1d51c8af07b64b4 Brazil Protein: 2Q24 earnings season warm-up; Buy JBS We expect JBS and BRF to report solid earnings, as both of them leverage their exposure to buoyant global chicken markets. We reiterate our Buy-rating and relative preference for JBS, as we see higher upside risks to consensus expectations, a cheaper valuation, more limited short-term risks, and a more diversified business mix. n We see a positive asymmetry on JBS shares ahead of earnings. Our ...