13 August 2024 | 4:05PM EDT UroGen Pharma (URGN): 2024 Recap: Jelmyto sales flat; operating expenses edge higher ahead of NDA completion Jelmyto sales flat y/y as focus remains on completing the rolling NDA submission for UGN-102. URGN reported its 2Q24 results with topline sales of Jelmyto coming in at $21.8mn, in-line with our estimates of $22mn but below Visible Alpha Consensus Data of $23.5mn. The company said its commercial asset faced some headwinds related to 340B and other Medicaid/Medicare discount ...

13 August 2024 | 9:39AM EDT USA: Core Producer Prices Soft on Net in July; Lowering July Core PCE Tracking to +0.14% BOTTOM LINE: The producer price index (PPI) increased by somewhat less than expected in July. Relative to expectations, core producer price inflation was soft on net, with the PPI excluding food and energy remaining unchanged (vs. consensus) +0.2%) and the PPI excluding food, energy, and trade services increasing 0.3% (vs. consensus +0.2%). Based on details in the PPI report, we now estimate ...

13 August 2024 | 9:16PM SGT UOL Group (UTOS.SI): 1H24 slightly below: Executing on divestment and asset enhancement initiatives despite weaker resi; Buy UOL reported 1H24 core Patmi of S$143m, +8% YoY and slightly below at 39%/43% of GSe/IBES consensus. Revenue was -7% YoY with lower residential sales partially offset by higher investment and hotel revenue, and EBITDA +3% on higher contribution from commercial/hotel segments. While residential sales and contribution remain weak, commercial portfolio saw str ...

13 August 2024 | 4:56PM CEST eutra Thyssenkrupp Nucera (NCH2.DE) A quarter of strong delivery, but lack of visibility on new green hydrogen orders weighs on forecasts NCH2.DE 12m Price Target: €10.50 Price: €8.48 Upside: 23.9% Thyssenkrupp Nucera reported 3Q24 results this morning (August 13th), with total revenue of €235.7mn, in line with the preliminary results, its highest quarterly revenue recorded thanks to the ongoing implementation of the CA and AWE projects, and positive operating income of €0.8mn t ...

13 August 2024 | 5:50PM BRT eutra TOTVS SA (TOTS3.SA) Updating Estimates Post-2024 TOTS3.SA 12m Price Target: R$34.00 Price: R$29.50 Upside: 15.3% We update our estimates to factor in the mostly-in-line 2Q24 results as well as updated macroeconomic assumptions. All in, we raise our 12-month price target to BRL34.00/share (up from BRL33.00) mainly on lower cost of capital, and maintain our Neutral rating. Overall, the solid ARR trends in 2Q corroborate the constructive view on revenue-growth drivers we prese ...

13 August 2024 | 8:34PM JST Ulvac (6728.T) Buy Earnings Review: 40 above expectations; mixed business environment for FY6/25, but management says medium-term plan targets within reach; Buy 6728.T 12m Price Target: ¥12,000 Price: V8,249 Upside: 45.5% 4Q above expectations; FY6/25 guidance also cleared market expectations 4Q6/24 operating profits of ¥9.4 bn, reported after the August 13 close, were well above our estimate of ¥7.3 bn, guidance of ¥2.6 bn, and the Bloomberg consensus of around ¥5.5 bn. 4Q order ...

13 August 2024 | 6:25PM HKT Tencent Music Entertainment Group (TME): First take: 2024 in-line, healthy music growth and record high GPM of 42%; Buy Tencent Music (TME) reported 2024 revenue largely inline (-2% yoy, -1% vs. GSe/-0% vs. Visible Alpha Consensus), non-GAAP operating profit beat (+39% yoy, +7% vs. GSe) and adj. net profit slight beat (+22% yoy, +2% vs. GSe/+3% vs. Consensus). Lincoln Kong, CFA +852-2978-6603 | lincoln.kong@gs.com Goldman Sachs (Asia) L.L.C. Ronald Keung, CFA +852-2978-0856 | ron ...

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14 August 2024 | 7:25AM HKT The 720: Sea Ltd, Taiwan ODM, Asics, TME, Wanhua, China TSF, Global Market Views In Focus | Sea Ltd Sea Ltd - Better growth outlook & clarity on breakeven timeline - Buy. While Sea delivered a strong set of 2024 results overall, we believe the positive stock reaction (up c.10% intraday) largely came from the upward revision in FY24 GMV growth guidance to mid-20% with Shopee to return to EBITDA positive from 3Q24 (vs prior guidance: GMV growth at high teens, breakeven in 2H24). In ...

14 August 2024 | 1:10AM HKT ASUS 2024 is also supported by one-off license fees Taiwan ODM: Al server timeframe re-calibrating adds uncertainties in 2H24; general servers and PCs in recovery; 2Q24 / July review We spoke with the Taiwan ODM and Al servers supply chain post 2Q24 results and, overall, the supply chain turns more conservative on Al servers business in 2H24 considering the Al server model revisions, which could prolong the time of launch and add uncertainty to clients' reaction (whether to add o ...