13 August 2024 | 8:37AM EDT Market Intelligence: US Morning Update Click "here" to listen to the US Morning Call. Stocks in Asia traded higher Tuesday, led by Japan's Nikkei 225 (+3.5%) as it resumed trading after a long weekend. Mainland China's markets also ended higher, despite weak loan in demand in 2Q (see: "China: PBOC Q2 Surveys: Weaker loan demand; more willingness to spend on travel; muted house price expectations"). Australia's ASX also eked out a minor gain on the back of rebounding business surv ...

14 August 2024 | 12:28AM BST 2131d4eaf4cb4d50b1d51c8af07b64b4 Carlsberg (CARLb.CO): First Take: Solid organic EBIT growth in H1 despite A&P step-up; guidance raised Carlsberg reported strong H1 organic EBIT growth at +4.6%, in-line with company-compiled consensus. Group reported a strong +160bps gross margin expansion to 46.3% (vs Visible Alpha Consensus Data 45.6%) allowing it to increase marketing spend by 20% y/y. CEE&I grew EBIT organically by +14.1% (vs +6.4% cons), while Asia increased by +5.3% (vs +5 ...

13 August 2024 | 10:19PM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 China Banks Gov. bonds supported July TSF, lowering both bank asset yields and capital consumption The July TSF data suggests strong government credit demand but weak corporate and retail. This trend has not changed since 2H23, but we highlight: 1) Slower growth of both loans and deposits. New loans to the real economy came in at Rmb -0.08tn, with new corporate and retail deposits coming in at Rmb -0.8tn in July 2024. 2) Further diverging yoy gro ...

13 August 2024 | 8:01PM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 CAE Inc. (CAE.TO): F1Q25 First Take: mixed results Bottom Line: CAE F1Q25 results are mixed. Revenue beat FactSet consensus by 2% in each business segment, but total segment EBIT is below on a softer Civil margin. The utilization rate in Civil remains high, and its book-to-bill was 1.31X in the quarter as demand remains strong. Defense posted its highest margin in over a year and owns 50% of a JV that booked a 25-year contract worth $11bn. The com ...

13 August 2024 | 7:40PM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 CEEMEA Chemicals Names with growth optionality to outperform 2H24 outlook: remain selective in the space Following 2Q24 results, we update our numbers to incorporate the latest financial/operational metrics from the quarter. We see the combination of elevated feedstock costs and high freight cost weighing on margins in 2H24, while a focus on operational efficiency and volume improvement along with higher ethane/methane availability in 4Q could sup ...

Global Investment Research Australia Energy Monthly August 2024 Table of contents 2 3 . 1. . ( • . | --- | |------------------------------| | Key updates | | Coverage summary | | Company production summaries | | Commodity prices & FX | | | Oceania LNG exports Western Australia gas production Western Australia gas consumption Eastern Australia gas production Eastern Australia key energy flows New Zealand gas production Australia liquid fuel New Zealand liquid fuel Offshore activity map 4-12 13-14 15 16-17 18 ...

13 August 2024 | 8:32AM EDT Brazil: Strong Services Activity in June (Ramos) Bottom Line: Services activity firmed in June, well above consensus for an already strong rebound from May. The strength of services activity in June was broad-based across the 5 main categories. On a quarterly basis services activity expanded to 0.7% goq sa (2.0% yoy) during 2Q24. The carry-over for 3Q2024 is at 1.0% and for 2024 at 2.0%. Going forward, we expect services activity to benefit from continued strong fiscal stimulus ( ...

13 August 2024 | 11:36PM JST Asics Corp. (7936.T) kuy Earnings Review: In line with recent quidance raise; July sales strong, order outlook robust, share buyback announced; Buy (on CL) 7936.T 1 2m Price Target: V3,100 Price: V2,324 Upside: 33.4% Results summary: 1H12/24 operating profits of ¥59.0 bn (+76%/+¥25.4 bn yoy) announced after the close on August 13, were in line with our 1H forecast (¥61.0 bn), which we had revised following the company's full-year guidance raise (from ¥58.0 bn to ¥95.0 bn) on Jul ...

13 August 2024 | 8:42AM EDT Boundless Bio Inc. (BOLD): 2024 Update: Proof of Concept data for both '355 and '825 now expected in 2H25. With measures, cash Boundless Bio reported 2024 financial results including program updates. With lead asset BBI-355 (CHK1 inhibitor), management stated that in the Phase 1/2 POTENTIATE trial thus far, no safety signals have been observed including importantly, no evidence of toxicities in the combination dose escalation cohorts. The pace of enrollment in the study, however, ...

13 August 2024 | 9:54PM SGT Bangkok Dusit Medical Services (BDMS.BK); 2024 in-line: Topline growth at +7% but margins weaker YoY; Buy BDMS's 2Q24 EPS of Bt0.21 was +9% YoY and in line with GSe/IBES forecasts. Revenue growth of +7% YoY was healthy, with Thai patient contribution +5% YoY and international patients +11 % YoY, in line with earlier guidance. However, EBITDA margin of 22.1% in 2024 was weaker YoY, with 6M24 of 23.6% below full-year guidance of 24-25% and our 25% forecast, which we believe is part ...