13 August 2024 | 8:06AM BST Valneva SE (VLS.PA): 2024 First Take: Weak Dukoral sales drive topline miss requiring significant step up to meet guidance Valneva reported 2024 earnings with revenue coming in at €38.1m, 13%/11% below GSe/Company-compiled consensus estimates of €43.8mn/€42.7mn driven by product sales which were 13%/8% below (refer to Exhibit 2 for comparison vs Visible Alpha Consensus Data for individual products). Within this, Ixario sales grew 96% YoY (52% QoQ) and were 6%/24% above GSe/Visibl ...

13 August 2024 | 8:45AM BST 2131d4eaf4cb4d50b1d51c8af07b64b4 UK: June Labour Market—Private Sector Regular Pay in Line with Our Expectations, but Unemployment Rate Comes in Lower BOTTOM LINE: Private sector regular pay growth came in at 5.2% on a three-month year-on-year basis in June, in line with our expectations but slightly above the BoE's August MPR projection. The seasonally adjusted month-on-month pace came in at 0.35%, in line with our forecast and below the 0.50% average pace seen in the first five ...

9 August 2024 | 10:36PM HKT _ Focus Media Information Tech (002027.SZ) 2Q24 Review: Accelerating ad revenue with 5% dividend yield; Buy Buy 0007.SZ 12mPrie Target: Rmb7.50 Prie: Rmb5.78 Upside: 9.8% We maintain our Buy rating on Focus Media while raise our 12-m TP to Rmb7.5 (30% upside) post its strong 2Q24 results (see our note) and mgmt call.The stock has dropped 3% post results despite the headline revenue beat (+10% yoy vs. ÍGSe of +4%, Visible Alpha Consensus of +4%), NI beat (+13% yoy, 9% ahead of GSe ...

12 August 2024 | 2:24AM HKT Angel Yeast (600298.SS): Earnings Review: DD% yoy growth in Jul but mainly on low base; Sequential improvement expected for 2H24 The Company reported 1H24 results on Aug 7th with better-than-feared NI mainly on admin cost savings and government grants while sales broadly in line. The company hosted online briefing on Aug 9, at 10AM HKT, key highlights include: 1) Recent update: In domestic, the company registered strong DD% growth in July but still tracked behind the monthly targ ...

9 August 2024 | 10:25PM SGT _ EM Weekly Fund Flows Monitor All EM Asian markets saw foreign selling this week, led by A-shares and Taiwan; US$18bn outflows since July peak; Not much HF de-grossing in Japan Foreign (FII) flows / positioning n EM Asian region saw selling (-US$6.5bn) across markets this week, led by A-shares (-US$2.1bn) and Taiwan (-US$2bn). Korea (-US$1.2bn), India (-US$1.1bn) and ASEAN (-US$0.1bn) also saw net outflows wow. n EM Asia ex-China has seen little net foreign buying this year afte ...

11 August 2024 | 4:13PM HKT _ China Insurance Framing and quantifying industry responses to lower yields; Buy China Life H, Ping An H/A, NCI H up to Neutral In response to declines in long-term bond yield, the regulator has asked lifers to reduce product pricing rates and improve expense efficiency, in order to stabilize long-term margin. We believe share prices have not reflected the potential benefits of lifers' responses in a lower yield environment. Within, we provide a framework to quantify the negativ ...

China: PBOC reiterated supportive stance and called for refinement of monetary policy framework in Q2 monetary policy report 10 August 2024 | 6:30PM HKT Bottom line: The PBOC maintained an easing bias in its Q2 monetary policy report with more focus on counter-cyclical adjustment to support economic growth and refinement of monetary policy framework. In the statement, the central bank pledged to "create a favorable monetary and financial environment for achieving the full-year economic and social developmen ...

9 August 2024 | 8:07PM HKT China: Q2 2024 BOP data suggest faster capital outflows Bottom line: China's preliminary Balance of Payments (BOP) data showed faster capital outflows in Q2 2024 on the back of more outflows through the direct investment channel and foreigners' selling of RMB assets as well. Current account surplus widened in Q2 from Q1 due entirely to a higher goods trade surplus, and FX reserves decreased in Q2. Main points: 1.The preliminary BOP data show three main categories of China's intern ...

9 August 2024 | 9:47PM HKT Si Fu, Ph.D. +852-2978-0200 | si.fu@gs.com Goldman Sachs (Asia) L.L.C. _ China Weekly Kickstart MXCN gained 2% but A-shares lost 2% amid heightened global market volatility; Export growth missed while import growth beat expectations in July MXCN gained 1.6% but CSI300 lost 1.6% this week when key North Asian equity markets experienced significant volatility. On Aug 3, the State Council released a document on boosting services consumption. On Aug 7, Shenzhen became the 2nd Tier-1 c ...

China's Manufacturing Capacity - Seven global manufacturing industries represent 22% of China's GDP growth[2] - Over 50% of capacity in five sectors operates at zero or negative cash margins[2] - Solar and lithium batteries are closest to reaching a supply/demand inflection point, while electric vehicles and power semiconductors are the furthest[2] Investment Ratings and Relationships - Goldman Sachs has investment ratings on 2,925 equity securities as of July 1, 2024[8] - 48% of ratings are Buy, 35% are Hold, and 17% are Sell[10] - 64% of Buy-rated companies have investment banking relationships with Goldman Sachs, compared to 57% for Hold and 41% for Sell[10] Research and Disclosures - Goldman Sachs' Quantum database provides detailed financial statement histories and forecasts for in-depth analysis[7] - Analysts certify that their views are personal and not influenced by compensation[4] - Research reports are based on public information and are subject to change without prior notification[17]