12 August 2024 | 1:24PM KST 2131d4eaf4cb4d50b1d51c8af07b64b4 Samsung Electro-Mechanics (009150.KS): MLCC peers' CY2Q24 results read-across; solid MLCC outlook supporting our positive view In this note, we provide read-across of CY2Q24 results of 4 MLCC peers (Murata, Taiyo Yuden, Yageo, and TDK) to our covered Korean MLCC player, Samsung Electro-Mechanics (SEMCO). We believe the read-across from the peers' results were generally positive due to: 1) most of the peers guiding MLCC revenue to sequentially grow ...

12 August 2024 | 9:28AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 Jahez International (9526.SE): 1H24: Revenue growth slightly below GSe but new verticals weigh on margins Jahez reported 1H24 results with revenue of SR1.02bn (+22% yoy), 2% below GSe. 1H24 net income came in at SR43mn down 26% yoy, 31% below GSe. There are limited number of consensus estimates. Revenue growth of 22% yoy was driven by 30% increase in total number of orders (to 50.1mn), and higher AOV, which increased to SR61.5 from SR60.4 in 1H23. ...

12 August 2024 | 9:49AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 Parkin Co. (PARKIN.DU): 2Q24 First Take Parkin reported 2Q24 results on August 12th pre-market open. Revenues for 2Q24 came in at AED206mn, +3%/-2% vs. GSe/Eikon consensus, up +12% yoy driven by higher revenues from public parking (+7% yoy), developer parking (+7% yoy), seasonal permits (+15% yoy) and fines (+27% yoy). EBITDA of AED134mn came ahead of our estimates and consensus, reflecting a c.65% margin for the quarter driven by revenue growth a ...

12 August 2024 | 8:29AM BST 2131d4eaf4cb4d50b1d51c8af07b64b4 GS UK Today: Encore: Sell Harbour Energy | Copper | UK Inflation & Labour Market Preview | Global Economics Encore: Sell Harbour Energy Harbour Energy – mixed results – Harbour Energy reported mixed 1H24 results with revenue at $1,916mn (in line with GSe) and EBITDAX at $1,216mn, 16% below GSe. We decrease our cash flow generation for Harbour Energy in the coming years, and remain Sell rated with our thesis being driven by: 1) Harbour has the high ...

12 August 2024 | 2:31AM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 Halozyme Therapeutics Inc. (HALO): What is the potential upside on pending launches, new partnerships? HALO's revenue and cash flows are primarily (and increasingly) driven by royalty revenues on Enhanze partnered products, which offer predictable and high margin growth, consistent with management guidance through 2028. However, we frequently field questions on where there is potential discovery value on this platform, thus we highlight two avenue ...

12 August 2024 | 1:48PM AEST 2131d4eaf4cb4d50b1d51c8af07b64b4 Helia Group (HLI.AX): 1H24 results preview — focus on claims environment and capital management; Neutral Results date Tuesday, 20 August 2024 Goldman Sachs forecasts Cash earnings: 1H24E underlying cash earnings down -25% pcp to A$102.8 mn. DPS: Interim ordinary DPS of A15¢. What we expect n Request for Proposal (RFP): On 19-Jun, HLI was advised by CBA (for a second time in three years) that it will issue an RFP relating to its Lenders Mortgage I ...

12 August 2024 | 6:30AM BST 2131d4eaf4cb4d50b1d51c8af07b64b4 GS EUROPEAN EXPRESS: Copper | Cellnex | UK Inflation/Labour Market | Global Economics | China PBOC | US Equities | Japan Strategy Click "here" to listen to the Europe Morning Call. In Focus: Copper | Cellnex Copper – eyes on Escondida – Sindicato No.1 (2.4k operators) at Escondida, the largest single mine union in Chile, have not agreed to initial terms presented by BHP, with Government mediation currently underway, according to media reports. BHP ...

12 August 2024 | 8:59AM CEST 2131d4eaf4cb4d50b1d51c8af07b64b4 GS Utilities Daily: 40% of Biden's IRA top manufacturing projects on hold // Ørsted partnership to develop 1GW battery storage across US Alberto Gandolfi +39(02)8022-0157 | alberto.gandolfi@gs.com Goldman Sachs Bank Europe SE - Milan branch Ajay Patel +44(20)7552-1168 | ajay.patel@gs.com Goldman Sachs International Mafalda Pombeiro +44(20)7552-9425 | mafalda.pombeiro@gs.com Goldman Sachs International Jojo Kwofie +44(20)7774-6526 | jojo.kwofie@gs ...

12 August 2024 | 7:01AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 GCC TMT 1H24 recap: we reiterate our preference for names with attractive FCF outlook and dividend upside Themes in focus for 2H24 Our conversations with investors about the GCC TMT sector remain focused on market growth prospects (consumer/B2B), margin outlook and capital allocation. On the consumer side, we continue to see growth vs. 2023 levels in Saudi/UAE supported by population growth (residents/tourists) on the back of healthy business/econ ...

11 August 2024 | 10:04PM EDT FX in Focus The Yen Carry Trade—A Roadblock to BoJ Hikes, Not Fed Cuts (Fishman/Kanter) n The recent sharp appreciation of the Yen coinciding with a spike in cross-asset volatility has heightened the focus on the "Yen carry trade" and the broader financial market implications from further unwinds. Limited data availability presents a challenge to confidently assessing "how much is left," but substantial holdings among longer-term investors leave room to run. That said, subsequen ...