Summary of Greater China Banks Daily - 12 December 2024 Industry Overview - The report focuses on the banking sector in Greater China, particularly the performance and outlook of various banks amidst macroeconomic conditions and regulatory changes. Key Points 1. **Market Performance**: - Since late October, the MSCI China index has seen a 13% correction, while the MSCI China banks index only declined by 1.4%. Year-to-date, China banks have rallied by 42%, outperforming the broader market which increased by 22% [7][11][37]. 2. **Investor Sentiment**: - Approximately 60-70% of investors surveyed were long-only investors, with a strong interest in the banking sector. Investors are closely monitoring macroeconomic developments and potential fiscal stimulus measures [7][11]. 3. **Monetary Policy Outlook**: - The People's Bank of China (PBOC) has reiterated a stable yuan policy, despite reports suggesting a potential depreciation to 7.5 per dollar to boost exports. The PBOC cites improving economic fundamentals and increased foreign exchange settlements as reasons for stability [11][37]. 4. **Regulatory Changes**: - Wealth management companies are required to rectify self-built valuation models to comply with regulations, ensuring that net asset values reflect true underlying asset prices [12][37]. 5. **Cost-Saving Initiatives**: - HSBC is targeting US$3 billion in cost savings through global restructuring, representing a 10% reduction in expenses [13][37]. 6. **Valuation and Performance Metrics**: - The report includes a valuation summary for various banks, highlighting price targets, implied upside, and dividend yields. For instance, CMB (3968.HK) has a price target of 45.50 with a 19% implied upside and a 5.4% dividend yield [15][37]. 7. **Risks to the Banking Sector**: - Major risks identified include deterioration in asset quality due to a weaker macro environment, regulatory risks, and potential pressure on profitability from interest rate liberalization [37]. 8. **Future Outlook**: - The banking sector is expected to continue strong performance in the remainder of the year, supported by proactive policy measures. However, 2025 presents uncertainties, with expectations of moderate improvement in bank fundamentals [7][11]. Additional Insights - The report emphasizes the importance of monitoring macroeconomic indicators and regulatory changes as they significantly impact the banking sector's performance and investor sentiment [7][11][37]. This summary encapsulates the critical insights from the Greater China Banks Daily, providing a comprehensive overview of the current state and outlook of the banking industry in the region.

Welcome to Booking Holdings third quarter 2024 conference call. Booking Holdings would like to remind everyone that this call may contain forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guaranteed of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual results may differ materially from these express ...

Summary of BOCS Q3 Fiscal 2025 Earnings Conference Call Company Overview - **Company**: BOCS - **Quarter**: Third Quarter of Fiscal 2025 - **Key Executives Present**: Cynthia Hipponia (VP of Investor Relations), Aaron Levy (Co-founder and CEO), Dylan Smith (Co-founder and CFO) Core Industry and Company Insights - **Industry**: Intelligent Content Management and Cloud Services - **Focus**: Embedding AI into the platform to enhance operational efficiency and customer engagement Key Financial Metrics - **Revenue**: $276 million, up 5% year-over-year, and 6% in constant currency [9] - **Operating Margin**: Record operating margin of 29%, up 440 basis points from the previous year [3] - **Gross Margin**: Record gross margin of 81.9%, up 560 basis points year-over-year [10] - **Net Retention Rate**: 102%, consistent with previous quarters [9] - **Remaining Performance Obligations (RPO)**: $1.3 billion, a 13% year-over-year increase [9] - **Billings**: $265 million, up 4% year-over-year [9] Product and Service Developments - **BoxAI and Enterprise Plus**: Strong customer demand driven by these offerings, with significant upgrades from major clients [3] - **New Product Launches**: - **Enterprise Advanced**: A higher-tier suite plan for complex enterprise use cases [4] - **Box Apps**: No-code applications for content-based workflows [5] - **Box Forms and Box DocGen**: Enhancements for structured data collection and document generation [5] - **Box Archive**: Management of large amounts of content for compliance and governance [5] - **AI Integration**: Partnerships with technology leaders like Anthropic, OpenAI, and AWS to enhance AI capabilities [6] Market Position and Strategy - **Market Opportunity**: Significant potential to replace legacy enterprise content management systems with AI-driven solutions [8] - **Go-to-Market Strategy**: Focus on partnerships with system integrators to drive larger deals and enhance customer workflows [7] - **Customer Engagement**: Positive feedback from customers regarding new AI capabilities and product offerings [8] Guidance and Future Outlook - **Q4 Revenue Guidance**: Expected to be approximately $279 million, representing 6% year-over-year growth [12] - **FY25 Revenue Guidance**: Anticipated to be approximately $1.09 billion, representing 5% year-over-year growth [13] - **Operating Margin Guidance**: Expected non-GAAP operating margin of approximately 28% for FY25 [13] - **EPS Guidance**: Expected non-GAAP EPS of approximately $1.70 for FY25, a 16% increase from the prior year [13] Additional Insights - **Customer Base**: Approximately 1,900 customers paying at least $100,000 annually, up 8% year-over-year [9] - **Stock Repurchase Program**: $30 million spent on repurchasing shares, with $95 million remaining under the current plan [11] - **Impact of Foreign Exchange**: FX headwinds expected to impact revenue and billings growth rates [12][13] Conclusion - **Strategic Positioning**: BOCS is well-positioned to capitalize on trends in AI and workflow automation, with a strong focus on delivering value through innovative product offerings and strategic partnerships [8][14]

Rating Change 12 August 2024 BUY Prior rating: HOLD 41% side Target price: HK$5.70 Prior TP: HK$3.60 1478 HK Price: HK$4.05 TP basis: PE Sector rating: NEUTRAL Forecast Revisions (%) Year ended 31 Dec 24E 25E 26E Revenue 8.5 4.7 5.6 Core EPS 17.0 5.6 3.4 Source: BOCI Research estimates Trading Summary HK$ Turnover (HK$ m) 14/08/23 14/09/23 14/10/23 14/11/23 14/12/23 14/01/2414/02/2414/03/2414/04/2414/05/2414/06/2414/07/24 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 0 40 80 120 160 200 240 280 Turnover Q Technology HSI ...

Target Price Change 12 August 2024 BUY 125% side Target price: HK$29.00 Prior TP: HK$33.00 1548 HK Price: HK$12.90 TP basis: SOTP Sector rating: OVERWEIGHT Forecast Revisions (%) Year ended 31 Dec 24E 25E 26E Revenue (8.1) (19.5) 0 Core EPS NM NM 0 Source: BOCI Research estimates Trading Summary HK$ Turnover (HK$ m) 14/08/23 14/09/23 14/10/23 14/11/23 14/12/23 14/01/2414/02/2414/03/2414/04/2414/05/2414/06/2414/07/24 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 Turnover Genscript Biotech HSI | --- | --- ...

Target Price Change 13 August 2024 BUY 75% side Target price: US$24.62 Prior TP: US$22.03 BEKE US Price: US$14.03 TP basis: EV/EBITDA Sector rating: - Forecast Revisions (%) Year ended 31 Dec 24E 25E 26E Revenue 6.8 8.5 9.4 Adjusted EPS 10.7 11.5 12.1 Source: BOCI Research estimates Trading Summary US$ Turnover (US$ m) 14/08/23 14/09/23 14/10/23 14/11/23 14/12/2314/01/2414/02/2414/03/2414/04/2414/05/2414/06/2414/07/24 12.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0 20.0 21.0 0 100 200 300 400 500 600 700 800 900 Tu ...

Target Price Change 12 August 2024 BUY 39% side Target price: HK$23.00 Prior TP: HK$22.00 981 HK Price: HK$16.58 TP basis: PB Sector rating: NEUTRAL Trading Summary Forecast Revisions (%) | --- | --- | --- | --- | |-------------------|-------|-------|-------| | Year ended 31 Dec | 24E | 25E | 26E | | Revenue | 15.6 | 30.2 | 27.6 | | Core EPS | 106.2 | 40.2 | 35.1 | Source: BOCI Research estimates HK$ Turnover (HK$ m) 09/08/23 09/09/23 09/10/23 09/11/23 09/12/23 09/01/2409/02/2409/03/2409/04/2409/05/2409/06/ ...

Macro & Strategy | China Economy 12 August 2024 CPI picks up in July due to the rises of food and service price Consumer price index (CPI) picked up the growth from 0.2% in June to 0.5% in July (all on a YoY basis unless otherwise specified), beating market expectation. However, the growth of core CPI edged down from 0.6% in May and June to 0.4% in July. In the first seven months of 2024 (7M24), the CPI index edged up 0.2% and the core CPI picked up 0.6%. The bouncing CPI growth was partially bolstered by t ...

Key Points **1. GB200 Hardware Architecture and Component Supply Chain** * **GB200 Hardware Architecture**: The GB200 features a superior hardware architecture with significant performance improvements. However, its deployment complexity has increased dramatically. The system includes various components such as NVLink backplanes, NVLink 36, NVLink 72, NVLink 576, PCIe retimers, switches, optics, DSP, PCB, and liquid cooling. * **GB200 Form Factors**: There are four main form factors for the GB200 rack, each with customization options. These include NVL72, NVL36x2, NVL36x2 (Ariel), and B200 NVL72/NVL36x2 (Milan). * **Power Budget**: Each NVL72 rack requires approximately 120 kW, while NVL36x2 racks require 132 kW. This high power demand necessitates liquid cooling for the GB200. * **Component Supply Chain**: The supply chain for the GB200 has been redesigned to accommodate the new hardware architecture and power requirements. This includes changes to the component BOM, liquid cooling architecture, and deployment complexity. **2. NVLink Interconnect** * **NVLink Topology**: The GB200 uses NVLink for accelerator interconnect, providing high-speed communication between GPUs. NVL72 maintains the same NVLink topology as HGX Hopper/Blackwell, while NVL36x2 requires two NVSwitch jumps to communicate with GPUs in adjacent racks. * **NVLink Cost**: The NVLink interconnect system is expensive due to the use of active copper cables (ACC) and NVSwitch ASICs. The cost of NVLink backplanes and cables is significantly higher than previous generations. **3. Backend Network** * **Backend Network Options**: The GB200 supports various backend network options, including InfiniBand, RoCE Ethernet, and Spectrum-X Ethernet. The initial shipments will use ConnectX-7 NICs, with future options including ConnectX-8 and Spectrum-X Ultra 800G. * **Switch Options**: Customers can choose from different switch options, such as QM9700, QM3200, and XSN5600. The switch selection depends on the specific requirements of the customer's network architecture. **4. Frontend Network** * **Frontend Network Options**: The GB200 supports various frontend network options, including standard Ethernet and BlueField-3. The initial shipments will use ConnectX-7 NICs, with future options including ConnectX-8 and Spectrum-X Ultra 800G. * **BlueField-3 Usage**: BlueField-3 usage is expected to be limited, primarily used by Oracle for network virtualization purposes. **5. Liquid Cooling** * **Liquid Cooling Solutions**: The GB200 requires liquid cooling due to its high power demand. There are two main liquid cooling solutions: Liquid to Air (L2A) and Liquid to Liquid (L2L). L2L is expected to be the mainstream solution due to its energy efficiency and cost advantages. * **Liquid Cooling Components**: The liquid cooling components include cold plates, CDMs, CDUs, and QDs. The supply chain for these components is complex and involves various suppliers. **6. Power Supply** * **Power Supply Network**: The GB200 uses a centralized power supply network at the rack level, with power distribution units (PDUs) and busbars. This design increases power efficiency compared to traditional node-level PSUs. * **Power Components**: The power supply components include PSUs, busbars, and VRMs. The supply chain for these components is diverse, with various suppliers participating. **7. BMC** * **BMC Content**: The GB200 has a higher BMC content compared to HGX due to the increased CPU-to-GPU ratio. The BMC content is driven by the need for remote monitoring and management of the system. * **BMC Market**: The BMC market is expected to grow due to the increasing demand for AI servers and other data center equipment. **8. Mechanical Components** * **Chassis and Rails**: The GB200 requires high-specification chassis and rails due to its size and weight. The supply chain for these components includes various suppliers, with King Slide and Nan Juen leading in the 5U+ rail kit market. * **Chassis Content**: The chassis content for the GB200 is higher than traditional servers due to the larger size and higher power requirements. **9. OEM/ODM Mapping** * **OEM/ODM Details**: The GB200 deployment complexity has increased, leading to higher requirements for OEM/ODM expertise. The supply chain for OEM/ODM services is diverse, with various players participating. **10. GB200 Component and Supply Chain Model** * **GB200 Component and Supply Chain Model**: The GB200 component and supply chain model provides detailed information about the components, their prices, and the supply chain landscape. This model helps in understanding the cost structure and supplier landscape for the GB200.

Hello. Thank you for standing by and welcome to the Box, Inc. First Quarter Fiscal 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, please press star 1 on your telephone keypad. I would now like to turn the conference over to Cynthia Hipponia, Vice President, Investor Relations. You may begin. Good afternoon and welcome to Box's fir ...