December 2, 2024 04:28 AM GMT M Update | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

3 October 2024 | 10:57AM EDT _ USA: ISM Services Index Well Above Expectations; Factory Orders Somewhat Below Expectations | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------- ...

2 October 2024 | 6:14PM EDT Neutral GS Forecast ________________________________ Revenue ($ mn) Old 96,773.0 101,098.6 119,062.1 140,310.7 EBITDA ($ mn) 16,633.0 15,087.0 21,977.6 29,536.6 EBIT ($ mn) 8,891.0 6,749.1 11,438.6 16,811.2 EPS ($) Old 2.60 1.87 2.95 4.20 P/E (X) 83.5 138.0 84.3 59.3 Dividend yield (%) 0.0 0.0 0.0 0.0 Ne de/EBITDA (X) (0.9) (0.8) (0.9) (1.0) EPS ($) 0.42 0.47 0.57 0.54 _ Tesla Inc. (TSLA) 3Q24 deliveries takeaways TSLA 12m Prie Target: $230.00 Prie: $249.02 Downide: 7.6% Tesla de ...

Summary of Morgan Stanley Japan Research Conference Call Company and Industry Involved - **Company**: Morgan Stanley MUFG Securities Co., Ltd. - **Industry**: Investment Banking and Financial Services, with a focus on Japan's macroeconomic environment Core Points and Arguments - **Investment Debates**: Morgan Stanley Japan Research aims to assist investors in navigating significant investment debates relevant to the Japanese market [1] - **Analyst Team**: The report features a team of economists and equity strategists, including Takeshi Yamaguchi, Chiwoong Lee, Masayuki Inui, and others, indicating a robust analytical framework [1] - **Research Integrity**: Analysts certify that their views are accurately expressed and that they have not received compensation for specific recommendations, ensuring objectivity in research [5] - **Conflict of Interest**: Morgan Stanley acknowledges potential conflicts of interest due to its business relationships with companies covered in its research, advising investors to consider this when making decisions [1][4] Important but Possibly Overlooked Content - **Stock Ratings System**: Morgan Stanley employs a relative rating system (Overweight, Equal-weight, Not-Rated, Underweight) rather than traditional Buy, Hold, or Sell ratings, which may affect investor perception [8][10] - **Global Stock Ratings Distribution**: As of August 31, 2024, 38% of stocks are rated Overweight, 47% Equal-weight, and 15% Underweight, indicating a generally positive outlook on the market [9][11] - **Analyst Industry Views**: Analysts categorize their industry outlooks as Attractive, In-Line, or Cautious, providing a nuanced view of market expectations over the next 12-18 months [13] - **Regulatory Disclosures**: The report includes extensive regulatory disclosures, emphasizing compliance with various international regulations, which may be critical for investors operating in multiple jurisdictions [14][16] This summary encapsulates the key insights from the Morgan Stanley Japan Research conference call, highlighting the company's focus on providing objective, comprehensive research while navigating potential conflicts of interest and regulatory requirements.

Ac更ces多sib资le v料ers加ion入 知识星球：水木调研纪要 关注公众号：水木纪要 FX Technical Advantage The golden cro$$ strikes again View: The golden cro$$ strikes again 2 5 March 2024 A golden cross (systematic) signal has occurred and favors a supported or stronger DXY FICC Technical Strategy in Q2. Today, March 25, 2024 with a closing price near 104.23, the golden cross signal Global Markets has been confirmed as the 36th signal since 1970 and the 18th since the euro began trading in 1999 (Chart 1). Since 1970, the DXY tended to be hi ...

2023 2024 Morgan Stanley Research 31 Source: Morgan Stanley Research. FOUNDATION M Foundation Source: Company data, Morgan Stanley Research. 2611202331142435363943474849566156 7.5% 3.8% 5.5% 7.5% 4.1% 7.0% 7.7% 8.1% 8.3% 1% 3% 5% 7% 9% 11% 0 11 22 33 44 55 66 F4Q20F1Q21F2Q21F3Q21F4Q21F1Q22F2Q22F3Q22F4Q22F1Q23F2Q23F3Q23F4Q23F1Q24F2Q24F3Q24F4Q24 (Rs Bn) EBITDA EBITDA Margin (RS) Exhibit 70: Core retail EBITDA margin improved by 20bp to 8.3% M Foundation 34 Telecom: Growing Well Exhibit 76: Reliance Jio spectr ...

Investment Rating - The report maintains a bullish outlook on Henry Hub prices, forecasting $4/mmBtu for Summer 2025, although recent developments have introduced uncertainty regarding this timeline [4][3]. Core Insights - European gas prices, particularly TTF, have experienced significant volatility, with prices rising above 35 EUR/MWh due to supply concerns, particularly from Russia and Norway [2][6]. - The construction timeline for the Golden Pass LNG export facility has been delayed by six months to the second half of 2025 due to labor issues and the bankruptcy of the lead contractor, impacting the expected increase in US LNG export demand [3][4]. - Despite concerns about European gas supply tightening, the report suggests that these fears may be overstated, as Russian gas flows to Austria have been minimal and current storage levels are high [6][7]. Summary by Sections European Gas Market - TTF prices rallied due to supply concerns, with a notable correlation to carbon emission prices, although TTF led the price increase this past week [2][6]. - Weak gas demand in Europe has resulted in a significant drop in expected consumption, with May demand falling 27 mcm/d below previous estimates [7]. US LNG Export Outlook - The report anticipates a sharp increase in US LNG export demand in 2025, necessitating a rise in US gas drilling to ensure adequate supply for the winter of 2025/26 [4][3]. - The marginal cost of production for non-core Haynesville wells is estimated at $3.75-$4, which is critical for incentivizing drilling [4]. Golden Pass LNG Facility - The expected start-up of the Golden Pass LNG facility has been pushed back to the second half of 2025 due to labor issues and contractor bankruptcy, which raises uncertainty about future supply [3][4]. - The delay in the Golden Pass project could impact the bullish outlook for Henry Hub prices, particularly for early summer [4].

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