UBS Global Industrials and Transportation Conference P a t H a l l i n a n | E V P & C F O D e c e m b e r 3 , 2 0 2 4 StanleyBlack&Decker For those who make the world." Cautionary Statement This Presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All such statements other than statements of historical fact are "forward-looking statements" for purposes of federal an ...

ab 18 October 2024 Global Research Life Sciences & Diagnostic Tools China Pharma Mfg Returned to Double-digit Growth in Sept. | --- | --- | |------------|-------| | Equities | | | Americas | | | Healthcare | | Bottom Line We track China's monthly industrial output data as a key indicator for the China end market health in our Life Sciences Tools coverage. The September high-technology manufacturing output growth was +10.1% vs. +8.6% in August. Pharma manufacturing output returned to double-digit growth in S ...

This report is intended exclusively for: cwang@ agility-cap.com This report is intended exclusively for: cwang@ agility-cap.com This report is intended exclusively for: cwang@ agility-cap.com ab 30 September 2024 Global Research Global Strategy Global Strategy How strongly will Chinese stimulus lift the rest of EM? The market sees more reflationary risks than just a few weeks ago Sentiment towards EM has thawed but mostly towards rates – an inherently defensive asset class. That caution is now being challen ...

ab 12 September 2024 Global Research and Evidence Lab | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------| | | | | Eu ...

ab 28 August 2024 Global Research and Evidence Lab China Economic Perspectives Home Destocking Debate and Property Forecast Downgrade Economics China Where are we now in the property downturn? China's property activities have not bottomed since the unprecedented sharp downturn in 2021. The decline in urban housing prices has accelerated since H2 2023 amid elevated inventory pressure, weighing on household home purchase intention, consumption confidence and local government finances. China has eased property ...

ab 26 August 2024 Global Research and Evidence Lab US Equity Strategy Earnings Brief 2Q24: August 26 NVDA (6.6% of S&P 500 market cap) reports earnings on Wednesday. EPS is expected to grow 137% (vs. 462% in 1Q24, and expectations of 76% in 3Q24). Reported earnings have beaten estimates for the past 5 quarters. 90.2% of the S&P 500's market cap has reported. 2Q expectations are for revenues to grow 5.1% and EPS by 11.3%. Growth among groups varies significantly, as shown in the table below (a blend of conse ...

ab 30 August 2024 Global Research and Evidence Lab APAC Economic Perspectives Asia by the Numbers (August 2024) Downgrading China's GDP growth forecast to 4.6% in '24 and 4.0% in '25 Despite new easing measures in July, China's property downturn has persisted. Given lingering inventory pressures, we downgraded our property market forecasts, and expect sales, new starts, and investments to continue falling in 2025, albeit at a slower rate. The weakness in property activities and prices has further weighed on ...

快评 通威殷份 交易；有望开启行业整合进程 拟收购润阳股份，标志着业内首例大规模并购 通威宣布拟收购润阳股份（全球第五大光伏电池片厂商）控股权 8月13日盘后，通威股份宣布拟收购全球第五大光伏电池片广商润阳股份不 低于51%的股权，交易总计金额不超过50亿元。 润阳目前拥有5.5万吨工业 硅、13万吨多晶硅、7GW拉晶、10GW硅片、57GW电池片和13GW组件产 能。润阳在海外布局有11GW的电池片产能，其美国5GW组件产能正在建 设。我们认为，润阳的一体化产能布局有望与通威现有的多晶硅/电池片/组 件业务产生协同效应，以巩固市场份额和提升定价能力。而其海外产能可为 通威海外市场拓展带来额外价值。 行业整合的积极信号 我们认为，此次收购公告或标志着行业整合的开端，有助于改善整体供需情 况。润阳的电池片产能大部分自2020年起建设，多晶硅产能大部分自2023 年起建设，这意味着润阳资产的质量和技术处于领先地位。我们认为，头部 企业之间的兼并有望加速行业整合和淘汰落后产能。 问：我们预计投资者会作何反应？ 我们预计投资者对行业变化反应积极。 Global Research and Evidence Lab 20 ...

Global Research and Evidence Lab 2024 年 08:月 13:日 快评 宝丰能源 二季度盈利环比改善，内蒙烯烃项目按计划推 进 二季度盈利环比增长33% 公司上半年实现营业收入169亿元，同比增长29%；实现净利润33亿元，同 比增长46%。其中，二季度实现收入86.7亿元，同比/环比增长36%/5%； 实现净利润18.8亿元，同比/环比增长76%/33%，符合我们预期。我们认为 公司二季度盈利改善主要受益于：1）煤制烯烃价差环比改善，2）EVA自2 月投产后逐步放量。公司宁东三期为期一个月的检修已于7月底结束，内 蒙300万吨烯烃产能计划于10月起投产。 二季度煤制烯烃价差环比改善 分产品看，二季度聚乙烯产销量环比-2%/-5%，单价环比上涨5%，收入环 比持平，聚丙烯产销量环比+10%/+14%，单价环比上涨4%，收入环比增 长19%。成本端来看，二季度鄂尔多斯原煤/精煤/动力煤市场均价环比下 降2-3%，我们测算煤制寒乙烯/聚丙烯价差环比增长13%/15%，煤炭价格 回落支撑公司煤制烯烃盈利改善。EVA自2月投产后持续放量，二季度实现 产销量5.4/5.8万吨（一季度为 ...

abc 2024 年 08 月 12 日 Global Research and Evidence Lab 快评 科伦药业 H124业绩略低于一致预期 问：相对于预期，业绩表现如何？ 答：科伦药业发布业绩快报，H124实现收入11,827百万元，同比增 加9.5%，略低于瑞银证券预测的11,912百万元和Visible Alpha一致预期 的11,918百万元。归母净利润1,800百万元，同比增加28.2%，高于瑞银证 券预测的1,631百万元但略低于一致预期的1,837百万元。就Q224而言，公 司实现收入5,608百万元，同比增加9.3%；归母净利润774百万元，同比增 加30.8%。 问：业绩中最值得关注的是什么？ 答：H124利润提升主要得益于：1）加大对输液和非输液药品的市场开发并 优化产品结构；2）中间体及原料药主要产品量价齐升，通过节能降耗降低 生产成本；3）有息负债规模和融资利率下降。公司拟于8月28日发布2024 中报，我们预期投资人关注的问题包括：1）科伦博泰SKB264等重点产品的 注册进展和时间表（科伦博泰拟于8月19日发布2024中报）；2）呼吸道感 染相关的输液产品需求变化趋势；3 ...