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WuXi AppTec Co. (2359.HK)_ Investor day takeaways_ Robust TIDEs momentum; resilience amid uncertainty
umwelt bundesamt· 2024-10-07 16:08
1 October 2024 | 4:01PM HKT _ WuXi AppTec Co. (2359.HK): Investor day takeaways: Robust TIDEs momentum; resilience amid uncertainty WuXi AppTec hosted the annual investor day on Sep 26th, where mgmt highlighted 1) strong rebound of US/EU funding in 1H24 with upfront payment serving as key alternative to source capital; 2) CRDMO business model positions the company to continue growth in both good and challenging time; 3) reiterated their leading position in small molecule industry evidenced by producing 7 ou ...
Oil Tracker_ Prices Jump on Geopolitical Escalation
umwelt bundesamt· 2024-10-07 16:08
_ 2 October 2024 | 4:32AM EDT Oil Tracker: Prices Jump on Geopolitical Escalation | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------| | | | | suggest that this premium ...
Yum China Holdings (YUMC)_ 3Q24 preview_ SSSG pressure lingers in 3Q yet profitability intact; Buy
umwelt bundesamt· 2024-10-07 16:08
2 October 2024 | 9:21PM HKT _ | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------------------------------------------------------|--------------------------------------------------------|----------------------------|----------------------------------------------------------------------------------|-------------------------------------------|------------|-------------|----------------| | | | | | | | | | | | 3Q24 | Yum China Holdings preview: SS ...
Global Semis_ CHIPS Act 2_ China's accelerating momentum
umwelt bundesamt· 2024-10-07 16:08
EQUITY RESEARCH | October 2, 2024 | 8:59 AM HKT _ esearch Global Semis CHIPS Act 2: China's accelerating momentum Eighteen months ago, we laid out the pieces of the technology puzzle necessary for China to realize self-suciency in semiconductors. At the time, we highlighted capital investment, talent and government support as the most critical ingredients. The mature nodes are import substitution capable (e.g. power semis, CIS, RF and deposition tools), leading to a larger % of the value chain being domesti ...
Multi-Industry_ Chart of the Day_ Exiting a Mid-Cycle Slumber
umwelt bundesamt· 2024-10-01 12:42
September 24, 2024 10:00 AM GMT M Update | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...
Kanzhun Ltd_ Chart of the Day - iOS Grossing continued to decline WoW due to Mid-Autumn Festival Holiday
umwelt bundesamt· 2024-09-29 16:06
September 23, 2024 05:59 AM GMT M Update | --- | --- | |---------------------------------|-------| | | | | Kanzhun Ltd \| Asia Pacific | | | Chart of the Day - iOS Grossing | | | continued to decline WoW due | | | to Mid-Autumn Festival Holiday | | Key Takeaways Weekly grossing declined 14% WoW (vs. -33% WoW in the prior week), as recruitment activities slowed during the mid-Autumn Festival Holiday. Sep MTD grossing -3% MoM/-2% YoY (vs. -10% MoM in Sep 2023, +19% MoM/ +7% YoY in Aug 2024). 3Q24 QTD grossing ...
HTSC_ Resuming coverage – we rate both the H- and A-shares EW
umwelt bundesamt· 2024-09-26 16:38
Summary of HTSC Conference Call Company Overview - **Company**: HTSC (Haitong Securities Company) - **Ticker**: 6886.HK (H-shares), 601688.SS (A-shares) - **Industry**: Financial Services, specifically Brokerage and Asset Management Key Points Financial Performance and Projections - **Asset Sale Impact**: HTSC closed the sale of its US subsidiary, AssetMark, for US$1.79 billion, generating US$795 million in investment gains expected to be booked in Q3 2024, which will support 2024 earnings despite a year-over-year drop in investment income due to weaker equity market performance and regulatory tightening [2][4][16] - **Revenue Forecasts**: - 2024 earnings forecast raised by 28.5% due to the sale-related gains - 2025 earnings forecast lowered by 5.8% due to expected declines in asset management revenue and investment-related income [4][16] - **Revenue Breakdown**: AssetMark contributed approximately 45-50% of HTSC's asset management net revenue in 2023, generating Rmb3.79 billion in gross revenue and Rmb862.9 million in net profit [2][16] Market Conditions and Regulatory Environment - **Regulatory Normalization**: There are signs of regulatory normalization, but ongoing uncertainties remain regarding the earnings cycle and market conditions, particularly as A-share average daily trading (ADT) has dropped over 20% year-over-year in Q3 2024 [12][13] - **Future Deployment of Proceeds**: The proceeds from the AssetMark sale may be reserved for future capital needs, with potential deployment into cross-border equity and derivatives businesses, contingent on improved market conditions and regulatory environments [3][17] Valuation and Ratings - **Current Valuation**: HTSC's shares are considered fairly valued, with a price target of HK$9.60 for H-shares and Rmb13.10 for A-shares, implying a 14% upside for H-shares and 1% for A-shares [8][9] - **Rating**: Equal-weight (EW) rating for both H- and A-shares, reflecting cautious optimism due to expected ROE trends [15][18] Earnings Estimates and Ratios - **Earnings Estimates**: - 2024: Net profit expected to increase by 28.5% - 2025: Net profit expected to decrease by 5.8% - 2026: Estimates largely unchanged [4][6] - **Key Ratios**: - 2024 ROE projected at 8.2%, declining to 6.2% in 2025 due to the one-off gains from the AssetMark sale [15][24] Risks and Opportunities - **Upside Risks**: - Earlier-than-expected regulatory relaxation could enhance HTSC's capital deployment capabilities and improve profit margins [18] - Potential market share gains from competitors undergoing mergers [18] - **Downside Risks**: - Weaker equity market performance could negatively impact investment income and overall profitability [19] - Further declines in market ADT and margin finance volume could adversely affect brokerage and interest income [19] Conclusion - HTSC is navigating a challenging environment with significant changes due to the recent asset sale. While the immediate outlook for 2024 appears positive due to one-off gains, the company faces headwinds in 2025 and beyond, necessitating careful monitoring of market conditions and regulatory developments. The current valuation reflects a balanced view of these factors, with modest upside potential.
China Leisure, Beauty and Transport _Analyst call series_ how consumer..._
umwelt bundesamt· 2024-09-26 16:38
ab 20 September 2024 Global Research and Evidence Lab YES Powered by UBS Evidence Lab | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
Rumble(RUM.US)24年第二季度业绩电话会
umwelt bundesamt· 2024-08-14 03:30
Greetings and welcome to the Rumble second quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Shannon Devine, Investor Relations. Please go ahead. Thank you, Operator. I'm here ...
US ekly Kickart_ Whipla! Epic moment reversal will persi unless mega cap Tech ises forward revenue guidance
umwelt bundesamt· 2024-07-21 04:06
20\REPOST-USKickstart\Kickstart2020-11- 20T22_44_20Z2020-11-20T23_19_23Z.pptx byercr\home\Desktop\BCB_0-SA_MAIN\BCB_2020-NOV- 19 July 2024 | 4:50PM EDT d167510246fd4ce99a1e32310e9ef8de US Weekly Kickstart Whiplash! Epic momentum reversal will persist unless mega cap Tech raises forward revenue guidance Small-caps just posted the most powerful weekly return vs. large-caps on record. Against a backdrop of extreme equity market concentration, four factors explain the reversal: (1) Decelerating inflation and in ...