Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Consumer Durables, specifically focusing on white goods and consumer discretionary products Core Insights 1. **Trade-in Policy Impact**: The trade-in policy has significantly boosted revenue, with a notable increase in retail sales at the Casarte store in Shenzhen, reaching Rmb4 million from September 6-16, compared to monthly sales of Rmb1.5-2 million in earlier months. This is attributed to provincial subsidies during June-August [1][5] 2. **Product Performance**: Air conditioners, washing machines, and refrigerators are outperforming due to national subsidies, while categories like dry-cleaning machines are excluded in some provinces [1][5] 3. **Sales Growth**: Retail sales in offline key account channels grew approximately 25% year-over-year from September 6-26 in Shenzhen, with specific stores like Five Star and Suning showing over 100% growth [2][5] 4. **Average Selling Price (ASP) Increase**: The ASP of Casarte products increased to Rmb700 post-implementation of the trade-in policy, compared to around Rmb5,000 prior to the policy [2][5] 5. **Subsidy Mechanism**: Customers receive direct price reductions when purchasing appliances, with subsidies processed by distributors after government review, which can take 3-6 months [5] 6. **Inventory Management**: Inventory levels peaked in May at Rmb40-50 million year-over-year but have since been reduced by Rmb30 million month-over-month, returning to a healthy level by July [5] 7. **Customer Demographics**: The majority of customers utilizing the trade-in policy are purchasing for new homes, with efforts to penetrate older communities to stimulate replacement demand [5] Company-Specific Insights 1. **Hisense Home Appliances Group**: Rated as a "Buy" due to high earnings growth visibility, attractive dividend yield, and undemanding valuation, trading at an average of 8x 2024E-25E P/E with ~20% profit growth expected [6][9] 2. **Haier Smart Home**: Also rated as a "Buy," benefiting from resilient domestic growth, market share gains, and improving overseas demand. The company is expected to deliver better-than-industry growth through product expansion [9][10] 3. **Gree Electric Appliances**: Rated as a "Buy," with a focus on stable growth outlook and attractive risk/reward profile, expected to grow in line with the overall AC market [13][14] Valuation and Risks 1. **Target Prices**: - Hisense: 12-month target price of Rmb40/HK$34 based on 17x/12x 2026E P/Es [6] - Haier: 12-month target price of Rmb33/HKD33 based on a discounted P/E approach [10] - Gree: 12-month target price of Rmb49 based on a 10x exit multiple applied to 2026E EPS [14] 2. **Key Risks**: - Disruption in white goods demand due to weaker macroeconomic conditions - Rising raw material costs impacting margins - Challenges in marketing effectiveness and integration of acquisitions [10][14] Additional Considerations - The conference highlighted the importance of government subsidies in driving consumer behavior and sales in the consumer durables sector, particularly in the context of trade-in policies [1][5] - The ongoing focus on premiumization and product mix improvements is expected to enhance margins and overall company performance in the competitive landscape [9][10]

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 ...

2 October 2024 | 9:21PM HKT _ | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------------------------------------------------------|--------------------------------------------------------|----------------------------|----------------------------------------------------------------------------------|-------------------------------------------|------------|-------------|----------------| | | | | | | | | | | | 3Q24 | Yum China Holdings preview: SS ...

September 24, 2024 10:00 AM GMT M Update | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

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 ...

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.

ab 20 September 2024 Global Research and Evidence Lab YES Powered by UBS Evidence Lab | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 ...

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 ...

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