11 August 2024 | 10:04PM EDT FX in Focus The Yen Carry Trade—A Roadblock to BoJ Hikes, Not Fed Cuts (Fishman/Kanter) n The recent sharp appreciation of the Yen coinciding with a spike in cross-asset volatility has heightened the focus on the "Yen carry trade" and the broader financial market implications from further unwinds. Limited data availability presents a challenge to confidently assessing "how much is left," but substantial holdings among longer-term investors leave room to run. That said, subsequen ...

12 August 2024 | 9:48AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 GCC Energy Limited upside for Saudi drillers, prefer higher visibility for ADNOC Drilling Remain Neutral-rated on Saudi drillers Into 3Q, we expect Arabian Drilling's (ADC) top line to marginally grow on a further ramp-up of unconventional rigs, partially offset by lower offshore contribution following suspensions which we see weighing slightly on margins. For ADES, we expect broadly stable top-line/EBITDA performance, partially supported by the c ...

11 August 2024 | 10:46PM EDT Sell 2131d4eaf4cb4d50b1d51c8af07b64b4 Funko Inc. (FNKO) Earnings Review: Key takes coming out of 2Q24 results FNKO 12m Price Target: $6.50 Price: $9.62 Downside: 32.4% Funko reported 2Q24 results that came in above the company's 2Q24 guidance and Visible Alpha Consensus Data expectations. Results featured a beat to Revenues ($284M vs. consensus of $231M), Adjusted EBITDA ($28M vs consensus $12M), and Adjusted Diluted EPS estimates ($0.10 vs consensus -$0.13). The beat to Revenue ...

12 August 2024 | 10:17AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 BinDawood Holding (4161.SE): 2Q24 First Take: Beat vs GSe/consensus driven by stronger-than-expected margins BinDawood Holding reported preliminary 2Q24 revenue of SR1.42bn (+0.4% yoy), c.1%/2% below GSe/Reuters consensus. Net income came in at SR75mn, up c.14% yoy, c.23%/24% above GSe/consensus. Net margin came in at 5.3%, up c.65bp yoy and c.100bp above GSe/consensus. n Revenue was up 0.4% yoy, supported by improved product mix, increased engag ...

11 August 2024 | 10:08PM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 Credicorp (BAP): Key takeaways from 2Q24 conference call - Lower 2024 loan growth guidance 2024 ROE guidance of ~17% reaffirmed Management hosted its conference call post 2Q24 results and provided updated 2024 guidance. Credicorp revised 2024 loan growth guidance down to 1-3%, from 3-5%, given weaker loan growth in 1H24 and increased caution on asset quality. Indeed, the company now expects the upper range of its cost of risk guidance, largely du ...

12 August 2024 | 11:21AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 Roman Reshetnev +971(4)376-3423 | roman.reshetnev@gs.com Goldman Sachs International James Tate +44(20)7774-3705 | james.tate@gs.com Goldman Sachs International Stefani Spasenoska +44(20)7774-6569 | stefani.spasenoska@gs.com Goldman Sachs International Stroeer: 2Q24 results review: Strong OOH performance largely offset by ASAM Beauty weakness; PT unchanged Stroeer delivered solid 2Q24 results, with group revenues broadly in line with expectations ...

Industry Overview - The report highlights a downward trend in costs for soy sauce, dairy, and beer, while meat prices have seen sequential inflation [1][2] - Raw material costs account for 45%-80%+ of COGS across different sub-sectors, with significant declines in bean pulp, chicken, beef, molasses, soybean, raw milk, corn, and sunflower seeds by 10-20% compared to the 2023 average [2] - Pepper, palm oil, fish, chicken, and pork experienced sequential inflation, with pepper costs increasing by approximately 12% MoM [2] Cost Trends - Dairy, soy sauce, beverages, and frozen bakery indices saw a decline in July due to falling prices in milk powder, raw milk, soybean, and butter [3] - Beer indices eased due to falling aluminum costs, though aluminum prices remain 6% higher than the 2023 average [3] - Compound condiments, hot pot ingredients, and frozen flour and rice saw price increases due to rising costs of fish, chicken, and pork [3] Inflation and Economic Indicators - China's headline CPI inflation increased to +0.5% YoY in July from +0.2% YoY in June, while headline PPI inflation remained flat at -0.8% YoY [3] - Food price inflation rose across the board in July due to decreased supply from adverse weather conditions [3] Sector-Specific Cost Analysis - Soy sauce, compound condiments, F&B, pet food, beer, and frozen food are ranked based on pure cost benefits and GPM expansion potential [14] - Soy sauce leads in cost benefits, while pet food leads in GPM expansion potential [14] Raw Material Contributions - Raw materials contribute significantly to COGS, with soybean, white granulated sugar, glass, PET, and MSG being key components for soy sauce [16] - Compound condiments see significant contributions from soybean oil, Sichuan pepper, and PET, with 2024E raw materials contribution to unit COGS estimated at -3.7% [17] Price Actions and Trends - Price hikes and cuts have been observed across various sectors, including spirits, beer, soft drinks, and prepared food [32] - Notable price hikes include Moutai's 20% ex-factory price hike for Feitian and Coca-Cola's price hike to Rmb3.5 from 3.0 for 500ml Coke in certain regions [32] Historical Cost and GPM Correlation - Historical patterns show a high correlation between cost index and GPM for condiments, with significant cost benefits observed in 3Q24 [29] - Dairy sector continues to experience cost tailwinds, with sunflower seeds cost normalizing [29] Raw Material Price Trends - Barley, rice, bean pulp, soybean, and SPI have seen significant price changes compared to historical averages, with barley prices down 30% vs. 2022 average [24] - Cocoa prices have surged by 224% compared to the 2022 average, while palm oil prices are down 28% [24]

12 August 2024 | 12:16PM CST 2131d4eaf4cb4d50b1d51c8af07b64b4 China Healthcare: July 2024 China hospital equipment bidding: Gradual improvement rather than an inflection We continue to track the procurement value of main medical devices in China, including patient monitors, ultrasound, endoscope, CT scanners, MRI, PET-CT, and digital radiography (DR). We note that July's month-on-month numbers were positive for 5 out of the 7 devices we track at 50%/17%/13%/9%/5% m/m growth for PET-CT/DR/ultrasound/endoscop ...

12 August 2024 | 1:01AM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 Bancolombia (CIB): Key takeaways from 2Q24 conference call - More constructive on macro scenario, but pressure from lower rates remains ROE relatively stable in 2025 Bancolombia hosted its conference call post 2Q24 results, giving more color on the outlook for net interest margin and profitability through 2025. Even though management is more constructive regarding economic activity, it still expects NIM to contract 30bps in 2025, following the exp ...

12 August 2024 | 12:01AM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 Americas Retail: Specialty Hardlines: Takeaways from IR/Management; DG vs. Family Dollar pricing; Home furnishings In this note, we discuss key takeaways from meetings with the IR/management team of COST, DRVN, EYE, MODG, TCS, and VVV. We also detail findings from our visit to DG and Family Dollar on 8/2/24 to compare prices. Additionally, we provide read-throughs to our coverage from home furnishings earnings (ARHS, ETD, and W). Takeaways from I ...