14 August 2024 | 1:10AM HKT ASUS 2024 is also supported by one-off license fees Taiwan ODM: Al server timeframe re-calibrating adds uncertainties in 2H24; general servers and PCs in recovery; 2Q24 / July review We spoke with the Taiwan ODM and Al servers supply chain post 2Q24 results and, overall, the supply chain turns more conservative on Al servers business in 2H24 considering the Al server model revisions, which could prolong the time of launch and add uncertainty to clients' reaction (whether to add o ...

14 August 2024 | 7:40AM HKT Sino Biopharmaceutical (1177.HK): Earnings Review: 1H results beat with margin improvements; Highlight potential in analgesia field; Buy 1H beats on expenses saving / one-off gains: 1H24 sales of Rmb15.9bn (+11% y/y vs GSe Rmb15.3bn) was better than our expectations, mainly coming from 1) strong growth in oncology (+19.5% y/y) benefited from smooth ramp-up of newly launched products including F-627 (G-CSF) and four biosimilar drugs (Rituxan/Humira/Avastin/Herceptin), 2) solid gro ...

13 August 2024 | 10:01PM IST SJVN Ltd. (SJVN.BO): First Take: Q1FY25 - Hydro generation normalisation drives YoY PAT growth against a weak base SJVN's Q1FY25 adjusted consolidated PAT of c.Rs3.6bn rose 37% YoY against a weak base. Hydro generation increased c.54% YoY, as water flow normalised after a weak Q1FY24, which should have resulted in no / minimum fixed cost under recovery this Q. Solar generation, though minuscule, was up 240% YoY, indicative of SJVN's push into renewable capacity addition. The ear ...

Investment Rating - Seven West Media (SWM) is rated **Sell** with a 12-month price target of A$0 14 [1][7] Core Views - SWM reported FY24 Sales/EBITDA/NPAT of A$1,415mn/A$187mn/A$78mn, representing declines of -5%/-33%/-47% YoY respectively [1] - Cash conversion remains weak with GOCF of A$77mn (41% of EBITDA), impacted by the ARN acquisition [1] - Net Debt to EBITDA increased to 1 6x (1 3x ex-ARN) [1] - No dividend was declared for FY24, and the share buyback program will not be renewed in FY25 due to advertising market uncertainty [1] - FY25 operating costs are expected to be between A$1,200-1,210mn, marginally higher than GSe estimates [1] - SWM's Sept/Oct bookings are down 4-5% YoY, with SMI TV revenues declining -8%/-12% in Sept/Oct [1] Financial Performance - FY24 total revenue was A$1,415mn, a 1% increase vs GSe estimates but a 5% decline YoY [1][5] - FY24 EBITDA was A$187mn, a 3% decline vs GSe estimates and a 33% decline YoY [1][5] - FY24 NPAT was A$78mn, an 8% decline vs GSe estimates and a 47% decline YoY [1][5] - FY24 EPS was 5 1¢ps, a 7% decline vs GSe estimates and a 45% decline YoY [5] Market Outlook - SWM's revenue environment is challenged, with 90% of revenues tied to the TV market, which is expected to face structural declines in audiences [6] - FY25 revenues are assumed to decline by 2% (TV + BVOD), with a flat total TV market and a 4% decline in the total FTA market [1] - The Olympics impacted July/August trading, but tougher comps are expected in Sept/Oct [1] Valuation and Forecasts - SWM's market cap is A$154 7mn, with an enterprise value of A$725 5mn [8] - FY25E revenue is forecasted at A$1,373 8mn, with EBITDA of A$182 9mn and EPS of 0 05¢ps [8] - The stock trades at a P/E of 2 8x and a P/B of 0 7x for FY24E [8]

13 August 2024 | 5:11PM BST Sell 2131d4eaf4cb4d50b1d51c8af07b64b4 Pandora (PNDORA.CO) Post 2Q24: Top-line strength continues, forward setup incrementally more difficult; Sell on valuation PNDORA.CO 12m Price Target: Dkr1,060.00 Price: Dkr1,041.00 Upside: 1.8% Pandora reported 2Q24 results (August 12), with solid 2Q organic top-line growth (+15%, vs. Visible Alpha Consensus Data at +12%), and recent LFL trading driving a +1.5% FY24 organic revenue guidance upgrade at the midpoint (+9-12% organic, vs. +8-10% ...

13 August 2024 | 9:59PM BRT 2131d4eaf4cb4d50b1d51c8af07b64b4 Rede D'Or (RDOR3.SA): 2Q24 First Take: Solid operational KPIs across the board; Reiterate Buy RDOR's 2Q24 consolidated EBITDA grew 28% YoY and was in line with GSe; solid KPIs in hospital and insurance divisions. While consolidated operational performance was in line with our expectation, we note some positive KPIs in the result that we read as positive. We highlight: 1) compelling hospital EBITDA margin expansion of 1.0 pp YoY even with a 2% decl ...

14 August 2024 | 10:10AM AEST 2131d4eaf4cb4d50b1d51c8af07b64b4 Pro Medicus Ltd. (PME.AX): FY24 First Take: Strong result, NPAT +5% vs. GSe; Lurie Children's Hospital contract announced; Buy PME reported FY24 Sales/EBITDA/NPAT +29%/+31%/+37% vs. pcp to A$162mn/A$120mn/A$83mn, which were 1%/1%/5% vs. GSe, with EBITDA 2% vs. Visible Alpha Consensus Data (A$118mn). Outlook/contract wins: (1) Contract pipeline remains strong in terms of quantity and quality, with PME having signed Lurie Children's Hospital, the ...

13 August 2024 | 6:18PM JST 2131d4eaf4cb4d50b1d51c8af07b64b4 Rakus Co. (3923.T) Buy Earnings Review: 1Q profits above expectations; cloud sales momentum improving; Buy 3923.T 12m Price Target: ¥2,900 Price: ¥1,912 Upside: 51.7% Norihiro Miyazaki +81(3)4587-9842 | norihiro.miyazaki@gs.com Goldman Sachs Japan Co., Ltd. Ryohei Kurita +81(3)4587-1799 | ryohei.kurita@gs.com Goldman Sachs Japan Co., Ltd. Rakus's 1Q3/25 operating profits of ¥2.3 bn, reported after the August 13 close, were slightly above our estim ...

14 August 2024 | 10:13AM AEST 2131d4eaf4cb4d50b1d51c8af07b64b4 Orora Ltd. (ORA.AX): First Take: FY24 above expectations, outlook broadly consistent; in talks to divest OPS; Buy FY24 ahead of expectations: ORA's FY24 EBIT (ex Saverglass) came in at A$323m, vs company's guidance range of A$307-317m, 5%/6% higher than GSe and Visible Alpha Consensus Data estimates. Headline Saverglass AUD EBIT was 13% ahead of GSe (benefiting from D&A adjustments). Reported underlying NPAT was 9% ahead of GSe and 10% above con ...

13 August 2024 | 7:59PM BRT 2131d4eaf4cb4d50b1d51c8af07b64b4 Oncoclinicas (ONCO3.SA): 2Q24 first take: High organic cash consumption on still-pressured receivables ONCO's EBITDA was virtually in line with our expectation, but financial results and minority interest were weaker than expected; recurring cash consumption was worse than expected on receivables pressure. We note that reported net income for controlling shareholders of BRL 3mn missed GSe of BRL 60mn for the abovementioned reasons below EBITDA, wh ...