14 August 2024 | 7:25AM HKT The 720: Sea Ltd, Taiwan ODM, Asics, TME, Wanhua, China TSF, Global Market Views In Focus | Sea Ltd Sea Ltd - Better growth outlook & clarity on breakeven timeline - Buy. While Sea delivered a strong set of 2024 results overall, we believe the positive stock reaction (up c.10% intraday) largely came from the upward revision in FY24 GMV growth guidance to mid-20% with Shopee to return to EBITDA positive from 3Q24 (vs prior guidance: GMV growth at high teens, breakeven in 2H24). In ...

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]

Investment Rating - The report assigns a "Sell" rating for Pandora (PNDORA.CO) [2][6]. Core Insights - Pandora demonstrated solid organic top-line growth of +15% in 2Q24, exceeding the Visible Alpha Consensus Data estimate of +12% [2]. - The company upgraded its FY24 organic revenue guidance to a midpoint of +9-12%, up from +8-10% previously [2]. - Despite the positive near-term performance, the report highlights increasing challenges for the second half of 2024, including tougher comparables, commodity margin pressures, and heightened expectations for operating leverage [2][3]. - The report notes that Pandora's current valuation is at a premium compared to historical multiples, trading at 15x PE versus a 10-year average of 13x [2][8]. Summary by Sections Financial Performance - Revenue for FY24 is forecasted at Dkr31,393.4 million, with EPS estimates revised to Dkr64.45 for FY24 [4][8]. - The report anticipates total revenue growth of 11.6% for FY24, with EBIT margins projected at 25% [4][8]. Market Trends - Current LFL (like-for-like) trading is reported at +MSD, with expectations for moderation in growth, particularly in Germany [3]. - The US market remains a key focus, with space growth driving performance, while LFL growth has moderated to +5% in 2Q24 [3]. Commodity Impact - Recent moderation in spot silver prices has led to a reduction in cumulative spot commodity impacts to -140bps, down from -220bps [3][7]. - Pricing strategies are highlighted as the most significant offset to commodity pressures, alongside cost efficiencies [7]. Product Performance - New product categories, including LG Diamonds and the Essence collection, have shown strong performance, with the Essence collection contributing approximately 3% to total sales [7][8]. - Core charm collections, however, have underperformed, growing only +1% [7]. Valuation and Price Target - The 12-month price target is set at Dkr1,060, reflecting slight organic growth upgrades and reduced commodity headwinds [8]. - The report emphasizes that despite brand momentum, the current valuation appears to be largely priced in, warranting a "Sell" rating [8].

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 ...