ab 13 August 2024 Global Research and Evidence Lab US Daily Brief Today's Research – August 13, 2024 Equities Americas US Biotechnology Small/Mid Cap - BHVN degrader combined Ph1 update. IMVT pipeline progressing. APLT regulatory de-risking ahead. (Ashwani Verma) BHVN: degrader fulsome SAD + MAD update in 2H24. IMVT: Bato Graves detailed data next, MG Ph3 in 1Q. APLT: Significant stock upside on regulatory de-risking. US Biotechnology Small/Mid Cap - LEGN Carvykti inflection around the corner. ACLX attracti ...

ab 13 August 2024 Global Research and Evidence Lab North America Power & Utilities The Joule Jostle: Weekly Regulated Utilities Crowding Data Most Crowded Longs; Most Crowded Shorts As of 8/9/2024, the top five most crowded longs are: EXC, ES, XEL, ETR, and AES while the top five most crowded shorts are SO, EVRG, LNT, NEE, and WEC. See Figure 1. Figure 1: Most Crowded Longs, Most Crowded Shorts Current Crowding Score For Regulated Utilities -5.68 -5.52 -7.58 -9.34 -9.12 -15.00 -10.00 -5.00 0.00 5.00 10.00 1 ...

ab 13 August 2024 Global Research and Evidence Lab KeyCorp BNS stake supports KEY shares, but greater visibility needed to determine upside Capital injection solves for near term capital, earnings headwinds KEY shares handily outperformed today (+9.1% vs. -0.5% for the BKX) after announcing a $2.8bn strategic investment in the bank by Scotiabank (14.9% pro forma ownership) at a premium to recent its valuation, though retreated from early trading levels that neared the $17.17 price implied by the deal. We th ...

ab 13 August 2024 Global Research and Evidence Lab First Read OMV Gas supply risks back on the horizon The risk of an interruption of gas supply from Russia into Austria has been increasing of late and negatively impacting sentiment on OMV. However, unlike in 2022, we see the company as better prepared having secured sources of gas supply from elsewhere. Meanwhile, in the event of a delivery stop, we calculate the financial impact for the midstream division to be limited and more than offset by an increase ...

Fast Take Tupy SA Headline 2Q24 Sales -5% YoY (-5% vs UBSe), adj EBITDA +14% vs UBSe, mg at 14% (+3pp YoY), NI -67% vs UBSe Our Take Revenue continues to be impacted by lower volumes (mainly off-road abroad) while the company showed good cost control resulting in the EBITDA beat and margin expansion. The net income miss is explained by FX hedge mark to market expenses ab 13 August 2024 Global Research and Evidence Lab Equities Americas Auto Parts 12-month rating Neutral 12m price target R$25.50 Price (13 Au ...

ab 13 August 2024 Global Research and Evidence Lab Alinma Bank SJSC ALINMA Post 2Q24: Higher growth guidance 2Q24 2% profit beat on better revenue, with updated guidance Alinma's 2Q24 net profit was 2% above Visible Alpha consensus, driven by a 2% beat on NII and a 3% beat on noninterest income, with asset quality broadly in line with expectations. On the call it improved guidance for loan growth (from mid to high teens), and cost of risk (from 65-75bps to 60-70bps), but lowered it for cost/income (from c30 ...

ab 13 August 2024 Global Research and Evidence Lab First Read Global Tobacco MSA settlement in Massachusetts Equities Global Tobacco Faham Baig Analyst faham.baig@ubs.com +44-20-7568 3966 $600m Massachusetts settlement could be paid through funds in escrow On Monday 12 August 2024, the Massachusetts Attorney General's Office (see here) said it had "reached a $600 million settlement with major tobacco manufacturers, marking the largest AGO resolution in recent history. In addition to the $600 million that wi ...

ab 13 August 2024 Global Research and Evidence Lab First Read Crest Nicholson Bellway walks; where does this leave shares? Bellway confirms it does not intend to make a firm offer for Crest Nicholson Following an extension of the offer period (on 8 August) to 20 August at the request of Crest Nicholson's Board, in order to fully conclude due diligence and the negotiation of definitive transaction documentation, Bellway today announced it does not intend to make a firm offer for Crest Nicholson (click here). ...

ab 13 August 2024 Global Research and Evidence Lab Bezeq Increased risk, slower 2024; down to Neutral Less attractive risk/reward currently We cut Bezeq to Neutral with a new NIS4.4PT, from Buy and NIS6.1. Bezeq has one of the strongest balance sheets in the sector at c1.6x ND/EBITDA (c2.7x sector) and defensive returns with a 70% 2024E net profit payout (c7% div. yield vs. c5.5% sector). The mid-term case remains attractive with 2026 catalysts of FTTH capex decline (2pp/ sales or more vs. 2024 peak), satel ...

ab 13 August 2024 Global Research and Evidence Lab MatsukiyoCocokara & Co. Revising forecasts: Strong sales to be a means of strengthening competitiveness Action: Earnings update following Q1 results We are updating our earnings forecast following Q1 results. While we are increasing our SG&A expense assumption and lowering our OP forecasts slightly, we continue to expect record high OP including in FY3/25. We are also factoring in the share buyback and retirement announced along with the results. We are rev ...