M Idea China Industrials | Asia Pacific October 7, 2024 08:00 PM GMT 3Q24 Preview - Construction Machinery We see 3Q sales in line with consensus and improved GPM for most companies, on solid overseas growth and narrower domestic declines, but remain cautious on the domestic cycle and see continued overseas destocking in 4Q. Individual company operations are key differentiators; OW Hengli and Dingli. 3Q24 preview - see revenue and NP largely in line with consensus : 3Q24 industry demand was led mainly by co ...

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North America Equity Research 07 October 2024 J P M O R G A N JPM Natural Gas Reservoir Examining 2025-26 Corporate Natural Gas Price FCF Break-Evens Excluding Hedge Impacts | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------| | ...

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M Update Guangzhou Automobile Group | Asia Pacific October 7, 2024 10:06 AM GMT Thoughts on the share outperformance GAC-H rose 19% today (Oct 7), significantly outperforming the market (Hang Seng Index +1.6%) and H-share peers (DFM +6.8% and BAIC +11.8%). We believe this was driven mainly by: 1) potential short position coverage; and 2) expanded A/H share premium of 220% from previous trough of ~50% in 2018. Although we have not heard of any material fundamental changes at this point during the Chinese Nat ...

M Update Global Macro Strategy | Global October 7, 2024 04:00 AM GMT Global FX Positioning: Positioning Turns Long USD In the week ending Friday, October 4, options pricing data indicate that investors added long USD (DXY) and NOK (versus EUR) positions, and increased short NZD and EUR positions. In the futures market, investors reduced short AUD and increased long NZD positions, while they added short CHF and decreased long EUR positions in the week ending Tuesday, October 1. Overall, options data suggest ...

October 7, 2024 08:00 PM GMT China Industrials | Asia Pacific What's Changed Shenzhen Inovance Technology (300124.SZ) From To Price Target Rmb54.00 Rmb64.00 M Idea Morgan Stanley Asia Limited+ Sheng Zhong Equity Analyst Sheng.Zhong@morganstanley.com +852 2239-7821 Chelsea Wang Equity Analyst Jinlin.Wang@morganstanley.com +852 2239-1118 Serena Chen Research Associate Serena.Chen@morganstanley.com +852 2848-7107 3Q24 Preview - Automation and general equipment We expect most automation companies' 3Q earnings t ...

China Property Golden Week - What are property agents saying? Over the past few days, we noted there are various versions of "Golden Week sales" data being circulated online (which we cannot verify). As we wait for official data to come out (sales data which reflects the Golden Week should be published over the next few weeks), we consulted >10 property agents/sales managers across various cities. Undeniably, sentiment improved, and many projects in tier-1 cities noted a 50-100% improvement in enquiries/tra ...

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J P M O R G A N Global Quantitative & Derivatives Strategy 07 October 2024 An Analysis of Cross Asset Liquidity Conditions 3Q24 Update - An inclusion of China equities • In this note, we provide an update on the liquidity conditions across asset classes, including US, Europe and Japanese equities, bonds and FX, and major Commodities markets including Oil, Gold and Copper. Market depth, in our definition, represents the market order imbalance required to move the market by 1% within a short period of time (e ...