May 23, 2025 06:26 AM GMT M Update Corporate Travel Management Limited | Asia Pacific Risk Reward Update | What's Changed | | | | --- | --- | --- | | Corporate Travel Management Limited (CTD.AX) | From | To | | Price Target | A$11.80 | A$12.50 | | Base Case | A$11.80 | A$12.50 | | Updated Components | | | | EPS | | | | Bull Base Bear Scenarios | | | Risk Reward for Corporate Travel Management Limited (CTD.AX) has been updated Reason for change When CTD cut guidance in early May, we felt the change in trajec ...

F3/28 OP target ¥140.0bn (F3/25 result: ¥98.9 billion): Tosoh released a new medium-term management plan for F3/26-28 on May 23 at 9:30 JST. The previous MTP had targeted OP of ¥150bn for F3/25, but the actual result fell short at ¥98.9bn. Although the engineering business exceeded target, the chlor-alkali and specialty products businesses fell significantly short . The OP target for the final year of the MTP is ¥140bn (F3/26 OP guidance: ¥108bn). Tosoh plans to expand earnings in cutting-edge businesses, s ...

May 23, 2025 05:42 AM GMT Sound Bites | Asia Pacific Kanzhun Ltd: Improving Recruitment Demand, High Earnings Visibility With improving recruitment demand in April-May and limited Industry View Attractive tariff impact, we expect BZ's cash billing growth to accelerate from 2Q25. Also, improving operating efficiency and cost control are likely to lead to earnings upside in 2025. Stay OW. Play Audio Read more: Kanzhun Ltd: Improving Recruitment Demand, High Earnings Visibility (22 May 2025) Kanzhun Ltd: 1Q25 ...

May 21, 2025 04:01 AM GMT M Update Freight Transportation | North America Truck Stop/TLFI: And So it Begins…. Our TLFI saw a sharp positive inflection and posted the fourth outperformance in a row due to both the supply and demand component. Our index continues to widen the gap above LT averages to the largest magnitude seen thus far in 2025. MS TLQURE: We have updated our QURE model for the month of May. Our new base case prediction is that truck rates will move to $1.74 in 6 months (currently $1.60) and m ...

May 21, 2025 05:26 AM GMT Regulated Utilities | North America AGA Conference Day 3: Key Takeaways On day 3 of AGA, we hosted meetings with the following utility management teams: CNP, AEE, NJR. We highlight takeaways in this note. We highlight takeaways from day 3 of the American Gas Association (AGA) Conference below. Ameren (AEE - EW): Conversations with data centers remain highly active. The company filed its data center tariff proposal in MO last week, aiming to ensure these new large loads are neutral ...

Comparable trading multiples, including: P/E, Adj. P/FCF, EV/Unlevered FCF, EV/ EBITDA, Div. Yield. Separate valuations for Large Cap Media, Internet Media, Mid-Cap Advertising/ Film/Entertainment/Sport, Cable/Satellite, and Communications Infrastructure. Sub-industries historical performance metrics, including: 1 Week, 1 Mo, 3 Mo, 12 Mo, 3 Year YTD. | Morgan Stanley & Co. LLC | | | --- | --- | | Benjamin Swinburne, CFA | | | Equity Analyst | | | Benjamin.Swinburne@morganstanley.com | +1 212 761-7527 | | Th ...

May 21, 2025 03:26 AM GMT Investor Presentation | Japan Semiconductor Production Equipment: Industry Outlook M Foundation Morgan Stanley MUFG Securities Co., Ltd.+ Tetsuya Wadaki Equity Analyst Tetsuya.Wadaki@morganstanleymufg.com +81 3 6836-8890 Semiconductor Production Equipment Japan Industry View Attractive Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect ...

May 21, 2025 06:36 AM GMT Investor Presentation | Asia Pacific China Materials Updates We prefer gold, steel and cement in the near term, and see more opportunities for metals in 2H. | M | | Foundation | | --- | --- | --- | | May 21, 2025 06:36 AM GMT | | | | Investor Presentation Asia Pacific | Morgan Stanley Asia Limited+ Rachel L Zhang | | | | Equity Analyst | | | China Materials Updates | Rachel.Zhang@morganstanley.com | +852 2239-1520 | | | Hannah Yang, CFA | | | | Equity Analyst | | | | Hannah.Yang1@m ...

On Tuesday afternoon, Tesla CEO Elon Musk was interviewed at Giga Texas (Austin) by CNBC's David Faber on 'Power Lunch.' Given Musk rarely provides interviews to financial media outlets, we felt it was useful to include what we believe to be some of the more impactful messages (including some direct quotes from the transcript) along with our perspectives for what we believe matters most to Tesla. In the words of Mike Wilson (Morgan Stanley Chief Equity Strategist)... "let's get after it." | M May 21, 2025 0 ...

May 21, 2025 06:15 AM GMT Severn Trent | Europe FY25 Results Beat and Strong Indications for New Regulatory Period Reaction to earnings Unchanged Meaningful upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Key Takeaways Implied FY26 guide operationally in line. We take the moving parts of Y/Y guidance to deduce a FY26 implied guide that is operationally in line with Bloomberg consensus median (Adjusted EBITDA ~£1.3bn). Below EBITD ...