May 21, 2025 02:20 AM GMT Dicker Data Ltd | Asia Pacific M Update YTD light on profitability + constructive outlook reinforces 2H skew Reaction to earnings Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS 1st look, YTD 4mths reinforces 2H skew and not a complete surprise, but flat YTD EBITDA / PBT still short of 1H25e VA cons at +10% EBITDA / +13% PBT. Outlook: Australia Emerging Companies | Australia | Stock Ra ...

May 21, 2025 05:00 AM GMT Vipshop Holdings Ltd: More patience needed for revenue growth to return to positive territory Although Vipshop has witnessed improving consumption demand in April and May vs. 1Q25, it is still too early to expect its revenue growth to return to positive territory in 2Q25. However, VIPS' high shareholder return (12% yield) and low valuation (6.6x 2025e P/E) limit downside, in our view. Play Audio Read more: Vipshop Holdings Ltd: More patience needed for revenue growth to return to p ...

M Update Japan Summit 2025: Bio CDMO to Drive Profit Growth in F3/27 We held a group meeting at Japan Summit 2025 (with Fujifilm HD CFO Masayuki Higuchi as main speaker). There was great interest from attendees in the healthcare segment (bio CDMO, medical systems). Management noted that although F3/25 results were mixed, it was overall on track to achieve goals in the current medium-term plan, with the OP jump from F3/26 (¥331bn as guidance) to F3/27, the final year (¥360bn), to be driven mainly by healthca ...

May 21, 2025 06:56 AM GMT FY25 in line, good execution. FY26 guide muted Reaction to earnings Divisionally, as expected, growth was more robust in the Industrial category of Facilities & Maintenance, Mechanical & Fluid Power, PPE & Site Safety (+3% LFL in FY25), while cyclical pressure remains in the electronics correlated categories of A&C and Electrification, Test & Measurement (-2%) and Semis & Passives (inc. SBC), Cables & Connectors (-8%). Regionally, EMEA was stable sequentially at -3% M Update Morgan ...

May 21, 2025 03:07 AM GMT China Utilities | Asia Pacific Takeaways from Energy Transition Trip We hosted a three-day China Energy Transition and Powering AI trip in Beijing and Shanghai, and talked with renewable experts on recent industry trends. Key Takeaways Regarding anti-excessive competition (along the solar value chain) efforts across the industry, Dr Tao (Deputy director from NDRC Energy Research Institute) noted that new and under-construction production capacity is now unlikely to commence operati ...

May 21, 2025 03:30 AM GMT European Banks | Europe Raising the industry view to Attractive With risks to European growth receding, we gain conviction that yield steepening will hold and NII growth will resume in 2026. We raise our estimates and now see 10% EPS CAGR 2024-27, which on 9x P/E is not priced in. We raise our industry view to Attractive. Our strategists also raise to Overweight. Gaining conviction on the curve. Post US-China de-escalation we believe risks to European growth have receded (see our E ...

(-) Hotel RevPARs grew 1% YoY, slower than we expected, due to a 17% decline in Singapore. (-) Offer to privatize Millennium & Copthorne Hotels New Zealand ended with CDL growing its stake from 76% to 84%, below the 90% threshold for compulsory acquisition. CDL will not make another takeover offer for at least nine months from April 22, 2025. | M May 21, 2025 03:21 AM GMT | | Update | | --- | --- | --- | | City Developments Asia Pacific | Morgan Stanley Asia (Singapore) Pte.+ Wilson W Ng, CFA | | | | Equity ...

Play Audio Read more: Nipro: New Mid-term Plan: Will Nipro Achieve Dynamic Capex Allocation? (20 May 2025) May 21, 2025 02:00 AM GMT Sound Bites | Japan M Update Nipro: New Mid-term Plan: Will Nipro Achieve Dynamic Capex Allocation? Industry View In-Line The capex plan is our particular focus among the many KPIs. Although management has rejigged the balance of capex among businesses, we think investors may have preferred a plan for an overall clear capex reduction. Morgan Stanley MUFG Securities Co., Ltd.+ ...

May 21, 2025 12:51 AM GMT LatAm Energy Tracker | Latin America M Foundation Brazil Oil Production Gaining Momentum Daily production data through early May shows strong growth in Brazil, up 8.5% vs Dec/24 and, year-to-date, 5.7% above the same period of last year. We are confident that our oil production growth forecast for Brazil will be met, and do not rule out upside risks, as new pre-salt platforms ramp-up. Key Takeaways Morgan Stanley does and seeks to do business with companies covered in Morgan Stanle ...

May 21, 2025 06:15 AM GMT Ithaca Energy PLC | Europe M Update Another Quarter, Another Beat Reaction to earnings Unchanged Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Key Takeaways We note the following key highlights: 1) 1Q25 EBITDAX - 14% beat: Adjusted 1Q24 EBITDAX of $653.2m is 14% higher than consensus at $574.6m (source: Visible Alpha, MSe: $573.4m), with the beat primarily explained by a production beat and low ...