13 February 2025 ASE Technology Holding (3711 TT) Buy: Reiterating positive outlook in leading edge & testing Better 4Q24 EMS sales offset by product mix: 4Q24 revenue of TWD162bn (+1% QoQ), beat HSBCe/cons est by 3%/2%. The ATM segment saw 3% QoQ revenue growth, mostly in line with expectation, driven by pull in of communication application. By revenue type, testing continued to see higher than average growth. ATM GM came at 23.3% (flattish QoQ), in line with expectation. EMS revenue was flattish QoQ, miss ...

EU Semiconductors ASML Holding NV Rating Our analysis leads us to conclude that our 2025 estimates are covered by the current backlog, assuming that all non-EUV bookings are for 2025. There is a risk that some have been pushed to 2026, but as lead times for these systems are typically 6-9 months, we believe the risk that the backlog would not be covered in time is low. This also implies that ASML still needs just over 19B of bookings to cover the 2026 backlog for our estimates, with just over 7B (or ~32 uni ...

22 Dec 2024 21:29:36 ET │ 29 pages | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------- ...

Hello, everyone, and welcome to Asana's third quarter fiscal year 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To participate, you will need to press star 11 on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, simply press star 11 again. Please be advised that today's conference is being recorded. Now we'll pass the call over to the Head of Inve ...

19 Nov 2024 18:36:13 ET │ 14 pages Weibo (WB.O) 3Q24 Beat Expectation on Strong Olympics Ad Spend & Higher VAS CITI'S TAKE Weibo reported a better-than-expected 3Q24 with total revs +5% yoy to US465mn, 7.8%/6.1% higher than our/consensus expectation attributed to outperformance of VAS, which grew 25% yoy while online ad grew 2% yoy and was 7% ahead of our forecast, thanks to robust ad demand from food and beverage, apparel and automobile industry during the Olympics in 3Q24. Into 4Q24, mgmt commented that w ...

Summary of the China Property Monthly Tracker Industry Overview - The report focuses on the **Chinese property market**, highlighting trends in property sales, prices, and completions as of October 2024. Key Points 1. **National Property Sales**: - Nationwide property sales showed a cumulative decline of approximately **10%** since the last positive print in March 2022, with sales volume and value down **21%** and **13%** month-over-month (MoM) respectively in October 2024. Year-to-date (YTD) sales volume and value were down **16%** and **21%** year-over-year (YoY) respectively [4][5][6]. 2. **Average Selling Price (ASP)**: - The blended ASP increased by **10%** MoM and **1%** YoY, contrasting with a decline of **5%** MoM and **6%** YoY in September 2024. The average ASP for the first ten months of 2024 was down **6%** YoY [4][5][6]. 3. **Completion and New Starts**: - Gross floor area (GFA) completions were down **20%** YoY in October 2024, with a total of **2.85 million units** delivered YTD, which is a **450,000 unit** increase in one month. New starts recorded a **27%** YoY decline in October 2024 [4][5][6]. 4. **Secondary Market Activity**: - Secondary transaction volumes in 15 major cities rose **29%** MoM and **27%** YoY in October 2024. Tier-1 cities recorded a **58%** YoY increase in secondary sales volume [4][5][6][17]. 5. **Market Sentiment and Future Outlook**: - The sentiment among agencies and homebuyers improved, with a **10 percentage point** increase above pre-easing levels. However, the new home search demand index softened shortly after easing, indicating limited upside potential due to curtailed new project launches by developers [4][5][6]. 6. **Government Policy Impact**: - Recent policy easing measures, including deed tax and VAT cuts, have contributed to a slight recovery in market sentiment. Upcoming fiscal stimulus and land bank buyback guidance from the Ministry of Natural Resources (MNR) are anticipated to support the market further [4][5][6]. 7. **Inventory Levels**: - Completed but unsold residential inventory saw an **8th consecutive monthly decline**, reaching **375 million square meters**, which is a **7%** decrease from the all-time high in February 2024 [4][5][6]. 8. **Regional Variations**: - Type-A cities, characterized by stronger fundamentals, experienced positive MoM ASP growth in the secondary market for the first time since March 2023. In contrast, smaller cities continued to see ASP declines [4][5][6]. Additional Insights - The report emphasizes the importance of stabilization trends in major cities to boost market confidence for broader price recovery. The clarity of these trends will be essential for future market dynamics [3][4][5][6]. This summary encapsulates the critical insights from the telephone conference regarding the current state and outlook of the Chinese property market, highlighting both challenges and potential recovery signals.

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Innovent Biologics (1801) Overweight 1801.HK, 1801 HK An eventful weekend: Fortvita deal terminated, robust 3Q24 product sales, and semaglutide's success in MASH Asia Pacific Equity Research 04 November 2024 Price: HK$35.05 01 Nov 2024 Price Target: HK$50.00 PT End Date: 30 Jun 2025 更多一手调研纪要和海外投行报告加V：shuinu9870 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------- ...

昨天公司公布了三个产品的进展情况尤其是596那个产品是通用性咖啡的现在针对BTMI法典的主要的数据尤其是OR还在表现出非常不错的数据从我们认为通用性咖啡未来必然的一个趋势所以公司在这方面突破了 我们认为还是非常值得兴奋的所以在这种情况下我们特别有幸邀请到公司的董事长CEOCSO李博士公司的执行副总裁陈总以及公司的业务发展以及公司的AR总监张总来给大家做现场分享好接下来我们把时间交给李博士有请好的谢谢朱总各位投资人大家上午好算8点不容易 很高兴今天来跟大家分享一下我们这个三个产品数据,那今天可能会重要跟大家解读一下0590我们第一次公开就是披露我们这个同种议题的这样一个数据和相关的这个技术平台。 那么我们都知道这个种种议题,通用型卡地是整个产业发展的一个最关键的技术屏障,那么大家都知道这个赛岛市场如果一旦打通的话,那肯定至少是万亿以上的这个市场,我们以这个BQO086来说的话,那么就大家想象一下,光中国一年有20万左右的这样一个存量,那么现在存量大概20万, 然后如果有10万人能打,一个人如果能进入医保,一个人费用比如说20万,就是200个亿的市场,这个非常简单的算法,当然我们做的是全global,你有技术壁垒 ...

Total net sales for the quarter came in at 7.5 billion, which is above guidance. A couple of reasons for that. First off, we had stronger DPV sales, but also the installed base management business was higher than expected at 1.54 billion euros. Gross margin for the quarter came in at 50.8%, which is within guidance. Net income at 2.1 billion. Bookings came in at €2.6 billion, which I think is a reflection of some of the market dynamics that we're going to talk about later on. Part of the €2.6 billion was €1 ...