The 720： Sea Ltd， Taiwan ODM， Asics， TME， Wanhua， China TSF， Global Market Views

Investment Ratings - Sea Ltd: Buy [2] - Asics: Buy [7] - Tencent Music Entertainment (TME): Buy [7] - Wanhua Chemical: Buy [8] - CP ALL: Buy [8] - BDMS: Buy [8] - Envicool: Buy [8] - Lotes: Downgrade to Neutral [9] Core Insights - Sea Ltd has improved growth outlook with FY24 GMV growth guidance raised to mid-20%, and Shopee expected to return to EBITDA positive from Q3 2024 [2] - Asics reported strong operating profits and expects orders for 1H25 to increase by over 20% due to continued demand [7] - TME is shifting focus to ARPPU growth, lowering net adds guidance but maintaining music revenue targets [7] - Wanhua Chemical's estimates revised down due to weaker margins but maintains a Buy rating based on expected recovery in polyurethane demand [8] - CP ALL showed healthy revenue growth and margin improvement, with a higher 12-month target price [8] - BDMS reported solid revenue growth but weaker margins, maintaining a Buy rating [8] - Envicool anticipates strong growth momentum in data center cooling, maintaining a Buy rating [8] - Lotes faces intensifying competition in server sockets, leading to a downgrade to Neutral [9] Summary by Relevant Sections Sea Ltd - Strong Q2 results with a significant stock reaction due to revised growth guidance [2] - E-commerce EBITDA loss narrowed, with Shopee Brazil achieving positive contribution margin for the first time [2] Asics - Operating profits for 1H12/24 were ¥59.0 billion, a 76% increase year-on-year [7] - July sales increased by 19% year-on-year, outperforming the company's 2H sales outlook [7] Tencent Music Entertainment (TME) - 2Q24 results were in line, but outlook for 2H24-2025 is mixed [7] - Management aims to maintain music revenue by increasing ARPPU [7] Wanhua Chemical - Revised EPS estimates down by 5-9% post 2Q24 results [8] - Anticipates a cyclical recovery in polyurethane demand over the next 12 months [8] CP ALL - 2Q24 PATMI of Bt6.2 billion, a 41% year-on-year increase [8] - Strong performance at CVS with robust revenue growth [8] BDMS - 2Q24 EPS of Bt0.21, a 9% year-on-year increase [8] - Revenue growth of 7% year-on-year, but EBITDA margin weaker than expected [8] Envicool - Solid 2Q24 results with expectations for strong growth in data center cooling [8] Lotes - Downgraded to Neutral due to rising competition in server sockets [9]