V i e w p o i n t | Prepared for Philip Hu 09 Aug 2024 18:41:43 ET │ 12 pages Chile Equity Strategy Funds Flows Insights - July CITI'S TAKE It was a positive month for local stocks in terms of flows coming from Chilean Institutional Investors. Pension Funds and Mutual Funds were net buyers of local equity for US$65.3mn and US$34.4mn, respectively, during July. Sectors such as: i) Real Estate, ii) Consumer Discretionary, and iii) Materials were the most preferred by the Pension Fund system, with names like B ...

Equity Research Equity Strategy 9 August 2024 CORE U.S. Equity Strategy Food for Thought: Sector Selection for Rate Reduction Over 13 rate cutting cycles stretching back to the 1980s, Healthcare and Staples outperformed most consistently over the 6 months following the first cut, likely because most of these coincided with recessions. In the 2 "soft landing" cycles of the mid-90s, cyclical and growth sectors performed better after the first cut. | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

12 August 2024 | 1:24PM KST 2131d4eaf4cb4d50b1d51c8af07b64b4 Samsung Electro-Mechanics (009150.KS): MLCC peers' CY2Q24 results read-across; solid MLCC outlook supporting our positive view In this note, we provide read-across of CY2Q24 results of 4 MLCC peers (Murata, Taiyo Yuden, Yageo, and TDK) to our covered Korean MLCC player, Samsung Electro-Mechanics (SEMCO). We believe the read-across from the peers' results were generally positive due to: 1) most of the peers guiding MLCC revenue to sequentially grow ...

12 August 2024 | 9:28AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 Jahez International (9526.SE): 1H24: Revenue growth slightly below GSe but new verticals weigh on margins Jahez reported 1H24 results with revenue of SR1.02bn (+22% yoy), 2% below GSe. 1H24 net income came in at SR43mn down 26% yoy, 31% below GSe. There are limited number of consensus estimates. Revenue growth of 22% yoy was driven by 30% increase in total number of orders (to 50.1mn), and higher AOV, which increased to SR61.5 from SR60.4 in 1H23. ...

12 August 2024 | 9:49AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 Parkin Co. (PARKIN.DU): 2Q24 First Take Parkin reported 2Q24 results on August 12th pre-market open. Revenues for 2Q24 came in at AED206mn, +3%/-2% vs. GSe/Eikon consensus, up +12% yoy driven by higher revenues from public parking (+7% yoy), developer parking (+7% yoy), seasonal permits (+15% yoy) and fines (+27% yoy). EBITDA of AED134mn came ahead of our estimates and consensus, reflecting a c.65% margin for the quarter driven by revenue growth a ...

Harbour Energy Analysis - **Investment Rating**: Sell rating maintained for Harbour Energy due to its high exposure to European spot gas prices, negatively impacting its earnings profile in 2025-26E [5] - **Core Thesis**: Harbour Energy offers the lowest cash return to shareholders at 6.9% in 2024/25E compared to the EU E&P sector average of 10.9%/12.7% [2] - **Valuation**: The company trades in line with its peers in the EU E&P sector on 2025E EV/DACF, but better combinations of shareholder return, growth, and valuation are found elsewhere in the sector [3] Copper Industry Update - **Escondida Mine Labor Negotiations**: Sindicato No.1 (2.4k operators) at Escondida, the largest single mine union in Chile, has not agreed to initial terms presented by BHP, with government mediation underway [6] - **Potential Cost Impact**: Negotiating an improvement on the existing contract could cost approximately $110mn in cash bonuses, adding USc8/lb to 2H'24e Escondida unit costs [6] Beverages Industry Trends - **Soft Drinks Performance**: Nielsen Carbonates data for the 4 weeks to 14 July shows flat sales development yoy in Western Europe, with the UK down 10.8%, France -8.6%, and Spain -6.9% [6] - **Promotional Activity**: Promotional activity ramped up across all tracked markets, with Germany showing +1.9% volume growth likely due to the UEFA Eurocup [6] UK Macroeconomic Outlook - **Inflation Forecast**: July inflation is expected to see services inflation decelerate to 5.48%, down from 5.74% in June, with core inflation decelerating to 3.38% [8] - **Labour Market**: The June labour market report is expected to show the 3m average unemployment rate edge up to 4.5%, above the BoE's forecast of 4.4% [8] Global Economics Insights - **Neutral Real Rate (r*)**: The neutral real rate is an important anchor for monetary policy and financial markets, with market-based estimates suggesting high returns from macroeconomic stabilization [8] - **China PBOC Policy**: The PBOC maintained an easing bias in its 2Q monetary policy report, with a forecast for a 25bp RRR cut in 3Q and a 10bp policy rate cut in 4Q [8] FX Market Dynamics - **Yen Carry Trade Unwind**: The CFTC weekly positioning report suggests net shorts amongst non-commercial investors have fallen to just $1bn from a peak net short of nearly $15bn, indicating c.90% of the carry trade unwind is done [8]

12 August 2024 | 2:31AM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 Halozyme Therapeutics Inc. (HALO): What is the potential upside on pending launches, new partnerships? HALO's revenue and cash flows are primarily (and increasingly) driven by royalty revenues on Enhanze partnered products, which offer predictable and high margin growth, consistent with management guidance through 2028. However, we frequently field questions on where there is potential discovery value on this platform, thus we highlight two avenue ...

12 August 2024 | 1:48PM AEST 2131d4eaf4cb4d50b1d51c8af07b64b4 Helia Group (HLI.AX): 1H24 results preview — focus on claims environment and capital management; Neutral Results date Tuesday, 20 August 2024 Goldman Sachs forecasts Cash earnings: 1H24E underlying cash earnings down -25% pcp to A$102.8 mn. DPS: Interim ordinary DPS of A15¢. What we expect n Request for Proposal (RFP): On 19-Jun, HLI was advised by CBA (for a second time in three years) that it will issue an RFP relating to its Lenders Mortgage I ...

12 August 2024 | 6:30AM BST 2131d4eaf4cb4d50b1d51c8af07b64b4 GS EUROPEAN EXPRESS: Copper | Cellnex | UK Inflation/Labour Market | Global Economics | China PBOC | US Equities | Japan Strategy Click "here" to listen to the Europe Morning Call. In Focus: Copper | Cellnex Copper – eyes on Escondida – Sindicato No.1 (2.4k operators) at Escondida, the largest single mine union in Chile, have not agreed to initial terms presented by BHP, with Government mediation currently underway, according to media reports. BHP ...

12 August 2024 | 8:59AM CEST 2131d4eaf4cb4d50b1d51c8af07b64b4 GS Utilities Daily: 40% of Biden's IRA top manufacturing projects on hold // Ørsted partnership to develop 1GW battery storage across US Alberto Gandolfi +39(02)8022-0157 | alberto.gandolfi@gs.com Goldman Sachs Bank Europe SE - Milan branch Ajay Patel +44(20)7552-1168 | ajay.patel@gs.com Goldman Sachs International Mafalda Pombeiro +44(20)7552-9425 | mafalda.pombeiro@gs.com Goldman Sachs International Jojo Kwofie +44(20)7774-6526 | jojo.kwofie@gs ...