abc 12 August 2024 Global Research and Evidence Lab First Read Focus Media Information Technology 2Q24 results beat with half-year dividend payout; expecting further sequential improvement from 3Q 2Q results beat on revenue and net profit Despite slow macro recovery, Focus Media (FM) continued to outperform within brand ad space. 2Q24 revenue grew 10/19% YoY/QoQ to Rmb3.24bn, beating UBS-Se/Visible Alpha consensus by 6/5%. The better topline growth and COGS savings was partially offset by higher OPEX. Net, ...

Investment Rating - The report maintains a constructive outlook on value and large-cap styles, indicating a limited downside risk for the A-share market [5][28]. Core Insights - Active mutual funds (MFs) have experienced significant redemptions, with a decrease of 136.7 billion units in Q124, marking the largest quarterly fall in the past decade, while passive funds saw an increase of 207.7 billion units in H124 [2][9][12]. - The A-share market has faced a downturn, with the Wind All A-share Index and CSI 300 Index down 31% and 33% respectively since early 2022, leading to a correction of 36% and 28% in equity/hybrid MFs [8][9]. - The report suggests that the resumption of active MF purchases may be driven by factors such as a rising stock market, declining mortgage rates, and improved long-term shareholder returns [4][28]. Summary by Sections Mutual Fund Dynamics - Active funds are under redemption pressure due to poor performance, with significant unit and AUM decreases in Q124 and Q224 [9][10]. - Passive funds have outperformed active funds, with a notable AUM increase of Rmb311.3 billion in Q124, primarily driven by investor interest in large-cap blue-chip ETFs [12][15]. Investor Behavior - Post-redemption, investors are likely reallocating funds towards low-risk options such as paying off mortgages, increasing savings, or investing in money market and bond funds [3][18][22]. - Households are building precautionary savings, with excess savings estimated to exceed Rmb6 trillion by the end of Q224 [22]. Market Outlook - The report anticipates that value stocks will outperform growth stocks in H224 due to a lack of new capital in the A-share market [5][28]. - There is a tactical inclination towards sectors with solid earnings growth, such as electronics, utilities, energy, and telecom, while caution is advised for sectors facing slowing export demand [5][28].

ab 11 August 2024 Global Research and Evidence Lab Vietnam Property Expert call: In a recovery wave A tale of two cities: Recovery in progress, supply tight We hosted Ms. Dung Duong, CBRE Vietnam's Head of Research, Valuation and Consulting for an update on the residential sector. The recovery is broadly tracking our expectations. It is a tale of two cities as H124 supply in Hanoi sees 10.8k units launched, while HCMC trailed at 1.7k hampered by approval bottlenecks. Duong shared there are still ~250 delaye ...

ab 11 August 2024 Global Research and Evidence Lab First Read Info Edge (India) Q1FY25: In-line results with growth across segments Q: How did the results compare vs expectations? A: Info Edge delivered broadly in-line Q1FY25 results. Revenues were up c9% YoY (+c5% QoQ, in line with UBSe), with recruitment growing c6% YoY (+c4% QoQ, c1% below UBSe), 99 Acres growing c20% YoY (+c7% QoQ, c2% below UBSe) and matrimony growing 35% YoY (8% QoQ, 13% above UBSe). Despite sequential revenue growth, higher advertisi ...

ab 11 August 2024 Global Research and Evidence Lab First Read Siemens Limited Q3FY24: Miss on P/L; Lags peers on energy and mobility How did the results compare vs expectations? Siemens India (SIEM) reported 7%/22%/27% yoy growth in top-line/EBITDA/PAT, reflecting 8%/10%/9% misses vs consensus. New orders at Rs 62.5 bn reflect 18%/20% growth on a YoY/QoQ basis (9M order intake at Rs174bn, up 6% YoY, adjusting for large locomotive order in the base). 9MFY24 sales/EBITDA/PAT grew by 15%/21%/36%. What were the ...

ab 11 August 2024 Global Research and Evidence Lab First Read Container Corporation of India Weak volume and margins amidst strong sectoral growth EXIM originating volume growth of just 3%, well below sector growth In Q1, Concor registered revenue growth of 9% YoY with EBITDA growth of 10% yoy. EXIM originating volume grew just 3% YoY, while we believe that sector growth was of the order of 9-10%. Domestic originating volume improved strongly, up 20% YoY. Higher freight expenses, only selective pass-through ...

First Read Sun TV Network UBSe Q1FY25: Weak results with EBITDA missing Q: How did the results compare vs expectations? A: Sun TV's Q1FY25 results were soft. Consolidated revenues were down 3% YoY (+37% QoQ, 19% below UBSe), whereas total operating expenses were largely in-line with UBSe, leading to EBITDA (down c10% YoY; 55% margin, down 433bps YoY) missing UBSe by c30%. PAT came in at Rs5.6bn (down c6% YoY, c22% below UBSe). Q: What were the most noteworthy areas in the results? A: Advertising revenues we ...

The World Bank g The World Bank 参 Group in Ecuador 参 Country Program Evaluation, 参 Fiscal Years 2008–22 参考 lic Disclosure Authoriz WORLD BANK GROUP World Bank • IFC • MIGA lic Disclosure Authoriz © 2024 International Bank for Reconstruction and Development ⁄ The World Bank 1818 H Street NW Washington, DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org ATTRIBUTION Please cite the report as: World Bank. 2024. The World Bank Group in Ecuador: Country Program Evaluation, Fiscal Years 2008–22. Independ ...

ic Disclosure Author Global Poverty Monitoring Technical Note 37 April 2024 Update to the Global Database of Shared Prosperity What's New Carlos Sabatino Carolina Diaz-Bonilla Danielle Aron Cameron Haddad Minh Cong Nguyen Haoyu Wu June 2024 Keywords: Global Database of Shared Prosperity, April 2024. Development Data Group Development Research Group Poverty and Equity Global Practice Group Disclosure Author G LOBAL P OVERTY M ONITORING T ECHNICAL N OTE 37 Abstract This note introduces the 13th edition of the ...

WORLD BANK GROUP Unlocking South Africa's Potential: Leveraging Trade for Inclusive Growth and Resilience ublic Disclosure Author olic Disclosure Authori blic Disclosure Authoriz © 2024 The World Bank 1818 H Street NW, Washington DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved This work is a product of the staff of The World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of the Executive Directors of the Wor ...