LOGIC: North East �� Knight �� Frank Q1 2024 Occupier and investment market trends in the logistics and industrial sector. knightfrank.com/research LOGIC:NORTH EAST Occupier Market Prime rents remain resilient, despite moderation in take up and upward trend in supply MODERATE FIRST QUARTER FOR TAKE UP Take up of industrial units over 50,000 sq ft in theNorth East region totalled 178,000 sq ft in the first quarter of 2024. One freehold and one leasehold deal completed; 4 Opus Park, Preston Farm in Stockton-o ...

Jakarta Retail Market Overview 2H 2023 The bi-yearly Jakarta retail market overview analyzes latest development trends, provides insights and tracks market dynamics of all retail shopping centers located in Jakarta. knightfrank.co.id/research Retail Market Update The retail market experienced its continuous recovery driven by increased consumer activities and shopping back in full swing. Pressures on purchasing power may continue to intensify due to rising food and fuel prices. Fig 1: Jakarta Retail Market ...

Industry Investment Rating - The report focuses on the steel and concrete sectors, highlighting the urgent need for decarbonization and the potential for innovative procurement mechanisms like Book and Claim to drive lower-carbon materials markets [7][10] Core Viewpoints - Companies are increasingly expanding their climate commitments to include supply chain decarbonization, particularly for steel and concrete, which account for over 10% of global CO2 emissions [7][12] - Three prominent procurement approaches are identified: direct procurement, out-of-sector offset purchase, and in-sector environmental attribute certificate (EAC) purchase, with EAC purchases being the core focus of the report [7][8] - Book and Claim systems, which decouple environmental attributes from physical products, are seen as a logical and catalytic mechanism for decarbonizing steel and concrete, especially when direct procurement is not feasible [10][41] Summary by Relevant Sections Introduction - The report emphasizes the urgent need for rapid carbon emissions reduction to stay below 1.5°C of warming, with companies increasingly focusing on decarbonizing their supply chains, particularly for steel and concrete [7] - Three procurement approaches are outlined: direct procurement, out-of-sector offset purchase, and in-sector EAC purchase, with the latter being the focus of the report [7][8] Why Decarbonize Steel and Concrete? - Steel and concrete are fundamental materials, with concrete being the most used material in the world after water, and steel being critical for the energy transition and infrastructure development [12] - Combined, these sectors account for over 10% of global CO2 emissions and half of heavy industrial emissions, with demand expected to increase by 20% for concrete and 30% for steel by 2050 [12][13] Why Are Organizations Interested in Lower-Carbon Materials? - Leading organizations are setting climate targets that include supply chain emissions, with Microsoft highlighting the challenges of embodied carbon in building materials and hardware components [14] - Companies at the end of the supply chain, such as technology firms, face challenges in reducing emissions from materials like steel and concrete due to their distance from producers [15] How Can Organizations Decarbonize Beyond Direct Procurement? - Book and Claim certificates allow organizations to channel funds directly to alternative material producers, enabling decarbonization of supply chains and meeting Scope 3 targets [19][20] - This model is already used in industries like renewable electricity and sustainable aviation fuel, providing flexibility and verifiability in emissions reductions [24][25] Book and Claim as a Decarbonization Mechanism - Book and Claim systems expand the market for clean commodities by allowing stakeholders who do not directly procure materials to invest in lower-carbon markets [26] - The system requires verifiable, additional, and catalytic certificates to ensure impact, with forward contracting models strengthening additionality by tying certificates to new production facilities [27][31] Infrastructure Needed for Book and Claim - Robust Book and Claim systems require certification schemes, standards, registries, and reporting guidelines to ensure transparency and credibility [53][54] - Certification schemes, such as EPDs and third-party standards, are critical for verifying the environmental attributes of products, while registries ensure the integrity of certificate transactions [57][63] Microsoft's Pilot Process: Lessons Learned - Microsoft's pilot process revealed that the market for Book and Claim certificates is in its early stages, with limited offerings that meet the criteria for significant, verifiable, and additional emissions reductions [72][73] - The market needs stronger collective demand signals, fit-for-purpose accounting methods, and robust infrastructure to de-risk the approach and scale Book and Claim systems [77][79] Next Steps - Collaboration among stakeholders is essential to formalize Book and Claim infrastructure, with a focus on developing certification schemes, standards, registries, and reporting guidance [80] - Market-leading buyers should align and aggregate demand to pave the way for broader adoption of Book and Claim systems in the steel and concrete sectors [80]

Macroeconomic Outlook - US economic growth is expected to moderate, with government spending and service consumption contributing less to GDP in the future[6] - Eurozone growth has improved due to falling inflation, but upcoming French elections introduce political uncertainty that could impact economic stability[7] - The Federal Reserve is anticipated to cut rates, with a potential 160 basis points of cuts over the next three years, starting with two 25 basis point cuts later this year[31] Fixed Income Outlook - Developed market bonds, particularly US Treasuries, are expected to provide attractive income and value, with a focus on longer-dated Treasuries[10][14] - Demand for US Treasuries has increased significantly, driven by weaker economic fundamentals and reduced competition from corporate bonds[16] - Fiscal policy in the US is likely to peak, with interest costs crowding out necessary spending, which may lead to increased market volatility[19] Currency and Emerging Markets - The US dollar is expected to weaken as fiscal support diminishes, with real GDP growth slowing to 2% in the first half of 2024[46] - Emerging market currencies performed well in early 2024 but faced corrections due to changing valuations and rising political risks[45] - Political developments in the US elections could significantly impact currency performance, particularly if a Republican sweep occurs[46] Investment Strategy - A cautious approach is recommended due to potential election-induced market volatility, with a preference for smaller positions to withstand price movements[21] - High-yield bonds are expected to remain attractive, supported by strong demand and limited new supply, particularly in refinancing[59] - Structured credit sectors like CRT and CLO are anticipated to outperform due to solid housing fundamentals and healthy household balance sheets[87]

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Investment Rating - The report maintains a bullish medium-term forecast for gold, with price targets upgraded to $2,500/oz by the end of 2024 and $2,600/oz in 2025 [7][10][8]. Core Insights - Gold prices are expected to average $2,500/oz in Q4 2024, driven by geopolitical risks, anticipated Fed rate cuts, and central bank buying [2][8]. - The structural bull case for gold remains intact despite rising prices, with significant central bank purchases and a reluctance among physical holders to sell [6][11]. - The relationship between gold prices and U.S. real yields has decoupled, indicating that gold's appeal is driven by factors beyond traditional interest rate dynamics [4][9]. Summary by Sections Gold Price Drivers - Geopolitical tensions, inflation hedging, and central bank buying are key drivers for gold prices in 2024 [2][6]. - Central banks purchased 1,037 tonnes of gold in 2023, with strong net purchases of 290 tonnes in Q1 2024, indicating robust demand [11][12]. Market Dynamics - The report highlights a significant decoupling of gold prices from U.S. real yields, suggesting that gold's safe-haven status is becoming more prominent amid economic uncertainty [4][9]. - Investor appetite for physical gold remains strong, with expectations that ETF holdings may rebound as interest rates decline [16][15]. Future Outlook - J.P. Morgan forecasts a Fed rate cut in November 2024, which could further support gold prices [9][7]. - The report anticipates that structural drivers such as U.S. fiscal deficit concerns and geopolitical instability will continue to support gold prices, regardless of the U.S. election outcome [6][11].

Request for Information (RFI) Request for Information (RFI) for: Furniture, Fixtures & Equipment (FF&E) Reference number: Event Logistics Issue Date: 12 July 2024 Document Sensitivity: Public Contents Disclaimer 1. Introduction… 2. FIFA. 2.1. FIFA World Cup 2026™ 2.2. FIFA Club World Cup 2025™ . 2.3. 2.4. FIFA26 Inc. FIFA Event Logistics 2.5. 3. Structure of RFI 3.1. Background Purpose . 3.2. 3.3. An Opportunity to Contribute and Shape Strategic and Commercial Partnership 3.4. Response section… 4. Content . ...

How to Restructure Utility Incentives The Four Pillars of Comprehensive Performance-Based Regulation Report / July 2024 Authors and Acknowledgments Authors Cara Goldenberg Kaja Rebane Authors listed alphabetically. All authors from RMI unless otherwise noted. Contacts Kaja Rebane, krebane@rmi.org Cara Goldenberg, cgoldenberg@rmi.org Copyrights and Citation Kaja Rebane and Cara Goldenberg, How to Restructure Utility Incentives: The Four Pillars of Comprehensive Performance-Based Regulation, RMI, 2024, https: ...

Investment Rating - The report maintains a "BUY" rating for FIT Hon Teng with a target price of HK$ 4.24, indicating a potential upside of 14.0% from the current price of HK$ 3.72 [5][14]. Core Insights - The acquisition of Auto-Kabel Group for EUR 72.5 million is viewed positively, as it is expected to enhance FIT's product portfolio and client base in the automotive connector market, particularly in electromobility [3]. - The deal is anticipated to close by the end of 2024, pending regulatory approval, and is expected to add 8% to FIT's revenue in FY25E [3]. - The financial metrics of Auto-Kabel, including a gross profit margin (GPM) of 34% and a revenue of EUR 430 million in FY24, suggest potential margin support for FIT [3][9]. - The report highlights the long-term synergies expected from the integration of Auto-Kabel and FIT Voltaria, which will strengthen FIT's global automotive client base and expand its presence [3]. Financial Summary - Revenue for FIT is projected to grow from US$ 4,531 million in FY22 to US$ 7,497 million in FY26, reflecting a compound annual growth rate (CAGR) of approximately 18.4% [17]. - Net profit is expected to increase from US$ 170.1 million in FY22 to US$ 373.4 million in FY26, with a notable growth rate of 25.2% in FY25E [17]. - The report indicates a significant improvement in gross profit margin, expected to rise from 19.2% in FY23 to 20.6% in FY25E [19]. Valuation Metrics - The report notes that FIT is trading at a P/E ratio of 17.4x for FY24E and 11.4x for FY25E, which is considered attractive compared to its peers [14]. - The P/B ratio is projected to decrease from 1.3x in FY24E to 1.0x in FY26E, indicating a potential undervaluation [19]. - The report emphasizes the attractive risk-reward profile of FIT, particularly with upcoming catalysts such as AirPods progress and AI server product updates [14].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report analyzes the online shopping trends in India, focusing on consumer behavior and preferences in e-commerce, D2C, and traditional brands transitioning online [1] - Urban Indian shoppers exhibit a mix of planned (63%) and impulsive (16%) purchasing behaviors, indicating a diverse shopping approach [4][5] - Convenience, price sensitivity, and privacy are key drivers for urban Indian consumers, with 64% expressing a desire for user-friendly apps for mobile shopping [6][7] Summary by Sections Shopping Behavior - Urban Indians prefer to shop monthly or weekly, with average monthly spending ranging from ₹1,000 to ₹5,000 [10] - The top online shopping categories include smartphones (59%) and skincare (50%), while jewelry and furniture are predominantly purchased offline [12][15] Discovery Channels - E-commerce aggregator websites are the primary channels for discovering new products (77%), followed by social media ads (47%) [22] - YouTube and Instagram are the leading platforms for product discovery, with Facebook showing lower engagement among Gen Z [24] Purchase Triggers - Customer reviews and attractive discounts are the strongest triggers for purchases among urban Indian shoppers [28] - E-commerce aggregators are most effective in converting product discovery into purchases (59%) [26] Brand Websites - There is a growing appeal for brand websites due to exclusivity, authenticity, and discounts, with 59% of shoppers believing all brands should offer loyalty programs [36]