Investment Rating - The report assigns a 12-month rating of "Neutral" to Osotspa PCL with a price target of Bt21.00, while the current price is Bt23.70 [7][22]. Core Insights - Osotspa reported a Q224 net profit of Bt604 million, which is a 28% decrease quarter-on-quarter but a 10% increase year-on-year. The core net profit, excluding one-off impairments, was Bt923 million, reflecting an 11% increase quarter-on-quarter and a 68% increase year-on-year [2][9]. - The company's top line was driven by beverage sales of Bt6,103 million, which remained flat quarter-on-quarter but increased by 11% year-on-year. International sales grew by 33% year-on-year, primarily from Myanmar, while domestic sales normalized to a 4% year-on-year growth [3][9]. - The gross margin expanded to 38.2%, up 171 basis points quarter-on-quarter and 418 basis points year-on-year, attributed to favorable raw material costs, efficiency gains, and volume recovery [2][9]. Summary by Sections Financial Performance - Q224 revenue from sales was Bt7,345 million, a 1.2% increase quarter-on-quarter and a 9.5% increase year-on-year. The gross profit was Bt2,804 million, showing a 5.9% increase quarter-on-quarter and a 22.9% increase year-on-year [9]. - Selling expenses decreased by 4.5% quarter-on-quarter, while administrative expenses increased by 6.0% quarter-on-quarter [9]. Market Position and Outlook - Osotspa maintained a market share of 46.4% in the energy drink segment, with a 2% year-on-year growth in sales. The functional drink segment saw a 20% year-on-year growth, with C-Vitt achieving a record market share of 74.4% in the Vitamin C category [3][4]. - The company expects growth momentum to slow in H224 due to intensified competition in the domestic energy market and the low season in Myanmar [4]. Valuation Metrics - Osotspa is currently trading at a 2024E PE of 29x, which is above the consumer sector average of 22x. The report indicates that the market has priced in the company's improved growth profile, but risks remain in H2 due to higher competition and lower international sales [5][10].

Investment Rating - The report maintains a "Sell" rating for Airports of Thailand (AOT) with a 12-month price target of Bt54.00, while the current price is Bt55.75 [7][21]. Core Insights - AOT reported a Q324 pre-tax net profit of Bt4.6 billion, representing a 42% year-over-year increase but a 21% decrease quarter-over-quarter. This result was in line with consensus estimates and 7% above the report's estimates [2][3]. - Aeronautical revenue increased by 29%, driven by a 34% year-over-year rise in departure passenger service charge (PSC) revenue, as tourist volume grew by 16% year-over-year. Concession revenue surged by 39% year-over-year, primarily due to higher duty-free minimum guarantee revenue [3][9]. - The EBITDA margin expanded by 2 percentage points year-over-year to 56%, attributed to improved operating leverage and a decline in utility costs [3][9]. Summary by Sections Financial Performance - Q324 revenue was Bt16.4 billion, a 27% increase year-over-year, while the operating cost was Bt7.2 billion, up 22% year-over-year. The EBITDA for Q324 was Bt9.2 billion, reflecting a 31% increase year-over-year [9]. - The net profit for Q324 was reported at Bt4.6 billion, a 45% increase from the previous year, with an adjusted net profit of Bt4.6 billion, marking a 42% year-over-year increase [9]. Revenue Breakdown - Aeronautical revenue for Q324 was Bt7.8 billion, a 29% increase year-over-year, while concession revenue reached Bt5.8 billion, a 39% increase year-over-year [9]. - The passenger service charge revenue was Bt6.2 billion, up 34% year-over-year, indicating strong recovery in passenger traffic [9]. Outlook and Guidance - No new guidance was provided by the company, with an analyst meeting scheduled for 15 August to discuss the outlook and updates on transit PSC adoption and expansion plans [4]. Valuation and Market Metrics - The report indicates that AOT lacks re-rating catalysts beyond short-term trading sentiment, maintaining a DCF-based price target of Bt54.00 [5][7]. - The forecasted stock return is -1.7%, with a forecast dividend yield of 1.4% [10]. Company Overview - Airports of Thailand operates six major airports in Thailand, handling about 90% of the country's air traffic and servicing over 130 scheduled airlines. The revenue split is approximately 57% aeronautical and 43% non-aeronautical [11].

ab 14 August 2024 Global Research and Evidence Lab First Read Wilmar International Cautiously optimistic of a better 2H Cautiously optimistic tone from the briefing Management's tone from the analyst briefing this morning appeared to be cautiously optimistic. Poor milling margins and weaker contribution from JV/associates (-58% YoY) were identified as key weaknesses in 1H's performance, to which Wilmar expects to improve going forward given lower raw material prices, as well as absence of certain one-off co ...

ab 14 August 2024 Global Research and Evidence Lab Thai Oil Q224 meeting feedback and upcoming UBShosted expert call Thai Oil (TOP) hosted its Q224 analyst meeting on 14 August. Overall, there were no material new developments to alter our views in the near term. Please see some of key highlights below. Also, UBS is hosting an Expert Call: Refining margin outlook and clean fuel project's (CFP) start-up discussion on 22 August at 3pm Bangkok time. Join our discussion for an expert view from Kpler, one of the ...

ab 14 August 2024 Global Research and Evidence Lab Medtronic PLC Diabetes Turnaround Sustainable, Clearing Path to MSD Sales Growth; U/G to Neutral CGM Partnership Potentially Transformative for MDT Diabetes We are upgrading MDT to Neutral from Sell as we now have higher conviction that the recent Diabetes turnaround is sustainable. With Diabetes representing just under 10% of MDT's sales but also one of MDT's higher growth end markets, this business is critical to MDT's top-line growth trajectory. With thi ...

ab 14 August 2024 Global Research and Evidence Lab US Internet Getting Over the Fears around Depreciation Expense Mismodeling Key Takeaways With our Capital Expenditure forecasts for 2025 rising by ~$30.7B for Amazon (AWS), Google, and Meta in the aggregate (from $125.5B to $156.2B), we have been fielding increased questions from investors on whether the Street is properly modeling the higher Operating Expenses (particularly depreciation) that go with the elevated level of spending. The concern here is that ...

ab 14 August 2024 Global Research and Evidence Lab North American Oil & Gas The Gas Digest - Post-2Q Gas Hedging Review Equities Americas Energy Gas Hedges Falling In 2025 With Rising Strip Following 2Q24 earnings season, we reviewed the latest gas hedge disclosures across our coverage group, focusing on the gas-focused E&Ps. On average, the gas-focused E&Ps have hedged 47%/31% of FY24/25 gas volumes, with the decline in 2025 reflecting operators leaving more exposure to an expected rising price environment ...

Investment Rating - The report maintains a "Buy" rating for Acumen Pharmaceuticals Inc with a 12-month price target (PT) lowered to $6 from $14 [4][8]. Core Insights - The investment thesis has been updated following the 2Q24 earnings report, with a focus on the execution of Phase 2 (P2) trials for sabirnetug (ACU193) as a key driver for stock performance [2][6]. - The overall sentiment in the Alzheimer's disease (AD) market remains low, influenced by regulatory setbacks and slow commercial uptake of competing products [3][9]. - Despite the challenges, the report highlights that Acumen Pharmaceuticals has sufficient cash to fund operations into the first half of 2027, with P2 trial enrollment exceeding expectations [6][7]. Summary by Sections Investment Rating - 12-month rating: Buy - 12-month price target: $6.00 (previously $14.00) [4]. Financial Performance - Current stock price as of August 14, 2024: $2.46 - Market capitalization: $0.14 billion - Expected revenues for 12/24E: $21 million [5]. Market and Competitive Landscape - The AD market is sizable but has seen a decline in clinical trials and investigational drugs in 2024 compared to 2023 [3]. - Regulatory risks have increased following the EMA refusal of Leqembi, impacting overall market sentiment [3][9]. Company-Specific Developments - Acumen Pharmaceuticals reported a cash position of $281.4 million, sufficient to support ongoing trials [6]. - Management noted that the P2 ALTITUDE-AD study is progressing faster than expected, with positive feedback on the trial design [6][7]. Valuation Adjustments - Peak sales estimates for sabirnetug have been lowered from $6.8 billion to $2.4 billion due to anticipated lower commercial uptake [9][10]. - The probability of success (PoS) for sabirnetug has been increased from 15% to 20% based on evolving clinical data [9][10].

ab 14 August 2024 Global Research and Evidence Lab First Read Payments, Processors, & FinTech NFC Secure Element within their own apps Apple announces broader developer access to Equities Americas Diversified Technology Services Timothy E. Chiodo, CFA Analyst timothy.chiodo@ubs.com +1-415-352 4500 Nik Cremo Analyst nik.cremo@ubs.com +1-415-352 6025 Chris Zhang, CFA Analyst chris.zhang@ubs.com +1-212-713 4911 Dylan Wright Analyst dylan.wright@ubs.com +1-212-713 3269 Jing Zhang Associate Analyst jing.zhang1@u ...

First Read US Weekly RevPAR Update Slightly Better RevPAR This Week Driven by Business Travel Weekly RevPAR up +2% YOY US Weekly RevPAR was up +2% YOY for August 4 - August 10 week, above last week's up +1%, with ADR up +140bps and occupancy up +40bps. ADR up +140bps was above last week's +60bps. Occupancy of up +40bps was slightly below last week's +50bps. RevPAR was up +11% vs. '19 per our calculations, broadly in line with last week's +11.5%. We estimate that ADR was up +20% vs. '19 (last week up +20%) a ...