крие Unlocking the Scoue 6 opportunity Insights from Asia Pacific businesses kpmg.com/unlockingscope3 Table of contents 03 Foreword 04 Executive Summary 06 Part I - Rise of Scope 3 09 Part II - Scope 3 emissions reporting in Asia Pacific 13 Part III - Key considerations in setting ESG standards 23 16 Part IV - Approaches to measuring Scope 3 18 Part V - An organization- wide toolkit for tackling Scope 3 emissions 21 Part VI - Talking to the supply chain 24 Methodology 30 31 Acknowlegments Conclusion Support ...

HVSFASIVET Immigratio 2024-168 | August 14, 2024 European Union – Visa Requirement for Holders of Certain Serbian Passports Removed On 22 July 2024, the European Council concluded the legislative process by adopting a regulation ensuring that the whole Western Balkan region is subject to the same visa regime. 1 Therefore, it decided to remove the exclusion previously applied to passports issued by the Serbian Coordination Directorate. Holders of Serbian passports issued by the Serbian Coordination Directora ...

( 日本MA) Al for Africa: Use cases delivering impact July 2024 Ezoomic 3454 3584 GSMA The GSMA is a global organisation unifying the mobile ecosystem to discover, develop and deliver innovation foundational to positive business environments and societal change. Our vision is to unlock the full power of connectivity so that people, industry, and society thrive. Representing mobile operators and organisations across the mobile ecosystem and adjacent industries challenges, the GSMA delivers for its members acros ...

Investment Rating - Maintain BUY rating with a target price of USD 124.50, indicating a potential upside of 60% from the current price [57]. Core Insights - The report highlights a significant decline in Alibaba's market share in China's e-commerce sector, dropping from 71.4% in 2018 to 39.4% in 2023, with a projected further decline to 37.2% in 2024, suggesting a stabilization of share loss [2]. - The competition from content-based e-commerce platforms like Douyin and Kuaishou, as well as Pinduoduo, has intensified, impacting Taobao and Tmall's market position [5][6]. - Alibaba's strategy is shifting from "helping make business" to "helping improve business," focusing on enhancing efficiency and profit margins rather than solely driving GMV growth [11]. - The total retail sales of consumer goods in China increased from RMB 29 trillion in 2015 to RMB 47 trillion in 2023, with Alibaba's GMV rising from RMB 3 trillion in FY16 to approximately RMB 8 trillion in FY24, indicating its growing importance in the retail landscape [13]. Summary by Sections E-commerce Market Dynamics - The e-commerce market in China is experiencing a shift, with content-based platforms gaining traction and affecting traditional e-commerce models [5][6]. - Pinduoduo's rapid growth is attributed to its focus on low-tier cities and effective demand creation strategies, similar to Taobao's early days [6][7]. Financial Performance - T&T Group achieved a revenue growth of 5.2% year-on-year for FY24, with expectations of high-single-digit GMV growth for the retail business in FY25 [40]. - The adjusted EBITA for T&T Group increased by 3.0% year-on-year, with a margin of 44.8%, reflecting the impact of revenue mix changes [41]. Future Outlook - The report anticipates a positive cycle for Alibaba driven by user subsidies and improved monetization tools, which could enhance profit margins and support growth [54]. - The potential inclusion in the Hong Kong Stock Connect is expected to attract significant capital inflows, further bolstering Alibaba's market position [55].

Equity Research Report Melco International Development (200 HK) GGR Rally Underperformed Sector's in 2024 Huatai Research 15 August 2024 | China (Hong Kong) Quick Take Gambling BUY, target price of HKD5.60 based on 2025E EV/EBITDA of 7.0x Melco Resorts & Entertainment (MLCO US), subsidiary of Melco International Development, has released 2Q24 results; net income was USD1,160mn (+4.3% qoq), adjusted property EBITDA was USD303mn (+1.3% gog; 68% of 2Q19 level), and property EBITDA margin was 26.2% (2Q19/1Q24: ...

Global Research and Evidence Lab 14 August 2024 UBS Payments Innovation Event Series: FinTech Conference Edition B2B Panel with Billtrust, Finexio, Mesh Payments, and ProfitSolv 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 Justin Forsythe, CPA Analyst justin.forsythe@ubs.com +44-20-7567-4191 Taylor McGinnis Analyst taylor.mcginnis@ubs.com +1-212-713 1332 Chris Zhang, CFA Analyst ch ...

Global Research and Evidence Lab 14 August 2024 LatAm Oil & Gas LightHouse: PBR, EC, YPF, RRRP, RECV, RAIZ, SMTO, TTEN, ORBIA, Fuel Dist. (3x), Agri. (2x), Global Oil Integrated and Junior E&P: PBR, EC, YPF, RRRP, RECV PBR: Government participates in Petrobras' strategic decisions. EC: We published a report on Ecopetrol's 2Q24 earnings result; see "Strong output now, but challenging horizons". YPF: CEO expects Vaca Muerta Sur (VMS) oil pipeline to be the first RIGI investment. RRRP: Jive Investments holds a ...

Investment Rating - The investment rating for TOTVS is Neutral, with a price target of R$33.50, implying a ~24x multiple to 2025E earnings [16]. Core Insights - The acquisition of Linx by TOTVS is seen as strategically positive, as it complements TOTVS' portfolio and could unlock new growth avenues, particularly in the TechFin vertical [4][7]. - Linx's current monetization is only 0.3% of its estimated R$350 billion GMV, indicating significant room for expansion [3]. - The integration of Linx's software solutions into TOTVS' offerings will require adaptation for small and medium-sized businesses (SMBs), which may necessitate further investments [3][4]. Summary by Sections TOTVS and Linx Acquisition - The CEO of TOTVS stated that acquiring Linx remains strategic, as Linx's capabilities complement TOTVS' offerings [1]. - Linx was acquired by Stone in 2020 for R$6.8 billion, and the integration has been ongoing since then [1][2]. Market Position and Client Base - Linx serves approximately 70,000 mid-large retailers with a GMV of R$300 billion, providing a new client base for TOTVS [1]. - Most of Linx's clients are larger enterprises, with only 11% being SMBs, which presents a challenge for scaling Linx's solutions to TOTVS' typical client base [3][4]. Financial Metrics and Growth Potential - The average monthly ticket for clients using Linx's ERP/POS software is R$160, supporting the potential for increased cross-selling opportunities [2]. - The report highlights that 50% of Linx's sub-acquiring clients have migrated to Stone, indicating successful integration efforts [2]. Valuation and Market Outlook - The valuation for Stone is based on a 2025E PE target multiple of 11x, reflecting the broader economic environment and regulatory changes impacting the Brazilian financial sector [8]. - The report suggests that TOTVS could benefit from future cross-selling of Business Performance solutions to Linx's customer base [4].

Global Research and Evidence Lab 14 August 2024 First Read Victoria's Secret & Co CEO Appointment as Positive Market Likely to see 2Q EPS Upside and What happened: VSCO pre-announced above-consensus 2Q EPS... VSCO pre-announced 2Q24 results and now anticipates $0.34-$0.39 EPS, above its prior $0.05-$0.20 outlook. We note the Street has been modeling $0.16 Q2 EPS. Within its new Q2 outlook, VSCO expects net sales to be down 1-2% vs. prior down 1-3% y/y. VSCO also raised its Q2 EBIT dollar guidance to $57-$62 ...

Global Research and Evidence Lab 14 August 2024 Equities UBS Railroads Weekly Volume +3.6% In Week 32; Western Rails Volume Growth Driven By Recent Shift of IM Volumes Americas Railroads Thomas Wadewitz Analyst thomas.wadewitz@ubs.com +1-212-713 6116 Michael Triano Analyst michael.triano@ubs.com +1-212-713 3822 Michael DiMattia Analyst michael.dimattia@ubs.com +1-617-748 5628 Volume up +3.6% y/y in Wk 32; Stacked was down -1.3% Volumes in Week 32 rose +3.6% y/y, following +3.5% growth in Week 31 and +2.9% g ...