15 Aug 2024 CMB International Global Markets | Equity Research | Company Update Tencent (700 HK) Inline 2Q24 results; games business to drive revenue growth acceleration in 2H24E Tencent reported 2Q24 results on 14 Aug: total revenue grew by 8% YoY to RMB161.1bn, in line with our/consensus estimate of RMB160.9/161.4bn; non- IFRS operating profit grew by 27% YoY to RMB58.4bn, largely in line with our estimate of RMB57.7bn; non-IFRS net income increased by 53% YoY to RMB57.3bn and was 17/18% ahead of our/cons ...

Financial Services Practice Prudential embraces customer centricity: An interview with Priscilla Ng Prudential plc's shift to customer-centric insurance hinges on digital transformation, with data and artificial intelligence as key enablers and humans still playing a crucial role. August 2024 As Prudential plc embraces digital transformation, the 176-year-old insurance company finds itself navigating a delicate balancing act: harmonizing the power of AI with a human touch, essential to delivering exceptiona ...

иа бијитом [August 15 th , 2024] Morning Brief 8 ZHOU Jinyu ピ 021-38674924 🎁 zhoujinyu011178@gtjas.com & S0880516080007 Contents Top Recommendations ● Gold Cup Electric Apparatus (002533): OW, TP@RMB10.36 ● Cement Sector: Special Report ● Chemical Sector: Update Report ● Fund Market: ETF Update Latest Reports ● Weixing (002003): OW, TP@RMB14.48个 ● Fuyao Glass (600660): OW, TP@RMB55.58 ● Naipu Mining Machinery (300818): OW, TP@RMB26.27 ● SMICS (688981): OW, TP@RMB62.50 Sector Ratings of the Month Market Stra ...

Equity Research Report Ganyuan Foods (002991 CH) Revenue Growth Slowed in 2024, 3Y Dividend Plan Announced Huatai ResearchInterim Results Review 14 August 2024 | China (Mainland)Food Qoq slowdown in 2Q24 due to off-season and personnel adjustments Ganyuan Foods' (Ganyuan) revenue/attributable net profit (NP)/recurring NP were RMB1,040/170/140mn for 1H24 (+26.1/+39.3/+40.0% yoy) and RMB460/80/60mn for 2Q24 (+4.9/+16.9/+13.6% yoy). In 2Q24, revenue fell during the off-season for snack sales. This, coupled wit ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The global economy is rapidly evolving, significantly influenced by climate change and the transition to cleaner energy sources, which will impact global trade patterns and demand for critical minerals [4][10][11] - By 2040, demand for critical minerals may increase fourfold, with emerging economies positioned to benefit from this shift [4][15] - The role of trade agreements and policies will be crucial in securing supply chains for these minerals, as rising protectionism and supply chain disruptions are observed [4][10][30] Summary by Sections Executive Summary - The report outlines the significant changes in global trade flows due to the energy transition, emphasizing the increasing demand for critical minerals essential for clean energy technologies [9][10] Commodities of the Future - Key minerals such as lithium, cobalt, nickel, and rare earth elements are projected to see substantial demand growth, particularly driven by electric vehicles (EVs) and renewable energy technologies [11][24][25] Trade in Transition - The shift towards cleaner energy will lead to a surge in demand for specific minerals, necessitating changes in trade flows and policies [10][15] Revolutions and Evolutions - Climate change is a defining issue, with many economies committing to net zero targets, which will significantly increase the demand for critical minerals [11][30] What Commodities Will Play a Role? - The report identifies various minerals that will be crucial for the energy transition, including lithium, cobalt, and rare earth elements, highlighting their increasing importance in clean energy technologies [45][51] Who Sells What? - The report discusses the geographical concentration of critical mineral production, with countries like China playing a dominant role, while emerging economies may gain prominence [4][15][30] Protectionism is on the Rise - The report notes a trend towards protectionism, with countries implementing export controls on critical minerals to enhance domestic supply chains [4][10][30] Diversification to Secure Supply Chains - The need for diversification in supply chains is emphasized, as reliance on a few dominant producers poses risks to the stability of mineral supplies [4][10][30] Role for Trade Agreements - Trade agreements will be essential in facilitating the supply of critical minerals, as countries seek to secure their energy transition needs [4][10][30] Who Could Be the Winners? - Emerging economies with abundant mineral resources are likely to benefit from the growing demand for critical minerals, positioning them as key players in the global trade landscape [4][15][30]

ab 13 August 2024 Global Research and Evidence Lab Global Truck Barometer Jul-24: Navigating through a gloomy outlook Equities Global Industrial Fundamentals back in the driving seat with share price deratings across OEMs If the market was already concerned about a more weaker truck market in H2, the recent market volatility only further amplified these concerns with Truck crowding scores becoming increasingly negative/less positive in August. Across results, we heard more negative commentary over the Europ ...

ab 13 August 2024 Global Research and Evidence Lab US Daily Brief Today's Research – August 13, 2024 Equities Americas US Biotechnology Small/Mid Cap - BHVN degrader combined Ph1 update. IMVT pipeline progressing. APLT regulatory de-risking ahead. (Ashwani Verma) BHVN: degrader fulsome SAD + MAD update in 2H24. IMVT: Bato Graves detailed data next, MG Ph3 in 1Q. APLT: Significant stock upside on regulatory de-risking. US Biotechnology Small/Mid Cap - LEGN Carvykti inflection around the corner. ACLX attracti ...

ab 13 August 2024 Global Research and Evidence Lab KeyCorp BNS stake supports KEY shares, but greater visibility needed to determine upside Capital injection solves for near term capital, earnings headwinds KEY shares handily outperformed today (+9.1% vs. -0.5% for the BKX) after announcing a $2.8bn strategic investment in the bank by Scotiabank (14.9% pro forma ownership) at a premium to recent its valuation, though retreated from early trading levels that neared the $17.17 price implied by the deal. We th ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry or specific companies [18]. Core Insights - The most crowded longs as of August 9, 2024, include EXC, ES, XEL, ETR, and AES, while the most crowded shorts are SO, EVRG, LNT, NEE, and WEC [1]. - The report highlights a positive change in crowding scores for companies such as CNP, NI, ETR, ED, and FE, indicating increasing long interest, while EIX, SRE, LNT, D, and EVRG show the largest negative moves [3]. - Six companies are identified as benefiting from the power demand trade theme related to data centers: AES, CEG, NEE, NRG, PEG, and VST [6]. Summary by Sections Crowding Data - The report provides a detailed analysis of crowding scores, which indicate the percentage of eligible funds holding or shorting a stock. Scores typically range from -30 to +30, with higher positive scores indicating more long-crowded stocks [10]. - Historical crowding scores for various companies are presented, showing fluctuations over the past months, with notable scores for July 2024 [11]. Global Crowding Momentum - A three-factor "Crowding Momentum" score is introduced, suggesting that stocks that are long-crowded, becoming more long-crowded, and had weak recent performance are expected to perform well in the coming month. Stocks like NRG and CEG received positive scores, while WEC and OGE were rated negative [12][13]. Valuation Methodology - The valuation methodology for the North America Utilities sector is primarily based on price-to-earnings ratios, with adjustments made for growth, regulatory environments, and clean energy transition opportunities [15].

ab 13 August 2024 Global Research and Evidence Lab First Read OMV Gas supply risks back on the horizon The risk of an interruption of gas supply from Russia into Austria has been increasing of late and negatively impacting sentiment on OMV. However, unlike in 2022, we see the company as better prepared having secured sources of gas supply from elsewhere. Meanwhile, in the event of a delivery stop, we calculate the financial impact for the midstream division to be limited and more than offset by an increase ...