First Read Cardinal Health Inc First Take: Improved FY25 Guidance and LT Commitment to GMPD Conveyed Loaded Print: Improved FY25 Guide, Steady GMPD Outlook and More Aggressive Repos Should Buoy Sentiment Along with F4Q results, CAH tweaked preliminary FY25 financial expectations offered last quarter. Key guidance highlights include: (1) FY25 EPS range of $7.55-7.70 (prior: at least $7.50) on better Pharma EBIT growth of +1-3% ( prior: at least 1% - at midpoint adds ~$0.06); (2) lower interest and other (at ...

Online Games: Over August 14, 2024 Earnings Review Tencent Holdings (700 HK, BUY, TP: HK$485.00) BUY | --- | |-------------------------| | Target Price: HK$485.00 | | | | 52-Week High/Low (HK$) | | Market Cap (US$mn) | | Shares Outstanding (mn) | | 3-mth ADTV (US$mn) | | Free Float (%) | | Major Shareholder (%) | | Naspers | | Ma Huateng | | Lau Chi Ping Martin | | | | | Key Changes DiffNew Old RatingBUYBUYN/A Target Price (HK$)485.000%485.00 2024E EPS (RMB)23.1421.348% 2025E EPS (RMB)23.6622.933% 2026E EPS ...

Investment Rating - The investment rating for Viridian Therapeutics Inc. (VRDN) is "Buy" with a 12-month price target of $25.00, indicating an upside potential of 70.1% from the current price of $14.70 [9]. Core Insights - Viridian Therapeutics Inc. (VRDN) is well-positioned with its VRDN-003 product, which is expected to have best-in-class potential in the subcutaneous (SC) treatment of thyroid eye disease (TED) due to its dosing regimens and autoinjector properties [5][8]. - SLRN has refocused its pipeline strategy to prioritize lonigutamab for TED, moving directly to Phase 3 development by Q1 2025, which increases competitive pressure on VRDN-003 [2][3]. - VRDN plans to initiate Phase 3 trials for VRDN-003 in August 2024, with topline data expected in the first half of 2026, ahead of SLRN's timelines [3][5]. Summary by Sections Pipeline Strategy - SLRN has discontinued investments in HS/PsA and reduced its workforce by 33% to extend its cash runway to mid-2027, focusing solely on lonigutamab for TED [2]. - Early Phase 1/2 data for lonigutamab showed promising results, but VRDN-003's half-life extension and autoinjector features are seen as significant commercial advantages [2][5]. Clinical Development - VRDN-003's Phase 3 REVEAL-1/REVEAL-2 trials are set to begin in August 2024, with topline data expected in 1H26 and a BLA filing by the end of 2026 [3][5]. - SLRN's decision to skip Phase 2b/3 studies and move directly to Phase 3 could intensify competition, but VRDN-003 is anticipated to deliver data from its primary endpoints before SLRN [3][5]. Safety and Efficacy - Updates on tinnitus effects from SLRN's trials indicate that hearing adverse events are mostly transient and manageable, aligning with VRDN's observations [4][5]. - The Phase 3 studies for both VRDN and SLRN may reveal different occurrences of hearing adverse events due to their varying study durations [4].

Investment Rating - The report indicates a forecast of three more rate cuts in 2024 and one additional cut in 2025, leading to a terminal rate of 2.75% [4][8]. Core Insights - The Riksbank's Executive Board maintained the policy rate at 3.75% during the last meeting, with guidance suggesting potential cuts if inflation prospects remain favorable [4]. - Recent inflation data shows that July core inflation was 2.2% year-over-year, aligning with Riksbank's projections, while the activity picture remains subdued with a Q2 GDP decline of -0.8% quarter-over-quarter [5][7]. - The report anticipates a 25 basis point cut to 3.5% in the upcoming meeting, with expectations for further cuts in August, September, and November [8]. Summary by Sections Monetary Policy Outlook - The Riksbank's policy rate is projected to decrease to 3.33% in Q4 2024 and 2.94% in Q2 2025, reflecting a cautious approach due to global developments and economic activity slowdown [4]. - The majority of the Executive Board members are open to delivering three more rate cuts this year, citing favorable inflation prospects and a slowing economy [4]. Inflation Trends - Core inflation metrics have shown mixed progress, with July's core inflation at 2.2% year-over-year and a sequential increase of 0.37% month-over-month [5][6]. - The trade-weighted krona has remained stable since the June meeting, indicating a lack of significant volatility [6]. Economic Activity - The economic activity remains subdued, with a flash GDP print of -0.8% quarter-over-quarter for Q2, following a growth of 0.7% in Q1 [7]. - Unemployment rates have stabilized at 8.2%, and consumer confidence has shown signs of improvement, suggesting potential for economic recovery in Q3 [7].

Investment Rating - The report does not explicitly provide an investment rating for the Polish inflation outlook but indicates a more dovish long-term outlook compared to the National Bank of Poland (NBP) [3]. Core Insights - The final July inflation estimate confirmed a rise from +2.6% year-on-year (yoy) in June to +4.2% yoy in July, primarily driven by higher utility inflation, which increased from -1.6% yoy in June to +10.1% yoy in July due to the partial expiry of energy price shields [2][4]. - Food inflation also rose for the third consecutive month, from +2.5% yoy to +3.2% yoy in July, while core inflation slightly increased from +3.6% yoy to +3.8% yoy [2][4]. - The report forecasts lower-than-expected Polish inflation in the medium term, attributing this to external factors, the recent appreciation of the zloty, and favorable food prices [3]. Summary by Sections Inflation Overview - July inflation rose to +4.2% yoy from +2.6% yoy in June, with a month-on-month (mom) increase of 26.2% (seasonally adjusted, annualized) [2][4]. - Core inflation increased to +3.8% yoy in July from +3.6% yoy in June, with a mom increase of 6.6% (seasonally adjusted, annualized) [4]. Key Figures - Utility inflation surged to +10.1% yoy in July from -1.6% yoy in June, while food inflation rose to +3.2% yoy from +2.5% yoy [4]. - The report highlights significant changes in various inflation components, including a dramatic increase in electricity, gas, and other fuels, which saw a yoy increase of +10.1% [4]. Long-term Outlook - The long-term outlook remains dovish, with expectations of a temporary rebound in inflation due to the expiry of energy price caps, but overall disinflation is anticipated in the second half of 2024 [3][7].

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 ...

esearch Trade Flows Economics Global | Thematic research August 2024 www.research.hsbc.com By: Shanella Rajanayagam and James Pomeroy Trade in transition How clean energy could transform global trade As the world shifts to cleaner forms of energy… ...some minerals will see demand surge... having many implications for trade flows and policy Play video with James Pomerovi and Shanella Rajanayagam Our insights on the go HSBC Global Research mobile app Download now Disclosures & Disclaimer: This report must be ...