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 ...

Investment Ratings - The report maintains an "Overweight" rating for the cement sector and several specific companies including Gold Cup Electric Apparatus, Weixing, Fuyao Glass, Naipu Mining Machinery, and SMICS [4][5][9][10][11]. Core Insights - The demand for electromagnetic wire is rapidly increasing, benefiting Gold Cup Electric Apparatus, which is projected to have a net profit of RMB611 million in 2024 [4]. - The cement sector is experiencing a decline in sales volume and prices, but specific regions like Tibet are seeing growth due to infrastructure projects [5]. - The chemical sector has faced a decline in the market index, but certain chemicals have seen significant price increases, indicating potential opportunities [6]. - The fund market is showing a high-risk appetite with sector rotation strategies favoring electric power, public utilities, and other sectors [8]. Summary by Sections Top Recommendations - Gold Cup Electric Apparatus (002533): OW, TP@RMB10.36 with a forecasted net profit of RMB611 million for 2024 [4]. - Weixing (002003): OW, TP@RMB14.48 with an increase in EPS forecasts [9]. - Fuyao Glass (600660): OW, TP@RMB55.58 with a revenue increase of 19.12% year-on-year [10]. - Naipu Mining Machinery (300818): OW, TP@RMB26.27 benefiting from overseas market expansion [11]. - SMICS (688981): OW, TP@RMB62.50 with raised revenue forecasts due to market recovery [11]. Sector Ratings - Cement Sector: Overweight rating maintained despite overall market decline, with specific growth in Tibet [5]. - Chemical Sector: Noted price increases in key chemicals, indicating potential investment opportunities [6]. - Fund Market: High-risk appetite with sector rotation strategies favoring specific sectors [8]. Latest Reports - Weixing's revenue and profit exceeded expectations, leading to an increase in EPS forecasts [9]. - Fuyao Glass reported strong quarterly results, maintaining its target price and rating [10]. - Naipu Mining Machinery is positioned well due to the expansion of Chinese mining companies [11]. - SMICS is benefiting from the recovery in the global consumer market, leading to revised revenue forecasts [11].

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 ...

Investment Rating - The report assigns a 12-month rating of Neutral to Tupy SA with a price target of R$25.50 [3][16]. Core Insights - Tupy SA's revenue has been negatively impacted by lower volumes, particularly in the off-road segment abroad, but the company has demonstrated effective cost control, leading to an adjusted EBITDA increase of 14% compared to expectations and a margin expansion of 3 percentage points year-over-year [2][3]. - The significant decline in net income, which fell by 67% against expectations, is attributed to foreign exchange hedge mark-to-market expenses [2][3]. Financial Highlights - Revenue for Tupy SA is projected to be R$11.291 billion for 2024, a slight decrease from R$11.368 billion in 2023, with expected growth to R$12.518 billion in 2025 and R$13.835 billion in 2026 [5]. - The company's EBIT margin is expected to be 7.8% in 2024, improving to 8.7% in 2025 and 9.3% in 2026 [5]. - The net debt to EBITDA ratio is projected to be 1.2x for 2024, indicating a manageable level of debt relative to earnings [5]. Market Metrics - Tupy SA's market capitalization is approximately R$3.72 billion (US$0.68 billion), with an average daily trading volume of 573,000 shares [4]. - The stock price as of August 13, 2024, is R$25.79, slightly above the price target of R$25.50 [3][16]. Forecast Returns - The forecast price appreciation for Tupy SA is -1.1%, with a forecast dividend yield of 3.6%, leading to an overall forecast stock return of 2.5% [6].