13 August 2024 | 9:59PM BRT 2131d4eaf4cb4d50b1d51c8af07b64b4 Rede D'Or (RDOR3.SA): 2Q24 First Take: Solid operational KPIs across the board; Reiterate Buy RDOR's 2Q24 consolidated EBITDA grew 28% YoY and was in line with GSe; solid KPIs in hospital and insurance divisions. While consolidated operational performance was in line with our expectation, we note some positive KPIs in the result that we read as positive. We highlight: 1) compelling hospital EBITDA margin expansion of 1.0 pp YoY even with a 2% decl ...

14 August 2024 | 10:10AM AEST 2131d4eaf4cb4d50b1d51c8af07b64b4 Pro Medicus Ltd. (PME.AX): FY24 First Take: Strong result, NPAT +5% vs. GSe; Lurie Children's Hospital contract announced; Buy PME reported FY24 Sales/EBITDA/NPAT +29%/+31%/+37% vs. pcp to A$162mn/A$120mn/A$83mn, which were 1%/1%/5% vs. GSe, with EBITDA 2% vs. Visible Alpha Consensus Data (A$118mn). Outlook/contract wins: (1) Contract pipeline remains strong in terms of quantity and quality, with PME having signed Lurie Children's Hospital, the ...

13 August 2024 | 6:18PM JST 2131d4eaf4cb4d50b1d51c8af07b64b4 Rakus Co. (3923.T) Buy Earnings Review: 1Q profits above expectations; cloud sales momentum improving; Buy 3923.T 12m Price Target: ¥2,900 Price: ¥1,912 Upside: 51.7% Norihiro Miyazaki +81(3)4587-9842 | norihiro.miyazaki@gs.com Goldman Sachs Japan Co., Ltd. Ryohei Kurita +81(3)4587-1799 | ryohei.kurita@gs.com Goldman Sachs Japan Co., Ltd. Rakus's 1Q3/25 operating profits of ¥2.3 bn, reported after the August 13 close, were slightly above our estim ...

14 August 2024 | 10:13AM AEST 2131d4eaf4cb4d50b1d51c8af07b64b4 Orora Ltd. (ORA.AX): First Take: FY24 above expectations, outlook broadly consistent; in talks to divest OPS; Buy FY24 ahead of expectations: ORA's FY24 EBIT (ex Saverglass) came in at A$323m, vs company's guidance range of A$307-317m, 5%/6% higher than GSe and Visible Alpha Consensus Data estimates. Headline Saverglass AUD EBIT was 13% ahead of GSe (benefiting from D&A adjustments). Reported underlying NPAT was 9% ahead of GSe and 10% above con ...

13 August 2024 | 7:59PM BRT 2131d4eaf4cb4d50b1d51c8af07b64b4 Oncoclinicas (ONCO3.SA): 2Q24 first take: High organic cash consumption on still-pressured receivables ONCO's EBITDA was virtually in line with our expectation, but financial results and minority interest were weaker than expected; recurring cash consumption was worse than expected on receivables pressure. We note that reported net income for controlling shareholders of BRL 3mn missed GSe of BRL 60mn for the abovementioned reasons below EBITDA, wh ...

13 August 2024 | 9:41PM BST 2131d4eaf4cb4d50b1d51c8af07b64b4 ON Holding (ONON) Buy Demand trends remain strong amidst short-term supply constraints in the US; TP to $50, Buy ONON 12m Price Target: $50.00 Price: $39.55 Upside: 26.4% On Holding reported 2Q24 adj. EBITDA of CHF 90.8mn, driven by net sales of CHF 567.7mn, +27.8% yoy and +29.4% cFX. Group gross margin came in at 59.9%, +40bps yoy, with adj. EBITDA margins of 16%. Net working capital -5.3% yoy at the end of 2Q24 (+14.3% relative to 4Q23). By geog ...

13 August 2024 | 10:54AM BST 2131d4eaf4cb4d50b1d51c8af07b64b4 ON Holding (ONON): First Take: 2Q24 adj. EBITDA +5% beat; FY24 guidance reiterated News: On Holding reported 2Q24 adj. EBITDA of CHF 90.8mn, +5.3% above FactSet consensus of CHF 86.2mn, driven by net sales of CHF 567.7mn, +27.8% yoy and +29.4% cFX (consensus CHF 562mn, +26% yoy and Visible Alpha Consensus Data +30.1% cFX). Group gross margin came in at 59.9%, +40bps yoy (FactSet consensus +60bps yoy to 60.1%), with adj. EBITDA margins of 16% (con ...

13 August 2024 | 6:57PM HKT Ocumension (1477.HK): Earnings Review: 1H in-line with narrower loss; Alcon partnership opportunity in dry eye; Buy 1H product sales in-line; narrower loss with lower spending: 1H revenue of Rmb168mn (+62% y/y, or +18% h/h, vs. GSe of Rmb170mn) was mostly in line with lower product sales of Rmb150mn (vs. GSe of Rmb169mn) given the slower ramp-up of Yutiq due to supply constraints (see our Corporate Day note), which in our view may have contributed to a decreased GPM of 59.2% (vs. ...

13 August 2024 | 6:21PM EDT Nu Holdings (NU): 2024 First Take: Beat on better cost of risk and revenues Loan growth remains healthy on FX neutral basis Reported net income of $487mn (+29% gog, +117% yoy) was 15% above GSe and 13% above company-compiled consensus of $432mn with an all-time high ROE of 28.4% (+550bps gog). Recurring net income also improved 27% gog to $562mn, also beating GSe by 16%. While loans fell in US$, this mostly due to weaker FX, while the FX neutral growth remained healthy at 8% qoq. ...

13 August 2024 | 2:44PM PDT NCR Atleos (NATL): 20 First Take: Revenue, margins and EPS at or above consensus, with ATMaaS strategy continuing to advance We expect investors to have a neutral-to-positive reaction to NCR Atleos' 2Q 2024 earnings release, its second as a standalone public entity, with EBITDA margins and EPS surpassing consensus expectations, revenue coming in line with the Street and the full-year quide reaffirmed for these metrics. Revenue increased 4% y/y and recurring revenue grew 9%, while ...