13 August 2024 | 5:49AM EDT Americas Healthcare: Biotechnology: Boston Biotech Bus Tour - Day 1 takeaways We met with the management teams from LNTH, BPMC, KYMR, and RYTM during Day 1 of our Boston biotechnology bus tour. We offer our detailed takeaways below. Takeaways Lantheus Holdings (LNTH, Not Covered) We hosted Brian Markison (CEO), Paul Blanchfield (President), and Robert Marshall (CFO), as well as representatives of the company's investor relations team during our 2024 Boston Biotech Bus Tour. The c ...

13 August 2024 | 9:27AM EDT Americas Restaurants: SBUX appoints current CEO of CMG as new Chairman/CEO This morning, SBUX announced that Brian Niccol has been appointed chairman and chief executive officer, with the current CEO/chairman Laxman Narasimhan stepping down effective immediately. Mr. Niccol will join the company on September 9, with current CFO Rachel Ruggeri serving as interim CEO until then. CMG's Board of Directors has appointed Scott Boatwright, Chief Operating Officer, as Interim CEO. SBUX: ...

13 August 2024 | 7:45PM EDT Americas Energy Key learnings from earnings season that support The Future of Utilities Capex; Buy SRE, PWR The Future of Utilities Capex Explore > With second quarter earnings season now behind us, we reflect on key learnings that support The Future of Utilities Capex, our constructive view on Utilities, and our Buy rating on Quanta Services (PWR). We believe commentary from utilities continues to point to positive capital spending revisions as we look to the Fall and early 2025 ...

13 August 2024 | 11:07AM EDT Americas Agriculture: Proposed changes in LCFS Late Monday (8/12), the California Air Resources Board (CARB) proposed amendments to the Low Carbon Fuel Standard (LCFS), subject to a public hearing & vote on November 8th. This follows prior proposal amendments issued in December 2023 that had been scheduled for hearing & vote in February 2024 that was ultimately postponed. Key highlights of proposed changes 1) 9% step-down in 2025 CI reduction. CARB is proposing to modify the nea ...

14 Aug 2024 CMB International Global Markets | Equity Research | Company Update FIT Hon Teng (6088 HK) 2Q24 in-line; Upbeat guidance on power busbar and liquid cooling order wins FIT Hon Teng posted a strong set of 2Q24 results, in-line with prior positive profit alert. Following our NDR call with mgmt., we are constructive on rapid expansion of Al server product portfolio: 1) power busbar and liquid cooling CDU products certified by customers (1-3% of FY24E sales), 2) sampling of backplane connector soluti ...

Investment Rating - Maintain BUY with a target price of US$16.00, representing a potential upside of 21.9% from the current price of US$13.13 [4][17]. Core Insights - TME reported a total revenue decline of 2% YoY to RMB7.16 billion in 2Q24, aligning with consensus estimates. However, non-IFRS net income increased by 22% YoY to RMB1.87 billion, exceeding expectations [2]. - The company aims for balanced growth in music subscribers and ARPPU in 2H24E, with management reiterating a long-term target of 150 million music subscribers and RMB15 in monthly ARPPU [2][3]. - TME's earnings CAGR is projected at +21% over FY24-26E, driven by core music revenue growth and gross profit margin (GPM) expansion [2]. Revenue and Profitability - Online music revenue grew by 28% YoY to RMB5.42 billion in 2Q24, accounting for 76% of total revenue. Subscription and non-subscription revenues increased by 29% and 24% YoY, respectively [2]. - The number of paying users rose by 18% YoY to 117 million, with a monthly ARPPU growth of 10% YoY to RMB10.7 [2][9]. - GPM expanded by 7.7 percentage points YoY to 42.0% in 2Q24, attributed to margin improvements in the online music business and enhanced monetization strategies [2][3]. Future Outlook - For 3Q24E, total revenue is expected to grow by 8% YoY to RMB7.06 billion, primarily driven by a 24% YoY increase in online music revenue, despite a projected 29% YoY decline in social entertainment revenue [2]. - Management anticipates a slower pace of music subscriber net additions (1.5-2.0 million per quarter) but expects continued QoQ growth in ARPPU, supported by the high-value Super VIP program [2][3]. - GPM is forecasted to further expand by 0.8 percentage points QoQ to 42.8% in 3Q24E, with FY24E non-IFRS net income projected to grow by 27% YoY to RMB7.50 billion [2][3]. Financial Summary - Revenue projections for FY24E are RMB28.415 billion, with adjusted net profit expected to reach RMB7.501 billion, reflecting a 26.6% increase [8][12]. - The company’s gross margin is anticipated to improve to 42.2% in FY24E, with operating margin at 30.0% [8][12]. - The P/E ratio is projected to decrease from 21.1x in FY24E to 15.3x in FY26E, indicating a favorable valuation trend [3][16].

Investment Rating - The report maintains a "BUY" rating for Q-Tech with a target price of HK$6.43, indicating a potential upside of 58.8% from the current price of HK$4.05 [5][20]. Core Insights - Q-Tech's 1H24 results showed a strong recovery with a revenue growth of 40% YoY, driven by robust demand in the smartphone market and improvements in gross profit margin (GPM) [2][15]. - The company is expected to benefit from high-end product upgrades, increased automotive camera module (CCM) sales, and ultrasound FPM upgrades in smartphones, which will drive average selling price (ASP) and GPM improvements in 2H24 and 2025 [3][20]. - The report slightly revises down FY24-25E EPS by 1-8% but still projects EPS to be 19-24% above consensus estimates [2][20]. Financial Summary - **Revenue**: - FY22A: RMB 13,759 million - FY23A: RMB 12,531 million - FY24E: RMB 16,196 million (29.3% YoY growth) - FY25E: RMB 17,628 million (8.8% YoY growth) [4][25] - **Net Profit**: - FY22A: RMB 170.2 million - FY23A: RMB 83.5 million - FY24E: RMB 355.8 million (335.3% YoY growth) - FY25E: RMB 533.2 million (49.9% YoY growth) [4][25] - **EPS**: - FY22A: 14.50 RMB cents - FY23A: 6.90 RMB cents - FY24E: 30.04 RMB cents - FY25E: 45.01 RMB cents [4][25] - **Margins**: - Gross Margin FY24E: 5.9% - Operating Margin FY24E: 3.5% - Net Margin FY24E: 2.2% [4][25] Shipment and Product Mix - Q-Tech reported strong shipments in 1H24 with smartphone CCM shipments growing 30% YoY and FPM shipments increasing by 100% YoY [2][15]. - The share of high-end products (32MP+) in sales rose to 49.2% in 1H24, with OIS and periscope CCM sales showing significant growth [2][3]. Valuation Metrics - The stock is currently trading at a P/E of 12.4x for FY24E and 8.3x for FY25E, which is considered attractive given the projected EPS growth of 335% and 50% YoY for FY24 and FY25, respectively [5][20]. - The report maintains a target price based on a 13x FY25E P/E, reflecting confidence in the company's growth trajectory [20].

ид бијитом [August 14 th, 2024] Morning Brief å ZHOU Jinyu じ 021-38674924 🎁 zhoujinyu011178@gtjas.com & S0880516080007 Contents Top Recommendations ● Construction Sector: Update Report ● Computer Sector (Overseas): Special Report ● Home Appliances Sector: Update Report ● 361 Degrees (1361.HK): OW ● Envicool (002837): OW, TP@RMB28.57 ● Gold Cup Electric Apparatus (002533): OW, TP@RMB10.36 Sector Ratings of the Month Market Strategy Weekly Viewpoint 本报告内容译自同日发布的简体中文报告《国泰君安晨报》，报告观点及内容如有任何不一致的地方，一律以该简体中文版 报告为准。 ...

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Displaced Persons from Ukraine in Moldova MOVING TOWARDS DURABLE SOLUTIONS July 2024 Public Disclosure Authorized © 2024 The World Bank 1818 H Street NW, Washington DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved. This work is a product of the staff of The World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of the Executi ...

Investment Rating - The investment rating for Angel Yeast is maintained as BUY with a target price of RMB 38.39, indicating a potential upside of 24% from the closing price of RMB 30.87 as of August 12, 2024 [8][9]. Core Insights - Angel Yeast reported 2Q24 earnings that exceeded expectations, with revenue and net profit showing significant year-on-year growth of 11.3% and 17.3% respectively. The company is expected to resume growth momentum due to increased demand in its main business and improved overseas performance [3][4]. - The gross profit margin (GPM) for 2Q24 rose by 0.3 percentage points year-on-year to 23.9%, attributed to faster revenue growth from high-margin products and declining molasses prices, which are expected to reduce cost pressures [5][6]. - The company has revised its earnings forecasts upward, projecting EPS of RMB 1.60, RMB 1.80, and RMB 2.07 for 2024, 2025, and 2026 respectively, reflecting a positive outlook on domestic demand recovery and overseas market expansion [5][6]. Revenue and Profit Performance - For 1H24, Angel Yeast's revenue reached RMB 7,180 million, with attributable net profit of RMB 690 million, marking a year-on-year increase of 6.9% and 3.2% respectively. The overseas revenue grew by 17.9% year-on-year, while domestic revenue saw a modest increase of 0.9% [3][4]. - The performance of various product segments showed mixed results, with yeast and deep processing products increasing by 8.8% year-on-year, while sugar and packaging segments experienced declines of 26.5% and 12.8% respectively [4]. Financial Projections - The financial outlook for Angel Yeast includes projected revenues of RMB 14,969 million, RMB 16,629 million, and RMB 18,364 million for 2024, 2025, and 2026 respectively, indicating a steady growth trajectory [7][13]. - The company’s net profit is expected to reach RMB 1,390 million, RMB 1,565 million, and RMB 1,799 million for the same years, reflecting a positive growth trend [7][13].