13 August 2024 | 10:19PM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 China Banks Gov. bonds supported July TSF, lowering both bank asset yields and capital consumption The July TSF data suggests strong government credit demand but weak corporate and retail. This trend has not changed since 2H23, but we highlight: 1) Slower growth of both loans and deposits. New loans to the real economy came in at Rmb -0.08tn, with new corporate and retail deposits coming in at Rmb -0.8tn in July 2024. 2) Further diverging yoy gro ...

13 August 2024 | 8:01PM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 CAE Inc. (CAE.TO): F1Q25 First Take: mixed results Bottom Line: CAE F1Q25 results are mixed. Revenue beat FactSet consensus by 2% in each business segment, but total segment EBIT is below on a softer Civil margin. The utilization rate in Civil remains high, and its book-to-bill was 1.31X in the quarter as demand remains strong. Defense posted its highest margin in over a year and owns 50% of a JV that booked a 25-year contract worth $11bn. The com ...

13 August 2024 | 7:40PM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 CEEMEA Chemicals Names with growth optionality to outperform 2H24 outlook: remain selective in the space Following 2Q24 results, we update our numbers to incorporate the latest financial/operational metrics from the quarter. We see the combination of elevated feedstock costs and high freight cost weighing on margins in 2H24, while a focus on operational efficiency and volume improvement along with higher ethane/methane availability in 4Q could sup ...

Global Investment Research Australia Energy Monthly August 2024 Table of contents 2 3 . 1. . ( • . | --- | |------------------------------| | Key updates | | Coverage summary | | Company production summaries | | Commodity prices & FX | | | Oceania LNG exports Western Australia gas production Western Australia gas consumption Eastern Australia gas production Eastern Australia key energy flows New Zealand gas production Australia liquid fuel New Zealand liquid fuel Offshore activity map 4-12 13-14 15 16-17 18 ...

13 August 2024 | 8:32AM EDT Brazil: Strong Services Activity in June (Ramos) Bottom Line: Services activity firmed in June, well above consensus for an already strong rebound from May. The strength of services activity in June was broad-based across the 5 main categories. On a quarterly basis services activity expanded to 0.7% goq sa (2.0% yoy) during 2Q24. The carry-over for 3Q2024 is at 1.0% and for 2024 at 2.0%. Going forward, we expect services activity to benefit from continued strong fiscal stimulus ( ...

Investment Rating - The report maintains a "Buy" rating for Asics Corp. with a 12-month price target of ¥3,100, indicating an upside potential of 33.4% from the current price of ¥2,324 [1][7][8]. Core Insights - Asics Corp. has shown strong performance in its earnings, with operating profits for the first half of FY12/24 reaching ¥59.0 billion, a 76% year-over-year increase, aligning with revised guidance [1][4]. - The company is focusing on maintaining production volume below order volume to create a sense of scarcity in the market, which is seen as a strategy to avoid brand erosion and maintain gross margins [5][9]. - The report highlights structural improvements in the company, particularly in performance running shoes, which are driving sales growth across other product categories [8][9]. Summary by Sections Earnings Performance - The operating profit margin improved to 15.0%, up 6.7 percentage points year-over-year, driven by gross margin improvements and effective SG&A cost control [1][4]. - July sales were up 19% year-over-year in yen terms, outperforming the company's revised sales outlook for the second half [1][4]. Financial Projections - The report forecasts FY12/26 operating profits of ¥128 billion, with an operating profit margin of 16.6%, reflecting significant growth potential [6][7]. - Expected annual sales growth of over 7% year-over-year from FY12/25 onward, supported by strong performance in running products and a shift to higher value-added products [6][9]. Valuation and Market Position - Asics is considered undervalued at an EV/NOPAT of 18.3x for FY25E compared to the average of 25.6x for global sports brands, indicating potential for share price appreciation [7][9]. - The report emphasizes the company's efforts to regain support from top athletes and improve market share in performance running shoes, which is expected to enhance overall sales [8][9].

Investment Rating - The report does not provide a specific investment rating for Boundless Bio Inc. (BOLD) [8][20]. Core Insights - The timelines for clinical data reporting for BBI-355 and BBI-825 have been adjusted to the second half of 2025, delayed from the previous expectation of the second half of 2024 [5][6]. - Management is implementing measures to enhance enrollment in the Phase 1/2 POTENTIATE clinical trial, including expanding trial sites and collaborating with multiple NGS providers [4][5]. - The company has a cash position of $179.3 million, which is expected to provide a runway into the fourth quarter of 2026, extending guidance from the previous second half of 2026 [6]. Summary by Sections BBI-355 (CHK1 Inhibitor) - The initial clinical data for BBI-355 is now expected in the second half of 2025, with management aiming to present data involving a sufficient number of patients for informed assessments [5][6]. - The cohort involving combination with CDK4/6 is expected to initiate by the end of 2024 or early 2025 [5]. BBI-825 (RNR Inhibitor) - The STARMAP trial for BBI-825 is ongoing, with the first patient dosed in April 2024, showing encouraging bioavailability and good tolerability [5][6]. - Data from the Phase 1/2 trial is anticipated to be shared in the second half of 2025 [5]. Financial Guidance and Model Updates - The report indicates that the steps taken by management to enhance trial enrollment are prudent, and the cash position allows for extended operational runway [6]. - Current estimates for potential approval and commercialization of BBI-355 remain intact at 2028, with ongoing monitoring of enrollment efforts [6].

13 August 2024 | 9:54PM SGT Bangkok Dusit Medical Services (BDMS.BK); 2024 in-line: Topline growth at +7% but margins weaker YoY; Buy BDMS's 2Q24 EPS of Bt0.21 was +9% YoY and in line with GSe/IBES forecasts. Revenue growth of +7% YoY was healthy, with Thai patient contribution +5% YoY and international patients +11 % YoY, in line with earlier guidance. However, EBITDA margin of 22.1% in 2024 was weaker YoY, with 6M24 of 23.6% below full-year guidance of 24-25% and our 25% forecast, which we believe is part ...

13 August 2024 | 12:09PM EDT Boeing Co. (BA): July aircraft order & delivery report Boeing reported 72 gross new aircraft orders, 1 outright cancellation, and 1 positive ASC 606 adjustment for the month of July. BA delivered 43 aircraft in the month, including 31 737-MAX and 6 787. This compares to our delivery tracker, which indicated 42 aircraft, including 32 737-MAX and 6 787. Our view: (1) New aircraft orders were solid in the month, and new aircraft order backlog remains large compared to supply. (2) D ...

13 August 2024 | 8:51PM EDT AZEK Company Inc. (AZEK): Notes from the Road Earlier today, we hosted investor meetings in Boston with Azek's CEO Jesse Singh, Residential Segment CFO Ryan Lada, and Head of IR Eric Robinson. Discussions focused on company-specific efforts to drive above-market growth along with the path for margins as it realizes operating leverage and a more favorable cost structure. Overall, we come away with greater confidence in the ability to continue to outperform, even as broader R&R rem ...