W BARCLAYS Equity Research 12 August 2024 European Morning Research Summary Company Research Ageas N.V. (AGES.BR) Buzzi SpA (BZU.MI) Freenet (FNTGn.DE) Jungheinrich (JUNG_p.DE) Rightmove PIc (RMV.L) Unipol (UNPI.MI) ASML Holding NV (ASML AS) ENAV (ENAV.MI) Generali (GASI.MI) Lanxess (LXSG.DE) Spire Healthcare Group PLC (SPI.L) Ypsomed Holding AG (YPSN.S) Bechtle (BC8G.DE) Endeavour Mining (EDV.L) GSK plc (GSK.L) Novo Nordisk (NOVOb.CO) UCB SA (UCB.BR) Industry Research European Banks European Integrated Ene ...

V i e w p o i n t | Prepared for Philip Hu China Economics CITI'S TAKE 11 Aug 2024 21:33:53 ET │ 13 pages Top Questions on Monetary Policy – Takeaways from PBoC's MPR 24Q2 Xiangrong Yu AC +852-2501-2754 xiangrong.yu@citi.com Xinyu Ji AC +852-2501-2792 xinyu.ji@citi.com The PBoC released its Monetary Policy Report (MPR) for 24Q2 last Friday (PBoC, Aug 9). The pro-growth tone was reconfirmed with focus shifting towards countercyclical monetary policies. Yet in our view, the central bank is still walking a tig ...

V i e w p o i n t | Prepared for Philip Hu PH Q2 GDP & BSP Cut in August; CN Deflationary Concerns 11 Aug 2024 23:13:19 ET │ 14 pages CITI'S TAKE EM Asia Economics & Strategy Philippines: Q2 GDP was fairly healthy but not strong enough to delay policy rate cut in August; China: A Seasonal Beat Does Not Ease Deflationary Concerns; Upcoming Events: IN Jul CPI (Citi: 3.8%YY, Mkt: 3.60%, Prior: 5.08%) & IP, GE Current account balance Johanna Chua AC +852-2501-2357 johanna.chua@citi.com Philip Yin Samiran Chakra ...

Y BARCLAYS Equity Research 12 August 2024 Americas Small Cap Research Summary Summary of Changes | --- | --- | --- | --- | --- | --- | |-------------------------------|-------|-------|--------|--------------|-------| | | | | Rating | Price Target | | | Target Price Changes | | Old | New | Old | New | | Array Technologies, Inc. | ARRY | ow | OW | 18.00 | 11.00 | | Frontier Group Holdings, Inc. | ULCC | OW | OW | 7.00 | 6.00 | | Hanesbrands Inc. | HBI | EW | EW | 5.00 | 6.00 | | Hillman Solutions Corp | HLMN ...

® BARCLAYS Equity Research 12 August 2024 Americas Morning Research Summary Summary of Changes | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|-------|-------|--------------|--------------------|--------|-------|-------------------|-------------------|-------| | Target Price Changes | | Old | Rating \nNew | Price Target \nOld | New | Old | EPS FY1 (E) \nNew | EPS FY2 (E) \nOld | New | | Array Technologies, Inc. | ARRY | OW | OW | 18.00 | 11.00 | 1.05 | 0.69 | 1 ...

Equity Research Report Sunny Optical Technology Group (2382 HK) July: Changes in Product Mix Impacted CCM Shipments Huatai ResearchCompany Update 13 August 2024 | China (Hong Kong)Electrical Components Our core views: handset lens grew robustly, CCM shipments fell On 9 August 2024, Sunny Optical (Sunny) released its shipment data for July. The handset CCMlens shipment volumes changed by -19.5/+20.7% yoy or +5.5/+6.1% mom. Management commented in the announcement that growth in handset lens shipments was mai ...

Equity Research Report Jafron Biomedical (300529 CH) Earnings Grew Strongly in 2024 Huatai ResearchInterim Results Review 13 August 2024 | China (Mainland)Medical Devices Earnings growth continued to pace up in 2Q24; maintain BUY Jafron Biomedical (Jafron) registered 1H24 revenue/attributable net profit (NP) of RMB1,496/553mn (up 47.8/99.1% yoy) and 2Q24 revenue/attributable NP of RMB751/268mn (up 70.9/230.6% yoy), which further picked up from the growth rates in 1Q24 (revenue/attributable NP: up 30/44.9% y ...

Investment Rating - The investment rating for Canmax Technologies is maintained at OVERWEIGHT with a target price of RMB 17.94, reflecting an expected upside of 8% from the closing price of RMB 16.59 as of August 9, 2024 [7][8]. Core Insights - Canmax Technologies reported a significant decline in its financial performance for 1H24, with attributable net profit down 39.26% year-on-year to RMB 835 million, and revenue down 44.09% year-on-year to RMB 3,713 million [2][3]. - The decline in revenue is primarily attributed to a substantial decrease in lithium ore prices, with the average selling price of lithium hydroxide falling 73.8% year-on-year to RMB 92,300 per tonne [3][5]. - Despite the challenges, Canmax's revenue decline was less severe than the drop in lithium ore prices, largely due to capacity expansion efforts [3]. Financial Performance - For 1H24, Canmax's revenue from lithium-ion battery materials decreased by 47.08% year-on-year to RMB 3,316 million, with a gross profit margin of 17.91%, down 12.59 percentage points year-on-year [3]. - The company's projected book value per share (BVPS) for 2024, 2025, and 2026 is RMB 15.74, RMB 17.07, and RMB 19.24 respectively [2]. - The financial outlook shows a recovery in revenue expected in 2025 and 2026, with projected revenues of RMB 11,602 million and RMB 17,671 million respectively [6]. Industry Dynamics - The lithium ore market is currently experiencing oversupply, leading to continued price declines in 1H24, although there are signs of potential capacity cuts from major producers [5]. - The report suggests that while lithium ore prices are expected to remain on a downward trend, the pace of supply-side de-capacity should be monitored as it may lead to improved supply-demand dynamics in the future [5].

Equity Research Report Fixed Income Reviewing Bond Market Volatility in Terms of Financial Security Huatai Research 13 August 2024 | China (Mainland) Weekly Analyst SAC No. S0570518110002 SFC No. AMB145 +(86) 10.6321.1166 Our core views The financial system exhibits pro-cyclical characteristics, and central bank regulation plays a crucial role in maintaining financial stability and policy credibility. However, given the current economic fundamentals and the pace of fiscal efforts, the PBoC is unlikely to ma ...

9 August 2024 | 2:58PM EDT Energy, Utilities & Mining Pulse: Investors Asking: How to Navigate Summer Volatility? The past two weeks have been highly volatile in the markets and across our Natural Resources coverage. As such, we ask our senior analyst team to reflect on where investors are positioned and general sentiment in their respective sector.The team additionally highlights a stock that has underperformed their expectations where they would be more positive from here. We additionally ask the team to ...