First Read ISS A/S H1 profits in-line, but with some mixed details Q: How did the results compare vs expectations? A: Q2 organic growth and H1 profits were broadly in-line with expectations, with guidance items reaffirmed and a modest buyback increase. Some of the details (e.g. outlook for net new contracts being lowered for FY'24e, despite some recent wins) were more mixed. Q: What were the most noteworthy areas in the results? A: Organic growth of +5.8% y/y in Q2'24 was in-line with consensus and similar ...

ab 13 August 2024 Global Research and Evidence Lab HF Sinclair Corp Call takeaways and Adjusting Estimates Call takeaways DINO provided 3Q24 throughput guidance of 570-600mb/d, this takes into account turnaround at the Parco refinery as well as turnaround at El Dorado which was moved from 4Q24 to 3Q24. DINO has signed new contracts to convert 150 stores to its branded wholesale sites, which translates into expected growth of ~10% over the next 6 months to 12 months. DINO looking to add more branded location ...

ab 13 August 2024 Global Research and Evidence Lab US Asset Managers IVZ and BLK stand alone with inflows in a choppy but upwardly trending tape Broad beta tailwinds partially offset by outflows, ex. IVZ & BLK July AUM reports reflected mixed markets (Nasdaq down 0.8% and S&P 500 up 1.1% in July), but total AUM higher across the board. Highlights: 1. IVZ reported robust inflows in July (+$10.8bn), primarily in equities (+$7.4bn) and fixed income (+$2.2bn). This has become a positive trend for the firm with ...

Global Research and Evidence Lab 13 August 2024 PBF Energy Inc Adjusting Estimates and Price Target Adjusting estimates We are adjusting our estimates to reflect weaker cracks environment. We lower 2024 to reflect weaker earnings vs. our expectations. West Coast cracks are trending below expectations (despite closure of Rodeo) and this is driving negative revisions. We lower 2024 EPS to $1.06 from $4.04. We lower 2025 EPS to $3.26 from $5.52. Call takeaways ● Turnaround in both East Coast and Mid-Con lasted ...

Global Research and Evidence Lab 13 August 2024 First Read Synthomer PLC 1H24 results - 5% EBITDA miss, with outlook unchanged Q: How did the results compare vs expectations? A: Synthomer reported 1H24 adjusted EBITDA of £76m, up 4% y/y but 5% below Bloomberg consensus at £80m (UBSe at £77m). Sales came in at £1,051m, up 0.4% y/y and 1% above consensus of £1,041m, driven by price/mix down 7%, volumes up 11% and an FX headwind of 3% y/y. 1H24 adjusted EPS was 1.3p, compared to a loss per share of 8.0p in 1H2 ...

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M August 8, 2024 05:35 PM GMT Global Macro Strategy | North America US Rate Volatility Screener We analyze price action in US interest rate volatility markets, particularly in OTC (vanilla, curve, and forward vol) and CBOT options. Data are as of August 7, 2024. Key Takeaways The vol surface was higher, led by upper left products Both expiry and tail term structures flattened Curve vol was higher, and continues to screen rich on an I/R basis Forward vol was mixed, and looks cheap vs. midcurves and vanilla v ...

M August 7, 2024 06:30 AM GMT China Economics | Asia Pacific Dip in Exports and Jump in Imports Likely Transitory July's exports were likely disrupted by weather, while the jump in imports may also be a one-off. One print does not establish a trend: we still see resilient exports with a soft landing as the global base case, while imports remain soft amid reactive easing. Key Takeaways July's exports may be partly a hiccup from the extreme weather, with a large decline in the more susceptible labor-intensive ...

9 August 2024 | 10:36PM HKT _ Focus Media Information Tech (002027.SZ) 2Q24 Review: Accelerating ad revenue with 5% dividend yield; Buy Buy 0007.SZ 12mPrie Target: Rmb7.50 Prie: Rmb5.78 Upside: 9.8% We maintain our Buy rating on Focus Media while raise our 12-m TP to Rmb7.5 (30% upside) post its strong 2Q24 results (see our note) and mgmt call.The stock has dropped 3% post results despite the headline revenue beat (+10% yoy vs. ÍGSe of +4%, Visible Alpha Consensus of +4%), NI beat (+13% yoy, 9% ahead of GSe ...

12 August 2024 | 2:24AM HKT Angel Yeast (600298.SS): Earnings Review: DD% yoy growth in Jul but mainly on low base; Sequential improvement expected for 2H24 The Company reported 1H24 results on Aug 7th with better-than-feared NI mainly on admin cost savings and government grants while sales broadly in line. The company hosted online briefing on Aug 9, at 10AM HKT, key highlights include: 1) Recent update: In domestic, the company registered strong DD% growth in July but still tracked behind the monthly targ ...