Investment Rating - The report indicates a positive outlook for the Hague System for the International Registration of Industrial Designs, with a general increase in applications and registrations, suggesting a favorable investment environment in the design protection sector [4][28]. Core Insights - The Hague System saw a 7.4% increase in international applications in 2023, totaling 8,566 applications, and a record number of designs contained in these applications reached 25,414, marking a modest growth of 1.3% [3][4]. - The long-term trend shows that the number of designs registered through the Hague System has more than doubled over the past decade, increasing from 11,869 in 2013 to 25,262 in 2023 [28]. - Germany remains the top user of the international design system despite an 8% decrease in 2023, while China experienced significant growth of 46.9%, consolidating its position as the second-largest user [10][11]. Summary by Sections International Applications and Registrations - In 2023, international applications grew by 7.4% to reach 8,566 applications, with designs contained in these applications totaling 25,414, reflecting a modest increase of 1.3% [3][4][6]. - The number of international registrations increased by 8.3% to 8,366, with designs in registrations amounting to 25,262, a slight increase of 0.5% [28][30]. Geographic Distribution - Applicants from at least 68 countries filed international applications, with Germany leading at 4,518 designs, followed by China (3,758) and the US (2,674) [10][11]. - In 2023, Europe accounted for 60.2% of all designs filed, while Asia's share increased significantly from 3.9% in 2013 to 28% in 2023 due to the accession of several Asian countries to the Hague System [13][14]. Design Classes - Designs related to means of transport accounted for 11.1% of all designs in 2023, followed by recording and communication equipment at 8.6% and furnishing at 7.6% [25][26]. - Notable growth was observed in clothing designs (+33.8%) and equipment for electricity production (+32.4%) [25][27]. Active Registrations - As of 2023, there were approximately 56,567 international registrations in force, containing around 213,318 designs, with a 9.2% increase from the previous year [32][33]. - The top six countries held about 68.9% of all active designs, although their combined share decreased from 76% in 2018 to 69% in 2023 [32][33]. Financial Aspects - The average fee for a Hague international registration in 2023 was CHF 2,097, reflecting a slight increase from the previous year [38][39]. - The International Bureau distributed approximately CHF 14.4 million to designated members in 2023, with the US receiving the largest share at 23.1% [35][36].

Investment Rating - The report does not explicitly provide an investment rating for the industry or companies discussed Core Insights - The U.S. Development Finance Corporation (DFC) is criticized for funding projects in countries that engage in unfair trade practices detrimental to U.S. companies and jobs [3][5][6] - Over half of DFC funding is allocated to countries with substandard intellectual property policies, and 43% goes to those with digital trade barriers [3][9] - The report emphasizes the need for Congress to establish stronger criteria for assessing how recipient countries' trade policies affect U.S. techno-economic interests [3][10] Summary by Sections Key Takeaways - Development financing should align with U.S. foreign policy goals while supporting U.S. firms against unfair trade practices [3] - Countries like Brazil, India, and Turkey benefit from DFC financing despite their harmful trade practices [3] Introduction - U.S. development policy must adapt to the current global economic landscape, where the U.S. is no longer the dominant techno-economic power [5][6] Recommendations - Congress should create mandatory criteria for assessing trade and technology barriers in potential partner countries [9][10] - The DFC's reauthorization process should be used to ensure alignment with U.S. techno-economic interests [10][33] Conclusion - U.S. development programs must be tied to trade and technology barriers to prevent countries from benefiting while enacting policies that harm U.S. firms [37][38]

ab 13 August 2024 Global Research and Evidence Lab First Read Netwealth Group Limited UBS Snapshot: FY24 Result ONE LINER Earnings and div miss due to revenue margins. FY25 guidance is for flows to remain strong but cost growth to accelerate. KEY NUMBERS (1) Reported NPAT $83.4m vs UBSe $88.1m (Cons $85.6m); (2) Total revenue +18.9% to $255.2m vs UBSe $260.4m (Cons $258.4m); (3) EBITDA $124.7m vs UBSe $129.8m (Cons. $127.2m); (4) Underlying EPS 33.8cps vs UBSe 36.1cps (Cons. 35.0cps); (5) Final DPS 14.0cps ...

First Read Challenger UBS SnapShot: FY24 Result ONE LINER Earnings and div beat due to improving core margins and lower costs. PCA multiple rises to top end of target range. Buy rating KEY NUMBERS (1) Normalised NPBT +17% to A$608m (UBSe & Cons $600m), $318 2H (vs $290m 1H). (2) Normalised NPAT $417m in-line with UBSe & Cons $417m. (3) Final DPS 13.5cps ff (UBSe 12.5cps, consensus 12.7c). (4) 1H24 Annuity sales -6% to $5.19bn (UBSe $5.14bn). RESULT HIGHLIGHTS (1) Life EBIT +17% to $634m vs consensus $619m, ...

First Read Temple & Webster Group UBS SnapShot: FY24 Results ONE LINER: EBITDA beat, sales inline, trading update +26% y/y OUTLOOK AND GUIDANCE: FY25 commenced strongly with revenue first 6wks up 26% year on year. FY25 will continue to include an additional 2-3% of revenue invested into brand marketing across brand and performance channels. FY25 EBITDA mgn inc marketing investment 1-3%. EBITDA margins to incrementally build from FY26 towards LT BAU EBITDA margin of +15%. Current $30m on-market buyback will ...

ab 13 August 2024 Global Research and Evidence Lab First Read Seek UBS SnapShot: 2H24 Result ONE LINER Top line delivered in 2H but higher D&A and interest drag on NPAT. FY25e outlook suggests yield stronger, and assuming worse than expected ANZ vols 2H24 KEY NUMBERS Rev $563m (UBSe $563m, VA cons $537m); EBITDA $230m (UBSe $235m, cons. $238m); Adjusted NPAT $64m (UBSe $74m, cons. $80m); Capex -$73m (UBSe $-88m, cons -$89m); Div 16cps (UBSe 15cps, cons. 16cps) 2H24 RESULT HIGHLIGHTS 1. ANZ Rev -7% y/y to $4 ...

ab 12 August 2024 Global Research and Evidence Lab India Economic Comment Headline CPI inflation softens on base effect Headline CPI inflation eases to 3.5% in July, core inflation at 3.4% Headline CPI inflation eased to a five-year low of 3.5% YoY in July (vs. 5.1%YoY in the previous month), largely due to base effect despite a pick-up in sequential momentum in food prices (largely seasonal) and hike in telecom tariffs by telcos (15bps contribution). This inflation print was lower than consensus expectatio ...

First Read Region Group UBS SnapShot: FY24 Result ONE LINER FY24 -2% below UBSe on lower NPI (prop. expenses), FY25 FFOpu guidance -3% vs. cons. KEY NUMBERS FFO $178.4m vs UBSe $181.3m; FFOpu 15.4c (-9% vs pcp) vs UBSe 15.6c (cons. 15.6c); 13.7c DPS (pre-announced). RESULT HIGHLIGHTS 1. Supermarkets MAT +3.0% (+4.2% Dec-23), DDS +1.1% (+2.1% Dec-23). Comp specialty MAT growth +1.4% (+2.5% Dec-23). Leasing spreads for renewals +5.2% (+4.4% Dec-23). New tenants leasing +1.6% (-0.3% Dec-23) as incentives are 9 ...

ab 13 August 2024 Global Research and Evidence Lab Equities Morning Expresso – Australasia Tuesday, 13 August 2024 Australasia Marcus Curley Analyst marcus.curley@ubs.com +64-9-913 4750 Today's Notes INDUSTRIALS Carsales.com.au - Good outlook into FY25e JB Hi-Fi - FY24 Result: JB Aust EBIT margin 'base' raised Aurizon - FY24 result: Capital flexibility preserved FINANCIALS Australian Banks - Capital returns are possibly mispriced RESOURCES Alcoa Corporation - Initiate coverage on AAI.AU Buy rated A$58/sh Be ...

ab 13 August 2024 Global Research and Evidence Lab First Read CSL FY24: Largely in line, but looking closely at Behring core gross margin ONE LINER Largely inline result except for a c.60-bps miss for Behring core gross margin, which we think will attract questions (at CC it looked in line). KEY NUMBERS 1. Revenue $14,800m +11% (+11% CC), in line with consensus 2. Underlying gross margin 54.1%, 65bps ahead of consensus 3. NPATA $2,907m +11% (+15% CC), -5% below consensus RESULTS HIGHLIGHTS 1. Behring revenu ...