JOUMANNA: GOOD MORNING. THIS IS BLOOMBERG "DAYBREAK: EUROPE." I’M JOUMANNA BERCETCHE. THESE ARE THE STORIES THAT SET YOUR AGENDA.HSBC MISSES ESTIMATES FOR A PRETAX PROFIT BUT IT IS BEAT NET INCOME FOR UBS. WE’LL BE SPEAKING WITH THE CEO. ASIAN STOCKS EDGE HIGHER AS CHINA’S TRADE NEGOTIATOR SAID THERE IS AN AGREEMENT ON EXTENDING THE U.S. TARIFFS.SCOTT BESSENTS SAID PRESIDENT TRUMP WILL MAKE THE FINAL DECISION. WILL JEROME POWELL FACE MORE PRESSURE FROM FOMC MEMBERS TO CUT U.S. INTEREST RATES. JOUMANNA: WELC ...

Core Viewpoint - Advanced Micro Devices (AMD) has received a positive endorsement from BofA Securities, maintaining a 'Buy' rating and raising its price target from $175 to $200, indicating a potential increase of about 15% from its last closing price of $173 [1][4]. Group 1: Price Target and Stock Performance - The new price target of $200 represents a 15% increase from AMD's last closing price of $173 [1]. - AMD's stock has rallied 11% over the past week and ended the previous session up over 4% [1]. Group 2: Earnings Expectations and Revenue Projections - BofA expects AMD to exceed consensus in both Q2 and Q3 earnings, forecasting revenues of $7.5 billion and $8.5 billion, respectively [7]. - For the full year 2025, BofA projects AMD's revenue to reach $33 billion and earnings per share of $4.10, both surpassing current Wall Street estimates [7]. Group 3: Market Opportunities and Drivers - Potential resumption of AI chip shipments to China in the second half of the year could contribute up to $1 billion in sales in 2025 and as much as $2 billion by 2026 [4]. - AMD is benefiting from stronger-than-expected pricing for its MI355X chips, with units selling for over $20,000, exceeding the consensus estimate of $17,000 [5]. - Strong demand for cloud-related GPUs, improving year-over-year comparisons in the PC segment, and steady enterprise interest from companies like Hewlett Packard Enterprise and Texas Instruments are also positive drivers [5]. Group 4: Market Share Projections - AMD is projected to capture more than 30% of the global CPU market by 2026, up from just under 20% in 2023 [8]. - Its share of the competitive AI GPU space could grow to 4% to 5%, supported by strategic shifts and manufacturing uncertainties at Intel [8]. Group 5: Analyst Ratings - Wall Street remains bullish on AMD stock, with Goldman Sachs reiterating a 'Buy' rating with a $140 target, while HSBC upgraded AMD to 'Buy' with a $200 target [8][9]. - Citi maintained a 'Hold' but raised its target from $120 to $145, indicating improved expectations [9].

Group 1 - Morgan Stanley projects the S&P 500 to reach 7,200 by mid-2026, indicating a 12% increase from the last close of 6,389 [1] - The bullish outlook is supported by favorable economic factors, including a "rolling recovery" environment, improved operating leverage, AI adoption, a weakening U.S. dollar, and tax savings from the Inflation Reduction Act [2][4] - Anticipated interest rate cuts by the Federal Reserve in early 2026 and easing year-over-year growth comparisons further bolster the positive outlook [3] Group 2 - Oppenheimer raised its year-end S&P 500 target to 7,100 from 5,950, citing robust corporate earnings and favorable macroeconomic conditions [5] - Other institutions have also revised their forecasts upward, including BMO (6,700), Goldman Sachs (6,600), and Bank of America (6,300) [5] - Despite the bullish sentiment from many firms, Evercore ISI and HSBC remain cautious with the lowest targets at 5,600 [7]

Financial Data and Key Metrics Changes - The company reported a positive cash flow from operating activities, with $2.2 million generated from MUFG contracts related to the development and implementation of the digital platform [52] - The float income through the clearinghouse increased due to a yearly rise in the superannuation guarantee rate, which is now at 12% [52][53] - Platform as a service revenues increased due to renegotiated contracts and CPI adjustments [53] Business Line Data and Key Metrics Changes - The company has seen a stable performance in its existing ClickSuper business, with expectations for growth upon transitioning to the Worker platform [54] - Staff costs increased significantly due to a 20-person expansion in the team, enhancing skills across various roles [55] Market Data and Key Metrics Changes - The Australian superannuation market is substantial, with approximately 1 million employers and 15 million active employees [10] - The company aims to capture around 30% of the market through successful partnerships with major super funds like Australian Super and REST [30] Company Strategy and Development Direction - The company focuses on making compliance effortless for employers through partnerships with major players in the ecosystem, particularly in the superannuation sector [6] - There is a strategic emphasis on enhancing the platform's capabilities to support the upcoming payday super regulations [61] - The company is exploring opportunities for acquisitions to accelerate revenue growth in compliance services [87][88] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the importance of the upcoming payday super regulations and the company's readiness to meet market demands [61] - There is a recognition of the competitive landscape, with a focus on maintaining a strong value proposition to prevent competitors from gaining market share [66] Other Important Information - The company is investing heavily in security measures to combat increasing fraud risks in the superannuation market [56][57] - The implementation timeline for new funds is projected to be six to nine months, with a focus on ensuring readiness for the payday super rollout [40][48] Q&A Session Summary Question: Will the company need to raise funds to take all these to market? - Management acknowledged the need to consider different funding methods to support market opportunities while ensuring competitors do not gain an advantage [65] Question: What does the Hong Kong development provide? - The Hong Kong development offers potential access to around 300,000 users through HSBC, with plans for further expansion into the market [67] Question: How does the company plan to handle competition from Westpac and others? - The company is confident in its platform's capabilities and is prepared to pivot towards other funds if necessary, maintaining a focus on REST and Australian Super as key contributors [73] Question: Does the headcount include temporary project work? - The headcount mentioned does not include contractors, and the company is evaluating its engineering team structure as it transitions from development to operational phases [85]

Financial Data and Key Metrics Changes - The company reported a positive cash flow from operating activities, with net cash of $2.2 million from MUFG contracts related to the development and implementation of the digital platform [52][53] - Float income increased due to a rise in the superannuation guarantee rate, which is now at 12%, leading to more superannuation contributions and increased float through the clearinghouse [53][54] - Platform as a service revenues increased due to renegotiated contracts and CPI adjustments, while the existing ClickSuper business remained stable [54][55] Business Line Data and Key Metrics Changes - The company has seen significant traction in its partnerships with major super funds, including REST and Australian Super, which are expected to drive substantial revenue growth [12][18] - The implementation of the REST Superpilot was successful, achieving a customer experience feedback score of around 92% [13][14] - The company is focusing on enhancing its API capabilities, which has led to partnerships with mid-market companies, indicating a strong market traction [21][22] Market Data and Key Metrics Changes - The Australian superannuation market is substantial, with approximately 1 million employers and 15 million active employees, indicating a large potential customer base [9][10] - The top five super funds represent 50% of the market, with the company positioned to capture around 30% of the market through its partnerships with major funds [30][31] - The company is preparing for the transition to payday super, which is expected to increase the volume of pay events significantly [11][48] Company Strategy and Development Direction - The company aims to make compliance effortless for employers by partnering with major players in the ecosystem, focusing on superannuation and other compliance moments [6][7] - The strategy includes a long-term focus on enhancing the platform's capabilities and expanding its market presence, particularly in the superannuation sector [30][31] - The company is also exploring opportunities for acquisitions to accelerate revenue growth, particularly in compliance-related services [88][90] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a solid pipeline of opportunities and the importance of being prepared for the payday super rollout [60][61] - There is recognition of the challenges posed by competitors and the need for strategic decisions to balance short-term revenue generation with long-term growth [60][62] - The management emphasized the importance of maintaining a competitive edge through technology and customer service [72][84] Other Important Information - The company is investing in enhancing its security posture to address increasing fraud risks in the superannuation market [57][58] - There is a focus on improving the onboarding process for clients, which is seen as critical for long-term success [83] - The company is actively hiring to support its growth strategy, with a significant increase in headcount over the past year [55][86] Q&A Session Summary Question: Will the company need to raise funds to take all these to market? - Management acknowledged the need to consider different funding methods to support growth and prevent competitors from entering the market [65][66] Question: What does the Hong Kong development provide in terms of scalability? - The Hong Kong development is expected to serve around 300,000 users and represents a strategic opportunity for future growth in the region [67][68] Question: How does the company plan to handle competition from Westpac and others? - The company believes its comprehensive service and value proposition will differentiate it from competitors, despite the competitive landscape [72][84] Question: Is the company considering acquisitions for scale? - Management confirmed that while they are not seeking acquisitions in the super fund space, they are exploring opportunities in compliance services [88][90]

July 23, 2025 11:33 AM GMT Investor Presentation | Asia Pacific M Foundation Asia Summer School: Hong Kong Financials As the rate cycle turns and capital markets recover, we look at the fundamentals for Hong Kong Banks and HKEx. Morgan Stanley Asia (Singapore) Pte.+ Nick Lord Equity Analyst Nick.Lord@morganstanley.com +65 6834-6746 Morgan Stanley Asia Limited+ Richard Xu, CFA Equity Analyst Richard.Xu@morganstanley.com +852 2848-6729 Chiyao Huang Equity Analyst Chiyao.Huang@morganstanley.com +852 3963-4624 ...

Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day. 00:00:00 Bloomberg Surveillance 00:05:00 Lori Calvasina, RBC 00:18:49 Patrick McHenry, Former Republican Congressman 00:25:23 Morning Movers 00:27:12 On Our Radar 00:33:16 Angelo Zino, CFRA 00:42:13 Skylar Montgomery-Koning, Barclays 00:52:33 Bob Michele, JPMorgan 01:07:29 Charles Myers, Si ...

Group 1 - East West Bancorp, Inc (NASDAQ: EWBC) is highlighted as a top stock due to three unexplored reasons [1] - The fundamentals of East West Bancorp are described as very good, indicating strong financial health [1] - The article expresses an interest in discussing obscure stocks alongside well-known companies like HSBC and Watches of Switzerland [1]

#银行Velo 因设备安全问题被锁定账号了，解锁后继续触发。HSBC HK 打开提示我越狱了。手机是 iPhone 最新正式版，没有越狱。小红书搜到最近的类似案例。推测这些银行用的检测系统是同一家，最近一次更新批量误杀了... ...

Core Viewpoint - HSBC has issued a bullish price target of $400 for Broadcom, suggesting a potential upside of 44% from its recent closing price of approximately $278 [1][2]. Group 1: Revenue Drivers - HSBC anticipates an increase in Broadcom's AI hyperscale customers, projecting up to seven customers for its application-specific integrated circuits (ASICs) by fiscal year 2027, up from the current three [2]. - The average selling price of Broadcom's ASICs is expected to more than double by fiscal 2027, contributing significantly to revenue growth [3]. Group 2: Analyst Sentiment - While HSBC's price target is the most optimistic on Wall Street, the next highest target is $340 from Rosenblatt Securities, indicating a more moderate upside of 22% [4]. - The MarketBeat consensus price target for Broadcom is $285, suggesting limited upside of less than 3% [5]. Group 3: Valuation and Risks - Broadcom's forward P/E ratio is currently over 38x, close to its three-year high of 40x, which raises concerns about valuation [7]. - The company’s high valuation may lead investors to expect quicker results in customer conversions, with updates on potential hyperscale customers not expected until fiscal 2026 [11]. - HSBC projects a 32x multiple for Broadcom, implying a potential contraction of 16% from current levels, necessitating significant earnings growth to meet the price target [10].