J P M O R G A N Asia Pacific Equity Research 18 July 2025 MicroPort (0853) Pre-announced 1H25 sales and adj net profit slightly below expectations, but 2H25 offers potential for recovery. Maintain OW MicroPort (853 HK, OW) pre-announced its 1H2025 results last night, indicating a sales decline of less than 4% (excluding forex effects) and an adjusted net loss limited to US$110mn. The announcement mentioned several challenges in 1H25, such as intensifying domestic competition, policy-induced price adjustment ...

Financial Performance & Outlook - Cleveland-Cliffs reported revenues of $4.9 billion for Q2 2025[6] - Adjusted EBITDA for Q2 2025 was $97 million, with expectations for continued improvement from Q2 to Q3[6] - The company released over $200 million in inventory working capital during Q2 2025[6] - Cleveland-Cliffs expects to reduce steel unit costs by approximately $160 per ton over three years[55] Steel Shipments & Market Dynamics - Record quarterly steel shipments of 4.3 million net tons were achieved in Q2 2025[6] - Steel shipments increased by 150,000 tons from the prior quarter[11] - The average selling price (ASP) increased by $35 per ton due to higher index pricing, partially offset by lower slab pricing[11] Asset Optimization & Cost Savings - Flat-rolled optimization is expected to yield approximately $145 million in annual savings[15] - Repositioning away from non-core assets is projected to generate around $165 million in annual savings[15] - The company announced the idling of several facilities, including Riverdale, Conshohocken, and Steelton, resulting in approximately $90 million, $45 million, and $30 million in expected annual savings, respectively[16] Trade & Tariffs - Tariffs on steel imports from various countries, including Canada, Brazil, and Mexico, have increased to 50%[18] - Imports of light vehicles from Japan and South Korea are down by more than 30% year-to-date[22] Capital Expenditure & Debt Management - The 2025 capital expenditure guidance has been lowered to approximately $600 million[57] - The company has a liquidity of $2.7 billion[6]

Group 1 - The Fidelity Blue Chip Growth ETF (BATS: FBCG) is an active, large-cap focused ETF aiming to outperform passive strategies through selective stock picks by the manager [1] - The ETF does not report its holdings daily to protect its investment choices, which is a strategic decision to maintain competitive advantage [1] Group 2 - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management, focusing on equity valuation and market trends [1] - The analyst has a background as a former Vice President at Barclays, leading teams in model validation and stress testing, indicating a strong expertise in both fundamental and technical analysis [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, emphasizing macroeconomic trends and corporate earnings [1]

Those were 16 techniques that I actively use to optimize neural network training.If I missed something, please drop that in the replies.Here's the visual again for your reference 👇 https://t.co/7sGyTJAHtT ...

Key Takeaways AU to acquire Augusta Gold for $111M, adding Reward and Bullfrog properties in Nevada. The acquisition enhances AU's position in the Beatty District, a key U.S. gold mining area. Deal approved by Augusta Gold's board and expected to close in Q4 2025, pending conditions.AngloGold Ashanti plc (AU) announced that it has inked a deal with Augusta Gold Corp. to acquire all issued and outstanding shares of Augusta Gold. This move will boost AU’s footprint in the Beatty District of Nevada through t ...

Core Viewpoint - American Rare Earths is advancing its Halleck Creek Rare Earths Project in Wyoming, focusing on optimizing mineral processing for the Cowboy State Mine as part of its Pre-Feasibility Study (PFS) [2][5]. Project Activities - The company will conduct additional mineral processing optimization tests, including various comminution methods and beneficiation circuit optimizations [3][6]. - Long-lead time equipment for a demonstration plant has been ordered, and test mining will begin shortly to provide necessary feedstock [4][9]. Importance of PFS - A PFS is crucial for demonstrating the technical and economic viability of the project, providing confidence to potential investors and partners [5][6]. - The PFS serves as a blueprint for the mine and processing plant, laying the groundwork for future studies that could lead to construction decisions [5][7]. Optimization Work Summary - Ongoing mineral processing optimization tests aim to enhance the recovery of rare earth minerals [9]. - Test mining will yield approximately 3,200 tonnes of material to support both optimization tests and future demonstration plant needs [10]. Comminution and Beneficiation - The optimization testing focuses on reducing fines in the ore to improve overall concentration and reduce operational costs [10][15]. - The company plans to utilize Induced Roll Magnetic Separators for effective separation of rare earth minerals from gangue material [15]. Strategic Positioning - The Halleck Creek Project is positioned to reduce U.S. reliance on rare earth imports, particularly from China, while addressing the growing demand for these critical minerals [14]. - The project emphasizes environmentally responsible mining practices and collaboration with U.S. government-supported R&D programs [14].

Core Viewpoint - American Rare Earths is advancing its Halleck Creek Rare Earths Project in Wyoming, focusing on optimizing mineral processing for the Cowboy State Mine as part of its Pre-Feasibility Study (PFS) [2][5]. Project Activities - The company will conduct additional mineral processing optimization tests, including various comminution methods and beneficiation circuit optimizations [3][6]. - Long-lead time equipment for a demonstration plant has been ordered, and test mining will begin shortly to provide necessary feedstock [4][9]. Importance of PFS - A PFS is crucial for demonstrating the technical and economic viability of the project, providing confidence to potential investors and partners [5][6]. - The PFS serves as a blueprint for future studies, which can lead to construction and development decisions, thereby de-risking the project [5][7]. Optimization Work Summary - Ongoing mineral processing optimization tests aim to enhance overall recoveries of rare earth minerals [9]. - Test mining will yield approximately 3,200 tonnes of material to support both optimization tests and future demonstration plant needs [10]. Comminution and Beneficiation - The optimization testing focuses on reducing fines entering the beneficiation circuit, which can enhance ore concentration and lower operating costs [10]. - The company plans to utilize Induced Roll Magnetic Separators for effective separation of rare earth minerals from gangue material [14]. Strategic Positioning - The Halleck Creek Project is positioned to reduce U.S. reliance on rare earth imports, particularly from China, while addressing the growing demand for these critical minerals [13]. - The project emphasizes environmentally responsible mining practices and collaboration with U.S. Government-supported R&D programs [13].

Financial Data and Key Metrics Changes - The IT services revenue for Q1 was $2,590 million, reflecting a 2% decline in constant currency terms, which is within the guidance range [7][20] - Operating margin for Q1 was 17.3%, an expansion of 80 basis points year on year [21] - Net income grew by 10.9% year on year, with earnings per share (EPS) at INR 3.2, a growth of 10.8% year on year [24][25] - Free cash flow as a percentage of net income was robust at 115% for the quarter [25] - The effective tax rate was 21.6% for Q1, down from 24.5% in Q1 2024 [26] Business Line Data and Key Metrics Changes - BFSI sector saw a decline of 3.8% sequentially and 3.5% year on year [23] - Healthcare grew by 0.5% sequentially and 3.5% year on year [23] - Consumer sector declined by 4% sequentially and 5% year on year [23] - Technology and communications grew by 0.4% sequentially but declined by 3% year on year [23] - Capco continued to perform well, growing by 6.1% year on year [24] Market Data and Key Metrics Changes - Americas market grew by 1.5% year on year in constant terms, with strong deal momentum [7] - Europe faced a decline of 6.4% sequentially and 11.6% year on year [22] - Digital spending in India, the Middle East, and Southeast Asia remained resilient [8] Company Strategy and Development Direction - The company is focusing on AI, data, and modernization programs, aligning with client priorities [5][6] - Emphasis on vendor consolidation and cost optimization as key drivers for deal wins [12][45] - The company aims to build an AI-first enterprise, integrating AI capabilities into industry solutions [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the macro environment, citing ongoing geopolitical uncertainties and tariff impacts [36][100] - Despite uncertainties, there is strong deal momentum in BFSI and technology sectors, with clients focusing on cost optimization and AI investments [37][102] - The outlook for the second half of the year appears positive due to a strong order book and healthy pipeline [18][71] Other Important Information - The board declared an interim dividend of INR 5 per share, distributing over $1,300 million in the last six months [26] - The company revised its capital allocation policy to pay out a minimum of 70% of net income over three years [27] Q&A Session Summary Question: What is the macro outlook right now? - Management acknowledged ongoing uncertainty in the macro environment, with geopolitical issues and tariffs affecting various industries [36] Question: What powered the Americas One performance despite sector declines? - Strong performance in health and communications sectors contributed to the growth in the Americas market unit [39] Question: Is discretionary demand returning? - Discretionary spending is returning in certain areas, particularly around AI and modernization projects [45] Question: How are large deal wins impacting financials? - Large deal wins will take time to ramp up, typically around six to eight quarters, but are expected to positively impact revenues [70] Question: What is the outlook for margins going forward? - Margins may face pressure due to upfront investments required for large deals, but management remains optimistic about maintaining profitability through operational excellence [98]

Financial Data and Key Metrics Changes - IT services revenue for Q1 was $2.59 billion, reflecting a 2% decline in constant currency terms, within guidance range [6][21] - IT services margin was 17.3%, an expansion of 80 basis points year on year [6][22] - Net income grew 10.9% year on year in Q1, with EPS at INR 3.2, a growth of 10.8% year on year [25][26] - Free cash flow as a percentage of net income was robust at 115% for the quarter [26][119] Business Line Data and Key Metrics Changes - BFSI sector saw a decline of 3.8% sequentially and 3.5% year on year, while healthcare grew 0.5% sequentially and 3.5% year on year [24] - Consumer sector declined 4% sequentially and 5% year on year, with technology and communications growing 0.4% sequentially but declining 3% year on year [24] - Capco continued to perform well, growing 6.1% year on year [25] Market Data and Key Metrics Changes - Americas market grew 1.5% year on year in constant terms, with strong deal momentum [6][23] - Europe faced a decline of 6.4% sequentially and 11.6% year on year [23] - Digital spending in India, Middle East, and Southeast Asia remained resilient [6] Company Strategy and Development Direction - Company is focusing on AI, data, and modernization programs, aligning with client priorities [4][5] - Emphasis on vendor consolidation and cost optimization as key drivers for deal wins [11][12] - Company aims to build an AI-first enterprise, integrating AI capabilities into industry solutions [16][17] Management Comments on Operating Environment and Future Outlook - Management expressed caution regarding the macro environment, highlighting ongoing geopolitical uncertainties and tariff impacts [37][39] - Strong order book and healthy pipeline provide confidence for long-term value delivery [18] - Guidance for Q2 indicates a sequential growth range of -1% to +1% in constant currency terms [28] Other Important Information - The board declared an interim dividend of INR 5 per share, distributing over $1.3 billion in cash in the last six months [27][120] - The company revised its capital allocation policy to pay out a minimum of 70% of net income over three years [27] Q&A Session Summary Question: What is the macro outlook right now? - Management acknowledged ongoing uncertainty due to geopolitical factors and tariffs, but noted strong deal momentum in BFSI and technology sectors [37][39] Question: What powered the Americas One performance despite sector declines? - Strong performance in health and communications sectors contributed to the growth in Americas One [40] Question: Is discretionary demand returning? - Discretionary spending is returning in certain pockets, particularly in AI and modernization projects [45] Question: How is AI impacting hiring and headcount changes? - AI efficiency is evolving, and while there is a need for AI-trained talent, the correlation between AI and hiring is not yet strong [48] Question: How are acquired companies contributing to growth? - Capco has performed well, growing 6% year on year, with robust bookings expected to continue [79]

Here are five powerful ChatGPT prompts that will transform each critical section of your LinkedIn profile from a static resume into a results-generating machine. https://t.co/nxYxLK1NN2 https://t.co/b01dABhzPp ...