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张坤罕见参与打新港股!什么信号?
券商中国· 2025-03-07 15:50
张坤罕见参与了港股打新。 3月6日张坤通过QDII中签1000股的蜜雪集团收盘大涨约15%,考虑到易方达亚洲精选QDII基金规模达36亿 元,若仅是打新策略,该股对张坤的超大型基金产品无法构成实质性业绩拉动,考虑到他本次参与港股打新亦 是一次罕见的操作,背后或是该基金布局消费的前奏。 与此同时,由于市场赚钱效应在多个行业扩散,张坤所管的易方达亚洲精选基金实际上也迎来了仓位结构平衡 的节点,此前该QDII几乎全部指向科网股并淡出大部分消费品重仓股,截至去年12月末,消费品公司在十大 股票中仅剩一只,而食品饮料行业更是近三年未曾出现在这只明星QDII重仓席位上,本次张坤首次以打新的 方式覆盖奶茶赛道,或许是他在消费品乃至食品饮料行业重新布局的思考,而企业的自由现金流或将成为引导 他在二级市场买入的关键。 中签蜜雪集团1000股 显然,在整个消费品赛道中,食品饮料几乎是导致消费基金经理业绩压力最大的品种之一,而张坤在上一次将 食品饮料赛道股票纳入前十大重仓股,正好还是三年前的2022年6月,当时在港股上市的蒙牛乳业为易方达亚 洲精选基金的第六大重仓股,但在2022年第三季度的报告中,蒙牛乳业已被张坤卖出,自此之后, ...
Banco Macro S.A.(BMA) - 2024 Q4 - Earnings Call Transcript
2025-02-27 17:00
Financial Data and Key Metrics Changes - In Q4 2024, Banco Macro's net income totaled ARS 102.2 billion, a 4% increase or ARS 3.5 billion higher than Q3 2024 [4] - The annualized return on average equity was ARS 7.5 and the return on average assets was ARS 2.4 [5] - For fiscal year 2024, net income was ARS 325.1 billion, a 70% decrease compared to fiscal year 2023 [5] - Total comprehensive income for fiscal year 2024 was ARS 227.7 billion, down 83% from fiscal year 2023 [5] Business Line Data and Key Metrics Changes - Net interest income in Q4 2024 was ARS 532.6 billion, a 13% decrease or ARS 82.2 billion lower than Q3 2024 [8] - Provision for loan losses in Q4 2024 totaled ARS 37.5 billion, a 50% increase or ARS 12.7 billion higher than Q3 2024 [6] - Net fee income in Q4 2024 was ARS 139.9 billion, a 6% increase or ARS 7.6 billion higher than Q3 2024 [12] - Income from financial assets and liabilities at fair value totaled ARS 134.9 billion in Q4 2024, a 21% increase compared to Q3 2024 [13] Market Data and Key Metrics Changes - Total financial loans reached ARS 5.8 trillion, an 18% increase or ARS 884.1 billion quarter on quarter and a 45% increase year on year [18] - Private sector deposits increased by 2% quarter on quarter, while public sector deposits decreased by 40% [20] - The nonperforming loans ratio reached 1.28%, with a coverage ratio of 158.81% [21] Company Strategy and Development Direction - The bank aims to utilize its excess capital of ARS 2.8 trillion effectively, with a capital adequacy ratio of 32.4% [22] - The strategy includes increasing lending to the private sector, with an expected loan growth of 60% in real terms for 2025 [28] - The bank anticipates a decrease in the securities portfolio from 27% to around 20% of total assets by the end of 2025 [38] Management's Comments on Operating Environment and Future Outlook - The management expects GDP growth of 5.5% in 2025, with inflation projected at 25% [26] - The return on equity (ROE) is forecasted to range from 12% to 15% in 2025, recovering from a challenging 2024 [28] - Cost of risk in 2025 is expected to be above 2%, potentially reaching 2.5% due to increased lending [30] Other Important Information - The effective income tax rate for fiscal year 2024 was 9.2%, significantly lower than the previous year's 32.7% [17] - The bank's liquidity remains strong, with a liquid assets to certain deposits ratio of 79% [22] Q&A Session Summary Question: What are the macro expectations for interest rates, inflation, GDP growth, and FX for this year? - Management expects a GDP decline of 2% in 2024, with a growth forecast of 5.5% for 2025 and inflation around 25% [26][27] Question: What are the ROE expectations for this year and the drivers for earnings growth? - ROE is forecasted to be between 12% and 15% in 2025, driven by increased lending and improved economic conditions [28][29] Question: Can you elaborate on asset quality and cost of risk for 2025? - The cost of risk is expected to be above 2%, with a potential increase in nonperforming loans due to higher lending [30] Question: How do you expect the weight of securities to evolve in 2025? - The securities portfolio is expected to decrease to around 20% of total assets by the end of 2025, with loan growth primarily funded by deposit growth [38] Question: What is the strategy to compete for deposits in 2025? - The bank anticipates competition for deposits, with expected growth in peso deposits and a potential increase in interest rates [51] Question: Are there any upcoming management changes at the bank? - Management changes are anticipated, particularly regarding the new CEO, with announcements expected soon [59]
多浦乐:首次公开发行股票并在创业板上市之上市公告书提示性公告
2023-08-24 12:34
广州多浦乐电子科技股份有限公司 首次公开发行股票并在创业板上市 之上市公告书提示性公告 保荐人(主承销商):长城证券股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚 假 记载、误导性陈述或重大遗漏。经深圳证券交易所审核同意,广州多浦乐电子科 技股份有限公司(以下简称"多浦乐"、"发行人"、"公司"或"本公司")发行的 人民币普通股股票将于 2023 年 8 月 28 日在深圳证券交易所创业板上市,上市公 告书全文和首次 公开发行股票并在创业板上市的招股说明书全文披露于以下信 息 披 露 网 站 ( 巨 潮 资 讯 网 ( 网 址 www.cninfo.com.cn )、 中 证 网 ( 网 址 www.cs.com.cn)、中国证券网(网址 www.cnstock.com)、证券时报网(网址 www.stcn.com)、证券日报网(网址 www.zqrb.cn)),供投资者查阅。 所属网页二维码:巨潮资讯网 ,供投资者查阅。 一、上市概况 (一)股票简称:多浦乐 (二)股票代码:301528 二、风险提示 本公司股票将在深圳证券交易所创业板市场上市,该市场具有较高的投资风 险。创 ...