25 August 2025 | 3:24AM HKT CMOC Group (3993.HK) Buy Earnings Review: 1H25 below on lower DRC profit; Strong minor metal pricing to support profit growth; Buy | 3993.HK | 12m Price Target: HK$10.80 | Price: HK$10.79 | Upside: 0.1% | | --- | --- | --- | --- | | 603993.SS | 12m Price Target: Rmb13.00 | Price: Rmb11.11 | Upside: 17.0% | CMOC reported 1H25 NP of Rmb8.67bn and EPS of Rmb0.405/sh, up 60%/62% yoy respectively, in line with the previous preliminary profit announcement. Excluding one-offs, mostly fa ...

more than three years. Walmart, also concerned about tariffs ultimately rising, raising prices. But let's be clear Walmart stock still up nearly 30% in the past year.So how much, if at all, do we read into this. Joining us now Simeon Gutman. He is retail analyst at Morgan Stanley.Simeon was it was it the earnings or was it the guidance. Was it tariffs or something else. >> Thanks for having me Brian.It was the earnings. We didn't get the level of profit growth that you would expect given the level of sales ...

I'm talking about Pop Mart now. Oh, no. I mean, that's I know where this is going.Oh, he's got to talk about it, right. Huge numbers rise out of a huge revenue and profit growth, boosted, of course, by the global demand for its hugely popular Labubu doll. That's a lot of huge in one sentence.Let's bring in our China correspondent Minmin Low to walk us through some of the key highlights of those results. Minmin. Yes, traders had really sky high expectations for the company, but not only met them, but beaten ...

Financial Data and Key Metrics Changes - The company reported a record second quarter adjusted operating profit of $298 million, up 20% from $248 million in 2024, with an adjusted operating profit margin of 7.9%, improved from 7.3% in 2024 [5][28] - Consolidated sales for the second quarter were $3.8 billion, representing an 11% increase or $374 million compared to the prior year [28] - Adjusted net income from continuing operations was a record $217 million compared to $192 million in 2024, with adjusted EPS at $0.55 per share compared to $0.51 per share in 2024 [28] Business Segment Data and Key Metrics Changes - The packaged meat segment delivered an adjusted operating profit of $296 million with a margin of 14.2%, despite higher raw material costs, and sales increased by 6.9% to $2.1 billion [29] - The fresh pork segment reported an adjusted operating profit of $30 million, up from $17 million in 2024, with a margin of 1.4% [30] - The hog production segment achieved an adjusted operating profit of $22 million, compared to a loss of $10 million in 2024, with sales increasing by 8.4% to $840 million [31][32] Market Data and Key Metrics Changes - The company noted a 4.5% increase in sales volume for packaged meats, driven by a favorable product mix and a later Easter holiday [29] - Fresh pork segment sales increased by 5% year over year, primarily due to a 3.3% increase in average selling price and a 1.7% increase in volume [31] - The hog production segment's sales increase was attributed to higher external grain and feed sales and the sale of commercial hog inventories [32] Company Strategy and Development Direction - The company has five strategic growth priorities: increasing profits in packaged meats, growing fresh pork profitability, achieving a best-in-class cost structure in hog production, optimizing operations, and evaluating synergistic M&A opportunities [11] - The focus remains on enhancing product mix, volume growth, and innovation in the packaged meat segment, which represents 55% of consolidated sales [12][14] - The company aims to maximize product value across channels in the fresh pork segment and optimize operations to deliver efficiencies [21][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a dynamic consumer spending and geopolitical environment, raising the full-year outlook for adjusted operating profit primarily due to improved hog production segment performance [10][11] - The company anticipates total sales growth in the low to mid-single-digit percent range compared to fiscal 2024, with adjusted operating profit expectations for packaged meats and fresh pork remaining stable [36][37] - Management highlighted the importance of delivering value and convenience to consumers, particularly in the packaged meats segment, amidst cautious consumer spending [12][13] Other Important Information - The company has a strong balance sheet with a net debt to adjusted EBITDA ratio of 0.7 times and liquidity of $3.2 billion [34] - Capital expenditures for the first half were $158 million, with over 50% allocated to projects driving growth [35] - The company paid quarterly dividends of $0.25 per share and expects to maintain a $1 per share annual dividend [35] Q&A Session Summary Question: Insights on consumer shifts within packaged meats and private label trends - Management noted that while there is an increase in private label share growth, their private label business provides a competitive advantage due to high-quality offerings [46][47] Question: Visibility on hog prices and their impact on profitability - Management indicated confidence in hog prices supported by market dynamics and improvements in hog production operations [49][50] Question: Confidence in packaged meats profitability amidst rising raw material costs - Management emphasized efficiency improvements and a strong product portfolio that allows them to mitigate raw material cost impacts [56][58] Question: Dynamics around hog production hedging and mark-to-market impacts - Management clarified that mark-to-market adjustments impacted second quarter results but overall business performance remains strong, leading to an increased full-year outlook [63] Question: Expectations for volume performance in packaged meats - Management expressed confidence in volume growth driven by product innovation and strong foodservice sales [72][73] Question: Competitive environment for packaged meats and promotional activity - Management highlighted a focus on quality over quantity in promotional strategies, leading to improved profit margins [80][81]

1) 1H25E results were certainly a beat. The announced 32%-36% net profit growth or 38%-42% adj. net profit growth in 1H25E are both much stronger than our 28% net profit growth forecast for FY25E. 2) The SSSG was resilient and on track so fast, but it is just inline with our estimates of 2% in FY25E. According to the management, the SSSG in 1H25E could be about LSD decline in 1H25E (made up of HSD drop in 1Q25E and MSD increase in 2Q25E). 3) In our view, the beat in results was primarily driven by the margi ...

Core Viewpoint - The company reported solid profit growth in the first half of the year, with organic operating profit (beia) increasing by 7.4% and net revenue (beia) rising by 2.1% [2][7]. Financial Performance - Revenue reached €16,924 million, with net revenue (beia) showing 2.1% organic growth and a per hectolitre increase of 3.3% [7]. - Operating profit was €1,433 million, with organic growth (beia) of 7.4% [7]. - Diluted EPS (beia) stood at €2.08 [7]. Volume Performance - Mainstream beer volume increased by 0.5%, premium beer volume rose by 1.8%, and Heineken volume grew by 4.5% in the first half [3]. Regional Insights - The African markets led operating profit growth, benefiting from strong portfolios and a transformed cost base [4]. - Profit growth was also supported by portfolio expansion and distribution gains in Vietnam, India, and China [4]. - In Europe, extended retailer negotiations temporarily impacted volume but were deemed important for sustainable category development [4]. - Mexico and Brazil demonstrated resilience in a softer market environment [4]. Strategic Outlook - The company remains agile in its execution, focusing investments on the biggest opportunities, with expected gross savings now exceeding €0.5 billion by 2025 [5]. - The full-year outlook for organic operating profit (beia) growth is confirmed to be between 4% to 8% [5].

Ryanair net income in the first quarter more than doubled, and the budget airline says it will recover most of the fare drop suffered last year to achieve “reasonable” profit growth in fiscal 2026 https://t.co/Trhsiyujcs ...

Financial Performance & Growth - Huntington National Bank is delivering on organic growth strategies with a diversified customer base[8] - The bank is driving robust profit growth through expanded net interest margin, higher fee revenues, and efficient expense management[8] - The company has a cumulative growth rate of average loans and average deposits[11] - The bank's earnings growth supports capital priorities[29] - The company has a +13% Year-over-Year adjusted CET1 Ratio[32] Asset Quality & Risk Management - The bank is achieving strong credit performance through disciplined client selection and rigorous portfolio management[8] - The bank has a top-tier asset quality and reserve profile[17] - Consumer loans account for 43% of total loans, while commercial loans account for 57%[17, 18] Strategic Initiatives - The company is driving growth via share gains and executional outperformance[26] - The bank is building on a position of strength with national expertise[25] - The management focus is on driving value through accelerated Tangible Book Value (TBV) accretion and expanding long-term returns[37]

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