22 December 2024 | 6:15PM EST Natural Gas: Q&A on US-Europe LNG Trade n The data show that the US is already the largest single supplier of LNG to Europe, as well as the leading source of LNG supply growth to the region, based on publicly available contracts. n The potential for Russian LNG imports into the EU to be fully replaced with US LNG, as suggested by EU Commission officials, while physically possible, would likely increase market freight costs and potentially lead to higher European prices to motiv ...

Premier Li Qiang stresses the importance of technology innovation and pledges more access and services to foreign enterprises; The draft law on private sector promotion has submitted to top legislature for preliminary review; Alibaba officially started its operations in Morocco... See our latest research on Barclays Live. Government/Industry News • Premier Li Qiang stresses the importance of technology innovation and pledges more access and services to foreign enterprises: According to gov.cn, Premier Li Qi ...

**Industry/Company Involved**: Semiconductor industry, specifically SMIC (0981.HK) **Key Points**: * **Revenue and Margin Recovery**: SMIC's revenue and margin are expected to continue recovering, driven by a healthier inventory level and localization trend. However, the continuous capacity expansion, increasing supply of mature nodes, rising competition, and geopolitical risks remain concerns. * **Demand Outlook**: The company's demand outlook is positive, with a gradual recovery expected in the industrial and automotive segments in 2H24E, as inventory digestion completes. * **Gross Margin**: SMIC's gross margin is expected to gradually recover, impacted by the increased D&A burden due to continuous capacity expansions. * **Target Price**: Goldman Sachs raises its 12-month target price for SMIC's H-share by 14% to HK$33.4, based on a 34x 2025E P/E multiple. The A-share target price is raised by 14% to Rmb83.9, based on a 273% premium over the H-share target price. * **Earnings Forecast**: The company's revenue forecasts are raised by around 1% each year in 2025E-29E, and gross margin is expected to increase by 0.2~0.3ppts on higher utilization rates. * **Rating**: Goldman Sachs maintains a Neutral rating on SMIC (A/H). * **Key Risks**: Better-/weaker-than-expected demand in smartphones and consumer electronics, faster-/slower-than-expected end-market diversification, and restricted access to certain equipment/material supply due to SMIC's inclusion on the US BIS Entity List. **Additional Important Points**: * **Utilization Rates**: SMIC's utilization rates are expected to recover gradually, as shown in Exhibit 9. * **Inventory Days**: Inventory days for China's electronics manufacturing industry returned to 51 days in October 2024, in line with historical levels, supporting demand recovery. * **Earnings Revision Summary**: Exhibit 3 provides a summary of earnings revisions for SMIC. * **Valuation**: SMIC's stock is trading at around its historical average P/E, which is considered reasonable considering its solid long-term growth prospects and market weakness in the near term. * **M&A Rank**: SMIC has a M&A rank of 3, indicating a low probability of being acquired. * **Quantum Database**: Goldman Sachs' proprietary database, Quantum, provides access to detailed financial statement histories, forecasts, and ratios for in-depth analysis of SMIC and other companies. **Source**: Goldman Sachs Research, SMIC (0981.HK) Research Report

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ellinor-cederstroem.palliotto@ubs.com +44-20-7567 1823 Global Oil and Gas Global Oil & Gas Valuation Sheets 23 December 2024 josh.silverstein@ubs.com steven.fisher@ubs.com manav.gupta@ubs.com | --- | --- | |--------------------------------------------------|-------| | | | | Global Oil & Gas Equity Specialist Sales | | | Global Oil & Gas Equity Specialist Sales Trading | | Definitions | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

**Industry and Company** * **Industry**: Greater China Technology Hardware * **Company**: BOE Technology (000725.SZ) **Core Views and Arguments** * **TV Panel Prices Rising**: TV panel prices have started to edge up from the second half of December, driven by strong panel pull-in momentum. This is earlier than the base case assumption by 2-3 months. * **Positive Sentiment**: With an upward trend for TV panel prices in the coming couple of quarters, sentiment toward panel stocks should turn more favorable and risk/reward should be skewed more to the upside. * **Overweight Rating**: Morgan Stanley maintains an Overweight rating on BOE Technology with a price target of Rmb5.5 (1.5x 2025 P/B). * **Valuation**: The target multiple of ~1.5x 2025e P/B is considered reasonable vs. BOE's average of 1.3-1.4x P/B since 2015, given the estimated ROE of 5-7% over 2024-25. * **Risks**: Risks to the downside include better-than-expected industry-wide ASP and lower yield in G10.5 fab. Risks to the upside include higher yield in G10.5 fab and faster-than-expected AMOLED ramp. **Other Important Points** * **Relative Rating System**: Morgan Stanley uses a relative rating system using terms such as Overweight, Equal-weight, Not-Rated or Underweight. * **Global Stock Ratings Distribution**: As of November 30, 2024, the distribution of stock ratings is 38% Overweight/Buy, 46% Equal-weight/Hold, 16% Underweight/Sell. * **Analyst Stock Ratings**: Overweight (O), Equal-weight (E), Not-Rated (NR), Underweight (U). * **Analyst Industry Views**: Attractive (A), In-Line (I), Cautious (C). * **Stock Price and Price Target**: The stock price as of December 20, 2024, is Rmb4.39, with a price target of Rmb5.50. * **Market Cap**: The current market cap is Rmb167,682.0 million. * **EV**: The current enterprise value is Rmb291,820.2 million. * **Average Daily Trading Value**: The average daily trading value is Rmb1,759 million.

M Foundation Officials are examining whether the gold movements within SEZ's are double counted. located at the end of this report. 2 Our View Inflation – uncertain global environment adds a layer of challenge: The outlook hinges on food inflation, which constitutes the bulk of the CPI basket. As such, with an improved outlook for summer and winter crops, we expect food inflation to moderate in the next 12 months. Further, while core inflation has been trending down in the past 12 months, it is likely to fa ...

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23 Dec 2024 08:58:42 ET │ 13 pages US Economics November core PCE inflation at 0.11%MoM was notably softer than the 0.18% we had been penciling in. There has been some more difficulty than usual over the last year pinpointing the seasonal adjustment for airfares in PCE data. This again helped to explain the divergence between final core PCE and our forecast, with airfares falling more than we expected. We continue to expect weaker airfares in PCE than in CPI over the coming months. Some other components wer ...