Danaher Corporation (NYSE:DHR) Annual Evercore ISI HealthCONx Healthcare Conference December 4, 2024 3:25 PM ET Company Participants Rainer Blair - President and CEO Conference Call Participants Vijay Kumar - Evercore ISI Vijay Kumar Great. Thanks, everyone, for joining us this afternoon. I'm Vijay Kumar, the Life Science Device Analyst at Evercore. A pleasure to have with us the team from Danaher. We have CEO, Rainer Blair and we have, I think, Travis, -- as well as Travis and John in out there . So, Raine ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|-------|-------------------------------------------------------------------------------------|-----------------------------------------|----------------------------|-------------------- ...

M Update Clean Tech | North America Morgan Stanley & Co. LLC Andrew S Percoco The Department of Commerce (DoC) published a preliminary affirmative determination in the 2024 Solar Anti-Dumping investigation. Preliminary general tariff rates include 271% for Vietnam, 117% for Cambodia, 58% for Thailand, and 18% for Malaysia - a full list of subsidy rates by country and company can be found in Exhibit 1 - 4. Note that the DoC preliminarily affirmed critical circumstances for Vietnam and Thailand, which introdu ...

M Update December 2, 2024 05:15 AM GMT Propel Funeral Partners Ltd | Asia Pacific Risk Reward Update | --- | --- | --- | |-------|-------|--------------------| | | | | | | | | | | | | | | | What's Changed | | | | Updated Components | | EPS | | | | | | Investment Thesis | | | | | Risk Reward for Propel Funeral Partners Ltd (PFP.AX) has been updated Reason for change We lower our 2025-27 EPS and DPS forecasts by ~2% to reflect a minor adjustment to the share count. PT unchanged. | --- | --- | --- | --- | --- ...

Summary of New Oriental Education Conference Call Company Overview - **Company**: New Oriental Education (EDU) - **Industry**: Education sector in China Key Points and Arguments 1. **Stock Performance**: EDU has seen a 30% correction over the past six months, underperforming compared to KWEB (+5%) and TAL (-14) despite strong core business momentum [1][2] 2. **Revenue and Operating Profit Growth**: Expected revenue and operating profit growth of approximately +30% and +40% respectively for FY25E, indicating the company's status as a "quality compounder" [1] 3. **Valuation Opportunity**: Current P/E ratio of 13x presents an attractive accumulation opportunity, with a potential upside of around 45% [2] 4. **Guidance and Earnings**: EDU has beaten revenue guidance for nine consecutive quarters, although the magnitude of beats has narrowed, leading to some investor disappointment [3] 5. **Margin Concerns**: Recent softness in margins attributed to one-off costs and transitory issues, including higher-than-expected bonuses and new center opening costs [3] 6. **Record Profits**: The company reported all-time-high profits of US$300 million in the latest quarter, with core education operating profit increasing by 47% year-over-year [3] 7. **Future Guidance**: Upcoming Nov-Q print is expected to meet guidance and consensus for both revenue (28%+ y/y) and operating profit margin (down 50-100bps y/y) [4] East Buy Impact 1. **Departure of Dong Yuhui**: The exit of Dong Yuhui, a key figure for East Buy, is expected to impact EDU's growth and operating profit margin for FY25E by approximately 10 percentage points and over 2 percentage points respectively [12] 2. **Transitory Nature of Impact**: The impact of East Buy's performance is viewed as transitory, with the valuation impact being minimal due to the higher margins of the core education business [13] 3. **Break-up Fees**: EDU incurred about US$50 million in break-up fees due to Dong's departure, but most of these costs are expected to be behind the company [13] Market Trends and Concerns 1. **Population Decline Concerns**: Investors are worried about the implications of a shrinking population in China on the tutoring sector; however, comparisons with South Korea suggest that demand for tutoring can still grow despite declining student numbers [20][21] 2. **Regulatory Environment**: The regulatory environment is expected to remain stable, with no significant policy changes anticipated that could negatively impact the tutoring industry [28][29] Technical Developments 1. **Inclusion in Hang Seng Index**: New Oriental Education will be added to the Hang Seng Index, expected to bring in approximately US$83 million in passive inflows, which is seen as a positive technical development [30] Financial Forecasts 1. **Revenue Projections**: Forecasts indicate revenue growth from US$4.314 billion in FY24 to US$6.075 billion in FY25, with a significant portion coming from the core education business [33] 2. **Operating Profit Margins**: Non-GAAP operating profit margins are projected to improve from 11% in FY24 to 15% in FY27 [33] This summary encapsulates the key insights from the conference call regarding New Oriental Education, highlighting its current performance, market position, and future outlook.

December 2, 2024 04:28 AM GMT M Update | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Europe Equity Research 02 December 2024 J P M O R G A N Metal Inventories in China China metals channel check: steel production & China steel demand flat week on week & stable across November. JPM latest iron ore market review. We present our high frequency inventory trends for steel, iron ore, copper, aluminium and zinc in China, for the week ended 29 November. The period captures the last 9-week period since China announced coordinated monetary policy loosening on 24 Sept. Last week's high frequency data ...

M Update Hon Hai Precision | Asia Pacific December 2, 2024 03:46 AM GMT Our Take on the GB200 Server Rack Delivery and Order Trend What's new? Commercial Times reported today that Microsoft has cut its GB200 server rack orders by 40% and transferred part of the orders to GB300 server racks. This is because GB200 mass production will likely be delayed into March 2025 due to technological bottlenecks for cartridge connector design. Digitimes also reported today that xAI has placed an order for 1,600 GB200 ser ...

Summary of Denso (6902) Conference Call Company Overview - **Company**: Denso Corporation (Ticker: 6902.T) - **Industry**: Auto Parts - **Market Capitalization**: ¥6,197 billion as of November 29, 2024 - **Current Stock Price**: ¥2,129 Key Points Industry Developments - Denso and Fuji Electric received approval from the Ministry of Economy, Trade and Industry (METI) for a joint plan to ensure chip supply, with a total cost of ¥211.6 billion and a maximum of ¥70.5 billion in subsidies [1] - There is increasing demand for SiC (Silicon Carbide) power semiconductors, particularly for inverters in Battery Electric Vehicles (BEVs), which enhance efficiency [1] - Denso plans to produce 60,000 SiC wafers and 100,000 SiC epitaxial wafers annually starting September 2026, while Fuji Electric aims for 240,000 SiC epitaxial wafers and 310,000 SiC power semiconductors from May 2027 [1] Production Strategy - Denso is diversifying its partnerships for SiC chip production, outsourcing HEV (Hybrid Electric Vehicle) Si chips to companies like Fuji Electric and Mitsubishi Electric, while also collaborating with Taiwanese firm UMC for domestic production [1] - This strategy aims to stabilize production and enhance cost competitiveness while ensuring a degree of internal SiC chip production [1] Financial Outlook - The target P/E ratio for Denso is set at 14.0x, which is a premium compared to the industry benchmark of 10.0x, reflecting Denso's business scale, advanced technologies, and strong balance sheet [2] - **Risks to Upside**: - Expanding orders for EV parts - Rising margins on Advanced Driver Assistance Systems (ADAS) products - Recovery in the North American auto market [3] - **Risks to Downside**: - Increasing R&D costs and delays in recouping these costs - Quality-related costs [4] Stock Rating - Denso is rated as "Overweight" by Morgan Stanley, indicating that its total return is expected to exceed the average total return of its industry coverage universe over the next 12-18 months [8] Additional Information - The average daily trading value for Denso is ¥21.1 billion [1] - The report includes disclosures regarding potential conflicts of interest and the relationship between Morgan Stanley and the companies covered [5][7] Conclusion Denso is strategically positioning itself to meet the growing demand for SiC power semiconductors, particularly in the context of the electric vehicle market. The company's efforts to diversify production partnerships and enhance internal capabilities are aimed at stabilizing supply and improving cost efficiency. The financial outlook remains positive, with potential upside risks associated with market recovery and product demand.

Buy Price (29 Nov 24 16:10) HK$38.70 Target price HK$52.20 Expected share price return 34.9% Expected dividend yield 2.6% Expected total return 37.4% Market Cap HK$48,618M US$6,247M 02 Dec 2024 02:03:13 ET │ 11 pages MINISO Group (9896.HK) Citi-hosted CFO group call takeaways; Outlooks for 4Q24E and 25E CITI'S TAKE On Citi-hosted CFO group call today (Dec 2), mgt shared detailed colors on its strong 4Q24 overseas market outlook that would support its maintained 24E full-year guidance (i.e., 20-30% YoY sales ...