US Machinery • DE. In both FY23 and FY24, less than 5% of U.S. sales were manufactured in Mexico. DE relies heavily on its skilled U.S. workforce to design and build advanced equipment, with more than 75% of its products sold in the U.S. being assembled domestically. The Agriculture and Turf division is a net exporter, which positions the company well to handle potential changes in trade policies. • CNH. It manufactures large equipment in the U.S., with planters made in Canada, and does not produce small an ...

Other Important Disclosures INDUSTRY COVERAGE: China Healthcare Everest Medicines Ltd (1952.HK) E (03/15/2024) HK$46.50 Livzon Pharma (000513.SZ) U (10/19/2018) Rmb37.78 | --- | --- | --- | |------------------------------------------------------------------------------|-------|-------| | Livzon Pharma (1513.HK) U (12/16/2021) HK$26.75 | | | | Luye Pharma Group (2186.HK) U (07/26/2021) HK$2.14 | | | | Ocumension Therapeutics (1477.HK) E (03/15/2024) HK$4.47 | | | | RemeGen Co., Ltd. (9995.HK) E (05/08/2024) ...

Source: Wind Secondary sales 7-day moving average - Shanghai - 200 400 600 800 1,000 1,200 1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov 1-Dec 2023 2024 6 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 0 20 40 60 80 100 120 140 Sep-21Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24 ...

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 ...

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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 ...

**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.

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

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