Datadog, Inc. (NASDAQ:DDOG) RBC Capital Markets Global TIMT Conference November 19, 2024 10:00 AM ET Company Participants David Obstler - CFO Conference Call Participants Matthew Hedberg - RBC Capital Markets Matthew Hedberg My name is Matt Hedberg. Thank you. By the way, I got a pause for a second. You guys make this -- this conference is fantastic. Like I was talking to Matt Finigan who runs sales, like you can't even hardly walk in the hallways, it's just it's great attendance. And so you guys make this ...

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Stifel 2024 Healthcare Conference November 19, 2024 8:00 AM ET Company Participants Stuart Arbuckle - EVP, COO Conference Call Participants Paul Matteis - Stifel Paul Matteis Great, good morning. It's my pleasure to be moderating this chat with Stuart Arbuckle, COO of Vertex Pharmaceuticals. Good to see you again. We had a nice dinner last night. Stuart Arbuckle We did. Question-and-Answer Session Q - Paul Matteis Maybe to start, Stuart, I think we can have ...

Teva Pharmaceutical Industries Limited (NYSE:TEVA) Jefferies London Healthcare Conference November 19, 2024 3:30 AM ET Company Participants Richard Francis - President & CEO Conference Call Participants Glen Santangelo - Jefferies Glen Santangelo Good morning, everyone. Thanks for joining us. For those of you who don't know me, I'm Glen Santangelo. I'm the Spec Pharm Analyst at Jefferies, and cover Teva amongst some other things. And we're very excited to be hosting, Teva, and to my right, the CEO of the Co ...

Prices may vary in areas outside metABCD ropolitan Washington. ESu V1 V2 V3 V4 Democracy Dies in Darkness monday, november 18, 2024 . Partly sunny 71/50 • Tomorrow: Partly sunny 65/52 B6 $3 PhoToS by ilan godfrey for The WaShingTon PoST community members from kanyelele town, zambia, swim on the banks of the lake created by the kariba Dam. Zambia's green energy is running dry Hydropower had long provided cheap, clean power — until drought set in For a while, it looked like Zambia had achieved a status that a ...

C DOW JONES Investors Are Betting On Market Melt-Up A Developer's Rise To Mideast Envoy ****** MONDAY, NOVEMBER 18, 2024 ~ VOL. CCLXXXIV NO. 119 WSJ.com HHHH $5.00 Last week: DJIA 43444.99 g 544.00 1.24% NASDAQ 18680.12 g 3.1% STOXX 600 503.12 g 0.7% 10-YR. TREASURY g 30/32 , yield 4.426% OIL $67.02 g $3.36 EURO $1.0541 YEN 154.34 Business & Finance Many investors are betting the U.S. stock-market rally has room to run, signaling their optimism by pouring money into exchangetraded and mutual funds. A1 Toy m ...

14 Nov 2024 11:22:53 ET │ 11 pages China Battery Materials Takeaways from Battery Expert Call with GGII CITI'S TAKE We hosted a battery expert call on 14th Nov with Mr. HU Feng, chief analyst at GGII, who shared his take on the lithium-ion battery market. He expects EV battery demand to reach 900-950GWh and ESS demand to reach 350-400Gwh in 2025E. The expert call was conducted in Mandarin and below are our key takeaways. We believe we are at the trough of the battery cycle (see our notes part 1 and part 2). ...

14 Nov 2024 09:32:57 ET │ 10 pages China Materials 2024 On-ground Demand Monitor Series #136 – Aluminum Inventory and Consumption CITI'S TAKE In this series of notes, we aim to track and analyze high-frequency onground demand trends in China – market expectation on demand recovery has been largely cautious. In this note, we enclose weekly data from Mysteel, a consultant, on China aluminum ingot and billet production, inventory, and apparent consumption data during the week of 7th to 13th Nov. We shift our n ...

Summary of the Conference Call on China Auto Manufacturers Industry Overview - The report focuses on the **China Auto Manufacturers** industry, specifically the performance of imported vehicle sales in October 2024 and the year-to-date figures for 2024. Key Points 1. **Imported Vehicle Sales Performance** - October 2024 retail sales of imported vehicles decreased by **20% YoY** and **7% MoM**, totaling **48.5k units** sold. - Year-to-date (10M24) imported car retail sales were down **14% YoY**, amounting to **531.0k units** sold. [1][2][7] 2. **Brand-Specific Sales Data** - **Mercedes-Benz**: Sold **10,724 units** in October 2024, down **5% YoY** and **10% MoM**. Year-to-date sales decreased by **18%** to **105,204 units**. - **BMW**: Sales fell **36% YoY** to **4,990 units** in October, with a **18%** decline in year-to-date sales. - **Porsche**: Experienced a **32% YoY** drop, selling **3,618 units** in October, and a **33%** decline year-to-date. - **Audi**: Sales decreased by **29% YoY** to **3,412 units** in October, with a **15%** decline year-to-date. - **Land Rover**: Notably down **89% YoY** in October, selling **3,531 units**. - **Toyota**: Sales decreased by **27% YoY** to **2,333 units** in October, but year-to-date sales increased by **8%**. - **Other Brands**: Significant declines were noted across various brands, with total import passenger vehicle sales down **20% YoY** in October. [2][7] 3. **Investment Ratings** - **ZSG (0881.HK)**: Target price raised to **HK$23.25** based on a **6x 2026E P/E** multiple, reflecting sector downcycle and earnings improvement trajectory. - **Yongda (3669.HK)**: Target price set at **HK$2.98**, with a projected **8% dividend yield** for 2024. - **Meidong Auto (1268.HK)**: Target price of **HK$2.40**, with a focus on cash flow and healthy inventory management. [9][12][13] 4. **Risks Identified** - **Macroeconomic Weakness**: A weak macro environment could reduce consumer purchasing power, especially in lower-tier cities. - **Revenue and Margin Risks**: Lower-than-expected revenues and gross profit margins in the passenger vehicle and after-sales businesses could impact performance. - **Intensified Competition**: Increased competition may pressure profitability. - **Sales and Earnings Risks**: Risks associated with actual sales and earnings performance, particularly if a post-pandemic rebound does not occur as anticipated. [10][11][14] 5. **Analyst Insights** - Analysts express caution regarding the overall market conditions and the potential for continued declines in sales across various brands. The focus remains on identifying companies with strong management and prudent expansion strategies to navigate the current downcycle. [4][10][11] Additional Important Information - The report includes detailed sales figures by brand and highlights the significant declines in the luxury vehicle segment. - Analysts emphasize the importance of monitoring macroeconomic indicators and consumer sentiment as key factors influencing the auto industry in China. - The report also discusses the potential for dealer consolidation in the medium term, which could impact market dynamics. [1][2][9][10]

Industry Overview * **Industrial Production**: Industrial production fell 0.3% MoM in October, slightly stronger than consensus expectations at -0.4%. The largest subset of manufacturing production declined 0.5% MoM. * **Temporary Factors**: The Federal Reserve indicated a 0.3pp drag from strikes and hurricanes during the month. These factors should rebound and boost IP in November. * **Underlying Trend**: The underlying trend of manufacturing activity remains subdued even without these temporary factors. * **Near-term Outlook**: The near-term outlook remains unclear. There could be some boost to activity from lifting of post-election uncertainty, but recently rising yields could weigh further on this ratesensitive sector. * **Survey Data**: Citi will be watching survey data like ISM manufacturing for any change in the outlook for still-soft underlying activity. Key Points * **Industrial Production**: Industrial production fell 0.3% MoM in October, slightly stronger than consensus expectations at -0.4% and Citi at -0.7% [6]. * **Temporary Factors**: The Federal Reserve indicated a 0.3pp drag from strikes and hurricanes during the month. These factors should rebound and boost IP in November [1]. * **Underlying Trend**: The underlying trend of manufacturing activity remains subdued even without these temporary factors [1]. * **Near-term Outlook**: The near-term outlook remains unclear. There could be some boost to activity from lifting of post-election uncertainty, but recently rising yields could weigh further on this ratesensitive sector [1]. * **Survey Data**: Citi will be watching survey data like ISM manufacturing for any change in the outlook for still-soft underlying activity [1].

Summary of Conference Call Notes Industry Overview - The report focuses on the macroeconomic outlook for three trade-oriented economies: Korea, Taiwan, and Vietnam, highlighting their export performance and domestic demand dynamics in 2024 and expectations for 2025 [2][5][8]. Key Points Export Performance - Exports from Korea, Taiwan, and Vietnam outperformed expectations in 2024, with Vietnam leading the performance for the first nine months [5][8]. - Robust exports have supported overall economic growth above potential despite tight monetary and credit policies [5][8]. - In 2025, growth is expected to slow significantly in Korea and Taiwan, while Vietnam's growth is projected to rise moderately [2][8]. - A broad moderation in exports is anticipated due to weak demand from mainland China and uncertainties surrounding US trade policy [2][8]. - The report notes a significant reduction in export exposure to China for these economies, attributed to localization of supply chains and US tariffs [2][8][9]. Domestic Demand Dynamics - Domestic demand is expected to diverge among the three economies: sustained strength in Vietnam, recovery in Korea, and moderation in Taiwan [20][23]. - In Korea, consumption is projected to recover slowly due to declines in borrowing costs and a moderate fiscal stance, while investment is unlikely to see significant growth due to uncertainties in US trade policy [20][23]. - Taiwan is expected to experience double-digit increases in equipment investment driven by strong AI-related demand, despite a slowdown in private consumption growth [20][23]. - Vietnam's labor market is normalizing post-pandemic, with job growth returning to pre-pandemic levels and wages rising around 8% [23][24]. Inflation and Monetary Policy - Inflation in Korea, Taiwan, and Vietnam is expected to moderate in line with targets due to stabilizing commodity prices and weak global demand [28][31]. - The Bank of Korea (BOK) is expected to gradually cut the policy rate to 2.25% by late 2025, reflecting slow growth and reduced risks of housing market overheating [35][39]. - Taiwan's monetary policy is expected to ease moderately, while Vietnam's credit policy may become less restrictive as financial stability improves [36][39]. Risks and Opportunities - Main risks include potential growth downturns from a broader trade war and deflationary pressures from China's excess capacity [41][43]. - Upside risks could arise from trade reallocation away from China, benefiting Vietnam's labor-intensive goods and Taiwan and Korea's capital-intensive goods [41][43]. Economic Projections - GDP growth forecasts for 2025: Korea at 1.8%, Taiwan at 2.6%, and Vietnam at 6.4% [44]. - Headline CPI inflation projections for 2025: Korea at 1.6%, Taiwan at 1.3%, and Vietnam at 3.3% [44]. Additional Insights - The report emphasizes the importance of considering external factors, such as US trade policy and China's economic performance, in assessing the outlook for these economies [2][41]. - The analysis highlights the shifting trade dynamics and the increasing importance of the US as a market for these economies, particularly in value-added terms [13][17].