Truist Financial Corporation Conference Call Summary Company Overview - **Company**: Truist Financial Corporation (NYSE:TFC) - **Formation**: Result of the merger between SunTrust and BB&T in December 2019 - **Headquarters**: Charlotte, North Carolina - **Assets**: $520 billion - **Deposits**: $385 billion - **Market Share**: Top 5 market share in 23 out of 25 largest MSAs [1] Core Financial Metrics - **ROTCE Target**: Mid-teens medium-term ROTCE target, up from a starting point of 12% to 13% [2] - **Revenue Composition**: 54% from consumer and small business banking, 46% from wholesale banking [7] - **Deposit Base**: $211 billion in consumer and small business deposits with a leading efficiency ratio of 51% [10] Strategic Focus and Values - **Purpose**: To inspire and build better lives and communities [5] - **Core Values**: Emphasis on caring for clients and achieving success for clients and shareholders [6] - **Market Position**: Positioned in 17 of the fastest-growing markets in the U.S. with a strong deposit share of 20% in those markets [9] Growth and Performance - **Revenue Growth**: Revenue growing at a CAGR of 6%, with expenses decreasing at a CAGR of 6%, leading to a PPNR growth of 12% [12] - **Client Engagement**: 14 million clients with an average tenure of over 10 years [10] - **Digital Transactions**: 65% of transactions are now digital, with a goal to increase this further [27] Client Solutions and Products - **Truist One Account**: A leading deposit account that rewards clients for increased business [10] - **National Consumer Lending**: Includes Sheffield (powersports financing), Service Finance (home improvement), and LightStream (personal loans) [13][14][15] - **Auto Solutions**: Serving over 6,000 dealers with a strong position in both prime and subprime markets [16] Digital Strategy - **Digital Migration**: Focus on enhancing digital interactions, with 2.5 million daily digital logins [26] - **Truist Assist**: A virtual digital bot that resolves 86% of client inquiries, improving efficiency [28] - **Investment in Technology**: Enhancements in user experience and ID verification for account openings [41][42] Consumer and Small Business Banking - **Deposit Growth**: Focus on granular core stable deposit business, with a primacy ratio of 82% [21][23] - **Deepening Relationships**: Emphasis on deepening existing client relationships as a key growth opportunity [24] - **Client Solutions Delivered**: Up 50% compared to 2022, with a CAGR of 14% [25] Credit and Risk Management - **Consumer Portfolio Health**: Optimistic outlook due to strong employment and liquidity positions, though some stress observed in lower-income segments [43] - **Small Business Outlook**: Neutral stance due to contracting margins and profitability concerns [43] Challenges and Market Position - **Revenue Growth Concerns**: Despite strong franchise attributes, revenue growth has been average, with a focus on improving financial results [45] - **Market Share Dynamics**: Competing banks gaining share, but Truist is focused on net new accounts and primacy growth [46] Conclusion - **Strategic Focus**: Accelerating growth in priority markets, improving profitability through deepening client relationships, and activating capital while maintaining risk discipline [37] - **Future Outlook**: Commitment to achieving mid-teens ROTCE through focused execution of the three Ds: deposits, deepening, and digital [48]

Industry and Company Overview * **Industry**: Spirits sector in China * **Key Companies**: Kweichow Moutai, Wuliangye Yibin, ZJLD, Shanxi Xinghuacun Fen Wine, Luzhou Laojiao, Jiangsu Yanghe, Anhui Gujing Distillery Co., Jiugui Liquor, Sichuan Swellfun Co., Jiangsu King's Luck Brewery Key Points 1. **Moutai and Wuliangye Shipment Suspension**: Moutai Sales Company and Wuliangye announced shipment suspensions to stabilize prices and improve channel health. This reflects leading companies' commitment to supporting wholesale prices and boosting channel confidence [3]. 2. **Wholesale Price Trends**: Original case Feitian Moutai's wholesale price increased by Rmb40 to Rmb2,270 per bottle, while unpacked Feitian Moutai's wholesale price increased by Rmb30 to Rmb2,230 per bottle. Common Wuliangye's wholesale price remained flattish at Rmb950 per bottle, and Guojiao 1573's wholesale price remained flattish at Rmb860 per bottle [5]. 3. **3Q24 Results**: The spirits industry experienced a sequentially weak 3Q24, with companies shifting focus to proactive channel adjustments and improving shareholder return visibility. Wuliangye announced a 3-year plan with a 70%+ payout ratio and Rmb20bn+ dividend amount [5]. 4. **Consumer Vouchers**: MOFCOM announced the rollout of more consumer vouchers and promotion activities to stimulate consumption [13]. 5. **Baijiu Output**: Baijiu output of above-scale enterprises reached 363k kiloliters in September, down 9.9% yoy [15]. 6. **High-end Liquor Prices**: Original case Feitian Moutai's wholesale price decreased by Rmb695 from Rmb2,965 to Rmb2,270, while unpacked Feitian Moutai's wholesale price decreased by Rmb480 from Rmb2,710 to Rmb2,230. Common Wuliangye's wholesale price decreased by Rmb10 from Rmb960 to Rmb950, and Guojiao 1573's wholesale price decreased by Rmb15 from Rmb875 to Rmb860 [18]. 7. **Channel Policy and Product Launches**: Key spirits companies implemented various channel policies and product launches, including price hikes, new product launches, and shipment suspensions [31, 34]. 8. **Valuation and Risks**: Goldman Sachs provided valuation tables and key risks for selected spirits companies, considering factors such as P/E ratios, target prices, and potential risks like regulation changes, environmental pollution, and macroeconomic recovery [41, 43]. Additional Important Points * **Online Retail Prices**: Online retail prices of Feitian Moutai, Common Wuliangye, and Guojiao 1573 were analyzed, showing trends and changes over time [9]. * **Wholesale Price Summary**: A summary of wholesale prices for high-end liquors was provided, including Feitian Moutai, Wuliangye, and Guojiao 1573 [18]. * **Performance and Valuation**: Performance and valuation tables were presented for selected spirits companies, considering factors like P/E ratios, target prices, and EV/EBITDA multiples [41]. * **Valuation Methodology and Key Risks**: Valuation methodologies and key risks were discussed for selected spirits companies, considering factors like P/E ratios, target prices, and potential risks like regulation changes and macroeconomic recovery [43]. * **Investment Trusts Association, Japan**: Information on the Investment Trusts Association, Japan, and its role in the spirits sector was provided [57]. * **Ratings, Coverage Universe, and Related Definitions**: Definitions and explanations of ratings, coverage universe, and related terms were provided [58]. * **Global Product and Distributing Entities**: Information on the global distribution of research products and the entities involved was provided [59]. * **General Disclosures**: General disclosures regarding the research, its limitations, and potential conflicts of interest were provided [60]. * **Differing Levels of Service**: Information on the varying levels of service provided by Goldman Sachs Global Investment Research was provided [62]. * **© 2024 Goldman Sachs**: Copyright information was provided [64]. * **Restrictions on Use**: Restrictions on the use of the information provided were outlined [65].

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 1 November 2024 | 3:05PM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------|-------|-----------------------------------------------|---------------------------------------|----------------------------------------------|-------|------------------------------|-------| | | Intel Corp. ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Deutsche Bank Research 更多一手调研纪要和海外投行报告加V：shuinu9870 7T2se3r0Ot6kwoPa Global Metals & Mining Metals & Mining Industry Metals & Mining Date 3 November 2024 Periodical 更多一手调研纪要和海外投行报告加V：shuinu9870 Copper & US election. China NPC. GLEN & results wrap. LUN preview 更多一手调研纪要和海外投行报告加V：shuinu9870 Global Copper: US election implications for the copper market With the US election less than a week away, we analysed copper's performance during previous election cycles. Historically, election ...

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更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 U.S. Semiconductors Qualcomm Inc Rating Outperform Price Target QCOM 200.00 USD (240.00 OLD) 4 November 2024 Stacy A. Rasgon, Ph.D. +1 212 756 4403 stacy.rasgon@bernsteinsg.com Alrick Shaw +1 212 969 1458 alrick.shaw@bernsteinsg.com 更多一手调研纪要和海外投行报告加V：shuinu9870 Arpad von Nemes +1 212 969 1518 arpad.vonnemes@bernsteinsg.com 更多一手调研纪要和海外投行报告加V：shuinu9870 Qualcomm reports FQ424 earnings on Wednesday, November 6, after the market close (call at 4:45pm ET; dial-in (877) 407-0832 or (2 ...

Summary of Earnings Call and Industry Analysis Industry Overview - The analysis focuses on the Indian market, particularly the NSE100 firms, highlighting a significant slowdown in earnings growth expectations for Q2 FY2025 compared to initial forecasts [4][5][9]. Key Points Earnings Performance - Over 65% of NSE100 firms reported earnings, with 48% missing expectations by more than 4%, marking the highest miss rate since March 2020 [4][21]. - Initial growth expectations for Q2 were set at 9% YoY, but actual growth is projected to be around 0.6%, indicating a material contraction in earnings [16][9]. - The automotive sector has been particularly affected, with demand for passenger vehicles (PVs) and premium two-wheelers (2Ws) declining [16][9]. Sector-Specific Insights - **Banks and IT**: These sectors have shown resilience, with banks benefiting from larger names and IT finally hitting a bottom [5][9]. - **Healthcare**: Results have been in line with expectations, slightly better than other sectors [16]. - **Consumer Staples**: An urban slowdown is noted, with expectations of rural recovery being cautious [5][31]. - **Utilities and Industrials**: Both sectors are experiencing low demand due to weak capital expenditure (capex) and adverse weather conditions [5][9]. Future Expectations - Despite a flat H1, full-year earnings growth forecasts remain in double digits at 10.2%, although this is a decrease from 13% prior to Q2 [16][9]. - Q3 earnings expectations have increased, particularly for utilities and autos, driven by anticipated festive demand [16][9]. - There is skepticism regarding the ability to meet high expectations for Q3, given the weak performance in Q2 [29][30]. Macroeconomic Context - The broader economic slowdown is acknowledged, with indicators showing a loss of momentum across various sectors [9][30]. - The Reserve Bank of India (RBI) has not yet adjusted growth estimates, but there are indications that a policy response may be necessary if the slowdown continues [36][30]. - The commentary from firms suggests a tendency to attribute poor performance to external factors like monsoons and elections, rather than acknowledging underlying issues [30][31]. Investment Implications - The market has not fully priced in the extent of the slowdown, and there is a risk of further earnings cuts as reality sets in [9][30]. - A bottom-up investment strategy in select sectors is recommended, as the overall market may face volatility [9][30]. Additional Insights - The commentary from earnings calls indicates a reluctance to fully acknowledge the slowdown, with many firms maintaining a positive outlook for Q3 despite recent performance [24][29]. - The urban-rural demand dynamic is complex, with urban areas showing weakness while rural areas exhibit signs of recovery, but not enough to offset urban declines [31][30]. This summary encapsulates the critical insights from the earnings call and industry analysis, providing a comprehensive overview of the current state and future expectations for the Indian market.

更多一手调研纪要和海外投行报告加V：shuinu9870 更多一手调研纪要和海外投行报告加V：shuinu9870 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 更多一手调研纪要和海外投行报告加V：shuinu9870 Citi Research November 1, 2024 更多一手调研纪要和海外投行报告加V：shuinu9870 FX Flows Weekly See AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware thatthe Firm may have a co ...

更多一手调研纪要和海外投行报告加V：shuinu9870 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 03 Nov 2024 16:41:54 ET │ 12 pages China Insurance 3Q24 Results Wrap: NBV Robust with Sales & Margin Hikes; CoR Sapped by NAT CAT; Earnings Soared on Inv't CITI'S TAKE In 9M24, life insurers delivered robust NBV growth, with PICC Life leading (+114% yoy), followed by NCI/CPIC/Ping An/China Life at 79%/38%/34%/25% yoy. Ping An/CPIC's 3Q24 NBV growth accelerated to 1.1x/75% yoy, underpinned by both accelerated FYP growth and widened NB margin. In 3Q24, ...