M Idea New Oriental Education & Technology | Asia Pacific September 24, 2024 12:50 PM GMT F1Q25 Preview - Resilient results expected New Oriental Education & Technology (EDU.N, EDU US) Despite drag from higher-ASP overseas test prep business, we expect EDU to meet its F1Q25/2025 revenue and margin targets. We are less concerned about industry competition and believe the current regulatory environment is relatively stable. F1Q25 preview: We expect EDU's core educational revenue to grow 33% yoy in F1Q25, clos ...

M Idea Global Economic Briefing | North America September 23, 2024 04:00 AM GMT The Fed started its easing cycle with a 50bp cut. We don't think the Fed's reaction function has changed, and so the read through for other central banks is still limited. M The Fed cut rates by 50bps, but we did not see a huge shift in its reaction function. Rather, the 50bps was to show a commitment to not falling behind the curve, in Powell's words. But from here the most likely path forward is a string of 25bp cuts. Powell h ...

For the exclusive use of ACCOUNTS@KARUNADUCABS.COM approve additional government bond issuance quota on top of this year's budget to support fiscal spending, and believe an additional RMB1-2tn ultra-long-term central government special bond (ULT CGSB) quota is likely. We also lay out some macro catalysts that are relevant for China markets in coming weeks/months. 更多一手调研纪要和研报数据加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 China: The Politburo sent clear (and louder) easing signals 27 September 2024 | 12:20AM HK ...

Walmart Inc. (NYSE:WMT) Goldman Sachs Global Sustainability Forum September 26, 2024 1:00 PM ET Company Participants Kathleen McLaughlin - Executive Vice President and Chief Sustainability Officer Conference Call Participants Katharine McShane - Goldman Sachs Katharine McShane Okay. Hello, everyone. Thank you for joining us. We're happy to be talking about the business case for sustainability with Kathleen McLaughlin from Walmart. I'm Kate McShane. I'm the hardlines broadlines analyst here at Goldman Sachs ...

Good morning and welcome everyone to H&M Group's conference call, 9 Months Report for 2024. For the first part of this call, all participants will be in a listen-only mode during the speaker presentation and afterwards there will be a question and answer session. If you wish to ask a question, please register via the link in the confirmation email, then dial in and press star 1. Please be advised that today's conference call is being recorded. Today, I'm pleased to present Joseph Ulberg, Head of Investor Re ...

Americas ab 20 September 2024 Global Research and Evidence Lab US Industrial REITs Bringing Down The (Ware)house? Industrial warehouse supply/demand to return to equilibrium over time We believe that the outlook for Industrial REITs will improve in the coming years as supply pressure abates and demand recovers, driving a return to landlord pricing power. The group is undergoing a supply/demand digestion period that that has pressured Industrial REITs in 2024. We see this as a function of an uncertain macro ...

Latin America Equity Research 22 September 2024 J P M O R G A N Iron ore Trimming prices on lower Chinese steel output, but marginal mine curtailments have rebalanced markets | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

M Idea Three in Three | Asia Pacific September 22, 2024 10:00 PM GMT Three Actionable Ideas SK Hynix – UW | CP All – OW | Tenaga Nasional – OW UW – SK Hynix (000660.KS): Hynix looks cheap on valuation with sustained competitiveness in HBM. However, we have concerns: DRAM pricing power is fading, NAND excesses are building and our channel checks have led us to turn more cautious than the market on all commodity DRAM segments for 4Q. Underweight and Top Pick. OW – CP All (CPALL.BK): CPALL is our Top Pick. We ...

Summary of Key Points from the Conference Call Industry and Company Involved - The conference call primarily discusses the **Artificial Intelligence (AI)** sector and its related companies, particularly focusing on **semiconductors** and **AI enablers**. Core Insights and Arguments - **AI Investment Opportunities**: Morgan Stanley updates its global dashboard for AI, emphasizing the importance of identifying sub-themes with strong momentum and upside potential. The report includes a guide titled "15 Ways to Play AI" to assist investors in navigating these opportunities [3][5]. - **Performance Metrics**: The report highlights year-to-date performance metrics for various AI-related stocks, indicating a median upside to base case price targets across different AI categories, such as AI in smartphones (35% upside), humanoids (30% upside), and education (25% upside) [6]. - **Market Trends**: The semiconductor cycle is discussed, with a focus on how AI is transforming the market dynamics. The report suggests that companies involved in AI enablers and adopters are likely to outperform due to their pricing power [6][7]. - **Stock Performance**: Specific stock prices are mentioned, including TSMC at 973.00, NVIDIA Corp. at 117.87, and Apple, Inc. at 228.87, providing a snapshot of the current market landscape [5]. Additional Important Content - **Analyst Insights**: The report includes insights from various equity analysts at Morgan Stanley, indicating a collaborative approach to understanding the AI landscape and its implications for investment strategies [4][6]. - **Global Reports**: A list of recent global reports is provided, covering various aspects of technology and sustainability, indicating a broad research focus that includes AI and its impact on different sectors [7]. - **Investment Banking Relationships**: The report discloses potential conflicts of interest due to Morgan Stanley's investment banking relationships with several companies mentioned, including Alibaba Group and Amazon.com, which may influence the objectivity of the research [8][11]. This summary encapsulates the key points discussed in the conference call, focusing on the AI sector's investment opportunities, market trends, and the performance of specific stocks, while also noting the broader context of Morgan Stanley's research and potential conflicts of interest.

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the current state of the financial markets, focusing on investment strategies in response to Federal Reserve actions and market flows. Core Insights and Arguments 1. **Market Flows**: - Recent inflows include $38.6 billion to stocks, $15.5 billion to bonds, and $0.5 billion each to gold and crypto, with a notable outflow of $7.6 billion from cash [2][3][14]. - Investment trends indicate a shift towards equities, particularly US stocks, which saw the third-largest inflow in 2024 at $33.8 billion [3][14]. 2. **Federal Reserve Actions**: - The Fed is expected to implement a 50 basis point cut to prevent recessionary impacts on small businesses, potentially leading to 15-20% EPS growth in 2025 [1][5]. - Historical context provided indicates that the last time the Fed cut rates by 50 basis points with low credit spreads was in January 1981, with stocks at all-time highs in April 1986 [1][12]. 3. **Investment Strategies**: - Investors are advised to chase risk assets, particularly international stocks and commodities, as they are seen as undervalued compared to US equities [5][10]. - The report suggests that if payrolls confirm a soft landing, the best investment plays would be recessionary commodities and resources, which also hedge against potential inflation in 2025 [5]. 4. **BofA Bull & Bear Indicator**: - The BofA Bull & Bear Indicator has fallen to 5.2, indicating a neutral sentiment in the market [27][29]. - The indicator reflects mixed positioning among hedge funds, with a notable bearish sentiment towards 2-year Treasury contracts and bullish sentiment towards the Japanese yen [3][27]. 5. **Historical Performance Context**: - The call references historical performance during previous Fed rate cuts, categorizing them into "soft cuts," "hard cuts," and "panic cuts," each with distinct impacts on stock and bond markets [4][5]. Additional Important Content 1. **Asset Class Performance**: - Commodities have shown significant performance, with a notable 58.2% return in certain periods, while US Treasuries and equities have also performed well [23]. - The report highlights the importance of diversifying into international equities, particularly as geopolitical tensions ease [5][10]. 2. **Client Behavior**: - BofA private clients have shown a significant shift in allocations, with a notable increase in equity holdings and a decrease in cash allocations [18][20]. 3. **Market Sentiment and Positioning**: - The current market sentiment is characterized by a mix of bullish and neutral positions across various asset classes, with a focus on credit and stock markets [27][28]. 4. **Future Outlook**: - The report emphasizes the potential for a market rally if the Fed's actions successfully mitigate recession risks, suggesting that investors should remain vigilant and ready to capitalize on market dips [5][10]. This summary encapsulates the key points discussed in the conference call, providing insights into market trends, Federal Reserve actions, and investment strategies moving forward.