TMT Webcast_ 2025 Asia Tech and Global SPE Outlook
AstraZeneca· 2024-12-19 16:37
| --- | --- | --- | |---------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------| | | | | | December ...
2025 Outlook_ Plenty of Room for Surprises
2024-12-19 16:37
| --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
US Economic Perspectives_US Inflation Monthly_ A Q1 surge_
EchoTik· 2024-12-19 16:37
Figure 54: Housing services 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% Dec-17 Dec-19 Dec-21 Dec-23 Dec-25 Dec-27 3-month change data 3-month change forecast model projection 12-month change data 12-month change forecast Source: BEA, UBS estimates Figure 55: PCE health care services prices 0% 1% 2% 3% 4% Dec-17 Dec-19 Dec-21 Dec-23 Dec-25 Dec-27 3-month change data 3-month change forecast model projection 12-month change data 12-month change forecast Source: BEA, UBS estimates Figure 56: Food services 0% 1% 2% 3% 4% 5% 6 ...
Autos Valuation Comp Sheet_Priced as of December 13, 2024
Audi· 2024-12-19 16:37
North America Equity Research 16 December 2024 J P M O R G A N Autos Valuation Comp Sheet Priced as of December 13, 2024 Autos & Auto Parts Ryan Brinkman AC (1-212) 622-6581 ryan.j.brinkman@jpmorgan.com Rajat Gupta AC (1-212) 622-6382 rajat.gupta@jpmorgan.com Jash Patwa AC (1-212) 622-5472 jash.patwa@jpmchase.com J.P. Morgan Securities LLC nml Table Of Contents In this note, we include the latest comp sheet and valuation metrics for global automotive OEMs (page 3), auto parts suppliers (page 5), auto auctio ...
Chinese Media ( CH)_Downgrade to Reduce_ Revenue under pressure
China Securities· 2024-12-19 16:37
16 December 2024 Equity Research Report Chinese Media (600373 CH) Equities Media Downgrade to Reduce: Revenue under pressure ◆ Revenue from textbooks and supplementary teaching materials is under pressure due to policy change DOWNGRADE TO REDUCE | --- | --- | --- | --- | --- | |--------------------------------|----------|----------|----------|----------| | Financial statements Year to | 12/2023a | 12/2024e | 12/2025e | 12/2026e | | Profit & loss summary (CNYm) | | | | | | Revenue | 10,084 | 8,574 | 7,676 | ...
DataDig_ EVs racing into year end
DataEye研究院· 2024-12-19 16:37
Global Miners – Valuation Tables P10 Commodities: Nickel P37 Charts, analysis and comparables for the global mining sector. Exhibit 1: November 2024 saw pure China EV sales +% MoM and+30% YoY. 30% 20% 10% - 10% 20% 30% 40% 50% 60% YoY growth (%) Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consid ...
2025 Outlook_ Brightening up – cycle bottom to outweigh potential US tariffs
Bridgewater· 2024-12-19 16:37
From a long-term perspective, we see several factors that could support trading activity in the capital markets. Source: Company data, Morgan Stanley Research (E) estimates On the other hand, a few challenges persist and could pose risks to HKEx's revenue: 3. Geopolitical uncertainties could rise as a result of the new US administration's potential policies and tariff hikes. Our higher ADV assumptions drive our higher forecasts of trading fees and tariffs as well as clearing & settlement. Our revenue expect ...
Solar_ Prices Stabilized near Year-end
-· 2024-12-19 16:37
Jefferies Equity Research December 16, 2024 Please see analyst certifications, important disclosure information, and information regarding the status of non-US analysts on pages 13 - 17 of this report. Jefferies Solar glass (SG): Per SCI, 3.2/2.0mm prices stayed RMB19.0-19.5/11.5-12.0 per m2. SG production capacity stayed at 94,890t/d. Inventory days decreased by 1.88% WoW to 34.87d. Per SCI, SG GPM in Nov'24 plunged by 14.02 pct MoM to -19.46%, with SG price retreat on sluggish demand and natural gas price ...
Security Software_Price Target Updates for Outlook 2025
Proofpoint· 2024-12-19 16:37
North America Equity Research 16 December 2024 J P M O R G A N CrowdStrike (CRWD) • Our Bull case is centered on a bottom-up analysis by product segment. We expect CRWD will continue to gain market share within its endpoint market while taking meaningful share with emerging products. CrowdStrike grew its Endpoint market share by 30bp in CY23 (FY24) according to IDC and our bull-case scenario considers that CRWD's endpoint market share can grow to 25.0% in FY27, assuming that we'll see capitulation from ente ...
Security _ SMidCap Software_2025 Year Ahead Outlook_ Security Finds Its Footing
Car Care & Cleaning· 2024-12-19 16:37
Key Takeaways Industry Overview * **Security Software Demand Remains Strong**: Despite macroeconomic challenges, demand for security software remains robust. This is driven by the increasing volume and severity of cyber threats, the growing importance of data security, and the shift towards digital transformation. * **Platformization Trend**: The trend of consolidating security solutions into a single platform continues to gain momentum. This is driven by the need for simplicity, efficiency, and cost savings. * **M&A Activity Accelerating**: M&A activity in the security software industry is accelerating, with both strategic and financial buyers seeking to expand their capabilities and market share. Company-Specific Outlook * **CyberArk (CYBR)**: CYBR remains a strong pick with a favorable competitive environment, expanding margins, and potential for long-term margin expansion and cash flow generation. * **SentinelOne (S)**: S is well-positioned for growth as a sustainable profitable emerging competitor with a compelling setup for 2025. * **Okta (OKTA)**: OKTA is a leader in IAM and a primary beneficiary of the growing strategic importance of Identity Security. * **CrowdStrike (CRWD)**: CRWD is expected to reaccelerate growth and profitability following the July 19th outage. * **Palo Alto Networks (PANW)**: PANW is well-positioned to consolidate share within several of the largest and highest priority enterprise security markets. * **Zscaler (ZS)**: ZS is a leader in SSE/SASE markets and a beneficiary of enterprise spending and vendor consolidation. * **Tenable (TENB)**: TENB is well-positioned for better growth, as the company continues to take share at the expense of its VM-related peers. * **Fortinet (FTNT)**: FTNT is well-positioned to benefit from a firewall refresh cycle in FY26 but faces near-term headwinds. * **Check Point (CHKP)**: CHKP is well-positioned for Hybrid Cloud and Digital Transformation growth but faces valuation challenges. * **N-able (NABL)**: NABL is still relatively early with platform expansion efforts but faces near-term headwinds. * **Rapid7 (RPD)**: RPD is well-aligned with elevated SecOps and Cloud Security demand but faces execution challenges. * **Varonis (VRNS)**: VRNS is delivering better than expected execution with its SaaS transition and is well-positioned for growth. * **Qualys (QLYS)**: QLYS is targeting TAM expansion but faces challenges with customer/revenue growth. * **CS Disco (LAW)**: LAW is facing execution challenges and a lack of profitability. Sector Themes * **Securing AI**: The rise of Generative AI presents new security challenges and opportunities. Security software companies are developing solutions to secure AI across the infrastructure, data, model, access, and outputs. * **Data Security**: Data security is becoming increasingly important, driven by the growing volume of data and the increasing number of data breaches. * **Convergence of Cyber and Physical**: The convergence of cyber and physical security is blurring the lines between the two domains and creating new opportunities for security software companies. * **Cloud Security**: Cloud security remains one of the fastest-growing segments within security, driven by the shift towards cloud computing. * **SASE/SSE**: Secure Access Service Edge (SASE) and Secure Service Edge (SSE) are gaining momentum as solutions for securing hybrid networks. Valuation and Fundamentals * **Profitability Matters**: Companies with strong unit economics and embedded operating leverage are well-positioned to deliver better gross margins and LTV. * **Platformization**: Companies with strong platform capabilities are well-positioned to deliver greater levels of margin expansion and FCF growth. * **M&A Activity**: M&A activity can provide a significant boost to growth and profitability. Conclusion The security software industry remains a strong investment opportunity with a healthy demand backdrop, reasonable expectations, and a number of attractive setups for better than expected execution. Companies with strong platform capabilities, a focus on profitability, and the ability to innovate and adapt to changing market conditions are well-positioned to succeed.