V i e w p o i n t | 28 Nov 2024 22:00:37 ET │ 30 pages Fund Flow Insights Outflows from both equity and bond funds in EM CITI'S TAKE US$29.4bn inflow into equity funds — In the week ended 11/27/2024, bond funds and equity funds saw inflows of US$10.3bn and US$29.4bn respectively. US funds continue to see strong inflows with US$40.7bn going into their ETFs. Global funds also enjoyed an inflow of US$2.6bn. Japan funds however had US$5.0bn of net redemptions. US$1.8bn outflow from EM funds — Outflows from Chin ...

Jefferies EUROPE | Food & HPC Equity Research November 29, 2024 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------| | | | | Expert Call: Future Use of Data and A ...

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shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 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 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： positioning continues to gradually climb but it remains low overall ( Exhibit 18 ). M Foundation | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Summary of H World Group Limited (HTHT) Conference Call Company Overview - **Company**: H World Group Limited (HTHT / 1179 HK) - **Industry**: Hotel Operations and Franchising - **Date of Report**: November 27, 2024 Key Points and Arguments Financial Performance - **3Q24 Results**: Total revenue increased by 2.4% YoY, which was 2% behind consensus but in line with estimates [8][9] - **Revenue Segmentation**: - Legacy Huazhu revenue grew by 1% YoY, while Legacy-DH grew by 8.9% YoY [9] - RevPAR for Legacy Huazhu declined by 8.1% YoY to RMB256, with ADR down by about 7% YoY to RMB301 [9] - **Non-GAAP Adjusted EBITDA**: Approximately RMB2.1 billion, below consensus estimates of RMB2.3 billion [9] - **4Q24 Revenue Guidance**: Expected to increase by 1%-5% YoY, which is below market consensus of 6.6% [9] Market Outlook - **RevPAR Expectations**: - Anticipated to decline by mid-single digits YoY in 4Q24 due to soft business travel compared to leisure travel [9] - Expected to stabilize in 2025, with market share gains amid rising hotel chain penetration [9] - **Hotel Openings**: More than 2,400 hotels expected to open in 2025, exceeding prior expectations [9] Strategic Initiatives - **Membership Expansion**: Plans to expand into more regions and enhance partnerships with airlines and ride-hailing services [9] - **Quality of Hotel Supply**: Focus on high-quality hotels, with a reduction in low-quality hotel supply [9] - **Asset-Light Model**: Continued pursuit of an asset-light model, with closures expected to exceed the first half of the year but remain below third-quarter levels [9] Valuation and Price Target - **Current Price Target**: DCF-based price target lowered to USD 45 / HKD 36 from USD 50 / HKD 39, reflecting a +36% upside potential [9][21] - **Risks**: Key risks include slower-than-expected RevPAR recovery, slower EBITDA margin recovery, and changes in the macro environment [9][60] Sustainability and ESG Considerations - **Top Material Issues**: - Ecological impacts due to tourism and waste generation [24] - Labor practices, emphasizing the need for a healthy working environment [24] - **Company Targets**: Focus on reducing environmental footprint and contributing to a low-carbon society [24] Catalysts for Growth - **RevPAR Growth**: Stronger-than-expected RevPAR growth could act as a catalyst [25] - **Hotel Development Pipeline**: A robust hotel development pipeline is anticipated to support growth [25] Additional Important Information - **Market Capitalization**: Approximately USD 10.5 billion [9] - **Stock Performance**: 52-week high-low range of USD 42.98 - USD 27.03 [9] - **Analyst Ratings**: Maintained a "Buy" rating based on the company's growth potential and market positioning [9][21] This summary encapsulates the essential insights from the conference call regarding H World Group Limited, highlighting its financial performance, market outlook, strategic initiatives, valuation, sustainability efforts, and potential growth catalysts.

Summary of Unicharm (8113 JP) Equity Research Report Company Overview - **Company Name**: Unicharm - **Industry**: Cosmetics, Household & Personal Care - **Specialization**: Absorbent toiletry products including disposable diapers and sanitary napkins - **Market Expansion**: Aggressive entry into emerging markets such as India, Brazil, China, Indonesia, and Thailand [19][59] Key Points from the Report - **Current Rating**: HOLD - **Current Price**: ¥4,066 - **Price Target**: ¥4,800, indicating an upside potential of +18% [9][19] - **Market Capitalization**: ¥2.4 trillion (approximately $16.5 billion) [9] - **52-Week Price Range**: ¥3,761 - ¥5,408 [9] Demand Insights - Increased demand for feminine care products has been noted, particularly in the Kanto and Kansai regions of Japan, with large orders placed by stores [9] - The report mentions uncertainty regarding whether these orders are from resellers [9] Risks and Challenges - Potential risks include: - Decline in sales and margins in China - Increased competition and sales slowdown in feminine care, wellness care, and pet care segments, which could negatively impact product mix [19][59] Financial Metrics - **Float**: 59.0% - **Average Daily Volume**: 51.25 million USD [9] Valuation Methodology - Price target based on FY12/25 EV/EBITDA of 12x, cross-checked with core operating profit margin correlation and return on equity [19] Historical Rating Changes - Recent rating history shows fluctuations with a previous buy rating at ¥6,200 on June 27, 2024, and a hold rating at ¥4,800 on November 11, 2024 [19][33] Additional Considerations - The report emphasizes the importance of considering various factors, including market conditions and individual investment objectives, before making investment decisions [42][59] - Jefferies' ratings and price targets are subject to change based on market dynamics and company performance [23][42] This summary encapsulates the essential insights and data from the equity research report on Unicharm, providing a comprehensive overview of the company's current standing and future outlook.

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shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 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 V i e w p o i n t | 27 Nov 2024 15:38:31 ET │ 30 pages Global Shipping shuinu9870 Global Supply Chain – Freight Tracker – Downside to Rates 更多一手调研纪要和研报数据加V： CITI'S TAKE We update our weekly freight data tracker which covers both sea and air freight. We see capacity growth of +6% YoY in December and +9% YoY in Nove ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： 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 26 Nov 2024 04:37:52 ET │ 12 pages Global Semiconductors shuinu9870 High Bandwidth LLW DRAM Expected to Emerge for Mobile 更多一手调研纪要和研报数据加V： CITI'S TAKE We anticipate LLW DRAM, which could be seen as mini HBM for mobile, is set to emerge as a high bandwidth solution in 2H25E. LLW DRAM is fabricated based on Vertical wire Fan-Out (VF ...