Flash | 31 Oct 2024 04:16:24 ET │ 12 pages PDD Holdings Inc (PDD.O) Thoughts On EU's Possible Launch Of Investigation Into Temu's Sales of Illegal Products investigation into Temu's sales of illegal products and the heightened uncertainty approaching the US election as a short-term overhang on PDD's share price. Under the EU's Digital Services Act, Temu is considered as a large online platform and if the platform fails to prevent the sales of illegal content/products, it could be fined up to 6% of their glo ...

QUICK TAKE 31 October 2024 Japan Semiconductors Screen Holdings Co Ltd Rating Market-Perform Price Target 7735.JP 9,700.00 JPY David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com Juho Hwang +852 2123 2632 juho.hwang@bernsteinsg.com Xuan Ji +852 2918 5342 xuan.ji@bernsteinsg.com Screen 2Q25/3: Raising near term China outlook Screen 2Q results were inline. 2Q FY25/3 revenue came in at ¥143.2bn, up 23% yoy, below consensus by 2%. Gross margin and operating margins are better than consensus, at 38% and 21.3 ...

30 Oct 2024 21:36:38 ET │ 10 pages Japan Economics DPP tax cuts could be adopted in more moderate form CITI'S TAKE The banner policies of the DPP, which is positioned to cast deciding votes in the Diet after its gains in the Lower House election, are increasing the income tax exemption limit. Larger deductions reduce taxable income and hence taxes paid by workers. We think PM Ishiba may adopt these policies in the interest of economic package implementation but would expect more moderate tax cuts. At the sa ...

2131d4eaf4cb4d50b1d51c8af07b64b4 30 October 2024 | 4:44PM EDT Macro at a Glance: Latest views and forecasts | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------| | | | | Download PDF \| Download PowerPoint To subscribe to Macro at a Glance, visit the page and click "Follow." | Allison Nathan +1(212)357-7504 \| allison.nathan@gs.com Gol ...

Flash | 30 Oct 2024 09:46:42 ET │ 11 pages NavInfo (002405.SZ) Quick Take – 3Q Results Beat; Narrowed Net Loss on Mix and Cost Control NavInfo reported 3Q24 results after market close on 30-Oct. 3Q24 revenue rose 5.4% yoy to Rmb861mn, slightly behind VAe by 2.3%. 3Q24 gross profit grew 8.9% yoy to Rmb325mn, with margin expanded 1.2ppts yoy or 7.8ppts qoq to 37.7% likely due to better mix (data compliance, chipsets biz) and cost reduction. 3Q24 opex notably fell 26.2% yoy to Rmb424mn, where opex ratio lowere ...

A c t i o n | 31 Oct 2024 05:19:26 ET │ 14 pages Sany Heavy Industry (600031.SS) Cost Discipline with Signs of Improving Non-Excavator in China; Buy with Higher TP CITI'S TAKE Sany delivered faster than peers YoY revenue growth in 3Q24 given its lower revenue exposure to the property-dependent machines (crane and concrete) in China and accelerating overseas revenue growth. Coupled with ongoing cost reduction effort, especially on R&D expense, Sany surprised us on the upside with its 100% YoY earnings growth ...

31 October 2024 | 5:29PM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 Buy | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------|-------|-------------------------------------------------------------------------------|-------|----------------------------|---------- ...

29 Oct 2024 15:20:29 ET │ 13 pages Macro Strategy Is Trump priced in? Updated views on our cross-asset election trades | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------- ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Foreign Exchange (FX) Market in Japan - **Key Focus**: The impact of Bank of Japan (BoJ) monetary policy on the USDJPY exchange rate leading up to the US Presidential election Core Insights and Arguments 1. **BoJ Policy Rate**: The BoJ maintained its policy rate at 0.25% during the recent meeting, with expectations of a potential hike to 0.5% in December or January due to recent JPY weakness [4][5][6] 2. **USDJPY Projections**: Anticipation that the USDJPY could rise to around ¥152/$ in the current recovery, with a possibility of exceeding ¥155/$ depending on US election outcomes [1][4][9] 3. **Interest Rate Dynamics**: The Fed is expected to cut rates further, which may increase downward pressure on the USDJPY due to a narrowing interest rate spread [1][4] 4. **Market Sentiment**: Concerns about a "red sweep" in the upcoming US Presidential election could lead to further USD appreciation, affecting JPY negatively [7][10] 5. **Position Adjustments**: Leveraged investors have significantly increased their USD long positions, indicating potential future adjustments that could impact the FX market [6][8] Political Environment and Its Implications 1. **Political Risks**: The outcome of the US Presidential election is uncertain, with market participants wary of potential risks associated with Donald Trump [4][10] 2. **Potential Leadership Change in Japan**: The possibility of DPP leader Yuichiro Tamaki becoming Prime Minister could influence market dynamics, potentially leading to JPY strength and positive equity market reactions [10][11][12] 3. **Economic Policy Outlook**: If a coalition government led by Tamaki is formed, expectations for structural reforms could increase foreign investment in Japanese equities, thereby boosting JPY demand [15][16] Additional Considerations 1. **Market Reactions**: The political landscape in Japan is expected to have a more significant impact on market conditions than BoJ policy alone [10][12] 2. **Abenomics Continuation**: The continuation of Abenomics under a new government could support both JPY strength and equity market gains, contrasting with previous deflationary policies [14][15] 3. **Intervention Possibility**: If USDJPY exceeds ¥155/$, there may be a likelihood of Japanese government intervention to stabilize the JPY [16] This summary encapsulates the critical insights from the conference call regarding the Japanese FX market, the implications of monetary policy, and the potential political shifts that could influence market dynamics.

on your telephone keypad. Anil Gupta, Vice President, Investor Relations, you may begin your conference. Good afternoon, and welcome to the Coinbase Third Quarter 2024 earnings call. Joining me on today's call are Brian Armstrong, co-founder and CEO, Emily Choi, President and COO, Alicia Haas, CFO, and Paul Graywall, Chief Legal Officer. I hope you've all had the opportunity to read our shareholder letter, which was published on our investor relations website earlier today. Before we get started, I'd like t ...