27 September 2024 | 5:55PM BST _ | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------| | | | | | EM Weekly Fund Flows Monitor Foreign buying l ...

1 October 2024 | 4:01PM HKT _ WuXi AppTec Co. (2359.HK): Investor day takeaways: Robust TIDEs momentum; resilience amid uncertainty WuXi AppTec hosted the annual investor day on Sep 26th, where mgmt highlighted 1) strong rebound of US/EU funding in 1H24 with upfront payment serving as key alternative to source capital; 2) CRDMO business model positions the company to continue growth in both good and challenging time; 3) reiterated their leading position in small molecule industry evidenced by producing 7 ou ...

1 October 2024 | 4:14PM CST _ China Real Estate Rebound not reversal, fiscal policy key to watch In the evening of Sep-29/30, Shanghai, Guangzhou, Shenzhen and Beijing governments announced easing measures (Exhibit 1). We think the timing of these policy easing measures in T1 cities came in line with market expectation post central authorities' supportive stance to the property sector, though the magnitude of policy easing against market expectation was slightly divergent (Guangzhou/Shenzhen in line and Bei ...

_ 25 September 2024 | 11:43PM EDT Natural Gas Front-loaded production to back-load $4 Henry Hub n US gas markets continue to approach the turning point where gas prices will, in our view, switch from incentivizing producer discipline below $3/mmBtu, as seen all this year, into incentivizing higher drilling, at $3.75-$4.00/mmBtu. However, we now think that such a Henry Hub rally will be delayed into late 2025, vs our previous expectation of early Sum25, driven by a combination of (1) front-loaded Haynesville ...

_ | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------- ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **Energy, Utilities & Mining** sector, focusing on various companies including **Cameco (CCJ)**, **Quanta Services (PWR)**, **Sempra (SRE)**, **Kinder Morgan (KMI)**, and **EQT** among others [1][2][3][4][5][6][8][9][10]. Core Insights and Arguments Cameco (CCJ) - Investors view Cameco as a beneficiary of increasing power demand driven by AI and data centers, but there are concerns about the timing of deliveries for Q3 [3][4]. - The company is well-positioned in the nuclear fuel value chain, with operations in lower geopolitical risk regions, and has the capability to ramp production over time [3][4]. - The Westinghouse business is considered underappreciated, providing stable earnings through reactor service and maintenance [3]. Quanta Services (PWR) - PWR is seen positively due to solid growth expectations and long-term macro tailwinds, benefiting from increased T&D spending [9]. - The company self-performs approximately 80% of its work, enhancing project execution visibility [9]. - Risks include supply chain challenges and potential policy changes, though recent acquisitions may mitigate these risks [9]. Sempra (SRE) - Mixed sentiment exists around SRE, with challenges in Q2 2024 and uncertainty regarding LNG projects and California rate cases [6]. - SRE's Texas utility, Oncor, aims to double its rate base in 5-6 years, supported by favorable regulatory conditions [6]. - The current valuation is seen as an appealing entry point for investors, despite concerns about the growth of other business segments [6]. Kinder Morgan (KMI) - KMI faces cautious investor sentiment due to potential EBITDA softness, attributed to lower commodity prices and slower ramp-up of RNG assets [5]. - The company is at an inflection point in its natural gas business, with expectations of improved demand and execution [5]. - Risks include high leverage compared to peers and the need for disciplined capital allocation [5]. EQT - Investors are cautious about gas equities due to macro uncertainty, but EQT is receiving increased interest due to its low-cost structure and deep inventory in the Appalachian Basin [10][12]. - Concerns about increased leverage post-ETRN transaction and the balance between natural gas and renewables for power generation are noted [12]. First Solar (FSLR) - Mixed positioning ahead of Q3 results due to uncertainty around tariffs and muted earnings expectations [8]. - The company’s vertically integrated manufacturing is seen as a significant competitive advantage [8]. - Potential tariff increases could enhance FSLR's pricing power and revenue [8]. Other Important Insights - The conference highlighted the growing interest in data centers and AI-driven power demand, with discussions on potential nuclear unit reactivations and the implications of recent PPA agreements [27][28]. - Investor conversations also focused on the implications of pipeline projects in the Permian Basin and the potential for increased gas demand [29][30]. - The overall sentiment in the refining sector remains cautious, with concerns about crack spreads and near-term profitability [24]. Conclusion The conference call provided a comprehensive overview of the current state and outlook of the Energy, Utilities & Mining sector, highlighting both opportunities and risks across various companies. Investors are particularly focused on the implications of macroeconomic factors, regulatory environments, and technological advancements in shaping future performance.

_ 30 September 2024 | 8:57PM BST | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

26 September 2024 | 11:25PM HKT _ Anta Sports Products (2020.HK): Consumer Discretionary Tour Takeaways: Super Anta store tour with management; Buy (on CL) Post our China Conference 2024, as part of our on-site Consumer Discretionary Tour on Sep 23-26, we visited a Super Anta store in Longgang Universiade Center in the suburb of Shenzhen, and met Mr. Tsui Yeung (CEO of the Performance Sports Group which mainly incl Anta core brand), Mrs. Suki Wong (Senior ESG and IR Director) and the IR team. Key takeaways: ...

27 September 2024 | 11:55AM BST _ Ferrous Tracker: Iron Ore Rallies On Stimulus Announcements, But Fundamentals Remain Bearish | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------| | | | | The 62%Fe iron ore index has ...

1 October 2024 | 4:14AM HKT _ China A-shares: 3 thematic trends: SPE in Semis; Foldable in Smartphones; AI in Software; Buy ideas on Catalysts & Valuation | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------- ...