3 October 2024 | 6:33PM HKT _ China Healthcare Field trip takeaways: 3Q likely stabilizing/bottoming; increasingly positive tones on policy direction We visited 13 healthcare companies within various sub-sectors in Beijing/ Shijiazhuang/ Shanghai/ Changsha on Sep 24-27, 2024, to gauge the recovery and policy roll-out for 2H24. 3Q fundamentals likely bottoming/stabilizing, with some silver linings: during our trip, many companies not yet seen major inflection in 3Q, while expecting no further deterioration, ...

2 October 2024 | 6:14PM EDT Neutral GS Forecast ________________________________ Revenue ($ mn) Old 96,773.0 101,098.6 119,062.1 140,310.7 EBITDA ($ mn) 16,633.0 15,087.0 21,977.6 29,536.6 EBIT ($ mn) 8,891.0 6,749.1 11,438.6 16,811.2 EPS ($) Old 2.60 1.87 2.95 4.20 P/E (X) 83.5 138.0 84.3 59.3 Dividend yield (%) 0.0 0.0 0.0 0.0 Ne de/EBITDA (X) (0.9) (0.8) (0.9) (1.0) EPS ($) 0.42 0.47 0.57 0.54 _ Tesla Inc. (TSLA) 3Q24 deliveries takeaways TSLA 12m Prie Target: $230.00 Prie: $249.02 Downide: 7.6% Tesla de ...

1 October 2024 | 8:06PM MDT _ | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------|-----------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------|-----------------|--------------------------------------------------------------------------------|------------------------------------|--------------------|-----------------|------------| | | Nike Inc. (NKE) F1Q25 Ea ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Communications and Networking** sector, highlighting a **25% average rally** in stocks since September 23, 2024, particularly among previously lagging and AI-related stocks [1][10]. Core Companies and Valuation Insights - **Five key stocks** are favored for their structural growth drivers into 2025E while trading at depressed valuations: - **Innolight** - **Eoptolink** - **HGTech** - **GigaDevice** - **Shennan Circuits** [1][2]. - Current **2025E P/E ratios** for these stocks are around or below their historical average minus one standard deviation, indicating potential upside in share prices [2][5]. - Valuation scenarios suggest that despite recent rallies, the share prices remain skewed to the upside, with potential price targets based on various P/E multiples [5][7]. Company-Specific Insights HGTech - HGTech is a manufacturer of optical transceivers and telecom equipment. The company is expected to deliver on its bullish guidance in the upcoming 3Q24 results, which could lead to upward revisions in EPS expectations for 2025E [14][17]. GigaDevice - GigaDevice focuses on DRAM products. The near-term ASP outlook is weak due to inventory adjustments, but management's comments on market outlook for 4Q24 and 2025E are anticipated to provide clarity on share expansion and ASP outlook [15][21]. Shennan Circuits - The company has provided soft guidance for 3Q24, indicating weaker consumer-related product demand. Low investor expectations could create potential for positive surprises in results [15][26]. Innolight and Eoptolink - Strong 3Q profits are expected for both companies, but significant share price movements are unlikely unless there are upward revisions in demand outlook or new customer acquisitions [16][20]. Investment Thesis and Risks HGTech - The investment thesis is based on expansion into high-end optical transceivers, which is expected to drive margin improvement and net profit growth from 2024E to 2026E. Current valuations are attractive, trading at the lower end of historical ranges [17][18]. Eoptolink - Eoptolink is positioned to benefit from the ramp-up of 400G/800G optical transceivers, with a strong growth outlook. The stock trades below its historical P/E average, making it attractive [19][20]. GigaDevice - GigaDevice is expected to enter a new growth cycle driven by specialty DRAM expansion. The stock is trading below historical levels, presenting an attractive valuation [21][22]. Innolight - Innolight is the largest optical transceiver supplier in China, benefiting from AI/datacenter expansion. The stock trades at historical trough valuation levels, indicating a favorable risk-reward scenario [23][24]. Shennan Circuits - Shennan is a key PCB supplier expected to benefit from domestic AI infrastructure investments. The stock is trading at a discount to historical averages, making it attractive [26]. Key Risks - Common risks across the companies include: - Slower-than-expected ramp-up in product shipments - Geopolitical tensions affecting supply chains - Competitive pressures leading to pricing erosion and margin drops [18][22][25][26]. This summary encapsulates the essential insights and projections regarding the companies and the industry as discussed in the conference call.

BioNTech SE (NASDAQ:BNTX) Company Conference Call October 1, 2024 9:00 AM ET Company Participants Karim Beguir - Chief Executive Officer, InstaDeep Uğur Şahin - Chief Executive Officer, BioNTech Ryan Richardson - Chief Strategy Officer, BioNTech Nacef Labidi - Head of Infrastructure, InstaDeep Alex Laterre - Head of Research, InstaDeep Alex Graves - Research Scientist, InstaDeep Bora Guloglu - Research Scientist, InstaDeep Julia Gimbernat - Product Manager, InstaDeep Arnu Pretorius - Research Scientist, In ...

Editas Medicine, Inc. (NASDAQ:EDIT) Chardan's 8th Annual Genetic Medicines Conference October 1, 2024 3:45 PM ET Company Participants Erick Lucera - CFO Cristi Barnett - VP Corporate Communications and IR Conference Call Participants Geulah Livshits - Chardan Geulah Livshits I'm Geulah Livshits, a biotech analyst at Chardan and it’s my pleasure to introduce Erick Lucera, our CFO; and Cristi Barnett, VP Corporate Communications and IR at Editas. Thank you both for joining us today. Question-and-Answer Sessio ...

Plug Power Inc. (NASDAQ:PLUG) Wolfe Research Utilities, Midstream & Clean Energy Conference October 1, 2024 8:50 AM ET Company Participants Julian Nebreda - CEO of Fluence John Berger - CEO of Sunnova Jose Luis Crespo - General Manager of Fuel Cell Applications Conference Call Participants Unidentified Analyst On to our next panel, continuing on the Clean Theme. This morning we have some of the kind of key leaders in the Clean Energy Space. I will finish with the mics here first. So to my left, Julian Nebr ...

Morgan Stanley September 24, 2024 04:01 AM GMT September 24, 2024 | --- | --- | --- | --- | --- | |---------------------------------------------------------------|-------|-------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | North America Freight Transportation \nParcel Industry Update | | | | M ...

Summary of Conference Call Notes Company and Industry Overview - **Company**: Shinko Electric Industries Co., Ltd. (a subsidiary of Fujitsu Limited) - **Industry**: Semiconductor manufacturing and related products - **Context**: Discussion on the proposed acquisition of Shinko Electric by JICC-04, Ltd. through a tender offer as announced on December 12, 2023 [2][3] Key Points and Arguments Industry Trends - **Small-Cap Perspective**: Focus on tech-related subindustries, particularly semiconductor materials and equipment [4] - **Capex Risks**: Decline in capital expenditures for front-end processing semiconductor materials due to weaker demand in China and decreasing memory prices [5][5] - **Demand Dynamics**: Strong demand for middle/back-end processing semiconductor materials, particularly for cutting-edge packages and high-bandwidth memory (HBM) [5][5] - **Inventory Corrections**: Inventory corrections for semiconductor materials are largely completed, with increasing demand for materials aligned with semiconductor production volume [5][5] Sales and Orders - **Sales Trends**: Sales by region indicate a focus on China, with an estimated average weighting of 20% ± 5% depending on product type [5][5] - **DRAM Demand**: Significant growth in demand for materials related to DRAM as production increases, driven by growth in smartphones, servers, and PCs [5][5] - **NAND Technology**: Monitoring timelines for customer innovations in NAND technology, including ultra-low temperature etching and hybrid bonding [5][5] Financial Performance - **Shinko Electric Sales**: Plastic packaging sales for Shinko Electric showed fluctuations, with a notable decline of 34% in one quarter, followed by a recovery of 19% and 3% in subsequent quarters [14][15] - **Comparative Sales Data**: Various companies in the semiconductor sector showed diverse sales performance, with some experiencing significant growth while others faced declines [13][15] Market Challenges - **Regulatory Environment**: Need to monitor trends in anti-China regulations that could impact demand for consumer electronics [5][5] - **Automotive Demand**: Mixed signals in automotive demand by region and customer, indicating a complex market landscape [5][5] Additional Important Insights - **Stock Price Trends**: The report includes stock price trends for semiconductor equipment-related companies, indicating volatility and market reactions to industry changes [7][8][11] - **Future Outlook**: The overall sentiment in the semiconductor industry remains cautious, with a focus on adapting to changing market conditions and regulatory environments [5][5] This summary encapsulates the critical insights from the conference call, highlighting the current state and future outlook of Shinko Electric and the semiconductor industry.

September 24, 2024 05:53 AM GMT M Foundation Video | Japan Japan Research 2024: Machinery, Auto Parts and Autos Morgan Stanley Japan Research is here to help you navigate the investment debates that matter. Morgan Stanley MUFG Securities Co., Ltd.+ Yoshinao Ibara Equity Analyst Yoshinao.Ibara@morganstanleymufg.com +81 3 6836-5420 Morgan Stanley Asia Limited+ Lisa Jiang Equity Analyst Lisa.Jiang1@morganstanley.com +852 2239-1282 Morgan Stanley MUFG Securities Co., Ltd.+ Masatoshi Terashi Equity Analyst Masat ...