Flash | Buy Price (06 Nov 24 16:10) HK$33.70 Target price HK$41.40 Expected share price return 22.8% Expected dividend yield 7.4% Expected total return 30.2% Market Cap HK$669,569M US$86,143M 06 Nov 2024 10:31:52 ET │ 10 pages China Shenhua Energy (1088.HK) What's New from 2024 Citi China Conference: Unit Cost of Coal Slightly Higher YoY in 2024E CITI'S TAKE We hosted 2024 Citi China Conference and met with Shenhua on Nov 6. Mr. Zhuang Yuan, Securities Affairs Representative, presented at the meeting. The p ...

Bank of America Corporation (NYSE:BAC) BancAnalysts Association of Boston Conference November 7, 2024 4:35 PM ET Company Participants Holly O'Neill - President of Retail Banking Aron Levine - President of Preferred Banking David Tyrie - Chief Digital Officer and Chief Marketing Officer Mary Hines Droesch - Head of Product for Consumer, Business, Wealth Management, Banking and Lending Lee McEntire - Investor Relations and Local Markets Organization Executive Conference Call Participants Gerard Cassidy - RBC ...

Truist Financial Corporation (NYSE:TFC) BancAnalysts Association of Boston Conference Call November 7, 2024 8:55 AM ET Company Participants Donta Wilson - Head, Consumer and Small Business Banking Conference Call Participants Terence McEvoy - Stephens Inc. Mike Mayo - Wells Fargo Terence McEvoy Good morning, everyone. Next up, we have Truist Financial Corporation. As most know, Truist was formed in December of 2019 as a result of the merger between SunTrust and BB&T. Company headquartered in Charlotte, Nort ...

Industry and Company Overview * **Industry**: Spirits sector in China * **Key Companies**: Kweichow Moutai, Wuliangye Yibin, ZJLD, Shanxi Xinghuacun Fen Wine, Luzhou Laojiao, Jiangsu Yanghe, Anhui Gujing Distillery Co., Jiugui Liquor, Sichuan Swellfun Co., Jiangsu King's Luck Brewery Key Points 1. **Moutai and Wuliangye Shipment Suspension**: Moutai Sales Company and Wuliangye announced shipment suspensions to stabilize prices and improve channel health. This reflects leading companies' commitment to supporting wholesale prices and boosting channel confidence [3]. 2. **Wholesale Price Trends**: Original case Feitian Moutai's wholesale price increased by Rmb40 to Rmb2,270 per bottle, while unpacked Feitian Moutai's wholesale price increased by Rmb30 to Rmb2,230 per bottle. Common Wuliangye's wholesale price remained flattish at Rmb950 per bottle, and Guojiao 1573's wholesale price remained flattish at Rmb860 per bottle [5]. 3. **3Q24 Results**: The spirits industry experienced a sequentially weak 3Q24, with companies shifting focus to proactive channel adjustments and improving shareholder return visibility. Wuliangye announced a 3-year plan with a 70%+ payout ratio and Rmb20bn+ dividend amount [5]. 4. **Consumer Vouchers**: MOFCOM announced the rollout of more consumer vouchers and promotion activities to stimulate consumption [13]. 5. **Baijiu Output**: Baijiu output of above-scale enterprises reached 363k kiloliters in September, down 9.9% yoy [15]. 6. **High-end Liquor Prices**: Original case Feitian Moutai's wholesale price decreased by Rmb695 from Rmb2,965 to Rmb2,270, while unpacked Feitian Moutai's wholesale price decreased by Rmb480 from Rmb2,710 to Rmb2,230. Common Wuliangye's wholesale price decreased by Rmb10 from Rmb960 to Rmb950, and Guojiao 1573's wholesale price decreased by Rmb15 from Rmb875 to Rmb860 [18]. 7. **Channel Policy and Product Launches**: Key spirits companies implemented various channel policies and product launches, including price hikes, new product launches, and shipment suspensions [31, 34]. 8. **Valuation and Risks**: Goldman Sachs provided valuation tables and key risks for selected spirits companies, considering factors such as P/E ratios, target prices, and potential risks like regulation changes, environmental pollution, and macroeconomic recovery [41, 43]. Additional Important Points * **Online Retail Prices**: Online retail prices of Feitian Moutai, Common Wuliangye, and Guojiao 1573 were analyzed, showing trends and changes over time [9]. * **Wholesale Price Summary**: A summary of wholesale prices for high-end liquors was provided, including Feitian Moutai, Wuliangye, and Guojiao 1573 [18]. * **Performance and Valuation**: Performance and valuation tables were presented for selected spirits companies, considering factors like P/E ratios, target prices, and EV/EBITDA multiples [41]. * **Valuation Methodology and Key Risks**: Valuation methodologies and key risks were discussed for selected spirits companies, considering factors like P/E ratios, target prices, and potential risks like regulation changes and macroeconomic recovery [43]. * **Investment Trusts Association, Japan**: Information on the Investment Trusts Association, Japan, and its role in the spirits sector was provided [57]. * **Ratings, Coverage Universe, and Related Definitions**: Definitions and explanations of ratings, coverage universe, and related terms were provided [58]. * **Global Product and Distributing Entities**: Information on the global distribution of research products and the entities involved was provided [59]. * **General Disclosures**: General disclosures regarding the research, its limitations, and potential conflicts of interest were provided [60]. * **Differing Levels of Service**: Information on the varying levels of service provided by Goldman Sachs Global Investment Research was provided [62]. * **© 2024 Goldman Sachs**: Copyright information was provided [64]. * **Restrictions on Use**: Restrictions on the use of the information provided were outlined [65].

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 1 November 2024 | 3:05PM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------|-------|-----------------------------------------------|---------------------------------------|----------------------------------------------|-------|------------------------------|-------| | | Intel Corp. ...

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 Deutsche Bank Research 更多一手调研纪要和海外投行报告加V：shuinu9870 7T2se3r0Ot6kwoPa Global Metals & Mining Metals & Mining Industry Metals & Mining Date 3 November 2024 Periodical 更多一手调研纪要和海外投行报告加V：shuinu9870 Copper & US election. China NPC. GLEN & results wrap. LUN preview 更多一手调研纪要和海外投行报告加V：shuinu9870 Global Copper: US election implications for the copper market With the US election less than a week away, we analysed copper's performance during previous election cycles. Historically, election ...

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 (0123.HK), could also outperform given their potentially stronger sales. M Idea | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 North America Equity Research 03 November 2024 J P M O R G A N Clean Tech Weekly Highlights: Election Playbook, EV Charging / AAM 3Q Previews, ENVX 3Q Results & More Please see below for 1) recent research, headlines, and data points, 2) company and sector price movements, and 3) an archive of recent publications. Thematic Highlights 更多一手调研纪要和海外投行报告加V：shuinu9870 *JPM Equity Opportunities Forum (11/13-11/14) – 1x1s Still Available* EVGO, ENVX & ACHR are participating in JPM's Equ ...

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 U.S. Semiconductors Qualcomm Inc Rating Outperform Price Target QCOM 200.00 USD (240.00 OLD) 4 November 2024 Stacy A. Rasgon, Ph.D. +1 212 756 4403 stacy.rasgon@bernsteinsg.com Alrick Shaw +1 212 969 1458 alrick.shaw@bernsteinsg.com 更多一手调研纪要和海外投行报告加V：shuinu9870 Arpad von Nemes +1 212 969 1518 arpad.vonnemes@bernsteinsg.com 更多一手调研纪要和海外投行报告加V：shuinu9870 Qualcomm reports FQ424 earnings on Wednesday, November 6, after the market close (call at 4:45pm ET; dial-in (877) 407-0832 or (2 ...

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 更多一手调研纪要和海外投行报告加V：shuinu9870 Nikhil Arela +91 226 842 1482 nikhil.arela@bernsteinsg.com Following a similar script: We have talked about Q1 before the start of this earnings season. Q2 has repeated the script in a more moderated fashion so far. Over 65% of the NSE100 (Nifty + Next 50) firms that have reported numbers, 48% of those that have reported, have seen a miss greater than 4%, the highest since March 2020. The growth expectations, which were 9% before the start of the sea ...