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

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 ...

Macquarie Group Ltd. (OTCPK:MQBKY) H1 2025 Earnings Conference Call November 1, 2024 6:00 PM ET Company Participants Samuel John Dobson – Head of Investor Relations Shemara Wikramanayake – Chief Executive Officer and Managing Director Alexander Harms Harvey – Chief Financial Officer Simon Wright Head - Commodities and Global Markets Conference Call Participants Ed Henning - CLSA Andrew Triggs – JPMorgan Jon Mott – UBS John Storey - UBS Brendan Sproules – Citi Andrei Stadnik - Morgan Stanley Brian Johnson - ...

Company and Industry Key Points 1. **Company Overview**: AES Corporation (NYSE:AES) held its third quarter 2024 earnings call on November 1, 2024. The call featured company executives discussing financial results, business performance, and future outlook. [doc id='1'] 2. **Financial Results**: AES reported adjusted EBITDA of approximately $1.2 billion and adjusted EPS of $0.71 for the third quarter, in line with expectations. The company is on track to meet its 2024 financial objectives. [doc id='7'] 3. **Renewables Business**: AES' renewables business has seen robust growth, with 1.3 gigawatts of new PPAs added to the backlog since the second quarter. The company is well on track to meet its target of signing 14 to 17 gigawatts of new PPAs from 2023 to 2025. [doc id='9'] 4. **Construction Progress**: AES has completed construction of 1.2 gigawatts of new projects since the second quarter, representing nearly 80% of the 3.6 gigawatts expected to be completed this year. [doc id='11] 5. **U.S. Utilities**: AES' U.S. utilities, AES Indiana and AES Ohio, are among the fastest-growing utilities in the country, with projected double-digit rate base growth through 2027. [doc id='17'] 6. **Data Center Growth**: AES is seeing additional investment opportunities from data center growth in its service areas, with agreements for 2.1 gigawatts of new data center load growth at AES Ohio. [doc id='20] 7. **Asset Sales**: AES has signed or closed agreements for more than three-quarters of its $3.5 billion asset sale proceeds target through 2027. [doc id='23'] 8. **2024 Guidance**: AES reaffirmed its 2024 adjusted EBITDA guidance range of $3.6 billion to $4 billion and adjusted EPS guidance of $1.87 to $1.97. [doc id='31] 9. **2025 Outlook**: AES expects strong growth in its renewables and utility segments in 2025, driven by factors such as the completion of new projects and the continued execution of its decarbonization strategy. [doc id='37] Additional Important Points 1. **Extreme Weather**: AES experienced significant impacts from extreme weather events in Colombia and other regions, which negatively impacted its financial results. [doc id='8'] 2. **Tax Credits**: AES has been successful in maximizing tax value opportunities, which has reduced its capital requirements and increased returns. [doc id='48'] 3. **Hydrogen Project**: AES is developing a 1.5 gigawatts of renewables for potential use in hydrogen production. [doc id='54'] 4. **Credit Rating**: AES is engaged in constructive conversations with Moody's regarding its credit rating. [doc id='56] 5. **Asset Sales**: AES' asset sales program has been successful in improving its credit profile and reducing its exposure to certain risks. [doc id='61'] 6. **Renewables Growth**: AES expects significant growth in its renewables segment in 2025, driven by factors such as the completion of new projects and the continued execution of its decarbonization strategy. [doc id='70]

28 Oct 2024 08:59:27 ET │ 10 pages US Economics and Rates Strategy Fed Balance Sheet – Reserves remain abundant CITI'S TAKE The NY Fed has started to publish a Reserve Demand Elasticity (RDE) estimate which currently is statistically indistinguishable from zero and points to reserve abundance. Fed officials' comments on the balance sheet have continued be somewhat hawkish with Dallas Fed President Logan saying that the Fed should tolerate some pressure in repo to get to an efficient balance sheet size. We e ...

Flash | 28 Oct 2024 18:00:52 ET │ 8 pages China Auto Manufacturers EV Orders (up to 28-Oct): Huawei, Li Auto, Leapmotor, Xiaomi, Changan Deepal Updates CITI'S TAKE According to our EV orders check with dealers, Li Auto weekly orders (21- 27 Oct) were 11k units (+1% WoW, -21% MoM vs. 23-29 Sep); Huawei Harmony orders declined to 11k units last week (-25% WoW, -48% MoM); Leapmotor secured 9k orders (-10% WoW, +57% MoM), and its 1-27 Oct orders totaled 43k units (+42% MoM); Xiaomi weekly orders were 4.5k units ...

V i e w p o i n t | 27 Oct 2024 22:26:14 ET │ 10 pages China Technology & Communication Global Marketing Feedback CITI'S TAKE We met with over 40 institutional investors in past two weeks in EU/US. We see increasing interest in China tech vs. Asia marketing in September prior to Politburo meeting, especially enquiries on ITS & Software. Key investor questions included impact from stimulus/policies, impact from potential sanction/trade tariff escalation, China SPE outlook post ASML order drop, iPhone chain u ...

V i e w p o i n t | 28 Oct 2024 16:05:27 ET │ 13 pages US Economics Inflation Weekly – Home prices still subdued CITI'S TAKE Core PCE inflation for September released this week should be stronger than over the last few months (we expect 0.21%MoM). There could be some additional upward risks to certain components in October inflation, such as from medical or financial services prices. But overall, we still expect the trend of inflation to be slowing on average, partly as shelter inflation should continue to ...

28 Oct 2024 19:26:51 ET │ 9 pages Citi Express | Hangzhou Robam Appliances (002508.SZ) 3Q24 Results Below Expectations; Focus on Sales Outlook in 4Q24E & Beyond 3Q24 came in at Rmb443m (-18% YoY) on 11% YoY sales decline, below market expectations. Awaiting more clarity on sales outlook in upcoming earnings call. Companies Mentioned: Hangzhou Robam Appliances (002508.SZ; Rmb23.95; 28 Oct 24; 15:00) Vincent YoungAC +852-2501-2738 vincent.young@citi.com See Appendix A-1 for Analyst Certification, Important Di ...

V i e w p o i n t | 28 Oct 2024 12:00:28 ET │ 16 pages China Diversified Utilities High Power Demand in Sept; We like Pinggao, Sieyuan & Goldwind CITI'S TAKE PRC power demand rose 8.5% yoy to 847.5M MWh in September, accelerating from +7.9% yoy in 8M24, with high increments from residential sector (+27.8% yoy) and servicing industries (+12.7% yoy). Since 2021, PRC power demand growth has been high at 1.4-1.6x of PRC GDP growth (except in 2022 due to COVID) with greater demand from AI, data centers, electric ...