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- UpdateRisk Reward for Universal Vision Biotechnology Co., Ltd (3218.TWO) has been updated.
- UpdateWe were pleased by the latest F4Q operational upside, following varying distributor prints. Focus turns to the raised FY25 EPS guidance (vs. MSe) and new value creation strategy, which should be well-received.
- UpdateWe are adding the 1Q24 non-GAAP tax expense restatement of $290M to our model. Remain UW with $1.20 PT (down from $1.70).
- Update1H24 numbers were above prior guidance leading management to upgrade FY24 guidance. Increasing utilization of existing assets could drive further upside. Stock trades at ~FY25e EV/EBITDA of 4x, the cheapest among Philippine telcos with an improving growth outlook. Remain Overweight.
- UpdateYorvipath (TransCon PTH) received FDA approval and is expected to launch by early 2025. The approval is a clear positive that lifts a sig. overhang on ASND, and we await details on U.S. launch timing / pricing.
- UpdateDespite the announced departure of Masahiko Miyata, a president regarded highly by the market, we expect F6/25 guidance to draw a positive response from the shares.
- UpdateNexChip appears to be more aggressively catching up in terms of technology (28nm logic, 28nm high V, 40nm, 55nm process), which we think could lead to further pressure on its DDIC and PMIC peers such as Vanguard (5347.TWO, UW) and PSMC (6770.TW, EW). Aggressive 2025 capex spending is positive to China WFE players.
- UpdateTotal revenue Rmb161bn (+8% YoY), 1% above MSe/cons. Online games revenue Rmb48.5bn (+9% yoy) 1% above MSe/cons. Domestic games rev Rmb34.6bn (+9% YoY vs -2% YoY in 1Q); international game rev Rmb13.9bn (+9% YoY vs +3% YoY in 1Q). Domestic gross receipts growth outpaced revenue growth (9% YoY), and international gross receipts grew at a substantially faster rate than revenue (9% YoY). If we use...
- UpdateWe are relatively cautious on the core mobile & broadband biz due to competition. However, improving profitability of Maya and potential data center stake sale are potential catalysts to watch for. Valuation is attractive with div yield >6% and FY23-26e DPS growth of 6%. Remain Overweight.
- UpdatePlease use the links in the email below to access each data report. US Liquid Rates TrackerThe US Liquid Rates Tracker provides detail on the US Treasury Nominal curve, STRIPS, and TIPS.Treasury & TIPS Summary (Excel version)The excel version of US Liquid Rates Tracker provides a downloadable spreadsheet for US Treasury Nominal curve and TIPS bonds.Treasury Relative Value ReportThe Treasury...
- UpdateWe provide holistic daily data set and charts for Japan interest rates. This includes important data such as JGB, OIS, ASW, JGB Futures and JGBi.
- UpdateThe excel version of US Liquid Rates Tracker provides a downloadable spreadsheet for US Treasury Nominal curve and TIPS bonds.
- UpdateThe US Liquid Rates Tracker provides detail on the US Treasury Nominal curve, STRIPS, and TIPS.
- UpdateFutures Pricing: We determine a model value for the two front 2y note, 3y note, 5y note, 10y note and 30y bond futures contracts. We use this to indicate how rich or cheap the contract is trading. Additionally, we determine the DV01 of the contract.Deliverable Basket: We display market information for each of the bonds in the basket. Included in these are bond yields, repo rates, and gross and ...
- UpdateThe Treasury Relative Value Report provides detail beyond the Liquid Rates Tracker on the nominal Treasury curve, comparing bonds across several relative value metrics.
- UpdateDB posted a good set of results for 2Q24 with solid underlying trend for underwriting. The company is set to boost total shareholder return up to 35% within the next 5 years, which looks to be a positive catalyst.
- UpdateRisk Reward for Evolution Mining (EVN.AX) has been updated
- UpdateTop charts we are watching for each G10 currency with economic indicators, flows, positioning, and drivers.
- Update2Q24 results came in as a mild beat with strong solvency remaining intact. However, it was generally a non-event - with no further updates on excess capital allocation and the timing of value-up disclosures - which we view as a near-term disappointment.
- UpdateThe UK Rates Monitor provides relative value signals across the gilt curve based on relative curvature.
- UpdateWe expect FY25 to be another strong year for NWL, similar to FY24, with net inflow momentum continuing into 1Q25. Reinvestment is set to continue which should widen the gap with incumbents in terms of value proposition, driving further share gains. Keep Overweight.
- UpdateThere have been market concerns about TUHU, as China's auto aftermarket sales are slowing down. Although not completely immune from the weakness, we think TUHU is more resilient than most, thanks to scale benefits and market share gains.
- UpdateRisk Reward for HUYA Inc (HUYA.N) has been updated
- UpdateRisk Reward for Global PMX Co Ltd (4551.TW) has been updated
- UpdateOver the past few weeks, news flow indicates signs of rising competitive intensity in quick commerce (QC) business. We view this as a sign of the QC channel's growing importance. We also acknowledge that higher competitive intensity could pose a risk of pushing out profitability assumptions.
- UpdateExpect a small rev beat on FQ2 print as ZM likely gets some benefit from portfolio extensions, w/ opex conservatism driving a larger EPS beat. Sentiment still challenged as investors struggle with LT growth algorithm, but could be pos reaction on print if share repurchase/FCF larger than expected.
- UpdateMSG Sports wrapped up a strong FY24, with revenues up 16% YoY and adj. operating income up 50% lifted in part by F4Q's Knicks and Rangers playoff runs. MSGS continues to trade at a wide (~50%) discount to private market values, but we see no clear catalyst to narrow that gap and remain EW.
- UpdateRaising 2024e EPS by +1c/+0.5% to 86c (from 85c), and lowering 2025e EPS by -3c/-3% to 97c (from $1.00), post 2Q24 earnings results. PT rises to $10 (from $9); remain EW.
- UpdateWe are updating our Mosaic (MOS) EPS estimates as follows post 2Q24 reporting: 3Q24 from $0.64 to $0.58, 2024 from $2.49 to $2.02, 2025 from $2.43 to $2.39, and 2025 from $2.79 to $2.76.
- UpdateFlutter's strong Q2 and raise to US and ex-US guidance spoke to both its strengthening US leadership position and the benefits of global scale and diversification. September CMD next catalyst; Overweight and Top Pick.
- UpdateBelow please find our 2Q24 earnings review and conference call highlights for Nubank.
- UpdateRisk Reward for Krung Thai Bank Public Company (KTB.BK) has been updated
- UpdateNorthbound fund flows: Since the end of June, there has been a further reduction in northbound flows for software names, especially for some previously favored names like Kingsoft Office and VenusTech. We think this reflects consensus downward earnings revisions going into 2Q24 results together with weaker-than-expected macro data, especially after several industry leaders guided down 2024...
- UpdateRisk Reward for Foxconn Industrial Internet Co. Ltd. (601138.SS) has been updated
- UpdateWe provide key highlights from 2Q earnings.
- UpdatePPI miss supports UST rally; UK labor data exhibit mixed signals; Bunds brush off fall in German consumer sentiment; Fed's Bostic needs "a little more data" before cutting rates; weak China credit data; tone shift from BSP's Remolona; DXY at 102.65 (-0.5%); US 10y at 3.843% (-6.1bp).
- UpdateInvestors were positioned for an earnings downgrade based on tougher comps, weak third party web-traffic data and lower margins. However, TPW delivered sales/margins well ahead of investor expectations, and continued progressing to its A$1bn rev target and LT EBITDA margins of 15%+. Keep OW.
- UpdateOP missed 8% on low seasonality and the quarter's revenue was driven by low- to mid-end rigid OLED exports, which do not generate high margins. Key things to watch will be iPhone 16 and Samsung's foldable in 2H24, but expectations seem already reflected in consensus.
- UpdateHeadline FY guidance cut initially sent ONON stock down pre-mkt, though this quickly reversed on call detail that confirmed cont’d underlying business momentum (ex-FX). We leave 2Q with incremental conviction in our Overweight rating on stand-out brand heat, consistent evidence of best-in-class brand management, & the cont’d potential for positive NTM revisions. Lift PT to $46.
- UpdatePAT missed MSe on higher credit costs. The gold price rally drove 11% QoQ gold loan growth (MSe 13%). Stock has rallied too; NTM P/B of 2.5x and P/E of 14x are expensive. We have seen sharp stock reversals in the past once gold prices stagnate or start falling. UW.
- UpdateThis weekly compiles data on pertinent metrics, valuation by industry segment, and historical stock price performance across our Media & Entertainment and Cable/Satellite coverage.
- Update2Q24 US auto dealer results showed resilience in unit economics, with vehicle affordability concerns driving unit volume misses. Mgmt. execution on cost (5 of 6 reported lower or in line SG&A) and stable pricing (6 of 6 beat on new ASP, 5 of 6 beat on new GPU) delivered an overall strong quarter.
- UpdatePost 2Q24 earnings, we raise 3Q24e EPS by 12c to $0.22 (from $0.10 prior), raise 2024e EPS by 33c to $0.83, and 2025e by 21c to $0.68 on better Options transaction revenues and higher interest revenues. Price target increases $1 to $21; remain EW.
- UpdateA softer 2Q guide surprised. While FY25 guidance was maintained, we think the top half is now less likely. We see the softness as macro driven and there is no change to our longer-term positive thesis. Remain OW.
- UpdateWe trim F2025e EPS by 2% and F2026-27e EPS by <1% mainly on higher credit costs. Our F2025-27 PPOP estimates increase by 2-3%. We see higher credit costs priced in at 7x NTM P/E and ~19% ROE. Stay OW.
- UpdateF1Q EBITDA was largely in-line with estimates. With all acquisitions closed, we expect balance sheet to start improving. Ramp-up of non-auto business and additional details on consumer electronics business is a key to watch. OW.
- UpdateBrilliance issued profit warning for 1H24, with an approximately 60% YoY net profit decline owing to: 1) profit slippage of BMW business in China; and 2) Rmb1.47bn of withholding tax on dividend paid by subsidiaries during the period. The profit warning implies around Rmb1.5bn net profit for 1H24, and a normalized NPAT of ~Rmb3bn if adjusted for the withholding tax payment. Considering...
- Update2Q24 earnings were ~100% above consensus thanks to better GM and lower costs. With seasonal demand improvement, better performance is highly likely in 2H24. We expect rising earnings estimates to spur re-rating.
- UpdateMeaningful updates during 2Q24 were highlighted, including promising, de-risking Ph1/2 updates for both DYNE-101 and DYNE-251, while progress across both programs continues and importantly mgt. remains engaged with regulators on determining an expedited approval path with clarity expected by YE24.
- UpdateAccording to the Japan Machine Tool Builders' Association (JMTBA), headline orders were -7% MoM/+8% YoY in Jul-24 (vs. +7% MoM/+10% YoY in Jun-24), to ¥124bn. Domestic orders were -13% MoM/-10% YoY (vs. +17% MoM/flat % YoY in June), to ¥36bn. Overseas orders were -5% MoM/+18% YoY (vs. +4% MoM/+15% YoY in June), to ¥88bn. Our view: Strength in overseas orders on a YoY basis was probably driven b...
- Update2Q margin beat driven by good cost control, but overall "new" business revenue (which includes server and AI servers) is tracking slower by 12 months, and management is now expecting to reach that target by year-end 2027 instead.
- UpdateRecent share price weakness presents opportunity to accumulate, as market appears overly concerned about Blackwell shipment change for 2H24. Business remains on track, and valuation is attractive. OW.
- UpdateContinued growth momentum in BPC and improving fashion segment margins were key positives. Overall, management believes the business is well placed.
- UpdateRisk Reward for Prologis, Inc. (PLD.N) has been updated
- UpdateCredit growth came in weaker than expected, as fiscal easing was unable to offset private demand weakness. We expect two more 10bps rate cuts in 2024. The October Politburo meeting may re-gear fiscal spending towards consumption.
- UpdateCore F-PCB business for iPhone remains very competitive as margins declined q/q on pricing erosion. While margins surprised to the downside, management remains bullish on its mid-/long-term outlook. However, current valuation looks fair to us.
- UpdateThe UK Rates Monitor provides relative value signals across the gilt curve based on relative curvature.
- UpdatePegatron's 3Q NB guidance is up 15-20%, driven by Asustek. Game consoles should also see strong growth. New iPhones should start to ramp at end-3Q, but large volumes are a 4Q event. Valuation does not look attractive; stay EW.
- Update2Q24 margin profiles of manufacturing business echoes our EW thesis on the sustainability of margin trend after Yue Yuen starts ramping up capacity. We stay EW before margin improvements can be more sustainable.
TODAY'S EVENTS
Wed 14 Aug 24
Q2 2024 Tencent Holdings Ltd Earnings Release
Tencent Holdings Ltd. (0700.HK)
China Internet and Other Services
Wed 14 Aug 24
Q2 2024 Phison Electronics Corp Earnings Release
Phison Electronics Corp (8299.TWO)
Greater China Technology Semiconductors
Wed 14 Aug 24 01:30
Half Year 2024 Nexteer Automotive Group Ltd Earnings Release
Nexteer Automotive Group (1316.HK)
China Autos & Shared Mobility
Wed 14 Aug 24 09:00
Q2 2024 Phison Electronics Corp Earnings Presentation (Chinese)
Phison Electronics Corp (8299.TWO)
Greater China Technology Semiconductors
Wed 14 Aug 24 10:00
Q2 2024 Phison Electronics Corp Earnings Call
Phison Electronics Corp (8299.TWO)
Greater China Technology Semiconductors
Followed By Research
*Time Zone: GMT
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