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- IdeaWe think recent share price weakness offers a good opportunity to build positions in Hon Hai for its Blackwell server exposure, iPhone replacement demand, and profit growth potential. Valuation is also attractive at 12x 2025e P/E, vs. ODM peers' 14x. Reiterate OW and NT$270 price target.
- IdeaWe turn positive on AGL, where hard work on plant and customer is paying off, and prospects for energy prices and demand are favourable. Upgrade to OW.
- AGL Energy Ltd (AGL.AX)
- Target:12.88 from 10.00
- IdeaWe expect better EPS and dividend growth over the next 3 years. However, this still leaves CBA on a very high 3-year forward P/E multiple of ~19x. We see better value elsewhere.
- IdeaDespite taking a more conservative view on margin income, we still think CPU can deliver FY25E management EPS guidance given EPS growth levers from a strong balance sheet, better margin balances & potential for better corporate activity. Undemanding 14x FY26E P/E also provides support. Remain OW.
- 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.
- FoundationRelated Reports:
- FoundationDay 1 Chapters: Day 1 0:00:01 | Opening Remarks: Vishy Tirupattur - Chief Fixed Income Strategist 0:11:35 | US Rates 101: Guneet Dhingra - Head of US Rates Strategy 1:35:24 | Introduction to US TIPS: Francesco Grechi - US Rates Strategist 3:35:15 | Following the Money – US Money Markets: Martin Tobias - US Rates Strategist 4:41:05 | Futures Basics – and Futures Basis: Eli Carter - US Rates...
- 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.
- IdeaWe update our monthly dashboard that summarizes key data on defaults, rating trends, and fundamentals within loans and CLO markets.Taking stock of the recent volatility: August has been an eventful month for risk assets. A string of weak macro data led by softer NFP numbers triggered a bout of market volatility. On Monday, August 5, the loan index price fell the most in two years; since then,...
- 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...
- IdeaAs global auto production schedules decelerate, 2Q results helped 'reset the bar' for supplier outlooks. Management teams responded by cutting costs and increasing buybacks. Investors remain unimpressed, further de-rating the multiples of most supplier names.
- 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.
- IdeaRecent market and factor volatilities have changed the factor valuation landscape. Cheap factors tend to outperform expensive factors in the US, Europe and Japan. We propose alternative factor valuation measures and, accordingly, a factor timing strategy to systematically monetise factor valuation.
- 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.
- IdeaAs we balance the company’s strong growth and execution with current valuation, we maintain our Equal-weight rating. We increase our PT to $70 from $55 as we factor in the company’s recently announced acquisition and increase our 2025 EV/EBITDA multiple as we mark to market.
- 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.
- IdeaConsistent solid growth has long sustained INTU's multiple premium versus peers. Now along with the increased volatility from recently acquired CK and Mailchimp, we fear pushing too hard on price may be contributing to share losses at TurboTax and introduces risk at QuickBooks. Downgrade to EW.
- Intuit (INTU.O)
- Target:685.00 from 750.00
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 02:30
Himax Technologies Inc Annual Shareholders Meeting
Himax Technology, Inc (HIMX.O)
Greater China Technology Semiconductors
Wed 14 Aug 24 09:00
Q2 2024 Phison Electronics Corp Earnings Presentation (Chinese)
Phison Electronics Corp (8299.TWO)
Greater China Technology Semiconductors
Followed By Research
*Time Zone: GMT
Suggested Analysts For You
Shih, Sharon
Equity Analyst
Huberty, Katy
Global Director of Research
Suggested Companies For You
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