H&M: Soft Q1 sales momentum despite margin sacrifices

Arguably, with +2% FX-n in Q1 2025 H&M achieved two consecutive quarters of positive organic growth for the first time since Q4 2019-Q1 2020 (stripping out the atypical period of post Covid-related lockdowns until H1 2022), but it was fuelled by painful price reinvestments and marketing efforts

On the shelves now: Consumer Weekly #57

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage: Luxury goods, Cosmetics, Consumer goods and Retail & E-commerce. This week, we look at the Fed's dilemma between its "wait-and-see" stance and mitigating the potential inflationar

Canatu: FY24 results in line, H2-loaded FY25 outlook, limited visibility on EUV pellicles and ADAS heater ramp

On Friday, Canatu reported FY24 results for the first time as a listed company. Figures were broadly in line with our estimates, though gross margin fell short due to adverse mix effects from reactors—a transitory headwind, in our view, as reactor sales are expected to decline as a share of the mix

Daily Healthcare - March 31st, 2025

BioInvent: Initiating coverage on a rising force in immuno-oncology with a robust pipeline

BioInvent is a Swedish immuno-oncology company backed by a strong R&D platform that has been validated over the years through multiple strategic partnerships with leading pharma companies. Two lead assets, BI-1808 (anti-TNFR2) and BI-1206 (anti-FcyRIIB), are progressing through clinical trials,