Sales recede less than expected in Q1 2023
Q1 sales surprised positively, declining by only -4% qoq vs -6% expected by the consensus. STM benefited from its exposure to automotive and industrials (c. 60% in 2022), which offset the strong qoq decline in consumer electronics demand. STM's margins also benefited from a shift in product mix dueSTM Group is engaged in financial services activities which delivering financial service products to professional intermediaries and the administration of assets for international clients in relation to retirement, estate and succession planning and wealth structuring. Co. has five reportable segments: Corporate Trustee Services, Pensions, Insurance Management, Life Assurance, and Other Services. Co. has trading operations in the United Kingdom, Gibraltar, Jersey, Malta and Spain. Co. has also opened sales offices in South East Asia, the Middle East, South Africa and Australia.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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