AZN - Underappreciated & Undervalued (BUY, TP £150, 20pgs)

With the baxdrostat P3 to be published on 30th August, we show that AZN’s pipeline upside is underappreciated, in part due to the significant complexity & sheer volume of readouts. We also show that Imfinzi peak sales are likely too low; we are $2bn higher than consensus in 2029. We expect consensus forecasts to materially increase after the full baxdrostat data on the 30th August, we are ~$2bn higher than consensus and see upside risk to our forecasts. AZN’s catalyst path is one of the best in EU Pharma & the 6% CAGR sales growth to 2030 is undervalued, in our view. In the coming weeks we wil...

AstraZeneca: 1 director

A director at AstraZeneca sold 9,563 shares at 11,512p and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board membe...

Hitting the right spots

Meta Platforms (META, Buy, Raising target to $900 from $775) Five new revenue breakouts in our model

We’ve added five new revenue breakouts in our model, four of which are incremental revenue: New ad load on 1) Threads, 2) WhatsApp and in 3) Facebook Notifications. We expect Threads to be the most material, reaching ~$7B in revenue by 2030, while the other two total ~$5B. We break out 4) the European No Ads subscription and add the new 5) WhatsApp Channel Subscriptions to the Family of Apps Other revenue model.

SATS: How should Investors Interpret the Sounds of Silence?

What’s New: Nothing. That is, since the comment period on the two public notices affecting SATS’ spectrum formally ended, there has been no material activity in the docket. Further, since the Oval Office meeting involving the President, FCC Chair Carr and SATS Chairman Ergen, there has been vague comments but no material data about discussions over spectrum sales. In this note, we analyze the different scenarios that the sounds of silence could signify.

Kuaishou 2Q25 Results: E-commerce Remains Resilient in 3Q

What’s new: Kuaishou’s reported 2Q25 results that top consensus and our expectations. AI monetization could continue to progress well driven by a higher subscriber base for Kling AI. E-commerce rev growth could remain resilient partly driven continued improvement in take rates. We up our PT from HK$70 to HK$85 on improving outlook. Our updated PT of HK$85 implies 14.4x FY26E P/E. We maintain our BUY rating. Analysts: Jin Yoon