Allane SE : FY 2023 results in line with preliminary figures – Cautiou...

>FY 2023 results in line with preliminary figures - Allane SE released its final FY 2023 results, which came in in line with preliminary figures and the group’s guidance. The main results are as follows: 1/ Consolidated revenues increased by 8.4% to € 619.2m, o/w an increase of 2.4% from sales revenue (€ 277m), due to slight increase in the volume of vehicles sold as a result of continued high demand for used vehicles, with unit prices remaining almost constant...

Itsec Asia Tbk PT: 1 director

A director at Itsec Asia Tbk PT bought 6,741,700 shares at 330.670IDR and the significance rating of the trade was 70/100. 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...

Forestar Group Inc: 1 director

A director at Forestar Group Inc maiden bought 3,210 shares at 31.150USD and the significance rating of the trade was 59/100. 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 ye...

Huhtamaki Oyj: 1 director

A director at Huhtamaki Oyj maiden bought 1,000 shares at 39.145USD 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 c...

Expanding beyond the Nordics

Albion Online Europe launch data

Glanbia : Volume recovery in Q1. GPN EBITDA margin expected to be high...

>Dip in organic growth in Q1 not as big as expected at 5.4% thanks to a better trend in volumes - Glanbia yesterday released its interim management statement for the first three months. Q1 organic growth came in ahead of our estimate at -5.4% (vs -7.5%e). It is based on volume growth of 1.5% (vs +0.7%e) and a price effect of -6.9%, mainly reflecting dairy product prices and promotional operations for GPN. Growth in volumes is mainly attributable to: 1/ growth of 1.4%...

Crossject : Fund raising to prepare for hoped-for Zepizure approval in...

>Capital increase of € 8m with a discount of 10% - Crossject on Tuesday announced the launch of a capital increase for € 8m. This deal is secured through its long-standing shareholder Gemme Venture. The latter has committed to subscribing to at least € 1.96m worth (24.5% of the capital increase) and will guarantee a total amount of € 6m, or 75% of the fund raising.The subscription price is € 1.848 which equates to a discount of 10% to the last share price (4.3m n...

Prudential (2378 HK): 1Q24 NBP growth dragged by Greater China perform...

Prudential’s 1Q24 ANP/NBP growth came in below expectations with 7%/11% yoy growth respectively, dragged by muted performance from China and Hong Kong on a high base, but offset by strong growth in Malaysia and the other markets segment. NBP margin ex-economic impact improved to 50% due to favourable product mix in the Greater China segment. The company will provide an update on capital management plans during its 1H24 results. Maintain BUY. Target price: HK$134.00.

Zhejiang Shuanghuan Driveline (002472 CH): 1Q24: Results in line; soli...

Shuanghuan’s 1Q24 results arrived at the midpoint of its profit guidance, which is in line with our and consensus estimates. Both the ICE-car and EV gear businesses registered a solid >20% yoy growth, while the civil gear business managed to register a profit during the quarter. For 2024, a recovery in ICE-car gears, product upgrade for EV gears, and the rapid expansion of the civil gear business seem to be the key growth drivers for Shuanghuan. Maintain BUY and keep target price at Rmb27.60.

Royal BAM Group : Not the expected start of the year in Q1

>Miss on EBITDA, faster deterioration trade working capital - BAM reported Q1 sales of €1.4bn, exactly in line with our estimate (no css available). Adj. EBITDA came in at €44m, a clear miss versus our expectation of €59m (Q1 2023 €58m), representing a margin of just 3.1% versus 4.2% expected (Q1 2023 4.1%). The orderbook came in at €10.7bn, roughly €1bn higher than our estimate, which was more or less in line with the orderbook at year-end. This is encouraging as it ...

Worldline : Start of the year lends credence to 2024 targets

>Organic growth low but ahead of expectations - Worldline reported its Q1 2024 revenues. Organic growth was weak at +2.5%, but above expectations (ODDO BHF / consensus = +1.2/+0.7%) and marks an improvement on the low point of Q4 2023 (+1.3%).Merchant Services turned out to be stronger than expected (+3.9%, of which +6.5% excluding planned merchant termination- Q4 2023 reminder = +3.2%) thanks to good results in new markets (such as Italy). Unsurprisingly, Financ...

Yum China (9987 HK): 1Q24: Earnings beat; high base in 2Q24.

Yum China’s 1Q24 earnings beat consensus forecasts by 7% due to better G&A cost savings. Management sees a similar high base for 2Q24, given the strong demand recovery last year and intense competition. For 2024, the focus remains on driving traffic growth through smaller ticket size item offerings and marketing campaigns. KFC recently developed a mini-store model (capex per store: Rmb0.5m) for store expansion in lower-tier cities, which is expected to enhance cost efficiency.

WuXi AppTec (2359 HK): 1Q24: Results below expectation; draft bill res...

WuXi AppTec’s reported 1Q24 revenue and adjusted net profit declined by 11.0% yoy and 18.3% yoy respectively. The results are lower than our estimates. The draft Bill brings considerable business uncertainty for the company and has led to a decrease in new projects. Thus far, the overall business has remained relatively stable. Management maintains its revenue guidance of Rmb38.3b-40.5b for 2024. Maintain SELL and target price of HK$28.00.

Weichai Power (2338 HK): 1Q24: Earnings up 40% yoy, in line. Maintain ...

Weichai’s 1Q24 net profit came in as expected at Rmb2.6b (+40% yoy/+3% qoq), mainly due to a margin recovery. Looking ahead, we expect Weichai’s earnings to be underpinned by China’s steady HDT market and the growing sales of high value-added engine products. We maintain our 2024-26 net profit forecasts at Rmb10,446m/ Rmb12,085m/Rmb13,812m respectively. Maintain BUY. Target price: HK$20.00.

SF Holding (002352 CH) : 1Q24: Results in line; decent earnings growth...

SF’s 1Q24 net profit of Rmb1.91b (+11.1% yoy) is in line with our expecation, at 21.3% of our full-year forecast. Group revenue rose 7.0%, backed by a 3.1% yoy parcel volume growth for its express & logistics business and yoy higher ocean and air freight rates for its international freight forwarding business. SF announced a second tranche of its share purchase programme. We are sanguine about SF’s outlook, forecasting a recordhigh level of earnings for 2024. Maintain BUY. Target price: Rmb46.00...

Hertz Global Holdings Inc: 1 director

A director at Hertz Global Holdings Inc bought 250,000 shares at 4.456USD and the significance rating of the trade was 71/100. 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 y...

CaixaBank : Good operational and capital performance in Q1 2024

>Outperform rating confirmed – target price lifted to € 6.4 (vs € 5.9) - The Q1 2024 figures for CABK confirm the favourable trend, both on the operating front, confirming and even improving guidance (RoTE now expected >16%), and on the balance sheet front (CET1 FL >12%) in 2024. This robustness, coupled with the adequate diversification of the business model, confirms the stock as one of our Top Picks in the sector in the uncertain/challenging current context (macro,...