We attended Xiaomi’s investor day and visited its EV production base in Beijing. During the event, the company disclosed encouraging developments for the EV business, including: a) robust locked orders of 75,723 units, b) full-year shipment target of 100,000 units, c) better-than-expected gross margins of 5-10%, and d) accelerated production ramp-up. Maintain BUY and adjust target price to HK$21.00.
Fenjiu reported in-line 2023 results. Revenue contributed by the core markets of southof- the-Yangtze river region grew 30% yoy in 2023, reflecting a good nationwide expansion progress. In 2023, the Qinghua series contributed 46% of sales with subpremium Qinghua 20 contributing 65-70%. Looking ahead, we expect the Qinghua series’ growth to accelerate on a growing brand momentum and dominance of midrange baijiu in the banquets market. Maintain BUY. Trim target price to Rmb321.00.
2023 results were satisfactory but 1Q24 revenue growth was significantly slower than our estimate. We believe weak economic conditions may continue to put pressure on revenue growth. Aier continues to pursue service excellence by offering high valueadded services and products to attract patients and stay ahead of competition. Maintain BUY with a lower target price of Rmb15.00 to factor in the possible impact of the relatively weak economic conditions and intensifying competition.
Moody's Ratings (Moody's) has assigned the following provisional ratings to notes to be issued by BNY Trust Company of Australia Limited in its capacity as the trustee of the Taurus 2024-1PP Trust. IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUC...
Resolutions Adopted at the Annual General Ordinary and Extraordinary Shareholders’ Meeting for Grupo Aeroportuario del Pacifico on April 25, 2024 GUADALAJARA, Mexico, April 25, 2024 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces the following resolutions adopted at the Annual General Ordinary and Extraordinary Shareholders’ Meetings today, with a quorum of 85.01% and 85.14%, respectively: ANNUAL GENERAL ORDINARY SHAREHOLDERS’ MEETING I. In compliance with Article 28, Section IV of the Mexican Securit...
What’s New: In this first take following tonight’s results, we touch on: 1. Broad-based ad growth, and 85% SMB advertiser growth sticks out 2. Engagement metrics hold steady, keeping the biggest risk to the stock at bay 3. Snapchat+ now at 9M subscribers, nicely ahead of our 8.6M estimate for 1Q24 4. My AI and generative AI features lightly highlighted 5. 2024 non-GAAP expense guidance also given for the first time. 6. Timely share repurchases continue as SNAP better manages the share count
What’s New: In this first take following tonight’s results, we touch on: 1. Search remains strong but begins lapping contribution from APAC-based retailers 2. The dividend finally arrives (plus another $70B share buyback authorization) 3. No surprise, Capex commentary implies 2024 full year figure well above consensus. 4. Cloud + YouTube = $100B run-rate at YE2024; our estimate is slightly higher 5. Continued progress on cost optimization
KEY HIGHLIGHTS Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.24/Target: Rmb15.00) 2023 results were satisfactory but 1Q24 revenue growth was significantly slower than our estimate. We believe weak economic conditions may continue to put pressure on revenue growth. Aier continues to pursue service excellence by offering high value-added services and products to attract patients and stay ahead of competition. Maintain BUY with a lower target price of Rmb15.00 to factor in the possible i...
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Moody's Ratings (Moody's) has completed a periodic review of the ratings of International Airport Finance, S.A. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 23 April 2024 in which Moody's reassessed the appropriateness of the rat...
Moody's Ratings (Moody's) announced today that it has reviewed the Senior Secured Notes of Cometa Energia, S.A. de C.V. in conjunction with the proposal to purchase the 130 MW La Lucha solar facility from Northland Power Inc. with the incurrence of an amortizing 7-year $150 million pre-payable bank ...
FCT’s suburban malls saw an influx of shopper traffic and tenant sales increased 4.3% yoy in 2QFY24, which exceeded pre-pandemic levels by 20%. Positive rental reversion picked up to 7.5% in 1HFY24 (FY23: 4.7%). NEX would be enhanced by: a) decanting existing car park space for conversion into 60,000sf of commercial space, and b) rightsizing the tenant mix to reduce the reliance on anchor tenants. FCT provides a defensive FY25 distribution yield of 5.5%. Maintain BUY. Target price: S$2.71.
FCT’s suburban malls saw an influx of shopper traffic and tenant sales increased 4.3% yoy in 2QFY24, which exceeded pre-pandemic levels by 20%. Positive rental reversion picked up to 7.5% in 1HFY24 (FY23: 4.7%). NEX would be enhanced by: a) decanting existing car park space for conversion into 60,000sf of commercial space, and b) rightsizing the tenant mix to reduce the reliance on anchor tenants. FCT provides a defensive FY25 distribution yield of 5.5%. Maintain BUY. Target price: S$2.71.
KEY HIGHLIGHTS Results Frasers Centrepoint Trust (FCT SP/BUY/S$2.17/Target: S$2.71): 1HFY24: Resilient growth in consumption at suburban malls. Update Keppel (KEP SP/BUY/S$6.86/Target: S$8.89): Steady as she goes. TRADERS’ CORNER iFAST Corp (IFAST SP): Trading SELL AEM Holdings (AEM SP): Trading SELL
Dominion Lending Centres Inc. Announces Sale of its Interest in Impact Communications VANCOUVER, British Columbia, April 25, 2024 (GLOBE NEWSWIRE) -- Dominion Lending Centres Inc. (TSX:DLCG) (“DLCG” or the “Corporation”) is pleased to announce that it has completed a sale of its 52% interest in Cape Communications International Inc. (“Impact”) for aggregate cash proceeds of $3.71 million (the “Purchase Price”) to Impact management (the “Purchaser”). The Corporation will use the cash proceeds from the sale to fully repay its junior term facility. Gary Mauris, Chairman and Chief Executive ...
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