Orora Ltd: 1 director

A director at Orora Ltd bought 30,000 shares at 2.130AUD 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 show...

Sales miss offset by better cost control

Q1 EBITA in line with Infront consensus. Orders up 5% q-o-q gives hope of H2 recovery. We lower '24e EBITA by 1%.

Revaluation of hedge contracts weigh on EBIT

Q1'24 results fast comment

Roche Holding : T1 en ligne - Guidance confirmée, FX moins défavorable...

>T1 sauvé par Vabysmo - Le CA T1 groupe ressort en ligne avec le consensus, en croissance de 2% à tcc (-6% CHF). La pharma (+0.9% vs Css) affiche une croissance de 2% CER (-6% CHF) tirée essentiellement par Vabysmo (96%, 11% vs Css) et Phesgo (+61%, 23% vs Css) dans une moindre mesure. Les produits phares tels que Ocrevus (1.3%, -0.4% vs Css), Hemlibra (0.6%, -3.1% vs Css) ou encore Tecentriq (-6%, -5.5% vs Css) affichent une performance clairement décevante. Le diag...

Melexis : Solid Q1 2024 results and Q2 2024 guidance, implying that th...

>Q1 2024 results in line with expectations on sales but above on profitability - This morning, Melexis reported its Q1 2024 results which were in line with expectations on sales but above on profitability. Revenues came in at € 241.8m, in line with consensus estimates at € 242.3m (vs the guidance range of € 240-245m). They were down 3% q-o-q and up 6% y-o-y. The euro-dollar exchange rate had no impact on sales compared to both the same quarter of last year and the pre...

Alphawave Semi - FY23 results, 1Q24 trading update

Following the updated guidance published last week, Alphawave reported a 74% YoY increase in revenue to US$321.7m for FY23 generating adjusted EBITDA of US$62.6m, up 34% YoY. As previewed, bookings in 1Q24 were strong at US$117.9m, up 20% YoY and ahead of guidance. The results release and conference call confirm that revised guidance mainly reflects a more conservative approach to revenue recognition under new CFO, Rahul Mathur, and an acceleration in the pace at which Alphawave is pivoting away...

McDonald''s Corp: 1 director

A director at McDonald's Corp sold 1,098 shares at 276.640USD and the significance rating of the trade was 50/100. 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...

Solvac Significant discount widening presents buying opportunity

Since the start of March 2024, Syensqo has risen by 8.0% while Solvay has rallied 28.0%. However, in stark contrast to its underlying investments, Solvac has declined by -2.8% during the same time period. As a result, we estimate Solvac's discount to have widened to 38.4% which is much higher that the 2yr and 5yr average discount(s) of 24.3% and 20.7% respectively. While lower volumes in the name could be one reason, we also believe that the market has not fully re-calibrated its view of Solvac ...

OVHcloud : Un warning sur la topline lourdement sanctionné en Bourse

>Retour sur les principales annonces de la publication S1 – Déceptions sur le business et bonnes surprises sur les coûts et les investissements - La publication semestrielle d’OVHcloud hier matin a surtout mis en avant en avant un warning inattendu sur l’objectif annuel FY 24 de croissance organique du CA (+9-10% vs +11-13% visé auparavant – rappel FY 23 = +13.4%). Il provient d’une détérioration au dernier trimestre des conditions de marché en Europe (78% du CA S1) a...

Melexis FIRST LOOK: Nice set of 1Q24 results, guidance reiterated

Despite the turmoil in the automotive semiconductor market recently, Melexis highlighted that the inventory corrections in some product lines throughout the past few quarters are now gone. Melexis mentioned even an “ever-increasing demand for automotive semiconductors addressing electrification and the increasing need for comfort and safety applications”. We reiterate our Accumulate rating and maintain our € 110 TP as Melexis highlighted that the cost optimization measures taken in 4Q23 will ens...

Zijin Mining (2899 HK): 1Q24: In line; margin expansion on effective p...

Zijin reported 1Q24 earnings of Rmb6,260.8m (+15.1% yoy), in line with expectations. Gross margin of mining entities expanded by 0.97ppt yoy to 54.5%, driven by cost savings and a spike in metal prices. Mine-produced copper/gold production volume rose 5.2%yoy/5.3% yoy to 262,649 tonnes/16,805kg, and management is confident of meeting the 10%/9% yoy production growth targets for 2024. There is limited impact from the production halt at the Kolwezi mine. Maintain BUY. Target price: HK$18.10.

BIC: Soft Q1 followed by a gradual acceleration from Q2 onwards

Yesterday, BIC unveiled Q1 numbers that reflected management's message highlighting a soft start to the year, but showed a modest miss vs CSS expectations (sales: -1% / aEBIT: -1.5%) given the negative phasing impact in Lighters (38% of sales and 69% of aEBIT before unallocated costs). With trends

Close to expectations, Q1 should be cycle low

Red Sea diversions is a smaller problem than expected

EBITDA USD 162m (ABGSC USD 149m, cons USD 167m). Red Sea annual volume loss of "800 000-900 000 cbm" . Share price up 1-3%.

Shenzhen Inovance (300124 CH): 4Q23/1Q24: Results in line. Automation ...

Inovance’s 4Q23/1Q24 results are largely in line with its preliminary results and profit guidance. Management guided for a 15-35%/5-20% growth in 2024’s revenue/net profit respectively, with growth continuing to be driven by general automation and the EV business. However, it also highlighted a challenging macro environment in China and will focus on optimising operational efficiency to offset price competition and raw material price hikes. Maintain BUY. Cut target price to Rmb75.50.

Ping An Insurance Group (2318 HK): 1Q24: Spring is around the corner.

Ping An’s results are broadly in line. The declines in OPAT and net profit were mainly due to weak equity market returns and higher CoR in the P&C segment. VNB growth grew 21% yoy, beating our expectations, led by margin improvement. Net investment yield dropped to 3.0% and its insurance fund exposure to property was largely manageable. Looking ahead, we continue to expect a mid to high single-digit NBV growth and 20% OPAT growth in 2024. Maintain BUY. Target price: HK$52.00.

BlueScope Steel Limited: Update following rating affirmation

Our credit view of this issuer reflects its diversification support margin generating ability in weaker operating environments, against the cyclical nature of the end-market sectors.