Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Tele Columbus, EVOCA, Softbank Group, Forvia (formerly Faurecia), Motel One, Allwyn (formerly Sazka), Vallourec, Oriflame, Intrum

Haute Capital Partners AG: 1 director

A director at Haute Capital Partners AG sold 934 shares at 134.000CHF and the significance rating of the trade was 60/100. 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...

Natera Inc: 7 directors

Seven Directors at Natera Inc sold after exercising options/sold 17,251 shares at between 145.610USD and 146.039USD. The significance rating of the trade was 67/100. 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 ...

biote Corp: 1 director

A director at biote Corp bought 75,000 shares at 3.947USD and the significance rating of the trade was 52/100. 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 sho...

Toast Inc: 2 directors

Two Directors at Toast Inc sold/gave away 158,060 shares at between 0.000USD and 35.030USD. The significance rating of the trade was 68/100. 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 ...

Snowflake Inc: 3 directors

Three Directors at Snowflake Inc sold/sold after exercising options 12,693 shares at 155.690USD. The significance rating of the trade was 67/100. 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 ...

Reddit Inc: 2 directors

A director at Reddit Inc sold after exercising options 33,333 shares at 125.221USD and the significance rating of the trade was 51/100. 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 l...

Samsara Inc: 4 directors

Four Directors at Samsara Inc sold/sold after exercising options 111,494 shares at between 37.880USD and 38.718USD. 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 c...

Kennedy-Wilson Holdings Inc: 1 director

A director at Kennedy-Wilson Holdings Inc bought 41,000 shares at 8.560USD and the significance rating of the trade was 57/100. 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 ...

Cloudflare Inc: 1 director

A director at Cloudflare Inc sold 157,152 shares at 115.835USD and the significance rating of the trade was 76/100. 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 clearl...

MP Materials Corp: 1 director

A director at MP Materials Corp sold 1,290,387 shares at 26.762USD 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 cl...

Tencent 4Q24 Results: AI Investments Remain a Key Focus for 2025

What’s new: Tencent’s reported 4Q24 results that were above consensus and our expectations. Tencent plans to step up investments in AI where capex could reach low-teens percentage of revs in 2025. We up our PT from HKD530 to HKD600 on multiples rerating related to AI. Our updated PT of HKD600 implies a 22.1x FY25E P/E. We maintain our BUY rating. Analysts: Jin Yoon

Tencent Holdings (700 HK): 4Q24: Stable capex and margin outlook in 20...

Tencent’s 4Q24 results are largely within expectations. Revenue grew 11% yoy to Rmb172.4b, in line with consensus estimates. Gross margin expanded 3ppt yoy to 52.6%, in line with consensus forecasts. Non-IFRS operating profit grew 21% yoy to Rmb59.5b, while non-IFRS operating margin shrank 3ppt yoy to 34.5% on a positive shift in the revenue mix. Non-IFRS diluted EPS surged 33% yoy, beating consensus estimates by 8%. Maintain BUY with a higher target price of HK$645.00.

Nexteer Automotive Group (1316 HK): 2H24: Earnings beat estimates on m...

Nexteer’s 2H24 net profit came in above our estimates at US$46m (+1,541% yoy/+193% hoh), bringing 2024 full-year net profit to US$62m (+68% yoy). The earnings beat lies in margins. New order bookings remained flat yoy at US$6b in 2024. Based on higher margins, we lift our 2025-26 net profit forecasts from US$44m/US$40m to US$107m/US$125m respectively and introduce our 2027 net profit forecast of US$146m. Upgrade to HOLD. Raise target price to HK$5.00.

Kingsoft Corp (3888 HK): 4Q24: Revenue and earnings largely within exp...

Kingsoft 4Q24 results are largely in line with expectations. Revenue grew 20.9% yoy to Rmb2.8b, 2% above consensus estimates. Gross margin grew 2ppt yoy to 83.9%, in line with consensus but better than our expectation. Operating profit came in at Rmb1.1b, while operating margin rose 8.7ppt yoy to 40%, driven by robust revenue growth. Net profit grew 124% yoy to Rmb460m, with net profit margin expanding 7.6ppt yoy to 16.5%. Maintain BUY with an unchanged target price of HK$55.00.

Kerry Properties (683 HK): 2024: Underlying net profit beats expectati...

Kerry Properties’ underlying net profit rose 25% yoy to HK$3.9b, 27% and 29% higher than our and consensus estimates respectively. The growth was driven by stronger revenue from DP and lower taxes, with DPS staying at HK$1.35. Following the sale of Jinling Residence in 2025, management targets to reduce the net gearing ratio to the mid-30s within two years. The growing IP portfolio is a positive sign. Lift 2025/26 earnings forecast by 4%/10%. Maintain BUY. Target price: HK$22.70.

HUTCHMED (China) (13 HK): 2024: Became self-sustainable; Fruquintinib ...

HUTCHMED reported slightly lower-than-expected 2024 revenue of US$630.2m but it delivered positive earnings of US$37.7m, beating consensus estimates of a net loss for 2024. The company continues to see R&D and commercial potential in the oncology business. With new market approvals for Fruquintinib in both China and overseas, HUTCHMED targets oncology revenue to reach US$350m-450m and accelerated earnings growth in 2025. Maintain BUY and target price of HK$30.00.

Fuyao Glass Industry Group (3606 HK): 4Q24: Earnings up 34% yoy, in li...

FYG’s 4Q24 net profit came in as expected at Rmb2,019m (+34.3% yoy/+2.0% qoq), bringing 2024 net profit to Rmb7.5b (+33% yoy). The earnings growth in 2024 was driven by an 11% sales volume growth, a 7% ASP hike and a margin improvement. Given the intact 2024 earnings, we maintain 2025-26 net profit forecasts at Rmb8,854m/Rmb9,921m respectively. Maintain BUY. Target price: HK$68.00.

Anta Sports (2020 HK): 2024: Revenue beats estimates but profit in lin...

Anta’s 2024 revenue beat estimates, but core profit was in line. While slightly revising the Anta brand’s sales target to a high single digit, management lowered Fila’s sales target to a mid single digit and aims to maintain operating margin stable at 25%, given: a) the increasing contribution of online and outlets channels with deeper discounts, and b) the need for investments in product innovations to gain market share amid intense competition. Maintain BUY but cut target price by 10% HK$108.8...

Grunenthal - ESG Report - Lucror Analytics