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Dan Salmon
  • Dan Salmon

Reddit (RDDT, Neutral, no change to $54 target) 1Q24 Model Update

No change to our original $54 target as lower estimates are offset by removing the 5% valuation discount that we previously applied for the FTC inquiry, as we're more comfortable it is not a material risk now.

Hendri Effendi ... (+3)
  • Hendri Effendi
  • Paula Ruth
  • Stevanus Juanda

Indonesia Daily - Monday, May 13, 2024

Erajaya Swasembada (ERAA IJ/BUY/Rp410/Target: Rp520): 1Q24: Net profit up 8% yoy; cellular phone and tablet gross profit up 10% yoy. Maintain BUY. Indofood CBP (ICBP IJ/BUY/Rp10,775/Target: Rp13,300): 1Q24: Net profit up 13.2% yoy, exceeding expectations. TRADERS’ CORNER XL Axiata (EXCL IJ): Technical BUY Merdeka Copper Gold (MDKA IJ): Technical BUY

RMBS – Japan: Higher incomes will mitigate risks from rising property ...

Rising borrower incomes and strict debt-to-income limits will mitigate risks for Japanese RMBS in the face of property price increases.

Lynn Song ... (+2)
  • Lynn Song
  • Rob Carnell

Asia Morning Bites

Weak weekend lending data from China increases rate cut hopes as early as this week. Indian inflation data for April due ahead of this week's US inflation numbers

Tredyffrin-Easttown School District, PA: Update to credit analysis

Our credit view of this issuer reflects its robust property wealth and household income levels, against its sizeable long-term capital improvement plan.

UPMC, PA: Update to credit analysis

Our credit view of this issuer reflects its excellent brand and strategic positioning as well as its cashflow diversity offsetting thinned cash flow and elevated balance sheet leverage.

Sabine Pass Liquefaction, LLC: Update to credit opinion following upgr...

Our credit view of this issuer reflects its long term contracts with financially sound offtakers, its strong global demand and pricing for LNG and its strong operating track record.

Government of Japan – A1 stable: Regular update

Our credit view of this issuer reflects its large, diverse and high-income economy and its very strong external payments position, offset by its very high government debt.

ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Peter Sehested

Q1'24e: Marginally below consensus on order intake, EBIT

Estimates lowered by 1-2%. Expect guidance to be maintained. TP raised to DKK 400 (350) - BUY

Joachim Gunell
  • Joachim Gunell

Storytel (Buy, TP: SEK81.00) - Upside potential to 2024 targets

Q1 saw sustained double-digit organic revenue growth, margin expansion across all P&L lines and healthy cash generation. Storytel exhibited flywheel dynamics, with solid net adds, a growing share of internal content consumption, higher engagement and retention, and improved customer acquisition efficiency. It continues to re-establish its industry-innovator perception with its popular AI VoiceSwitcher. While investors would prefer a clear main shareholder to trigger a re-rating, from an operatio...

 PRESS RELEASE

Transactions in Zealand Pharma shares and/or related securities by per...

Transactions in Zealand Pharma shares and/or related securities by persons discharging managerial responsibilities and/or their closely associated persons Company announcement – No. 25 / 2024 Transactions in Zealand Pharma shares and/or related securities by persons discharging managerial responsibilities and/or their closely associated persons Copenhagen, Denmark, May 12, 2024 – Zealand Pharma A/S (“Zealand”) (NASDAQ: ZEAL) (CVR-no. 20 04 50 78), a biotechnology company focused on the discovery and development of innovative peptide-based medicines, has received information on transaction...

ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf

Weak quarter, sound outlook

Messy quarter, negative est. changes. Asset rotation set to continue. Several reasons to buy the share; BUY, TP SEK 155

 PRESS RELEASE

Stryve Foods, Inc. Announces Timing of Fiscal 2024 First Quarter Resul...

Stryve Foods, Inc. Announces Timing of Fiscal 2024 First Quarter Results PLANO, Texas, May 12, 2024 (GLOBE NEWSWIRE) -- Stryve Foods, Inc. (“Stryve” or “the Company”) (NASDAQ: SNAX), an emerging healthy snack and eating platform disrupting traditional consumer packaged goods (CPG) categories, and a leader in the air-dried meat snack industry in the United States, today announces that it will release its fiscal 2024 first quarter results on Tuesday, May 14, 2024, after the market closes. In conjunction with the release, the Company has scheduled a conference call that will be hosted at 4:3...

Miika Ihamaki
  • Miika Ihamaki

Huhtamaki (Buy, TP: EUR47.00) - Flexing the Flexibles

We continue to believe the market is overlooking the sizeable Flexible Packaging step-up opportunity, with significant shareholder value potential from: 1) market share gains; 2) product simplification; and 3) footprint optimisation. With no estimate changes, we reiterate our BUY and EUR47 target price, and continue to find the NTM EV/EBIT of c12.5x (5-year average: c15.0x) attractive and a good entry point.

ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen

Crude tanker fleet growth now at 0.8% y-o-y

Q1e and Q2e down, long-term reiterated. ABGSCe ‘25 EBITDA 46% above cons. TP of NOK 427 (422) – BUY

ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen

More newbuilds into the upcycle

Near-term estimates down, adding NBs to our estimates. 69% above cons '25e EBITDA. BUY, TP of USD 15

 PRESS RELEASE

Tenaris to Commence a USD 300 million Third Tranche of its USD 1.2 Bil...

Tenaris to Commence a USD 300 million Third Tranche of its USD 1.2 Billion Share Buyback Program LUXEMBOURG, May 12, 2024 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) announced today that pursuant to its Share Buyback Program (the “Program”) announced on November 1, 2023, covering up to USD 1.2 billion to be executed in the open market with the intent to cancel the ordinary shares acquired through the Program, Tenaris has entered into a non-discretionary buyback agreement with a primary financial institution (the “Bank”). The Bank will make its tr...

 PRESS RELEASE

Tenaris comenzará un Tercer Tramo de USD 300 millones de su Programa d...

Tenaris comenzará un Tercer Tramo de USD 300 millones de su Programa de Recompra de Acciones de USD 1,200 millones LUXEMBURGO, May 12, 2024 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE y Mexico: TS y EXM Italia: TEN) (“Tenaris”) anunció hoy que ha celebrado un acuerdo de recompra de acciones no discrecional con una institución financiera principal (el “Banco”) bajo su Programa de Recompra de Acciones (el “Programa”) anunciado el 1 de noviembre de 2023 por un monto de hasta USD1,200 millones a ser ejecutado en el mercado abierto con la intención de cancelar las acciones ordinarias compradas a tr...

 PRESS RELEASE

iTeos meldet Finanzergebnisse für das erste Quartal 2024 und gibt aktu...

iTeos meldet Finanzergebnisse für das erste Quartal 2024 und gibt aktuelle Geschäftsinformationen bekannt - Belrestotug + Dostarlimab übertraf die vordefinierten Wirksamkeitskriterien für klinisch relevante Aktivität, die in einer Zwischenbewertung der Phase 2 von GALAXIES Lung-201 beobachtet wurde - Klinisch bedeutsame Tumorreduktion wurde bei jeder Belrestotug + Dostarlimab-Dosis im Vergleich zur Monotherapie beobachtet - GSK wird bei der kommenden Investorenveranstaltung im Juni ein Update zum GALAXIES-Programm geben - RA Capital und Boxer Capital führen registrierte Direktemission in...

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