COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, OHLA, REPSOL, TELEFÓNICA. El Ibex testea los 11.000 puntos Las bolsas de Europa continuaron ganando altura en una jornada de menos a más y con bajo nivel de negociación. En el STOXX 600 lideraron las subidas Energía y Viajes&Ocio mientras que Media y Hogar fueron los peores con caídas cercanas al medio punto. Por el lado macro, en España el índice de precios de producción se contrajo hasta el -8,2% vs -3,9% ant. Desde el BCE, F. Panetta...
During the Chinese New Year (CNY) holiday, tourism, both domestic and outbound, catering and movie consumption put up strong performances. For the consumer sector, we prefer discretionary to staple, and Macau gaming in the discretionary space, given the strong recovery momentum of Macau tourism and moderate hike in opex. Galaxy is our top pick in Macau gaming sector, given its net cash position amid the higher interests. Maintain OVERWEIGHT.
South Korean telco saw a slower quarter as improvements at SKT and LG were offset by KT’s slowdown, attributable to its subsidiaries (slower BC Card, declines at Content and Skylife). Nevertheless, core mobile and Enterprise trends improved, with broadband stable.
During the Golden Week holiday, domestic tourism and catering recovery were on track while duty-free sales recovery was still weak. We prefer sportswear in the discretionary space, given the decent sales momentum during the holiday (Anta: in line with internal targets; Xtep: 20% yoy growth), and baijiu in the staples space, given baijiu’s strong brand power. We prefer Anta in the sportswear sector, given its multiple catalysts, and Moutai in the baijiu sector, for its highest earnings visibility...
What you need to know: • The precious metals markets held flat in August, following the solid performance in July; mining equities fell modestly. • M&A continued to be light in August, we believe this is primarily due to the lack of clarity regarding the direction of interest rates. • Safe-haven assets like gold and silver continue to look highly attractive with mining equities trading close to trough multiples, creating buying opportunities for when investment dollars flow back into the sector...
Feature article: UK interest rates and “risk-free” gilts at their peak? Infrastructure stocks struggle Executive summary Infrastructure/Renewable Energy Funds ► The share price performances of the nine Infrastructure Investment Companies (IICs) and of the 22 Renewable Energy Infrastructure Funds (REIFs) have been dire over the past year. Undoubtedly, the sharp rise in interest rates has presented the sector with serious challenges, especially since the yield on “risk-free” 10-year gilts has r...
14th July 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
The investment case pivots on the progress of strategic options under consideration for the two operating businesses. Specifically, these relate to the outcome of discussions with potential buyers for each entity, a process which has been simplified by their legal separation. We see potential scope to realise a net return above R&Q’s current market value. Initial discussions focus on Accredited, R&Q’s program management business for which it confirms receipt of interest from a number of parties...
6 April 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective...
29 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
14 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
9 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective...
One Medical Announces Results for Fourth Quarter and Full Year 2022 2022 Ending Total Membership Count of 836,000, a 14% Increase Year-Over-Year. Ending Consumer and Enterprise Membership Count of 796,000 and At-Risk Membership Count of 40,000Fourth Quarter 2022 Net Revenue of $274.2 Million, a 19% Increase Year-Over-YearFull Year 2022 Net Revenue of $1.046 Billion, a 68% Increase Year-Over-Year2022 Ending Cash and Marketable Securities of $262.4 Million SAN FRANCISCO, Feb. 21, 2023 (GLOBE NEWSWIRE) -- 1Life Healthcare, Inc. (One Medical) (Nasdaq: ONEM) today announced fina...
One Medical Announces Results for Third Quarter 2022 Third Quarter 2022 Ending Total Membership Count of 815,000, a 14% Increase Year-Over-Year. Ending Consumer and Enterprise Membership Count of 775,000 and At-Risk Membership Count of 40,000Third Quarter 2022 Net Revenue of $261.4 Million, a 73% Increase Year-Over-Year SAN FRANCISCO, Nov. 02, 2022 (GLOBE NEWSWIRE) -- 1Life Healthcare, Inc. (One Medical) (Nasdaq: ONEM) today announced financial results for the third quarter ended September 30, 2022. “Through our human-centered and technology-powered model, we continue to perform, innova...
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