GREATER CHINA Update Shenzhen Mindray Bio-Medical Electronics (300760 CH/BUY/Rmb257.82/Target: Rmb330.00) Embraces business opportunities provided by digital and intelligent solutions. INDONESIA Update Dayamitra Telekomunikasi (MTEL IJ/BUY/Rp640/Target: Rp820) Expanding fibre optic network length by 20% following the acquisition. Maintain BUY. MALAYSIA Results MISC (MISC MK/BUY/RM7.15/Target: RM8.60) 2024: Results outperform, but marke...
When the BoJ raised rates in March, it had been 17 years since it had last done so, though the world was very different then. While the July rate hike was unlikely to move the economic needle, the question now is what else might follow the subsequent financial market maelstrom. Pelham Smithers discusses the outlook for Japan’s macro environment, what new fiscal policies the new PM might introduce, how the BoJ might react and the all-important trend in corporate earnings. This then leads us to...
GFL’s 1Q24 net loss came in at Rmb439m, vs our 2024 net profit forecasts of Rmb1,194m and consensus’ Rmb5,288m. The disappointing results lies in margins. Gross margin plummeted 31.1ppt yoy to 6.2% in 1Q24 due to a drop in ASP. We expect GFL’s earnings to be dragged by falling lithium carbonate prices. We maintain our 2024-26 net profit forecasts at Rmb1,194m/Rmb934m/Rmb879m respectively. Maintain SELL. Target price: HK$15.00.
Our Alpha Picks portfolio rose 6.0% mom on an equal-weighted basis, outperforming the STI by a material 3.4ppt. The outperformance was driven by broad-based strength across most of our portfolio with the best showing coming from Riverstone, Yangzijiang Shipbuilding and Singtel. In 1Q24, our Alpha Picks portfolio surged by 13.7% qoq, surpassing the STI by a hefty 14.2ppt qoq. For Apr 24, we add CSE and LREIT while removing MINT, CVL and FEH.
The Bulgarian stock market ended on a negative side on Thursday, as investors activity remained unimpressive. The major indexes all closed in red, as the benchmark SOFIX (751.96) declined 0.19%, mainly due to a significant drop in Gradus (GR6, BGN 1.42, -2.07%), Neochim( NEOH, BGN 27.30, -1.09%) and Eurohold Bulgaria (EUBG, BGN 1.81, -1.09%). SOFIX daily turnover remained below 3-month average numbers, supported by the increased activity with Gradus and Chimimport. The broad indexes BGBX40 (157....
Most healthcare companies reported satisfactory 1H23 results while revising down revenue growth to factor in delays in some academic conferences and hospital procurement in 3Q23. As pressure from the anti-corruption campaign is easing, we believe sales activities of medical products will resume soon and that long-term growth outlook remains intact. We prefer companies with positive long-term outlooks and attractive valuations. Maintain OVERWEIGHT.
26th June 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...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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