Q1 LCY figures beat consensus due to US rebate adjustments related to 2023 adding c5%-points to LCY growth and low SG&A cost boosting EBIT growth in Q1. Wegovy sales were below consensus but above our forecast, and we have therefore adjusted our rebate assumptions for 2024. The 2024 guidance was raised to LCY sales growth of 19–27% (18–26%) and LCY operating profit growth of 22–30% (21–29%). We reiterate our BUY and DKK1,100 target price.
GDS Files 2023 Annual Report on Form 20-F SHANGHAI, China, April 29, 2024 (GLOBE NEWSWIRE) -- GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China and South East Asia, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (the “SEC”) on April 29, 2024 U.S. Eastern Time. The annual report can be accessed on the Company’s investor relations website at investors.gds-services.com and o...
Kingmed reported in-line 2023 results, while 1Q24 results were significantly below our and consensus’ estimates. The company gave no guidance on 2024. We believe the policy uncertainties and weak economic condition may continue to cloud its revenue growth in the short term. Downgrade to HOLD with a lower target price of Rmb15.00 to factor in worse-than-expected impact of the policy uncertainties and weak economic condition.
KEY HIGHLIGHTS Sector Automobile We raise 2024 forecasts on China’s PV sales growth and PEV sales growth from +8%/+21% to +10%/+24% on bigger-than-expected subsidies for the cash-for-clunker program and zero downpayment auto loans. Meanwhile, we lift the target prices of BYD, Geely, GWM, GAC and Yadea to HK$160.00/HK$13.00/HK$13.50/HK$3.30 /HK$20.00 respectively. Upgrade GWM from HOLD to BUY, and upgrade GAC from SELL to HOLD. Top BUY: CATL, Geely and Yadea. Top SELL: BYD, Li Auto and XPeng. ...
We are slightly below consensus on Q1e LCY sales growth (we forecast 19.4%, consensus 21.4%) and LCY operating profit growth (we forecast 16.8%, consensus 19.5%), due to lower expected Wegovy sales. However, we believe the Ozempic US prescription trend will prompt management to raise the 2024 guidance to LCY sales growth of 20–28% (18–26%) and LCY operating profit growth of 23–31% (21–29%). We reiterate our BUY and DKK1,100 target price.
>Conclusion: Revenue in line but no beat, nothing new lower take rate more TPV - In 1Q24 the net revenue growth of +21% was in line with our expectations and company guidance. The market was hoping for a beat, which was not the case. The revenue growth was driven by a higher total processed volume growth offset by a lower take rate (nothing new). We believe that a lower take rate improves the moat of this business making it better able to win from competitors. The Q1...
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
Adyen reported a step down in growth from 26% in Q4/H2 23 to 21% y/y in Q1. This is in-line with Adyen’s steer to be at the lower-end of the mid-term guide in the near-term - and just 0.7% off consensus exps (VA) – but the optics haven’t impressed the market. Q2 should enjoy the best comps (following the revenue profit warning last year) as performance moves toward FY expectations of 24% growth.
>Conclusion: Revenue in line but no beat, better cost, lower price & more volume - In 1Q24 the net revenue growth of +21% was in line with out and market consensus, but there was no beat which the market often would appreciate. Further in Q1 Adyen had less FTE than expected indicating a better cost control. Further we see luckily see that Adyen is willing to accept a lower price which is offset by getting more volume/TPV also influenced by getting a larger part of it...
Adyen reported robust net revenue growth in Q1 2024 at +21% Y/Y, bang in line with market expectations. The unchanged guidance (low-to-high twenties' growth / >50% EBITDA margin in FY2026e) and macroeconomic environment do not call for an upward estimates revision: we stick to our +22% growth fo
• Despite higher than expected processed volumes, Q1-24 sales were a few million below our and consensus estimates. • This implies that the take rate was lower than anticipated, which was primarily because it expanded mostly at large-volume customers. • We will fine-tune our estimates. TP and neutral stance reiterated.
As part of our accelerated efforts in Payments, our latest Deep Dive focuses on Interchange and the implications for Adyen and peers. The current narrative suggests it's not relevant for future profitability. We would refute this simplification: there are risks and opportunities for Adyen.
A director at Pumyang Construction bought 21,000 shares at 1,419.143KRW 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 yea...
We held a panel discussion last week focused on omnichannel commerce (what Adyen refers to as “Unified Commerce”) both from a merchant (former Nordstrom) and payments service provider perspective (Braintree PayPal). The dialogue explored the competitive landscape for payments solution providers targeting retailers like Nordstrom, considering metrics tracking and emerging trends such as loyalty programs and embedded finance offerings. Innovation was emphasized, with companies like Adyen leading i...
China’s ICL market sees deepening reform of medical services pricing and heightened regulation amid the anti-corruption campaign. We expect these policies to slow ICL players’ 2024 revenue growth, but will gradually accelerate market consolidation and benefit leading players that operate compliantly. Leading players like Kingmed’s and Dian’s significant scale effects and improving service/product mix will also help offset margin pressure. Maintain MARKET WEIGHT.
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