NetEase delivered solid 2Q22 results with defensive earnings growth in the challenging macro environment. Revenue increased 12.8% yoy to Rmb23.2b, in line with consensus estimate. Gross margin grew 1.4ppt yoy to 55.9%, 2.4ppt above the street’s estimate driven by the 8.9ppt yoy improvement from the cloud music segment. Non-GAAP net profit came in at Rmb5.4b, up 5.7% yoy, and non-GAAP net margin expanded 3ppt yoy to 23%. Maintain BUY with a slightly higher target price of HK$215.00 (US$127.00).
KEY HIGHLIGHTS Economics Economic Activity Weaker July growth, but silver lining in retail sales data. Sector Property Waiting for the dawn. Results China Resources Cement (1313 HK/BUY/HK$4.77/Target: HK$5.30) 1H22: Below expectations; gross margin narrowed by 10.6ppt. Li Auto (2015 HK/BUY/HK$124.70/Target: HK$233.00) 2Q22: Revenue and gross margin beat estimates, but bottom line and FCF miss on higher R&D expenses. Maintain BUY. Cut target price to HK$233.00. Weimob (2013 HK/SELL/HK$4.26/T...
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....
Two Directors at 88 Energy Ltd bought 81,899,920 shares at 0.000AUD. The significance rating of the trade was 82/100. 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 clea...
Summary 88 Energy Ltd (88 Energy), formerly Tangiers Petroleum Ltd, is an oil and gas company that develops and explores crude oil and natural gas reserves. The company has oil and gas assets in Morocco and Australia. Its Morocco properties include the Tarfaya Offshore Block that comprises various permits on the Atlantic Margin. 88 Energy holds interests in Project Icewine which is located onshore on the North Slope of Alaska, the US. The company partners with other oil and gas companies for it...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
88 Energy (88E) has announced that it has successfully contracted a rig to drill its fully funded Icewine #1 well in Alaska. The well is scheduled to spud in October 2015 and targets the potentially liquids-rich, unconventional shale play, HRZ. The three shale layers present at HRZ have been independently assessed by DeGoyler and MacNaughton (D&M) as containing 446mmbbls of prospective resource potential. Due to state rebates in place in Alaska, the group can obtain a rebate for 85% of the cost ...
Amid growing industry activity in Alaska, 88 Energy has announced a clearly defined exploration programme for its core North Slope project, Icewine. In three phases to be completed by mid-2016, the group aims to drill two wells and undertake a significant 3D seismic survey to test the potentially liquids-rich shale horizon, ‘HRZ’. We believe the company is able to meet the capital commitments of this programme (significantly reduced due to Alaskan exploration rebates) from a mixture of bank ...
Repsol and Armstrong have just released very encouraging results from their winter drilling programme onshore the North Slope of Alaska. Two wells in the Nanushuk tested at rates of 2.2mb/d (vertical well) and 4.6mb/d (horizontal well) and point to commercial discoveries. These results bode well for 88 Energy's acreage position (formal award of acreage is pending) and should ignite further interest in the relatively underexplored potential of the onshore, which benefits from an attractive fiscal...
The successful bid for acreage onshore Alaska (Project Icewine) marks a new chapter for Tangiers Petroleum and a major switch in strategy. Despite the known presence of high-quality source rocks, the North Slope of Alaska is relatively underexplored. Following significant preparatory work by its partner, Tangiers is hoping to explore for potential in shales and in conventional traps (where wells by neighbours in nearby acreage have been successful). The play is in its very early stages, though p...
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