Growth momentum remains solid, and the publication of Q1 sales bodes well for the future (12.5% organic growth, including 27% for Aerospace). Margins are set to pick up in 2024 (by an estimated 110bp), with the underlying operating profit expected to jump 33%. With good visibility for Aerospace, medium-term potential for Automotive and profitable growth for Medical, we estimate the potential for margin improvement at no less than 500bp in the medium term. We are raising our underlying...
La dynamique de croissance reste solide et la publication du CA T1 est de bon augure (croissance organique de 12.5% dont 27% pour l’Aerospace). 2024 devrait voir un redressement des marges (+110 pb estimés) pour un ROC attendu en hausse de 33%. A l’appui d’une bonne visibilité pour l’aéronautique, d’un potentiel MT pour l’automobile et d’une croissance profitable pour le Médical, nous estimons le potentiel d’amélioration des marges à au moins 500 pb à MT. Nous relevons nos estimations...
>Volume recovery continues with a strong April, heading to seasonally strongest Q3, FUCHS on track for € 448m vs € 430m guidance - Our roadshow with the CFO of FUCHS was reassuring, confirming that flat reported Q1 2024 y-o-y volumes were primarily linked to the timing of Easter with April showing 'much stronger' growth including a catch-up in Europe. Volume recovery trends in China continued with the CFO indicating m-o-m growth YTD. The typical Q3-peak seasonal effec...
China’s PV retail sales volume grew 5% yoy and 18% wow in the week ending 12 May 24 on delayed booking of sales registered during the Labour Day holiday. PEVs’ market share rebounded to 45% during the week, due to government subsidies and price cuts. The US raised tariffs on Chinese EVs and lithium-ion EV batteries, but we see limited impact. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Tuopu and Yadea. Top SELLs: Li Auto and XPeng. Downgrade GWM from BUY to HOLD on valuation.
China’s PV retail sales volume dipped 2.5% yoy in April, and dropped 21% yoy in the first week of May due to the Labour Day holidays. PEV’s market share topped a record 44.5% in April but pulled back to 40% in the first week of May. The EU may release a proposal for extra tariffs on Chinese EVs on 5 Jun 24. CATL’s EV battery usage grew 31.8% yoy in 1Q24, implying a steady market share of 38%. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Tuopu and Yadea. Top SELLs: Li Auto and XPeng.
Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...
Founded in 1959, Leifheit AG is one of the leading European brand suppliers of household items. The group divides its operating business into the household, wellbeing and private label segments. In view of its growing turnover (CAGR of +2.8% for 2023 to 2026e) and EBIT margins (+290bp to 5.2% in 2026e vs 2023), as well as its solid financial profile (equity ratio of about 50%, average net cash position of c. € 40m for 2024e to 2026e, average positive FCF of c. € 11m for 2024e to 2026e...
>Upward revision to revenue and EBITDA for FY 2023-24 (16 months) - 2CRSi yesterday evening issued a press release announcing an increase in its financial targets for FY 2023-24 to end-June 2024 (16 months). Whereas at the announcement of the capital increase (12 March 2024) the company had guided to FY 2023-24 revenue of € 150m with an EBITDA margin above 3%, it announced yesterday evening that it was raising its guidance for the financial year to revenue of € 190m w...
>Révision à la hausse du CA et de l’EBITDA pour l’exercice 2023-204 (16 mois) - Hier soir 2CRSi a publié un communiqué pour annoncer une révision à la hausse de ses objectifs financiers pour l’exercice 2023-2024 se terminant à fin juin 2024 (16 mois). Alors que la société guidait lors de l’annonce de l’augmentation de capital (12 mars 2024) sur un CA 2023-2024 de 150 M€ avec une marge d’EBITDA supérieure à 3%, elle relève sa guidance pour ce même exercice à 190 M€ ave...
GREATER CHINA Strategy Alpha Picks: May Conviction Call: Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. INDONESIA Strategy Alpha Picks: Slight Outperformance In A Bear Market: Our picks are BSDE, TLKM, ACES, BBTN, CMRY, SIDO, JSMR and AKRA. MALAYSIA Strategy Alpha Picks: Well-Positioned For 1Q Results Season: Our April picks again beat the KLCI. May 24 picks: GENM, Inari, Mah Sing, MrDIY, MYEG, Press Meta...
GREATER CHINA Strategy Alpha Picks: May Conviction Call Adding CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou, and Tencent to our BUY list, closing out SELL calls. Small-Mid Cap Monthly Reiterate BUY on Crystal International. Sector Automobile Weekly: EV sales pick up; take...
China’s EV sales picked up strongly last week. Except for Li Auto, most EV companies in China witnessed buoyant sales growth during the week. Tesla saw the fastest wow sales growth due to price cuts, while Aito posted the sharpest wow sales growth, given the ramp-up of the new M9 deliveries. This week, we also have our takeaways from Beijing Auto Show. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Tuopu and Yadea. Top SELLs: Li Auto and XPeng. Remove BYD from the top SELL list.
The HSI and MSCI China rose 7.4% and 6.4% mom respectively in April, lifted by news of a stock connect scheme expansion and further easing of restrictions on property purchases in China. With the July Politburo likely to see further supportive policy rollout, we are adding beneficiaries of improving domestic consumption − CR Beer, Crystal, Geely, Haier, Kuaishou, Ningbo Tuopu, Pinduoduo, Shenzhou and Tencent − to our BUY list, and closing out our SELL calls.
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
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