During the Labour Day holiday, tourism and catering continued to record strong performances, while DF per capita spending showed a downward trend. We reiterate our key theses for the consumer sector, highlighting companies with: a) overseas expansion or turnaround prospects, b) upside potential of improving operating efficiency, or c) near-term catalysts. We keep Anta, CR Beer, CTGDF, Haidilao, Haier, Midea and Shenzhou as our most preferred stocks, but remove Galaxy from the stock picks. Mainta...
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.
Pan American Silver (PAAS) has announced a sale of the La Arena and La Arena II projects to Zijin Mining for US$245m in cash, US$50m in a contingent payment and a 1.5% NSR gold royalty. La Arena II is a copper and gold sulphide deposit that sits underneath the currently producing La Arena gold project. We view the transaction as positive for PAAS, given La Arena’s very short mine life, significant capex required to bring La Arena II into production and the fact that copper is not PAAS’s core com...
Apr 24 GGR was in line with our estimate but 2% above consensus forecast. While we expect a GGR surge in the coming May Golden Week, we see margin pressures for companies under our coverage in the coming quarters, given higher marketing expenses and labour costs rising from the intensifying industry competition, and potential market share losses from the ongoing facility upgrades. Downgrade the sector to MARKET WEIGHT.
KEY HIGHLIGHTS Strategy Alpha Picks: May 24 Portfolio: More bullish on 2H24 outlook; May 24 provides opportunity to BUY. Cut losses on EA and add TU. Results Home Product Center (HMPRO TB/BUY/Bt10.40/Target: Bt15.70): 1Q24: Earnings to gradually improve. Update Major Cineplex (MAJOR TB/BUY/Bt14.70/Target: Bt18.00): 1Q24 results preview: Expect yoy surge but qoq plunge.
HMPRO reported 1Q24 earnings of Bt1.7b, up 6.3% yoy and 2.1% qoq, in line with our and market estimates, driven by higher sales and gross margin. We foresee upcoming positive factors on HMPRO following the 2024 fiscal budget approval and rising steel prices. We expect HMPRO’s earnings to grow 6.6% yoy. We are still positive on HMPRO’s high ROE and dividend yield. Maintain BUY. Target price: Bt15.70.
GREATER CHINA Sector Macau Gaming Apr 24 GGR down 5% mom; downgrade to MARKET WEIGHT. Results China Construction Bank (939 HK/BUY/HK$5.10/Target: HK$6.00) 1Q24: Results in line with better NIM performance. LONGi Green Energy Technology (601012 CH/SELL/Rmb18.20/Target: Rmb14.38) 2023/1Q24: Below expectations; inventory write-down wipes out earnings. Downgrade to SELL. PICC Property and Casualty (2328 HK/BUY/HK$9.71/Target: HK$11.70) 1Q24: Earnings miss on higher COR and lower investment income...
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.
>GMV up 8% and revenue up 21% - Last week Delivery Hero reported top-line numbers for Q1 2024. GMV increased 8% y-o-y on healthy order growth while segment revenue rose 21% (both excluding FX) driven by AdTech revenues, service and subscription fees, higher commission from own delivery as well as increasing Dmarts contribution. The revenue growth was broad-based with all regions contributing. Fastest growing segments were MENA (+29%), Integrated Verticals (+27%) and E...
EQS-News: Delivery Hero SE / Key word(s): Personnel Delivery Hero announces nominees for election to the Supervisory Board at Annual General Meeting 29.04.2024 / 08:20 CET/CEST The issuer is solely responsible for the content of this announcement. Delivery Hero announces nominees for election to the Supervisory Board at Annual General Meeting Berlin, 29 April 2024 – Delivery Hero SE (“Delivery Hero” or the “Company”), the world’s leading local delivery platform, today announced that the Supervisory Board’s Nomination Committee, following a thorough evaluation of the S...
EQS-News: Delivery Hero SE / Schlagwort(e): Personalie Delivery Hero gibt Kandidaten zur Wahl in den Aufsichtsrat auf Hauptversammlung bekannt 29.04.2024 / 08:20 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Delivery Hero gibt Kandidaten zur Wahl in den Aufsichtsrat auf Hauptversammlung bekannt Berlin, 29. April 2024 - Delivery Hero SE („Delivery Hero“ oder die „Gesellschaft“), die weltweit führende lokale Lieferplattform, hat heute bekannt gegeben, dass der Nominierungsausschuss des Aufsichtsrats im Anschluss an eine umfasse...
The Q1 results were largely in line with our expectations, and the long-lasting market headwind finally turned into a tailwind, enabling paper shipments to rise 20% QOQ. However, while we expect market conditions to remain fairly healthy in 2024 and beyond, Metsa Board looks unlikely to reap the benefits due to interruptions at the Kemi flagship mill during Q2. With favourable business exposure to packing and pulp, we reiterate our HOLD and EUR7.70 target price.
Atos: weak Q1 2024 results, need for fresh funds has already increasedVerisure launches a new term loan; new bonds to followVerallia: Q1 2024 logically weak but the recovery in demand is confirmedAngloAmerican Plc: Takeover offer from BHP Group for the entire share capital>...
Atos : faibles résultats au T1 2024, les besoins de nouveaux fonds a augmentéVerisure lance un nouveau term loan ; des nouvelles obligations suivrontVerallia : T1 2024 logiquement faible mais la reprise de la demande se confirmeAngloAmerican PLC : Offre de rachat sur la totalité du capital par BHP>...
EQS-News: Delivery Hero SE / Key word(s): Quarter Results/Annual Results Delivery Hero reports strong Q1 results, builds on strategy for profitable growth and cash generation 25.04.2024 / 07:29 CET/CEST The issuer is solely responsible for the content of this announcement. Quarterly Statement Q1 2024 Delivery Hero reports strong Q1 results, builds on strategy for profitable growth and cash generation GMV growth of 8% YoY1 and Revenue growth of 21% YoY1. Revenue outlook raised to 18-21% YoY1 in FY2024 (previously 15-17% YoY1) Gross Profit margin expanded by +60bps YoY...
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