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...
A director at Hermes International bought 1,220 shares at 2,298.000EUR and the significance rating of the trade was 100/100. 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...
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). - ...
>Résultats inférieurs aux attentes mais guidance confirmée - Nokian Tyres a publié des résultats T1 2024 nettement inférieurs à nos attentes et celles du consensus avec un CA seulement stable à 237 M€ (consensus 265 M€) et un EBIT ajusté de -15 M€ (consensus +4 M€, ODDO BHF -3 M€), notamment pénalisé par des facteurs externes (grèves en Finlande, impacts Mer Rouge) qui ont davantage impacté sa production que ce que nous anticipions (impact CA de ~25 M€ au T1) et qui ...
>Earnings short of estimates but guidance confirmed - Nokian Tyres reported Q1 2024 earnings far below our estimates and those of the consensus with sales merely stable at € 237m (consensus € 265m and adjusted EBIT of -€ 15m (consensus +€ 4m, ODDO BHF -€ 3m), notably penalised by external factors (strikes in Finland, disruptions in the Red Sea) which have hit the group’s production harder than we expected (sales impact of ~€ 25m in Q1), and which should continue to af...
The Q1 results were below our expectations, even after adjusting for the negatives on the group profit from the political strikes in Finland and the Red Sea conflict. On a positive note, the PCT price/mix was guided to hold up well, partly offsetting our revised lower sales expectations, while the Romanian factory appears to be ramping up on schedule. We reiterate our HOLD but have cut our target price to EUR9.0 (9.5), after lowering our 2024–2026e clean EBIT by c6% on average.
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.
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we take a closer look at TikTok's weight in the US advertising market ahead of its l
>Topic of the week: the good, the not good and the worrying - From the batch of Q1 results, one outstanding performance stands out, the one of Miu Miu that again grew in excess of 80% this quarter. Astutely combining quiet luxury with fantasy, the sister brand of Prada together with Loewe - part of LVMH F&L - are probably the franchises encapsulating the most the current zeitgeist among young luxury shoppers. It stands for only 22% of the group sales and the reaction ...
>Topic of the week: the good, the not good and the worrying - From the batch of Q1 results, one outstanding performance stands out, the one of Miu Miu that again grew in excess of 80% this quarter. Astutely combining quiet luxury with fantasy, the sister brand of Prada together with Loewe - part of LVMH F&L - are probably the franchises encapsulating the most the current zeitgeist among young luxury shoppers. It stands for only 22% of the group sales and the reaction ...
Credicorp Ltd.: Credicorp’s Earnings Release and Conference Call 1Q24 Lima, April 26, 2024 (GLOBE NEWSWIRE) -- Lima, PERU, April 26th, 2024 – Credicorp Ltd. announces to its shareholders and the market that its 1Q24 Earnings Release Report will be released on Thursday, May 9th, 2024, after market close. Credicorp’s Webcast / Conference Call to discuss such results; will be held on Friday, May 10th, 2024, at 10:30 a.m. ET (9:30 a.m. Lima, Peru time). The call will be hosted by: Gianfranco Ferrari – Chief Executive Officer, Cesar Rios - Chief Financial Officer, Francesca Raffo – Chief In...
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