12 August 2024 | 10:17AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 BinDawood Holding (4161.SE): 2Q24 First Take: Beat vs GSe/consensus driven by stronger-than-expected margins BinDawood Holding reported preliminary 2Q24 revenue of SR1.42bn (+0.4% yoy), c.1%/2% below GSe/Reuters consensus. Net income came in at SR75mn, up c.14% yoy, c.23%/24% above GSe/consensus. Net margin came in at 5.3%, up c.65bp yoy and c.100bp above GSe/consensus. n Revenue was up 0.4% yoy, supported by improved product mix, increased engag ...

11 August 2024 | 10:08PM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 Credicorp (BAP): Key takeaways from 2Q24 conference call - Lower 2024 loan growth guidance 2024 ROE guidance of ~17% reaffirmed Management hosted its conference call post 2Q24 results and provided updated 2024 guidance. Credicorp revised 2024 loan growth guidance down to 1-3%, from 3-5%, given weaker loan growth in 1H24 and increased caution on asset quality. Indeed, the company now expects the upper range of its cost of risk guidance, largely du ...

12 August 2024 | 11:21AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 Roman Reshetnev +971(4)376-3423 | roman.reshetnev@gs.com Goldman Sachs International James Tate +44(20)7774-3705 | james.tate@gs.com Goldman Sachs International Stefani Spasenoska +44(20)7774-6569 | stefani.spasenoska@gs.com Goldman Sachs International Stroeer: 2Q24 results review: Strong OOH performance largely offset by ASAM Beauty weakness; PT unchanged Stroeer delivered solid 2Q24 results, with group revenues broadly in line with expectations ...

报告行业投资评级 - 根据原材料成本趋势,预计大多数主要消费品企业在2024年将继续受益于成本下行压力 [4] 报告的核心观点 行业成本指数变化 - 7月份,豆制品/奶制品/啤酒等行业成本指数呈下降趋势,肉类/胡椒等则出现环比上涨 [5][6][7] - 7月环比下降的行业包括奶制品、酱油、饮料和冷冻烘焙,主要受益于奶粉、生奶、大豆等原材料价格下降 [6] - 7月环比上涨的行业包括复合调味品(主要受胡椒价格上涨影响)、火锅料和冷冻面粉米制品(主要受鱼类、鸡肉和猪肉价格上涨影响) [7] 原材料成本变化 - 大豆、鸡肉、牛肉、糖蜜、大豆、生奶、玉米、葵花籽等原材料成本同比下降10-20% [4] - 胡椒、棕榈油、鱼类、鸡肉、猪肉等原材料成本环比上涨,其中胡椒成本上涨最多约12% [5] - 奶粉、黄豆、可可、奶粉、生奶等原材料成本下降3%-10% [5] 分行业总结 酱油 - 酱油行业原材料成本占比76%-81%,其中大豆占比最高 [36] - 2024年预计原材料成本下降3.1%-4.6%,毛利率有2.0%-3.1%的提升空间 [36][37] 复合调味品 - 复合调味品行业原材料成本占比89%,其中食用油、四川花椒、胡椒等占比较高 [40] - 2024年预计原材料成本下降3.7%-3.5%,毛利率有2.6%-2.2%的提升空间 [40] 食品饮料 - 食品饮料行业原材料成本占比45%-80%不等,主要包括面粉、糖、植物油、奶粉、生奶等 [2] - 2024年预计大豆、鸡肉、牛肉等主要原材料成本下降,预计毛利率将有1%-4%的提升空间 [38][39][40][41] 啤酒 - 啤酒行业原材料成本占比61%-66%,其中铝制品、浆料、玻璃瓶等占比较高 [44] - 2024年预计原材料成本下降0.6%-1.1%,毛利率有0.3%-0.7%的提升空间 [44] 宠物食品 - 宠物食品行业原材料成本占比较高,主要包括肉类、淀粉、植物油等 [49] - 2024年预计原材料成本和毛利率变化情况良好 [49] 冷冻食品 - 冷冻食品行业原材料成本占比42%-89%不等,主要包括鱼类、肉类、淀粉、植物油等 [46][47] - 2024年预计原材料成本和毛利率变化情况良好 [46][47]

报告行业投资评级 - 报告对Mindray给予买入评级,对United Imaging给予中性评级 [51][52] 报告的核心观点 - 中国医疗设备采购市场整体呈现逐步改善的态势,但尚未出现明显拐点 [2][7] - 预计2H24及2025年市场增长将趋于正常化,主要受益于政府反腐措施影响的逐步减弱 [7][9] - 明德生物和联影医疗的业绩表现将受到医疗设备采购政策变化的影响 [11][12] 行业数据分析 主要医疗设备采购情况 - 7月份,除CT扫描仪和患者监护仪外,其他5类设备的采购金额环比呈现正增长,涨幅分别为50%/17%/13%/9%/5% [2] - 但所有7类设备的采购金额同比仍然下降,跌幅在19%-42%之间 [7] - 患者监护仪和CT扫描仪7月采购金额环比下降3%和26% [2] 细分设备市场分析 - 磁共振成像(MRI)设备:联影医疗市场份额持续提升,2Q24达到历史高位 [12][13][14] - 计算机断层扫描(CT)设备:联影医疗市场份额也在2Q24创新高 [12][17][18] 重点公司分析 Mindray - 预计2Q24中国业务将增长8.8%,其中患者监护及生命支持业务和医学影像业务分别下降10%和20% [11] - 海外业务有望保持15%-30%的较高增速 [11] 联影医疗 - 受益于医疗设备更新政策,预计2H24业绩将有较大提升,但政策落地进度低于预期 [12] - CT和MRI设备采购市场份额持续提升,2Q24创历史新高 [12][13][18]

报告行业投资评级 Bancolombia的行业投资评级为Neutral [17] 报告的核心观点 1) Bancolombia预计2025年净利差将下降30个基点至6.5%左右,主要由于利率预计将再次下降125-150个基点 [6] 2) 但由于资产质量改善,预计2025年拨备成本将下降至2.0-2.2%,从而帮助抵消净利差下降的影响,使得ROE维持在14%左右 [6] 3) 2024年第二季度,Bancolombia的资产质量有所改善,尤其是消费贷款表现较好,但中小企业和巴拿马业务的不良贷款率仍然较高 [7] 4) Nequi数字银行业务的盈利能力取决于信贷业务的发展,预计将在2025年底或2026年初实现盈亏平衡 [9] 5) 2024年第二季度,Bancolombia在Tuya消费信贷合资公司计提了7500万美元的减值,主要由于哥伦比亚消费信贷环境恶化,但预计未来不会有进一步减值 [10] 财务数据总结 1) 2024年净收入预测上调3%,2025年上调6%,2026年上调5% [2] 2) 2024年ROE预测为14.8%,2025年为14.3%,2026年为13.5% [2] 3) 2024年净利差预测为6.7%,2025年下降至6.4%,2025年拨备成本预测为2.1% [6]

12 August 2024 | 12:01AM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 Americas Retail: Specialty Hardlines: Takeaways from IR/Management; DG vs. Family Dollar pricing; Home furnishings In this note, we discuss key takeaways from meetings with the IR/management team of COST, DRVN, EYE, MODG, TCS, and VVV. We also detail findings from our visit to DG and Family Dollar on 8/2/24 to compare prices. Additionally, we provide read-throughs to our coverage from home furnishings earnings (ARHS, ETD, and W). Takeaways from I ...

11 August 2024 | 11:06PM BRT 2131d4eaf4cb4d50b1d51c8af07b64b4 Brazil Protein: 2Q24 earnings season warm-up; Buy JBS We expect JBS and BRF to report solid earnings, as both of them leverage their exposure to buoyant global chicken markets. We reiterate our Buy-rating and relative preference for JBS, as we see higher upside risks to consensus expectations, a cheaper valuation, more limited short-term risks, and a more diversified business mix. n We see a positive asymmetry on JBS shares ahead of earnings. Our ...

11 August 2024 | 10:15PM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 B3 (B3SA3.SA): Key takeaways from 2Q24 call — diversification paying off Mitigating a challenging outlook in cash equities with other revenue streams Management discussed the main drivers of revenue growth in 2Q24. The good print in listed derivatives was supported by market volatility and price adjustments in prior periods, which can still benefit this line in coming quarters. Furthermore, BDRs, REITs and ETFs continue to gain traction (13% of t ...

12 August 2024 | 12:01AM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 Americas Retail: Specialty Hardlines: Updating our Beauty Trackers for 2Q24; Beauty read throughs In this note, we update our beauty trackers with the latest industry data and present analysis on the beauty/personal care category with additional third party data sources, including HundredX. Additionally, we discuss read throughs from earnings in the Beauty space (ELF, L'Oreal, LVMH, OLPX, and SBH), along with recent commentary from COST, CVS, and ...