13 August 2024 | 5:11PM BST Sell 2131d4eaf4cb4d50b1d51c8af07b64b4 Pandora (PNDORA.CO) Post 2Q24: Top-line strength continues, forward setup incrementally more difficult; Sell on valuation PNDORA.CO 12m Price Target: Dkr1,060.00 Price: Dkr1,041.00 Upside: 1.8% Pandora reported 2Q24 results (August 12), with solid 2Q organic top-line growth (+15%, vs. Visible Alpha Consensus Data at +12%), and recent LFL trading driving a +1.5% FY24 organic revenue guidance upgrade at the midpoint (+9-12% organic, vs. +8-10% ...

13 August 2024 | 9:59PM BRT 2131d4eaf4cb4d50b1d51c8af07b64b4 Rede D'Or (RDOR3.SA): 2Q24 First Take: Solid operational KPIs across the board; Reiterate Buy RDOR's 2Q24 consolidated EBITDA grew 28% YoY and was in line with GSe; solid KPIs in hospital and insurance divisions. While consolidated operational performance was in line with our expectation, we note some positive KPIs in the result that we read as positive. We highlight: 1) compelling hospital EBITDA margin expansion of 1.0 pp YoY even with a 2% decl ...

报告行业投资评级 - 报告给予Pro Medicus Ltd.(PME.AX)公司"Buy"评级 [8][9] 报告的核心观点 - PME是一家云原生的放射影像存储和通信系统(PACS)软件运营商,主要业务在美国、澳大利亚和欧洲 [8] - PME的Visage 7软件是行业领先的解决方案,具有速度和云功能两大优势,影响了客户选择PACS供应商的决定 [8] - PME正在向AI和心脏病学等相邻解决方案拓展,这可能带来重大上行空间,因为PME是放射学领域的技术领导者,并且有望在这两个市场获得份额 [8] - PME预计未来将获得更多大型和高知名度的合同,并从这些新客户带来的交易量大幅增加中获益 [2] - PME认为其EBIT利润率是可持续的,未来不会有重大偏离 [2] 财务数据总结 - PME报告了FY24财年销售收入/EBITDA/净利润同比增长29%/31%/37%至A$162百万/A$120百万/A$83百万,分别超出高盛预测1%/1%/5% [1] - EBITDA超出Visible Alpha共识预测2% [1] - PME预计未来交易量将大幅增加,EBIT利润率将从FY24的69.1%扩大79个基点至FY25的69.9% [2]

13 August 2024 | 6:18PM JST 2131d4eaf4cb4d50b1d51c8af07b64b4 Rakus Co. (3923.T) Buy Earnings Review: 1Q profits above expectations; cloud sales momentum improving; Buy 3923.T 12m Price Target: ¥2,900 Price: ¥1,912 Upside: 51.7% Norihiro Miyazaki +81(3)4587-9842 | norihiro.miyazaki@gs.com Goldman Sachs Japan Co., Ltd. Ryohei Kurita +81(3)4587-1799 | ryohei.kurita@gs.com Goldman Sachs Japan Co., Ltd. Rakus's 1Q3/25 operating profits of ¥2.3 bn, reported after the August 13 close, were slightly above our estim ...

报告行业投资评级 - 报告给予Orora Ltd.(ORA.AX)股票"Buy"评级 [11] 报告的核心观点 - Orora Ltd.的2024财年EBIT(不含Saverglass)为3.23亿澳元,超过公司指引范围3.07-3.17亿澳元,高于高盛和Visible Alpha共识预测5%/6% [1] - Orora Ltd.北美业务收入为29.81亿澳元,略高于高盛预测约2%,EBIT为1.67亿澳元,高于预测5% [2] - Orora Ltd.澳大利亚和新西兰业务收入为10.11亿澳元,略低于预测2%,EBIT为1.56亿澳元,高于预测3%/2% [3] - Saverglass业务2024财年EBITDA(不含AASB16)为8500万欧元,处于8400-8800万欧元指引区间下限,受2H产量下降11%拖累 [4] 业务展望 - Orora Ltd.预计OPS业务2H2024的EBIT水平将与当前基本持平 [5] - Orora Ltd.预计澳大利亚和新西兰业务EBIT将略有下降,低于高盛预测的5% [6] - Orora Ltd.预计将在2025年初结束去库存周期,2025财年EBITDA将达1.45亿欧元 [7] - Orora Ltd.正在就潜在出售OPS业务进行讨论 [10]

13 August 2024 | 7:59PM BRT 2131d4eaf4cb4d50b1d51c8af07b64b4 Oncoclinicas (ONCO3.SA): 2Q24 first take: High organic cash consumption on still-pressured receivables ONCO's EBITDA was virtually in line with our expectation, but financial results and minority interest were weaker than expected; recurring cash consumption was worse than expected on receivables pressure. We note that reported net income for controlling shareholders of BRL 3mn missed GSe of BRL 60mn for the abovementioned reasons below EBITDA, wh ...

报告行业投资评级 ON Holding (ONON)的评级为Buy [16] 报告的核心观点 1) ON Holding在2Q24实现了强劲的业绩表现,净销售额增长27.8%,毛利率达59.9% [3] 2) 各地区销售表现良好,EMEA、美洲和亚太地区分别实现了22.2%、25.8%和84.7%的同比增长 [4] 3) 公司维持了2024财年30%以上的同比销售增长目标,毛利率预计维持在60%左右,调整后EBITDA利润率预计在16%-16.5%之间 [5] 4) 分析师预计2024-2025财年公司的同比销售增长将达到30%/26.1%,毛利率和调整后EBITDA利润率也将保持稳定 [6] 5) 分析师将公司12个月目标价上调至50美元,对应2026年26倍EV/EBITDA估值水平 [7] 分组1 - 公司在DTC渠道的销售增长放缓至30%左右,主要受到美国短期供应链制约的影响 [2][3] - 分析师预计未来公司DTC销售占比将从2024年的40%提升至2031年的51%,同时毛利率也将提升至63% [29][30][31] 分组2 - 公司长期目标是实现63%的毛利率和18%的EBIT利润率,与同行业公司相比具有较高的盈利能力 [33][34] - 分析师预计公司未来几年的EBITDA增长率和估值水平均优于同行业公司 [41][42]

13 August 2024 | 10:54AM BST 2131d4eaf4cb4d50b1d51c8af07b64b4 ON Holding (ONON): First Take: 2Q24 adj. EBITDA +5% beat; FY24 guidance reiterated News: On Holding reported 2Q24 adj. EBITDA of CHF 90.8mn, +5.3% above FactSet consensus of CHF 86.2mn, driven by net sales of CHF 567.7mn, +27.8% yoy and +29.4% cFX (consensus CHF 562mn, +26% yoy and Visible Alpha Consensus Data +30.1% cFX). Group gross margin came in at 59.9%, +40bps yoy (FactSet consensus +60bps yoy to 60.1%), with adj. EBITDA margins of 16% (con ...

13 August 2024 | 6:57PM HKT Ocumension (1477.HK): Earnings Review: 1H in-line with narrower loss; Alcon partnership opportunity in dry eye; Buy 1H product sales in-line; narrower loss with lower spending: 1H revenue of Rmb168mn (+62% y/y, or +18% h/h, vs. GSe of Rmb170mn) was mostly in line with lower product sales of Rmb150mn (vs. GSe of Rmb169mn) given the slower ramp-up of Yutiq due to supply constraints (see our Corporate Day note), which in our view may have contributed to a decreased GPM of 59.2% (vs. ...

报告行业投资评级 报告给予Nu Holdings (NU)股票"买入"评级,12个月目标价为17美元,较当前价格有33.8%的上行空间。[16] 报告的核心观点 1) 2024年第二季度,Nu Holdings的净利润为4.87亿美元,同比增长117%,超出分析师预期15%。经常性净利润也增长27%,超出预期16%。[1] 2) 贷款组合虽然受汇率波动影响出现下降,但在汇率中性基础上仍保持8%的健康增长。净息差和风险调整后净息差也继续扩大。[2] 3) 贷款损失拨备低于预期,主要是由于逾期贷款率下降所致。资产质量改善有利于未来的贷款增长。[3] 4) 墨西哥和哥伦比亚业务快速发展,存款分别增至33亿美元和2亿美元。但巴西存款略有下降。[10] 5) 费用方面,营业费用增长5%,略高于预期,但效率指标仍有所改善。客户数量增加520万,达到1.045亿。[11] 分部总结 财务表现 1) 2024年第二季度,Nu Holdings的净利润为4.87亿美元,同比增长117%,超出分析师预期15%。经常性净利润也增长27%,超出预期16%。[1] 2) 贷款组合虽然受汇率波动影响出现下降,但在汇率中性基础上仍保持8%的健康增长。净息差和风险调整后净息差也继续扩大。[2] 3) 贷款损失拨备低于预期,主要是由于逾期贷款率下降所致。资产质量改善有利于未来的贷款增长。[3] 业务发展 4) 墨西哥和哥伦比亚业务快速发展,存款分别增至33亿美元和2亿美元。但巴西存款略有下降。[10] 5) 费用方面,营业费用增长5%,略高于预期,但效率指标仍有所改善。客户数量增加520万,达到1.045亿。[11]