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]

13 August 2024 | 2:44PM PDT NCR Atleos (NATL): 20 First Take: Revenue, margins and EPS at or above consensus, with ATMaaS strategy continuing to advance We expect investors to have a neutral-to-positive reaction to NCR Atleos' 2Q 2024 earnings release, its second as a standalone public entity, with EBITDA margins and EPS surpassing consensus expectations, revenue coming in line with the Street and the full-year quide reaffirmed for these metrics. Revenue increased 4% y/y and recurring revenue grew 9%, while ...

13 August 2024 | 7:21AM EDT Natura (NTCO3.SA): First Take: 2024 shows progress in Latam, but Avon Intl and cash generation visibility still limited Natura&Co reported 2024 results that continued to come with robust growth of the Natura brand in Brazil, and with maturation of the Wave 2 process driving better rep productivity across geographies. The combination of this drove reported sales to beat GSe and BBG consensus topline expectations by +9%. This beat was mitigated at the EBITDA level by slightly lower ...

13 August 2024 | 5:05PM EDT Mosaic Co. (MOS): Management meeting highlights Phosphate market optimism and cost initiatives; Buy We hosted a virtual meeting with MOS management today (8/13), including CEO Bruce Bodine, CFO Clint Freeland, and EVP of Commercial Jenny Wang, Overall, we come away encouraged by management's optimism on Phosphate (P) markets and internal production/cost initiatives as we head into the 2H. The discussion focused primarily on MOS' P operations, where management emphasized tight glo ...

14 August 2024 | 7:11AM HKT Melco Resorts & Entertainment Ltd. (MLCO) Buy 2024 results inline: Margin slips on higher costs after stepping up reinvestment; EBITDA to trend more inline with GGR ahead; Buy MLCO 12m Price Target: $9.70 Price: $5, 17 Upside: 87.6% Asia Leisure ights into Casinos, Airlines, Duty Free Hainan, Hotels, OTA & the Rise of Leisure Simon Cheung, CFA +852-2978-6102 | simon.cheung@gs.com Goldman Sachs (Asia) L.L.C. Alpha Wang +852-2978-1984 | alpha.wang@gs.com Goldman Sachs (Asia) L.L.C. ...

报告行业投资评级 - 报告给予Mercury Systems Inc.公司"Sell"评级,12个月目标价为$21,较当前股价下跌38.2% [14] 报告的核心观点 - Mercury Systems公司2024财年第四季度收入、EBITDA和自由现金流超出市场预期,但全年业绩仍低于原先预期 [2] - 公司2025财年预计收入持平,调整后EBITDA利润率将达到低个位数,未来将逐步实现收入高于行业增长、调整后EBITDA利润率达到低至中20%的目标 [2][7] 分组1 - 2024财年第四季度调整后每股收益为$0.23,超出市场预期$0.08 [7][13] - 2024财年第四季度收入为$249百万,高于预期$243百万 [10][11] - 2024财年第四季度调整后EBITDA利润率为12.5%,高于预期8.0% [10][11] 分组2 - 公司未来一年内将处于转型期,收入和利润率将保持相对平稳 [2] - 公司长期目标是实现收入高于行业增长、调整后EBITDA利润率达到低至中20%的水平 [2][7] - 分析师给予公司12个月目标价$21,较当前股价下跌38.2%,维持"Sell"评级 [14]

13 August 2024 | 2:07PM EDT Midday Market Intelligence: disinflation-nation US stocks are trading higher on Tuesday as investors digest a softer-than-expected July PPI report ahead of tomorrow's CPI release. back to micro? The producer price index (PPI) increased by 0.1% in July, somewhat below expectations, with the PPI excluding food and energy remaining unchanged (vs. consensus +0.2%) and the PPI excluding food, energy, and trade services increasing 0.3% (vs. consensus +0.2%) (see "USA: Core Producer Pri ...

报告行业投资评级 - 报告对CSN和CSN Mineracao的评级为Sell [18][20] 报告的核心观点 - CSN的钢铁业务EBITDA超预期33%,主要由于成本和产品组合改善 [7] - CSN Mineracao的EBITDA与预期基本一致,但高于共识8%,销量超预期3%,单位成本低于预期15% [12] - 但CSN Mineracao的资本支出再次大幅低于预期,可能会对未来产量和质量产生下行风险 [12] - CSN的杠杆比率上升至3.4倍,主要由于钢铁业务资本支出增加、自由现金流为负以及汇率贬值 [4] 行业分类总结 钢铁业务 - CSN的钢铁业务EBITDA超预期33%,主要由于成本和产品组合改善 [7] - 巴西钢铁需求保持韧性,价格有所改善,预计钢铁业务收益将改善 [2] 铁矿石业务 - CSN Mineracao的销量超预期3%,单位成本低于预期15%,但资本支出再次大幅低于预期 [12] - 资本支出低于预期可能会对未来产量和质量产生下行风险 [12] - CSN Mineracao宣布再次签订6.5万吨铁矿石的预付款协议 [5] 其他 - CSN的杠杆比率上升至3.4倍,主要由于钢铁业务资本支出增加、自由现金流为负以及汇率贬值 [4]

13 August 2024 | 8:37AM EDT Market Intelligence: US Morning Update Click "here" to listen to the US Morning Call. Stocks in Asia traded higher Tuesday, led by Japan's Nikkei 225 (+3.5%) as it resumed trading after a long weekend. Mainland China's markets also ended higher, despite weak loan in demand in 2Q (see: "China: PBOC Q2 Surveys: Weaker loan demand; more willingness to spend on travel; muted house price expectations"). Australia's ASX also eked out a minor gain on the back of rebounding business surv ...

报告行业投资评级 - 报告给予Carlsberg公司"Buy"评级 [13][14] 报告的核心观点 - 2024年上半年Carlsberg公司有机EBIT增长4.6%,符合市场预期 [1] - 公司毛利率提升160个基点至46.3%,使得营销投入同比增长20% [1] - 中东欧及印度地区有机EBIT增长14.1%,亚洲地区有机EBIT增长5.3% [10][11] - 西欧地区有机EBIT增长1%,受不利天气影响销量下降1.7% [10] - 公司上调2024年有机EBIT增长指引至4%-6%,此前为1%-5% [2] 分部业务表现总结 西欧(占2023财年销售51%) - 2季度有机销量下降3%,受6月天气不佳影响 [10] - 收入/hl上涨2%,但营销成本上升抵消了收入增长 [10] - 北欧和法国表现疲弱,英国和波兰表现较好 [10] 亚洲(占2023财年销售32%) - 2季度有机收入增长4.7%,有机EBIT增长5.3% [11] - 中国高端产品表现良好,但南方天气不佳和消费疲软拖累 [11] - 越南和老挝表现较好 [11] 中东欧及印度(占2023财年销售18%) - 2季度有机销量增长6%,有机收入增长9.8%,有机EBIT增长14.1% [12] - 乌克兰和东南欧市场表现出色,高端产品增长强劲 [12] - 印度上半年销量小幅增长,受选举和天气影响 [12]