13 August 2024 | 8:31 PM SGT Asia-Pacific Portfolio Strategy: Asian equity market daily update: The MXAPJ Index was flat today. Indonesia and Philippines markets outperformed, while India and Australia markets underperformed. Within MXAPJ sectors, Info Tech and Comm Serv led while Health Care and Materials lagged. MSCI Japan rose 3.1% today. For a detailed analysis, please see Weathering summer storms, August 7, 2024. Exhibit 1: The MXAPJ index has gained 5.2% YTD after gaining 5% in 2023, particularly led ...

报告行业投资评级 - 报告给予Amotiv Ltd.(AOV.AX)公司"Buy"评级 [15] 报告的核心观点 - 公司FY24年业绩基本符合5月份的指引 [3] - 照明业务(+7.3%有机增长,+13.3%含收购)抵消了4WD业务的持续疲软 [4] - 公司现金流转换率达93%,杠杆降至1.6倍 [5] 行业分部总结 4WD & Trailering - 收入增长5%,但利润下降2% [13] - 新西兰和房车市场疲软将持续至FY25年 [7] Lighting, Power & Electrical - 收入增长13.3%,利润增长3% [13] - 澳大利亚市场增长较慢,但非澳大利亚市场增长良好 [7] Powertrain & Undercar - 收入增长6%,利润增长2% [13] - 车库业务活动水平无重大变化 [7] 展望 - 预计FY25年收入和利润将进一步增长 [8] - FY25年公司成本预计为14亿澳元,资本支出预计为25亿澳元 [8] - 公司将在10月21日的年度股东大会上提供更新 [8]

13 August 2024 | 10:10PM BRT Allos SA (ALOS3.SA): 2024 First Take:Improving Fundamentals; Income Statement Within Expectations Jorel Guilloty +55(11)3372-3522 jorel.quilloty@as.com Goldman Sachs do Brasil CTVM S.A. Our take: We expect Allos 2024 results to have a muted impact on shares. Net revenue and NOI came within expectations, while property EBITDA and FFO came slightly ahead driven by better SG&A. Fundamentals generally saw an improvement with occupancy rising 60 bps y/y to 96.3%. Occupancy cost saw a ...

13 August 2024 | 5:49AM EDT Americas Healthcare: Biotechnology: Boston Biotech Bus Tour - Day 1 takeaways We met with the management teams from LNTH, BPMC, KYMR, and RYTM during Day 1 of our Boston biotechnology bus tour. We offer our detailed takeaways below. Takeaways Lantheus Holdings (LNTH, Not Covered) We hosted Brian Markison (CEO), Paul Blanchfield (President), and Robert Marshall (CFO), as well as representatives of the company's investor relations team during our 2024 Boston Biotech Bus Tour. The c ...

13 August 2024 | 9:27AM EDT Americas Restaurants: SBUX appoints current CEO of CMG as new Chairman/CEO This morning, SBUX announced that Brian Niccol has been appointed chairman and chief executive officer, with the current CEO/chairman Laxman Narasimhan stepping down effective immediately. Mr. Niccol will join the company on September 9, with current CFO Rachel Ruggeri serving as interim CEO until then. CMG's Board of Directors has appointed Scott Boatwright, Chief Operating Officer, as Interim CEO. SBUX: ...

13 August 2024 | 7:45PM EDT Americas Energy Key learnings from earnings season that support The Future of Utilities Capex; Buy SRE, PWR The Future of Utilities Capex Explore > With second quarter earnings season now behind us, we reflect on key learnings that support The Future of Utilities Capex, our constructive view on Utilities, and our Buy rating on Quanta Services (PWR). We believe commentary from utilities continues to point to positive capital spending revisions as we look to the Fall and early 2025 ...

13 August 2024 | 11:07AM EDT Americas Agriculture: Proposed changes in LCFS Late Monday (8/12), the California Air Resources Board (CARB) proposed amendments to the Low Carbon Fuel Standard (LCFS), subject to a public hearing & vote on November 8th. This follows prior proposal amendments issued in December 2023 that had been scheduled for hearing & vote in February 2024 that was ultimately postponed. Key highlights of proposed changes 1) 9% step-down in 2025 CI reduction. CARB is proposing to modify the nea ...

报告行业投资评级 - 报告对MSCI Asia Pac ex Japan、STOXX Europe 600、S&P 500和TOPIX等主要股票指数维持中性3个月评级,但对12个月持中性偏积极的评级 [8] - 报告对美国、欧元区、英国和日本等主要国家10年期国债维持中性评级 [8] - 报告对美国投资级债券(Bloomberg Barclays US IG)维持中性评级,对美国高收益债券(Bloomberg Barclays US HY)和欧元区高收益债券(BAML EUR HY)维持中性偏低评级,对新兴市场债券(JP Morgan EMBI Div.)维持中性评级 [8][9] - 报告对大宗商品(WTI原油、布伦特原油、铜、黄金)维持中性3个月评级,12个月评级为中性偏积极 [8][9] 报告的核心观点 宏观经济 - 全球经济增长和通胀下降,美国增长强劲 [12] - 我们的经济周期指标显示全球经济处于"早期"后期周期位置 [24] - 股票在后期周期表现通常优于平常,尤其是在没有衰退的情况下 [26][27] 资产估值 - 股票和信用债券估值最近有所下降,而债券收益率有所上涨 [28][29] - 投资者情绪和头寸已从极度乐观的水平有所回落 [31][35][36] - 当前风险偏好指标处于历史较低水平,表明风险资产的上行空间大于下行风险 [39][40][41][42][43][44][45][46][49] 投资策略 - 在当前风险偏好较低的环境下,我们倾向于偏好防御性头寸和选择性跨资产对冲 [288][289][290][291] - 我们认为美联储降息周期有利于股票表现,但前提是经济增长良好 [55][59][60][61][62][63] - 我们认为增长动力正在取代货币政策成为风险偏好的主要驱动因素 [65][66][67][68][69][70] 行业分类总结 股票 - 我们维持对主要股指的中性3个月评级,但对12个月持中性偏积极评级 [8] - 在后期周期环境下,股票通常表现优于平常,尤其是在没有衰退的情况下 [26][27] - 我们认为增长动力正在取代货币政策成为风险偏好的主要驱动因素 [65][66][67][68][69][70] 债券 - 我们维持对主要国家10年期国债的中性评级 [8] - 我们对美国投资级债券维持中性评级,对美国高收益债券和欧元区高收益债券维持中性偏低评级,对新兴市场债券维持中性评级 [8][9] - 我们认为美联储降息周期有利于债券表现,但前提是经济增长良好 [55][59][60][61][62][63] 大宗商品 - 我们维持对大宗商品(原油、铜、黄金)的中性3个月评级,12个月评级为中性偏积极 [8][9] - 我们认为大宗商品在后期周期和高通胀环境下通常表现优于60/40投资组合 [116][153][154][155][156][157][158][159]

报告行业投资评级 无相关内容 报告的核心观点 1) 中国7月CPI同比上升至0.5%,主要由于食品价格上涨 [4] 2) 7月食品价格同比持平,主要食品价格上涨,其中猪肉价格同比上涨20.4%,蔬菜价格同比上涨3.3%,水果价格同比下降4.2% [5] 3) 7月非食品CPI同比上涨0.7%,核心CPI同比上涨0.4%,表明国内需求仍然疲弱 [6][12] 4) 7月PPI同比下降0.8%,上游行业PPI小幅上涨,下游行业PPI小幅下降 [12] 行业分类总结 食品价格 - 7月食品价格同比持平,主要食品价格上涨,其中猪肉价格同比上涨20.4%,蔬菜价格同比上涨3.3%,水果价格同比下降4.2% [5] 非食品价格 - 7月非食品CPI同比上涨0.7%,核心CPI同比上涨0.4%,表明国内需求仍然疲弱 [6][12] 生产者价格 - 7月PPI同比下降0.8%,上游行业PPI小幅上涨,下游行业PPI小幅下降 [12]

9 August 2024 | 2:58PM EDT Energy, Utilities & Mining Pulse: Investors Asking: How to Navigate Summer Volatility? The past two weeks have been highly volatile in the markets and across our Natural Resources coverage. As such, we ask our senior analyst team to reflect on where investors are positioned and general sentiment in their respective sector.The team additionally highlights a stock that has underperformed their expectations where they would be more positive from here. We additionally ask the team to ...