12 August 2024 | 9:49AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 Parkin Co. (PARKIN.DU): 2Q24 First Take Parkin reported 2Q24 results on August 12th pre-market open. Revenues for 2Q24 came in at AED206mn, +3%/-2% vs. GSe/Eikon consensus, up +12% yoy driven by higher revenues from public parking (+7% yoy), developer parking (+7% yoy), seasonal permits (+15% yoy) and fines (+27% yoy). EBITDA of AED134mn came ahead of our estimates and consensus, reflecting a c.65% margin for the quarter driven by revenue growth a ...

12 August 2024 | 8:29AM BST 2131d4eaf4cb4d50b1d51c8af07b64b4 GS UK Today: Encore: Sell Harbour Energy | Copper | UK Inflation & Labour Market Preview | Global Economics Encore: Sell Harbour Energy Harbour Energy – mixed results – Harbour Energy reported mixed 1H24 results with revenue at $1,916mn (in line with GSe) and EBITDAX at $1,216mn, 16% below GSe. We decrease our cash flow generation for Harbour Energy in the coming years, and remain Sell rated with our thesis being driven by: 1) Harbour has the high ...

报告行业投资评级 Halozyme Therapeutics Inc. (HALO)的评级为Neutral [47] 报告的核心观点 1) Halozyme Therapeutics Inc. (HALO)的收入和现金流主要由Enhanze授权产品的特许权使用费驱动,提供可预测和高毛利的增长 [1] 2) 存在两个潜在的上行空间:i)现有合作项目的收入表现优于预期,ii)新的合作关系 [1] 3) 在现有合作项目中,Vyvgart Hytrulo的上市表现可能超预期,有潜在20%的估值上行空间 [7] 4) 新的合作关系通常短期内贡献有限,但可能反映公司平台价值和业务模式的可持续性 [26][27] 根据报告目录分别总结 现有合作项目表现优于预期的潜在上行空间 1) Vyvgart Hytrulo的销售和转换率可能超预期,有8-19%的估值上行空间 [7][8][9][10] 2) Rybrevant的销售和转换率可能超预期,有1.2-1.9倍的估值上行空间 [13][14][15][16][17] 3) Ocrevus、Tecentriq和Opdivo的转换率可能超预期,分别有1.9-4.4倍、1.3-2.5倍和1.8-2.8倍的估值上行空间 [20][21][22][23][24][25] 新合作关系的潜在贡献 1) 新合作关系短期内贡献有限,一般只能带来2-6%的估值上行 [32] 2) 但新合作关系可反映公司平台价值和业务模式的可持续性 [26]

12 August 2024 | 1:48PM AEST 2131d4eaf4cb4d50b1d51c8af07b64b4 Helia Group (HLI.AX): 1H24 results preview — focus on claims environment and capital management; Neutral Results date Tuesday, 20 August 2024 Goldman Sachs forecasts Cash earnings: 1H24E underlying cash earnings down -25% pcp to A$102.8 mn. DPS: Interim ordinary DPS of A15¢. What we expect n Request for Proposal (RFP): On 19-Jun, HLI was advised by CBA (for a second time in three years) that it will issue an RFP relating to its Lenders Mortgage I ...

报告行业投资评级 - 报告未提供具体的行业投资评级 报告的核心观点 - 关注智利最大铜矿埃斯孔迪达矿工罢工的可能性 [2] - 赞赏Cellnex出售奥地利资产,有利于公司去杠杆和未来股东回报 [3] - 认为英国通胀和就业数据将有所改善 [5][8] - 认为全球中性利率存在国家间差异,经济收敛、通胀下降和外部平衡改善有助于利率持续下降 [9] - 预计中国央行将在三季度降准,四季度降息以支持经济增长 [10] - 认为美国就业数据疲软引发的市场波动将逐步缓解 [13] - 对日本股市保持乐观,但下调2024年底日经指数目标价 [14][15] 分部门总结 金属与矿业 - 关注智利最大铜矿埃斯孔迪达矿工罢工的可能性,可能增加该矿的单位成本 [2] 电信服务 - 赞赏Cellnex出售奥地利资产,有利于公司去杠杆和未来股东回报 [3] 宏观经济 - 认为英国通胀和就业数据将有所改善 [5][8] - 认为全球中性利率存在国家间差异,经济收敛、通胀下降和外部平衡改善有助于利率持续下降 [9] - 预计中国央行将在三季度降准,四季度降息以支持经济增长 [10] - 认为美国就业数据疲软引发的市场波动将逐步缓解 [13] 区域策略 - 对日本股市保持乐观,但下调2024年底日经指数目标价 [14][15] - 对GCC电信行业保持偏好,看好具有良好自由现金流和分红潜力的公司 [17][39]

12 August 2024 | 8:59AM CEST 2131d4eaf4cb4d50b1d51c8af07b64b4 GS Utilities Daily: 40% of Biden's IRA top manufacturing projects on hold // Ørsted partnership to develop 1GW battery storage across US Alberto Gandolfi +39(02)8022-0157 | alberto.gandolfi@gs.com Goldman Sachs Bank Europe SE - Milan branch Ajay Patel +44(20)7552-1168 | ajay.patel@gs.com Goldman Sachs International Mafalda Pombeiro +44(20)7552-9425 | mafalda.pombeiro@gs.com Goldman Sachs International Jojo Kwofie +44(20)7774-6526 | jojo.kwofie@gs ...

12 August 2024 | 7:01AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 GCC TMT 1H24 recap: we reiterate our preference for names with attractive FCF outlook and dividend upside Themes in focus for 2H24 Our conversations with investors about the GCC TMT sector remain focused on market growth prospects (consumer/B2B), margin outlook and capital allocation. On the consumer side, we continue to see growth vs. 2023 levels in Saudi/UAE supported by population growth (residents/tourists) on the back of healthy business/econ ...

11 August 2024 | 10:04PM EDT FX in Focus The Yen Carry Trade—A Roadblock to BoJ Hikes, Not Fed Cuts (Fishman/Kanter) n The recent sharp appreciation of the Yen coinciding with a spike in cross-asset volatility has heightened the focus on the "Yen carry trade" and the broader financial market implications from further unwinds. Limited data availability presents a challenge to confidently assessing "how much is left," but substantial holdings among longer-term investors leave room to run. That said, subsequen ...

12 August 2024 | 9:48AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 GCC Energy Limited upside for Saudi drillers, prefer higher visibility for ADNOC Drilling Remain Neutral-rated on Saudi drillers Into 3Q, we expect Arabian Drilling's (ADC) top line to marginally grow on a further ramp-up of unconventional rigs, partially offset by lower offshore contribution following suspensions which we see weighing slightly on margins. For ADES, we expect broadly stable top-line/EBITDA performance, partially supported by the c ...

11 August 2024 | 10:46PM EDT Sell 2131d4eaf4cb4d50b1d51c8af07b64b4 Funko Inc. (FNKO) Earnings Review: Key takes coming out of 2Q24 results FNKO 12m Price Target: $6.50 Price: $9.62 Downside: 32.4% Funko reported 2Q24 results that came in above the company's 2Q24 guidance and Visible Alpha Consensus Data expectations. Results featured a beat to Revenues ($284M vs. consensus of $231M), Adjusted EBITDA ($28M vs consensus $12M), and Adjusted Diluted EPS estimates ($0.10 vs consensus -$0.13). The beat to Revenue ...