Global Research and Evidence Lab 14 August 2024 First Read Serena Energia SA 2Q24 - Weak winds driving results Q: How did the results compare vs expectations? Serena reported results that were below the company's expectations given poorer wind resources. Serena also updated its 2024 guidance, now expecting a mid point guidance -5% below its guidance at the start of the year, adjusting to R$1,821mn from R$1,917mn vs. UBSe 2024 adjusted EBITDA of R$1,781mn. Serena in 1H24 has achieved 40% of the new FY guidan ...

Global Research and Evidence Lab 14 August 2024 Madrigal Pharmaceuticals Inc Rezdiffra Formulary Coverage Tracker Rezdiffra coverage substantially improves in July update (50% commercial coverage, consistent w/mgmt commentary). See inside for an overview of the data on coverage and formulary status plan by plan and how Rezdiffra coverage is changing over time. We update our proprietary monthly formulary coverage tracker for MDGL's Rezdiffra using Evidence Lab's US drug formulary monitor (access data here). ...

报告行业投资评级 报告未提供行业投资评级。 报告的核心观点 大豆 - 美国大豆产量预计将大幅增加,加上巴西产量温和增长,预计未来18个月内大豆价格将维持区间波动 [3][9][10] - 美国大豆作物状况良好,有利于产量提升 [17] - 美国即将举行的激烈总统选举可能会给大豆价格带来额外波动 [3] 玉米 - 巴西玉米2023/24作物年产量预计下降,出口量增加,导致期末库存大幅下降 [4] - 美国玉米产量预计将保持强劲,短期内将对价格构成压力 [4] 棉花 - 美国棉花产量预计大幅下降,带动期货价格上涨 [5] - 全球棉花供需预计将略有收紧 [5] 分组1: 大豆 - 美国大豆产量预计将大幅增加,加上巴西产量温和增长,预计未来18个月内大豆价格将维持区间波动 [3][9][10] - 美国大豆作物状况良好,有利于产量提升 [17] - 美国即将举行的激烈总统选举可能会给大豆价格带来额外波动 [3] 分组2: 玉米 - 巴西玉米2023/24作物年产量预计下降,出口量增加,导致期末库存大幅下降 [4] - 美国玉米产量预计将保持强劲,短期内将对价格构成压力 [4] 分组3: 棉花 - 美国棉花产量预计大幅下降,带动期货价格上涨 [5] - 全球棉花供需预计将略有收紧 [5]

Global Research and Evidence Lab 14 August 2024 First Read Performance Food Group Company What's The Initial View On 4Q'24 Results? PFGC's 4Q'24 adj EPS $1.45 vs. UBSe $1.35; cons. $1.37; Acquiring Cheney Bros Altogether, we think PFGC's 4Q results reflect its ability to take market share, despite the increasingly challenging macro backdrop. It guided in line to slightly above where we believe market expectations were for adjusted EBITDA for FY'25 (based on our conversations with investors). Still, we belie ...

报告行业投资评级 - 报告给予Brinker International Inc.的评级为Neutral [4] 报告的核心观点 - 公司第四季度销售额超预期,但利润率下滑,导致调整后每股收益低于预期 [1] - 公司2025财年收入和调整后每股收益指引低于市场预期 [1] - 尽管销售和客流量强劲,但利润率下滑令市场预期过高,需要重新调整 [2] 行业概况 - Brinker International Inc.是一家拥有Chili's Grill & Bar和Maggiano's Little Italy两大品牌的休闲餐饮公司,在美国和国际市场经营连锁餐厅 [10] 估值与风险 - 分析师给予公司12个月目标价70美元,基于预测的未来12个月EBITDA估值 [7] - 主要风险包括宏观经济因素恶化、食品安全事故、行业竞争加剧、国际扩张、成本大幅上涨等 [11]

报告行业投资评级 Cemig的投资评级为Neutral [7] 报告的核心观点 1) Cemig 2Q24 净收入(不含建筑)为81.77亿雷亚尔,同比增长3%,符合预期 [3] 2) Cemig 2Q24 调整后EBITDA为17.26亿雷亚尔,同比下降5%,低于预期11% [3] 3) Cemig 2Q24净利润为16.89亿雷亚尔,同比增长36%,主要受益于5.84亿雷亚尔的税收拨备转回 [3] 4) Cemig 2Q24配电业务用电量同比增长3%,主要受益于住宅用电量增长7%和工业用电量增长3% [4] 5) Cemig 2Q24发电业务售电量同比下降2.5% [4] 6) Cemig 2Q24综合成本和费用同比增长2%,其中人工成本增长17%,材料和第三方服务成本增长11%,但得益于拨备改善 [4] 分部总结 财务表现 - Cemig 2Q24 净收入(不含建筑)为81.77亿雷亚尔,同比增长3%,符合预期 [3] - Cemig 2Q24 调整后EBITDA为17.26亿雷亚尔,同比下降5%,低于预期11% [3] - Cemig 2Q24净利润为16.89亿雷亚尔,同比增长36%,主要受益于5.84亿雷亚尔的税收拨备转回 [3] 运营表现 - Cemig 2Q24配电业务用电量同比增长3%,主要受益于住宅用电量增长7%和工业用电量增长3% [4] - Cemig 2Q24发电业务售电量同比下降2.5% [4] - Cemig 2Q24综合成本和费用同比增长2%,其中人工成本增长17%,材料和第三方服务成本增长11%,但得益于拨备改善 [4]

报告行业投资评级 报告给予Cardinal Health Inc.的12个月评级为Buy,目标价为120美元。[6][29] 报告的核心观点 财务表现 1) 公司2025财年的每股收益预期为7.55-7.70美元,高于之前的7.50美元以上的预期,主要得益于制药业务EBIT增长1-3%,利息和其他费用下降,以及更多的股票回购。[3] 2) 第四季度制药业务EBIT利润率为0.87%,低于预期的0.90%,主要受GLP-1药品供应恢复影响了产品组合。GMPD业务EBIT为4700万美元,高于预期,但其他业务EBIT为1.11亿美元,低于预期。[4] 业务展望 1) 公司已经结束了GMPD业务的战略评估,并承诺到2026财年通过进一步简化和营运资金改善实现至少5亿美元的近期价值创造。[3] 2) 公司预计2025财年GMPD业务EBIT为1.75亿美元,维持此前的指引。[4] 其他 1) 公司将加大股票回购力度,从之前的5亿美元提升至7.5亿美元。[3]

ab 13 August 2024 Global Research and Evidence Lab Global Truck Barometer Jul-24: Navigating through a gloomy outlook Equities Global Industrial Fundamentals back in the driving seat with share price deratings across OEMs If the market was already concerned about a more weaker truck market in H2, the recent market volatility only further amplified these concerns with Truck crowding scores becoming increasingly negative/less positive in August. Across results, we heard more negative commentary over the Europ ...

ab 13 August 2024 Global Research and Evidence Lab US Daily Brief Today's Research – August 13, 2024 Equities Americas US Biotechnology Small/Mid Cap - BHVN degrader combined Ph1 update. IMVT pipeline progressing. APLT regulatory de-risking ahead. (Ashwani Verma) BHVN: degrader fulsome SAD + MAD update in 2H24. IMVT: Bato Graves detailed data next, MG Ph3 in 1Q. APLT: Significant stock upside on regulatory de-risking. US Biotechnology Small/Mid Cap - LEGN Carvykti inflection around the corner. ACLX attracti ...

ab 13 August 2024 Global Research and Evidence Lab North America Power & Utilities The Joule Jostle: Weekly Regulated Utilities Crowding Data Most Crowded Longs; Most Crowded Shorts As of 8/9/2024, the top five most crowded longs are: EXC, ES, XEL, ETR, and AES while the top five most crowded shorts are SO, EVRG, LNT, NEE, and WEC. See Figure 1. Figure 1: Most Crowded Longs, Most Crowded Shorts Current Crowding Score For Regulated Utilities -5.68 -5.52 -7.58 -9.34 -9.12 -15.00 -10.00 -5.00 0.00 5.00 10.00 1 ...