报告行业投资评级 - 报告给予Samsung Electro-Mechanics (SEMCO)公司"Buy"评级 [12][14] 报告的核心观点 - SEMCO的MLCC业务有望继续保持良好的利润增长势头,各业务分部的产品组合也在向汽车/服务器/AI等领域改善,有利于公司中长期保持稳定增长 [14] - MLCC行业供给增加强于预期和智能手机需求疲弱是SEMCO的主要风险 [13][14] 行业MLCC业务分析 1. MLCC收入表现 - Murata、Taiyo Yuden等MLCC同行CY2Q收入均呈现同比增长,主要受益于AI服务器需求强劲、PC需求回暖以及美国客户智能手机需求旺季 [2][7] - SEMCO CY2Q MLCC收入同比增长16%,IT、工业(包括服务器)和汽车应用均实现环比增长 [2] 2. MLCC产能利用率(UTR) - Murata和Taiyo Yuden的MLCC UTR均有所提升,SEMCO CY2Q MLCC UTR也由CY1Q的80%提升至中高80%区间 [3][8] - 三家公司均预计CY3Q MLCC UTR将进一步提升至85-90%左右 [3][8] 3. MLCC在AI服务器的应用 - Murata表示AI服务器使用的MLCC数量是一般服务器的5-10倍,电容量也是2-4倍 [4] - SEMCO也提到AI PC的MLCC含量可能会同比增长超过两位数 [4] [2][3][4][7][8][12][13][14]

12 August 2024 | 9:28AM GST 2131d4eaf4cb4d50b1d51c8af07b64b4 Jahez International (9526.SE): 1H24: Revenue growth slightly below GSe but new verticals weigh on margins Jahez reported 1H24 results with revenue of SR1.02bn (+22% yoy), 2% below GSe. 1H24 net income came in at SR43mn down 26% yoy, 31% below GSe. There are limited number of consensus estimates. Revenue growth of 22% yoy was driven by 30% increase in total number of orders (to 50.1mn), and higher AOV, which increased to SR61.5 from SR60.4 in 1H23. ...

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 ...