Director, RaaS Research Group, Research as a Service (RaaS)

Research as a Service (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Connect to the right investors through smart and insightful financial models and research analysis.

Equity Bottom-Up

Ricegrowers Limited, doing business as SunRice, operates as a rice food company. The Company processes and distributes rice products such as rice blends and snacks. SunRice serves customers worldwide.

<ul><li>RaaS interviewed Ricegrowers Group CFO Dimitri Courtelis following the company's H1 FY25 results.</li><li>This is a full transcript of the interview.</li></ul>

RaaS interviewed Ricegrowers Group CFO Dimitri Courtelis following the company's H1 FY25 results.This is a full transcript of the interview.

Ricegrowers (SunRice ASX:SGLLV) Interview Transcript 23 December 2024

<ul><li>RaaS has published an update on and interview with FMCG agri-group Ricegrowers which trades as SunRice (ASX:SGLLV) following the release of its interim report last week in which it delivered RaaS-adjusted EBITDA of $67.9m (+10%) in line with our forecasts and NPAT of $31.2m (+4%), below our forecasts due to a higher than expected tax rate (28% vs our 22%).Branded sales represent ~70% of total SGLLV sales, with the benefits of new brands, brand extensions and increased ranging evident in the H1 FY25 result.</li><li>Across Rice Food, Riviana and CopRice EBITDA growth far outpaced revenue growth, with EBITDA margins for Rice Food +400bps, +330bps for CopRice and +140bps for Riviana.</li><li>SGLLV added SavourLife and Simply Delish to the portfolio over the half and can be expected to add and extend further brands in pursuit of its 2030 revenue target of $3.0b.</li></ul>

RaaS has published an update on and interview with FMCG agri-group Ricegrowers which trades as SunRice (ASX:SGLLV) following the release of its interim report last week in which it delivered RaaS-adjusted EBITDA of $67.9m (+10%) in line with our forecasts and NPAT of $31.2m (+4%), below our forecasts due to a higher than expected tax rate (28% vs our 22%).Branded sales represent ~70% of total SGLLV sales, with the benefits of new brands, brand extensions and increased ranging evident in the H1 FY25 result.Across Rice Food, Riviana and CopRice EBITDA growth far outpaced revenue growth, with EBITDA margins for Rice Food +400bps, +330bps for CopRice and +140bps for Riviana.SGLLV added SavourLife and Simply Delish to the portfolio over the half and can be expected to add and extend further brands in pursuit of its 2030 revenue target of $3.0b.

Ricegrowers Ltd - Branded focus paying off

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Delivering Global Macro Investment Insights

DeSaque Macro Research

DeSaque Macro Research Limited was formed by Said DeSaque in April 2012 with the view to delivering global macro investment insights aimed at providing new ideas to clients.

Said DeSaque has over 26 years of experience working as a professional economist in financial services. Prior to establishing DeSaque Macro Research, Said held positions as Senior Economist at Robert W Baird and William Blair. He began his career as a graduate at PaineWebber in 1986, where he eventually became Head of the London Economics Department.

Said takes a very keen interest in international relations, along with their implications for economic development. His research interests include the economic transformation of China and its implications for global capital markets, particularly in the United States. He is a member of Chatham House in London.

The US economy and capital markets have historically been Said’s main focus of attention. He frequently presents his views to institutional investors in diverse geographic locations. In recent years, Said has also been carefully monitoring economic developments in Asia, particularly China and Japan.

Macroeconomics

<ul>
<li>The Swiss and Canadian central banks cut their respective policy rates by 50 basis points. The former faces currency appreciation and deflationary risks. Canada faces higher unemployment and deteriorating growth.</li>
<li>The European Central Bank is taking a gradual policy easing path in 2025. Policy outlooks for the Reserve Bank of Australia and Bank of England are more data dependent.</li>
<li>The Fed cut its policy rate by 25 basis points as expected, but fewer reductions are now expected in 2025 due to a more robust economic outlook compared to September.</li>
</ul>


The Swiss and Canadian central banks cut their respective policy rates by 50 basis points. The former faces currency appreciation and deflationary risks. Canada faces higher unemployment and deteriorating growth.
The European Central Bank is taking a gradual policy easing path in 2025. Policy outlooks for the Reserve Bank of Australia and Bank of England are more data dependent.
The Fed cut its policy rate by 25 basis points as expected, but fewer reductions are now expected in 2025 due to a more robust economic outlook compared to September.


Global Monetary Easing Cycle Becomes More Idiosyncratic

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>After two rejections, Mesoblast has finally received FDA approval for its first drug. Celltrion has received FDA approval for its Stelara biosimilar, which will be launched in February 2025.</li>
<li>Peptidream has become eligible for a milestone payment. Sumitomo Pharma is strengthening R&amp;D for regenerative medicine and cell therapy business. Astellas Pharma in-licenses technology for developing neurology drugs.</li>
<li>Hansoh Pharmaceutical granted an exclusive global license to Merck for its pre-clinical drug candidate. Lupin received FDA approval to market generic version of blockbuster Descovy tablets.</li>
</ul>


After two rejections, Mesoblast has finally received FDA approval for its first drug. Celltrion has received FDA approval for its Stelara biosimilar, which will be launched in February 2025.
Peptidream has become eligible for a milestone payment. Sumitomo Pharma is strengthening R&amp;D for regenerative medicine and cell therapy business. Astellas Pharma in-licenses technology for developing neurology drugs.
Hansoh Pharmaceutical granted an exclusive global license to Merck for its pre-clinical drug candidate. Lupin received FDA approval to market generic version of blockbuster Descovy tablets.


APAC Healthcare Weekly (Dec 22)- Mesoblast, Celltrion, Peptidream, Astellas, Hansoh, Lupin

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Global oil demand growth is slowing, with projections to reach 103.8 mb/d in 2025. OPEC+ is delaying production increases amid weaker demand &amp; rising competition from non-OPEC producers like U.S.</li>
<li>Geopolitical instability, a renewable energy shift, and challenges like China's slowdown and high global interest rates are reshaping oil market dynamics, affecting prices and economic strategies.</li>
<li>OPEC's influence is waning as non-OPEC players expand and renewable energy adoption grows. The oil market's evolution highlights the urgent need for diversification in energy strategies.</li>
</ul>


Global oil demand growth is slowing, with projections to reach 103.8 mb/d in 2025. OPEC+ is delaying production increases amid weaker demand &amp; rising competition from non-OPEC producers like U.S.
Geopolitical instability, a renewable energy shift, and challenges like China's slowdown and high global interest rates are reshaping oil market dynamics, affecting prices and economic strategies.
OPEC's influence is waning as non-OPEC players expand and renewable energy adoption grows. The oil market's evolution highlights the urgent need for diversification in energy strategies.


Global Oil Market 2025: US, OPEC+ and Much More..

Australia
Insights on Australia

Ricegrowers (SunRice ASX:SGLLV) Interview Transcript 23 December 2024

RaaS interviewed Ricegrowers Group CFO Dimitri Courtelis following the company's H1 FY25 results. This is a full transcript of the interview.

Research as a Service (RaaS)

Ricegrowers Ltd - Branded focus paying off

RaaS has published an update on and interview with FMCG agri-group Ricegrowers which trades as SunRice (ASX:SGLLV) following the release of its...

Research as a Service (RaaS)

Global Monetary Easing Cycle Becomes More Idiosyncratic

The global monetary easing cycle has become more idiosyncratic, as central banks face differing risks, ranging from deflation to potential...

DeSaque Macro Research

APAC Healthcare Weekly (Dec 22)- Mesoblast, Celltrion, Peptidream, Astellas, Hansoh, Lupin

Mesoblast got FDA approval for its first drug, while Betta Pharma, Celltrion, and Lupin also received some major FDA approvals. Pharma companies...

Tina Banerjee

Global Oil Market 2025: US, OPEC+ and Much More..

Global oil demand growth is slowing, reshaping market dynamics as OPEC's influence wanes and renewable energy adoption grows, highlighting the...

Nimish Maheshwari

Ricegrowers (SunRice ASX:SGLLV) Interview Transcript 23 December 2024

RaaS interviewed Ricegrowers Group CFO Dimitri Courtelis following the company's H1 FY25 results. This is a full transcript of the interview.

Research as a Service (RaaS)

Ricegrowers Ltd - Branded focus paying off

RaaS has published an update on and interview with FMCG agri-group Ricegrowers which trades as SunRice (ASX:SGLLV) following the release of its...

Research as a Service (RaaS)

Global Monetary Easing Cycle Becomes More Idiosyncratic

The global monetary easing cycle has become more idiosyncratic, as central banks face differing risks, ranging from deflation to potential...

DeSaque Macro Research

APAC Healthcare Weekly (Dec 22)- Mesoblast, Celltrion, Peptidream, Astellas, Hansoh, Lupin

Mesoblast got FDA approval for its first drug, while Betta Pharma, Celltrion, and Lupin also received some major FDA approvals. Pharma companies...

Tina Banerjee

Global Oil Market 2025: US, OPEC+ and Much More..

​Global oil demand growth is slowing, reshaping market dynamics as OPEC's influence wanes and renewable energy adoption grows, highlighting the...

Nimish Maheshwari

Global oil demand growth is slowing, reshaping market dynamics as OPEC's influence wanes and renewable energy adoption grows, highlighting the...