United States

• RH is the only luxury lifestyle brand at scale on this planet;
• Both qualitative and quantitative evidence point to the emerging and probably widening economic moat around the business;
• We see rich optionality regarding RH’s growth trajectory moving forward;

• Another smallish one, but EV of ~$500m (bigger than PRST but still illiquid b.c. low free-float).
• Equity is probably not worth much more than $0. I’m not short this yet, because I fear that management still has some fight left in it to ride the AI-hype.
• I want to get my timing right. It is a heavily shorted stock which has been the victim of squeezes multiple times in the past. And I don’t much fancy getting my head ripped off.

• The company’s financial statements reveal a few critical concerns relating to a receivables build-up, increasing credit allowances, and high short-term borrowing.
• The firm’s misfortunes were due to non-core events such as impairments, marketable security losses, and abnormal inflation.
• The economy is on a knife’s edge, and cyclical stocks such as Ford Motor Company (NYSE:F) look like 50:50 bets.

• The MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), EAFE (EFA-US), and EM (EEM-US) are all reversing topside their 2-month downtrends.
• Despite this being a bullish short-term development, we still expect $93 to cap upside on the ACWI-US, leaving about 4-5% upside from here (at time of writing)
• As a result, we would use any further strength as an opportunity to get more defensive. Actionable Themes: REA-AU, GFL-CA, GFL-US, Consumer Staples, Health Care, and Gold Miners

• Whatever one calls it – a boom-going-bust, a bubble bursting, a market correcting – the ESG party that has raged for years appears to be winding down for certain investors.
• Some partygoers have over-indulged in the ESG Kool-Aid, and regulators have the perfect elixir to sober them up – new and often confusing “anti-greenwashing” investing regulations.
• Particularly consequential for indexed ESG funds.  Index providers and asset managers struggle to comply, evidenced by recent methodology changes, reconstitutions, and fund closings.

• This is our first report on PACCAR, the largest manufacturer of medium and heavy-trucks in the world.
• Pretax earnings at PACCAR Parts reached $380 million, a 23% increase over the same time in the previous year.
• Fourth quarter revenues at PACCAR Parts were a solid $1.47 billion and the company delivered an all-around beat.

• PACCAR is among the world’s largest manufacturers of medium and heavy trucks.
• PACCAR saw an increase in truck production as well as the completion of almost all the cars that still needed components.
• Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

• IAC/ InterActiveCorp is a major media and internet player publishing original and engaging digital content in the form of articles, illustrations, and videos and images across various fields.
• They had a HomeAdvisor that connected customers with service providers based on what the customer wanted to be done and what the service provider was qualified to accomplish.
• Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

• AECOM is one of the largest professional infrastructure consulting players in the world.
• AECOM’s management is focusing on its investments to go after transformative growth opportunities where it has a competitive edge.
• Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

• This is our first report on IAC, a major media and internet player publishing original and engaging digital content in the form of articles, illustrations, and videos and images across various fields.
• They had a HomeAdvisor that connected customers with service providers based on what the customer wanted to be done and what the service provider was qualified to accomplish.
• Looking forward, IAC’s management intends to increase margins by generating additional revenue from a fixed-cost basis and they anticipate double-digit revenue growth in the coming quarters.

• Analog Devices has become one of the best-performing semiconductors stocks.
• The company’s strategy has certain weaknesses, but ADI remains among my top picks within the sector.
• ADI’s performance is not just a fluke and there are solid reasons behind it, such as high profitability, growth and competitive positioning.

• Labviva, a Singapore- and US-based AI-driven life sciences digital marketplace, has secured US$20 million in Series A financing led by Biospring Partners.
• Existing investors Senator Investment Group, B Capital, and Glasswing Ventures co-invested.
• The Series A funding brings the total amount raised since inception to US$30 million.

• Binance is the world’s largest crypto exchange by a huge margin.
• It has achieved consistent growth since its founding in 2017, but its increasing dominance has been striking to watch since 2020, when it held around 25% of spot volume market share.
• Its market share approached 50% at the tail end of the 2021 bull market before retreating and again expanding to peak over 70% this year. 

• Chinese restaurant sector could see 15% YoY revenue growth in Q1 2023, as Total Retail Sales of Meals in China rose 16.4% YoY during Jan-Feb 2023.
• Yum China Holdings Inc (9987 HK)‘s 1Q23 OP may reach a record high of $350m, and annual profitability is expected to double as restaurant footfall recovers.
• We suggest buying Yum China for potential multiple expansion due to rapid profitability growth.

• Intuit Inc.’s share price is now trailing the tech sector.
• Intuit investors relying on Non-GAAP figures should be careful as there are significant risks involved, according to the company’s share price.
• The company’s legacy brands are the key driver behind revenue growth and profitability, says Intuit.

• IQVIA Holdings is an global healthcare-tech major providing services to the clinical research and health information technology sectors.
• In partnership with Tasso, they have launched the first self-collection safety lab panel for clinical trial participants in the United States, enhancing their decentralized clinical trial capabilities.
• Our focus is on analyzing the financial strength and the debt servicing capability of the company and the analysis does not differentiate among debt instruments.

• First Citizens BancShares, Inc.’s acquisition of SVB Financial Group’s debt portfolio might be lucrative in the long run due to various synergetic and financial reasons.
• First Citizens’ stock was relatively undervalued prior to its latest stock surge.
• The bank’s stock is overvalued on a technical basis.

• After market close Wednesday, March 22, MillerKnoll reported 3QFY23 adjusted EPS of $0.54, $0.12 higher than our estimate and consensus.
• GAAP EPS of $0.01 missed by $0.31, caused primarily by a $37.2 million charge for closing Fully, a Knoll brand.
• 3QFY23 revenues of $985 million missed our estimate by ~$20 million.

• Roper Technologies is a diversified software and tech investment player.
• The company makes pertinent investments in technology companies with a high base of cash and negative working capital with the objective of maximizing the returns on the capital employed.
• Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

• This is our first report on Roper Technologies, a diversified software and tech investment company.
• The company ended 2022 on a positive note with revenue of over $1.4 billion, up 14% higher than the prior year.
• We initiate coverage on the stock of Roper Technologies, Inc. with a ‘Hold’ rating.

• This is our first report on Martin Marietta Materials, a major global manufacturer of heavy construction materials and aggregates.
• The company delivered a mixed performance in the quarter and surpassed the revenue expectations with decent growth.
• As pricing growth dramatically accelerated, bad weather and a number of large Martin Marietta geographies had a negative impact on product delivery.

• This is our first report on an IQVIA Holdings, an international player providing services to the clinical research and health information technology sectors.
• IQVIA expanded access to clinical research.
• We initiate coverage on the stock of IQVIA Holdings Inc. with a ‘Buy’ rating.

• This is our first report on Martin Marietta Materials, a major global manufacturer of heavy construction materials and aggregates.
• As pricing growth dramatically accelerated, bad weather and a number of large Martin Marietta geographies had a negative impact on product delivery.
• Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

• At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
• Q1 2023 has confirmed that the material 2022 downward correction is likely complete. Subsequently, after a period of correction, the resumption of the Q4/Q1 uptrend was confirmed.
• Bullish price triggers combine with positive MT/LT momentum triggers to initially target 13740. A break above 13740 is increasingly likely and would present a far more bullish MT outlook.

• On March 22, Binance halted its no-fee trading promotion for 13 BTC spot trading pairs, reversing a move that helped boost the exchange’s market share by more than 20% relative to its competitors.
• The exchange also announced that it would be eliminating trading fees for the BTC-TUSD pair, which was mothballed in September and only recently re-listed.
• It is unclear why Binance has chosen to promote its TUSD pair, although it appears the exchange has selected the stablecoin as a successor to BUSD, which is being phased out because of regulatory actions in the U.S. 

• The way fans interact with sports has changed an incredible amount over the past 20 years.
• We’ve seen broadcasting, social media, streaming and such all impact the way fans consume the sports they love.
• The future of fan engagement is always a hot topic because things are always changing, of course.

• Equifax is one of the largest consumer credit reporting companies in the U.S.
• It has strong financial fundamentals which are helping it thrive in the turbulent business environment that includes an unprecedented decline in the mortgage market.
• Their global non-mortgage businesses has been performing well and is fueled by Workforce Solutions’ remarkable performance.

• This is our first report on the multinational consumer credit reporting player, Equifax.
• Their global non-mortgage businesses performed exceptionally well, with constant currency revenue growth of 12% and constant organic currency revenue growth of 10%.
• Equifax further announced the acquisition of the Food Industry Credit Bureau.

• Goldman Sachs jumps back into the supercycle boat Goldman Sachs expects a commodities supercycle driven by China and the capital flight from energy markets and investment this month after concerns triggered by the banking sector, the U.S. bank’s head of commodities said.
• “Historically, when you have this kind of scarring event, it takes months to get capital back … We will still get a deficit by June and it will drive oil prices higher.”
• Jeff Currie, global head of commodities for Goldman Sachs, told the Financial Times Commodities Global Summit on Tuesday.

• This is our first report on Hologic, Inc., a renowned medical technology giant focused on women’s health.
• However, Breast Health lost 5.2%, indicating that its recovery from supply chain headwinds caused by chips is in progress.
• Their Women’s Health molecular diagnostics and cytology basis enable sustainable growth, foster beneficial connections with leading labs and key opinion leaders, and open the door for further innovative products.

• Hologic, Inc. is a well-known medical technology giant focused on women’s health.
• In Diagnostics, they maintained top positions in key product categories for women’s health, like STIs and cervical cancer.
• Their Women’s Health molecular diagnostics and cytology basis enable sustainable growth, foster beneficial connections with leading labs and key opinion leaders, and open the door for further innovative products.

• C.H.
• Robinson is a global provider of multimodal transportation and third-party logistics service.
• Freight demand has deteriorated, negatively impacting the top-line but the contractual truckload AGP per shipment increased, which resulted in some nominal growth in their AGP per truckload shipment.

• This is our first report on C.H.
• Robinson Worldwide, a well-known provider of multimodal transportation and third-party logistics service.
• Routing guide depth of tender, a proxy for their entire market, fell from 1.3 in the third quarter to 1.2 in the fourth quarter.

• This is our first report on Cintas Corporation, a specialized provider of uniform rental services.
• Its revenue increased 13.1% to $2.17 billion in the second quarter and each segment experienced double-digit revenue growth.
• The Uniform Rental and Facility Services operational segment’s revenue increased from $1.54 billion to $1.71 billion.

• Cintas Corporation is a specialized provider of uniform rental services and has a leading market position in its domain.
• The Uniform Rental and Facility Services operational segment, which is its core business, has been growing well, particularly through organic means although the company does carry out the occasional acquisition from time to time.
• Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

• This is our first report on Dow Inc., a behemoth in the global chemicals industry.
• The company proactively reduced operating rates to manage working capital, effectively implemented operational mitigation plans and cost-saving measures and lowered operating rates.
• In the Deer Park acrylic monomer plant in Performance Monomers, Dow anticipates higher scheduled maintenance turnaround costs in this segment.

• Dow Inc is a giant in the global chemicals industry and a material science leader providing customers with cutting-edge, eco-friendly packaging and infrastructure solutions.
• The company is dealing with its fair share of challenges on account of slower GDP growth, complex energy markets, and client destocking.
• The company proactively reduced operating rates to manage working capital, effectively implemented operational mitigation plans and cost-saving measures and lowered operating rates.

• Eastman Chemical Company is a major player in the chemical industry.
• The company has been facing the adverse effect of macroeconomic volatility and its top-line performance has been below-par despite the impact of price increases.
• Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

• This is our first report on the renowned chemical industry giant, Eastman Chemical Company.
• The company delivered a highly disappointing set of results given the macroeconomic volatility.
• We initiate coverage on the stock of Eastman Chemical Company with a ‘Hold’ rating.

• General Mills continues to perform exceptionally well relative to the broader equity market.
• The ability to offset a record high input cost inflation highlights the importance of a strong brand portfolio in strategic areas.
• As volumes return to positive territory, profitability in the pet food segment remains an area of concern, according to the company.

Immix Biopharma has announced additional data from the ongoing Phase Ib/II open-label NEXICART-1 trial investigating the company’s CAR-T therapy, NXC-201, for the treatment of multiple myeloma (MM) and light chain amyloidosis (ALA). The latest data from the study are related to a subset of the trial population with ALA (n=8) in which all patients have demonstrated a 100% complete hematologic response and 100% organ response rate. NXC-201 also continues to demonstrate a favorable safety profile, which management believes provides the therapy with potential to be used as an outpatient treatment. In our view, this could be an advantage compared to existing CAR-T therapies, which require specialized dosing centers and diligent patient monitoring post treatment.

• Qualcomm has appeared on the radar for attractive dividend plays.
• The current yield is among the highest in the sector and also appears safe based on historical data.
• There are a number of important risks that overshadow Qualcomm’s ability to consistently increase its dividend.

• Steelcase reported 4QFY23 on March 22 after the close, with a beat on adjusted EPS and revenues. Guidance for FY24 beat estimates, then in print.
• 4QFY23 adjusted EPS was $0.19, above our estimate of $0.12 and consensus of $0.11. GAAP EPS was $0.13, above our estimate of $0.06. 4QFY23 revenue of $802 million was a ~$50 million positive surprise.
• The positive earnings and revenue surprises were due primarily to core corporate business in the Americas and EMEA segments.

• Crypto markets are at their most volatile when liquidity is low.
• Prices have less support to both the downside and the upside, which could explain BTC’s rapid +17% surge since the start of the month.
• Liquidity has also become a hot topic in traditional financial markets as the banking sector reels from several high-profile collapses.

• Historical data suggests that the company’s gardening sales are set to surge.
• However, the stock’s price multiples reveal that it is at a deep discount relative to its cyclical average.
• A peer-based analysis implies that the stock is undervalued, but dividends remain astray, according to the company.

In an unexpected move, Context Therapeutics has announced that it will be discontinuing further development work on its ONA-XR program and prioritize the development of its novel preclinical bispecific CLDN6xCD3 antibody, CTIM-76. While we view the news as disappointing given efficacy data in the OATH study were encouraging, we understand the need to prioritize safety for patients. With a market cap of $11m, Context is trading well below cash levels (end-FY22 cash balance of $35.5m). We have withdrawn our estimates and will revisit our model assumptions and overall valuation in due course. We note that the discontinuation of the ONA-XR programs allows Context to extend its cash runway to late 2024 (versus early 2024 previously), well past the planned IND filing of CTIM-76 in Q124.

• ZKH Group (ZKH US), a leading MRO (maintenance, repair, and operations) procurement service platform in China, is pre-marketing an NYSE IPO to raise US$200-300 million.
• In ZKH Group IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
• The key elements of the bear case rest on market share losses, slowing top-line growth, declining take rates and persistent cash burn.

• ACCO Brands Corporation’s stock is relatively undervalued and presents a lucrative dividend yield worth more than 6%.
• The company’s recent woes were a consequence of elevated raw material costs.
• However, key metrics imply that ACCO’s cost base is set to improve.

• Quest Diagnostics Incorporated is a well-known provider of diagnostic information services.
• The company produced significant double-digit growth in prenatal genetics and pharmaceutical services for sophisticated diagnostics.
• Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

• Evolution is committed to a strategy of maximizing total shareholder returns through a combination of acquisitions to scale the business and returning cash to shareholders through dividends and common stock repurchases.
• The strategy is underpinned by a conservative financial posture.
• The board declared a quarterly dividend of $0.12/share for 3QFY23, marking the 38th consecutive quarterly cash dividend.

• This is our first report on leading diagnostic service provider, Quest Diagnostics Incorporated.
• The company produced significant double-digit growth in prenatal genetics and pharmaceutical services for sophisticated diagnostics.
• Agilent Technologies further signed an agreement with Quest to make the Agilent Resolution ctDx FIRST liquid biopsy next-generation sequencing (NGS) test available to providers and patients across the U.S.

• Rover is the world’s largest network of pet sitters and dog walkers.
• Rover connects pet parents with pet care providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, dog walking, and drop-in visits.
• The marketplace has more than 500,000 pet care providers across North America and Europe.

• This is our first report on Snap-on Incorporated, a well-known manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions in the U.S.
• The company’s last result was an all-around beat and its organic sales growth was in the double-digits with a particularly strong performance in the Repair Systems & Information Group, high single-digit gains in the Snap-on Tools Group, and low single-digit gains in the Commercial and Industrial Group.
• Snap-on Tools Group sales were $542.7 million, up from $504.8 million a year ago, with a 9.6% increase in organic sales.

• Soluna announced the promotion of John Belizaire to CEO of Soluna Holdings, with Michael Toporek stepping up to become Executive Chairman.
• John Belizaire will remain as CEO of Soluna Computing, the operating company he founded prior to its acquisition by Soluna Holdings’ predecessor Mechanical Technology Inc. (MTI).
• We view this as a logical step given the energization of Project Dorothy will be transformative for the company.

• Zimmer Biomet Holdings is a global medical technology giant.
• The management has been seeing positive comps across 2022 and saw good growth in major joints, with their entire global hip and knee business expanding well.
• Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

• This is our first report on the global medical technology behemoth Zimmer Biomet Holdings.
• They observed another quarter of year-over-year growth in major joints, with their entire global hip and knee business expanding by more than 8% and 10% on an ex FX basis.
• We initiate coverage on the stock of Zimmer Biomet Holdings, Inc. with a ‘Hold’ rating.

• Our 2023 outlook remains unchanged; we see the market indexes consolidating within broad horizontal ranges, and we expect the top-end of the range to be 4165-4200 on the S&P 500.
• The bottom-end of the range is at the 2022 lows (3490). Another possible support level we are monitoring is at the December 2022 lows (3765).
• The Russell 2000 (IWM) is testing important support at $170 (the Dec. 2022 lows and the prior downtrend from 2022), suggesting this is a logical time for an oversold bounce.

• Generac Holdings is a major energy technology player with a reasonable amount of debt on its balance sheet and showing ongoing growth in its commercial and industrial product categories.
• Its weaker residential product sales have been a point of concern for the management.
• Sales of C&I products have climbed significantly, with strong core sales growth across all domestic channels and all overseas areas.

• Vulcan Materials Company is a well-known producer, distributor, and seller of construction materials.
• The company did continue its reliable cash generation and careful capital deployment and its free cash flow conversion has been above 90% on average over the last four years.
• Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

• Discovery is a major global media company that is going through a turbulent phase.
• In terms of direct-to-consumer, they are successfully moving towards their objective of realizing profitability in streaming, a significant and potent part of their business.
• Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

• This is our first report on a renowned energy technology player, Generac Holdings.
• Sales of C&I products climbed significantly, with strong core sales growth across all domestic channels and all overseas areas.
• We initiate coverage on the stock of Generac Holdings Inc. with a ‘Hold’ rating.

• FMC Corporation is a major agricultural sciences player in the U.S.
• The company has been witnessing high volume growth and its aggressive pricing has helped build a strong financial position.
• Agricultural markets remain strong with high commodity prices, expanding cropland, and optimistic grower sentiment.

• O’Reilly Automotive, Inc is one of the largest retailers of automobile aftermarket parts in the U.S.
• The company has consistently reported strong sales volumes and the management claims that the core fundamental demand drivers are still strong, which supports the health of the automotive aftermarket.
• DIY and professional businesses have showed strength across 2022 and their high average ticket increase contributed to the improved performance in their DIY division, which accelerated on a 1, 2, and 3-year comparable store sales growth basis.

• This is our first report on O’Reilly Automotive, Inc., one of the largest retailers of automobile aftermarket parts in the U.S.
• O’Reilly Automotive had a great last quarter and ended 2022 with an all-around beat.
• The company reported strong sales volumes and the management claims that the core fundamental demand drivers are still strong, which supports the health of the automotive aftermarket.

• Parker-Hannifin Corporation is among the market leader in motion and control technologies across the globe.
• Parker-Hannifin has also benefited from a positive net impact of the aircraft Wheel and Brake sale and the Meggitt acquisition.
• Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

• Rockwell Automation is a major provider of digital transformation and industrial automation solutions across the world.
• Its backlog orders continue to increased sequentially with order cancellation rates staying in the low single digits as per recent results.
• Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

• Our estimations for 2022 annual revenue range around €22,982 million and for 2023 around €23,696 million.
• The company’s annual revenue reached €23,223 million in 2021 compared to €19,208 million in 2020, posting an in- crease by 20.9%.
• McDonalds’ gross profit for 2021 was €12,580 million, increased by 29% compared to the €9,752 million for the corresponding period of 2020.

• The company ranks very high in terms of capital allocation prudence and this is going to serve long-term shareholders well.
• Cisco’s stock appears conservatively priced given the company’s strategic positioning and the ability to improve margins.
• Cisco appears increasingly attractive as market liquidity conditions normalize, says analyst.

• Caterpillar Inc. is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.
• The Company operates through its three primary segments: Construction Industries, Resource Industries and Energy & Transportation.
• It also provides fi- nancing and related services through its Financial Products segment.

• Netflix, Inc. provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and languages.
• The company provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, television set-top boxes, and mobile devices.
• It also provides DVDs-by-mail membership services in the United States.

• This is our first report on Vulcan Materials Company, a renowned producer, distributor, and seller of construction materials.
• Vulcan’s last quarter was a major disappointment as it failed to meet the revenue expectations as well as the earnings expectations of Wall Street.
• We initiate coverage on the stock of Vulcan Materials Company with a ‘Hold’ rating.

• This is our first report on Williams-Sonoma, a major specialty retail company that sells home furnishing and kitchenware in the U.S.
• The company has been facing a difficult operating environment and delivered a mixed result in the last quarter.
• Net revenues increased to $2.2 billion, with comparable brand revenue growing at an 8.1% rate for 2-year and 3-year comps of over 25% and 50%, respectively.

• META announced a Joint Development Agreement (JDA) with a confidential global battery OEM for its NPORE® battery separator materials. 
• The company is partnering with a top 10 battery OEM to jointly develop and adapt NPORE as a battery separator solution.
• Details were limited given the confidential nature of the JDA, but we will look for updates on the upcoming 4Q earnings call.

• SPX low due near March 27 that sets up a recovery sequence into April. Macro remains bearish into the summer months where financial sector risk is to resurface.
• Weekly MACD set to roll over from reliable resistance after the 4,000 rejection on the daily chart.
• USD holding firm in Asia and EM due to pending risk aversion. Euro rise is corrective in nature.

• The UBS takeover of Credit Suisse was announced for $ 3.25 billion below Friday’s closing market capitalization of $7.87 billion.
• SNB will take the first loss of $9.7 billion and provide $100 billion of liquidity.
• Central Bank support triggers Credit Suisse AT1 capital write-downs of approximately $17.