In today’s briefing:
- Hong Kong/China Finally Bottoming?; Bullish Outlook Intact; DXY Rolling Over; Buys in Discretionary
- Sony Corporation: Expansion of smartphone market
- Maplebear Inc (Instacart): A Tale Of Strong User Growth & Improving Customer Engagement! – Major Drivers
- EQD | Where to BUY the KOSPI On The Upcoming Pullback
- BWMX: Blowout 4Q, Dividend Raise Demonstrates Power of Model; Raising PT & EPS
- Molson Coors Beverage Company: Its Market Share Growth in U.S. Industry A Big Green Flag? – Major Drivers
Hong Kong/China Finally Bottoming?; Bullish Outlook Intact; DXY Rolling Over; Buys in Discretionary
- Since early November 2023 we have been expecting global equities (MSCI ACWI) to stage a year-end rally that would continue into the early part of 2024.
- As we progress through the “early part” of 2024, more global indexes and Sectors are breaking out and starting to participate in the upside. This is classic bull market behavior.
- Our outlook remains bullish; continue to ride this trend higher, and treat pullbacks as buying opportunities. Actionable Themes: Hong Kong/China, Consumer Discretionary, Industrials, Energy/Coal, and Polish Banks
Sony Corporation: Expansion of smartphone market
- Based on the Q3 consolidated financial results announcement for Sony Group Corporation for FY 2023, the company showed considerable resilience against some difficult market conditions.
- One critical highlight was the significant increase of 22% in consolidated sales for the quarter compared to the same quarter the previous fiscal year, reaching a record high of JPY 3,747.5 billion.
- Notably, the operating income and net income also increased substantially year-on-year and reached the second-highest level on a quarterly basis.
Maplebear Inc (Instacart): A Tale Of Strong User Growth & Improving Customer Engagement! – Major Drivers
- Instacart recorded a robust fourth quarter in 2023 and an encouraging outlook for 2024.
- The company attributes their success to the top-notch product experience they provide with a leading selection, quality, and speed.
- New and expanded partnerships, such as those with Kroger and Costco, boost Instacart’s selection advantage with some of the most significant grocers in North America.
EQD | Where to BUY the KOSPI On The Upcoming Pullback
- The KOSPI 200 INDEX has been rallying since January 2022, roughly up +22.5%, the rally can continue, but soon there could be a pullback, possibly this coming week.
- If the index falls from its current highs, where are the best support levels to go LONG again?
- The price area between 355 and 345 is where the index could find support and resume the uptrend.
BWMX: Blowout 4Q, Dividend Raise Demonstrates Power of Model; Raising PT & EPS
- We are raising our price target for BWMX to $22.50 (from $17) increasing our 2024 top and bottom line projections and rolling out 2025 projections after Betterware de Mexico registered 4Q upside on virtually every level, with the Betterware division returning to YoY top line growth for the first time in eight quarters, and 9.6% YoY revenue growth for JAFRA Mexico with materially better than expected margins.
- The company continued to reduce overall debt levels and raised the dividend rate by 25%, with initial 2024 guidance materially above Street expectations.
- Management also confirmed the coming expansion of Betterware into the United States (in 2Q24) and first signs of a key turn at JAFRA USA. We believe Betterware is once again situated to drive material expansion, and we are increasing our 2023 revenue and EPS projections to Ps.
Molson Coors Beverage Company: Its Market Share Growth in U.S. Industry A Big Green Flag? – Major Drivers
- Despite global challenges on the macroeconomic and industry fronts, the Molson Coors Beverage Company reported strong performance and growth during its Fourth Quarter and Fiscal Year 2023.
- The company announced significant increases in global net revenue and bottom line, with a growth of over 9% and nearly 37% respectively.
- This marks the company’s highest reported dollar results on record, surpassing the already impressive results of 2022.
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