In today’s briefing:
- ASPEED’s 159% July Revenue YoY Growth Bodes Well For H224 AI Server Shipments
- [Tencent (700 HK, BUY, TP HK$485) TP Change]: Revenue Acceleration and Margin Leverages to Come
- Novo Nordisk: Will Their Expansion into the Obesity Market Pay Off? – Major Drivers
- The Walt Disney Company: Enhanced Streaming Services Strategy
- Wynn Resorts: Enhanced Market Recovery in Macau & Expansion In New Markets! – Major Drivers
- Sony Corporation: Enhanced Streaming and Subscription Revenue Growth in Entertainment Driving Our Optimism! – Major Drivers
- Henry Schein Inc.: A Tale Of Expansion into Owned Brands and Portfolio Diversification! – Major Drivers
ASPEED’s 159% July Revenue YoY Growth Bodes Well For H224 AI Server Shipments
- ASPEED’s July revenue amounted to NTD 601 million, up 159% YoY
- ASPEED’s YTD revenue of NTD 2,970 million, is up 88% YoY
- This bodes well for H224 server shipments, both general purpose and AI accelerated and should be reflected in NVIDIA’s earnings/outlook scheduled for August 28
[Tencent (700 HK, BUY, TP HK$485) TP Change]: Revenue Acceleration and Margin Leverages to Come
- Tencent reported C2Q24 revenue, IFRS operating profit, and IFRS net income in-line, in-line, 10% vs. our estimates and in-line, in-line, 19% vs. consensus;
- Weak fintech revenue, due to weak consumption, dragged down overall growth. But we see structural revenue acceleration and margin leverages in advertising, game and AI;
- We raise TP to HK$485 and keep Tencent as our TOP PICK.
Novo Nordisk: Will Their Expansion into the Obesity Market Pay Off? – Major Drivers
- Novo Nordisk presented its latest earnings with a detailed overview covering various aspects from financial metrics to research and development updates, contingent on forward-looking projections that may change.
- The management emphasized strong commercial performance, especially in the diabetes and obesity segments, despite challenges in the rare disease category.
- Financially, Novo Nordisk reported a robust 25% sales growth, marking an industry-leading progression.
The Walt Disney Company: Enhanced Streaming Services Strategy
- The Walt Disney Company reported its third-quarter financial results for 2024, reflecting a mixed performance across its diverse business segments.
- The company reported a revenue growth of 2% during the quarter, indicating resilience in its theme parks segment despite slight moderation in demand.
- Attendance at the domestic parks remained flat, with a slight increase in per capita spending, contributing to a steady revenue outlook for the fourth quarter.
Wynn Resorts: Enhanced Market Recovery in Macau & Expansion In New Markets! – Major Drivers
- Wynn Resorts provided a detailed overview of its second quarter 2024 earnings, illustrating mixed financial and operational performance across its various geographies.
- The company’s earnings call highlighted record earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR), capital expenditures, and strategic developments, particularly with Wynn Las Vegas, Boston, Macau, and ongoing projects in the UAE.
- Starting with the positives, Wynn Resorts reported a record quarterly EBITDAR of $572 million, marking the company’s strongest second quarter in its history.
Sony Corporation: Enhanced Streaming and Subscription Revenue Growth in Entertainment Driving Our Optimism! – Major Drivers
- The Sony Group Corporation’s latest consolidated earnings report for the first quarter of fiscal 2024 demonstrated notable financial growth and strategic advancements across its diversified portfolio, which spans from electronic products and financial services to entertainment and gaming.
- Despite a complicated global economic climate, marked by exchange rate volatility and potential threats of an economic downturn, particularly in the United States, Sony has reported robust results and optimistic projections for the fiscal year.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
Henry Schein Inc.: A Tale Of Expansion into Owned Brands and Portfolio Diversification! – Major Drivers
- In the second quarter of 2024, Henry Schein delivered a solid financial performance, underscoring its resilience amid challenging market conditions.
- The company reported robust operating cash flow and an increase in gross margin, reflecting the benefit of strategic initiatives focusing on high-growth, high-margin products and services, as well as recent acquisitions.
- However, the recovery from a cyber incident last year has been progressing slower than initially anticipated, impacting sales momentum.
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