In today’s briefing:
- Indian Banks Screener to December-End 2022: Credit Risks Rising
- China Healthcare Weekly (Feb.3)- CanSino, Blood Products Shortage, Don’t Be Greedy in Front of Rally
- Caterpillar Inc: New Excavator Launch & Other Developments
- McCormick & Co: Major Drivers
- Mondelez International: Collaboration With HCL Technologies & Other Developments
- Moody’s Corp: Acquisition Of SCRiesgo & Other Drivers
Indian Banks Screener to December-End 2022: Credit Risks Rising
- Our Indian bank profitability and credit quality screens, in terms of credit quality metrics to end-December 2022, continued in a constructive trend
- This is reflected in NPA ratios and cost of risk trends; but Indian banks have to face increased NPA headwinds, especially if funding and liquidity tightens around Adani Group companies
- We remain negative on State Bank of India, especially given the concerns around the Adani Group, and also ICICI Bank; we remain positive on higher quality HDFC Bank
China Healthcare Weekly (Feb.3)- CanSino, Blood Products Shortage, Don’t Be Greedy in Front of Rally
- Mismatch between blood products supply and demand is intensifying, but there’s little way to increase production capacity in short time, which offers a good time to invest blood products companies.
- Investors should not be too greedy in front of every rally and rebound, but the proportion of medical expenditure and pension expenditure in China’s GDP would still increase.
- CanSino Biologics Inc (688185 CH) intends to IPO in Swiss. We think share price of CanSino would bounce back. It’s time to keep an eye on CanSino again.
Caterpillar Inc: New Excavator Launch & Other Developments
- Caterpillar delivered a mixed quarterly result as its revenues surpassed Wall Street expectations on account of a healthy demand over many end markets for the company’s products and services.
- Sales rose better than expected, and the adjusted operating profit margins also increased but the company failed to meet the earnings expectations of analysts.
- Despite the challenges of the supply chain, Caterpillar generated robust ME&T free cash flow and achieved double-digit top-line growth.
McCormick & Co: Major Drivers
- McCormick delivered a disappointing result, failing to meet the analyst consensus with respect to revenues as well as earnings.
- The management claims that it is seeing an improved momentum given the changing consumer consumption patterns, Flavor Solutions demand, and steady service levels and supply.
- In Q4, their sales growth was decent in the Flavor Solutions area and kept up momentum across all geographies.
Mondelez International: Collaboration With HCL Technologies & Other Developments
- Mondelez delivered a strong quarterly result and surpassed market expectations in terms of the revenues as well as earnings.
- The strong top-line performance of the company was driven by continued volume strength and pricing execution.
- Mondelez delivered robust top-line growth in both developed and emerging markets.
Moody’s Corp: Acquisition Of SCRiesgo & Other Drivers
- Moody’s delivered a strong result in the quarter with an all-around beat and a major update with respect to the acquisition of SCRiesgo to expand its presence in Latin America.
- This quarter demonstrates the resilience and positive momentum of Moody’s Analytics (MA) and also reflects the impact of the challenging market situations on Moody’s Investor Services (MIS).
- Across MA, Moody’s enhanced several workflow offerings via analytics and data integration, creating new products to meet rising consumer needs.
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