In today’s briefing:
- Samsung. Strategic Shift Reverses Memory ASP’s Downward Spiral
- Unibail-Rodamco-Westfield: Superior Operational Performance and Manageable Leverage
- KPIT: Raises Its Full-Year FY24 Guidance
- Astellas Pharma (4503 JP): Underwhelming H1 Result; Massive Cut in FY24 Profit Guidance
Samsung. Strategic Shift Reverses Memory ASP’s Downward Spiral
- Q323 revenues of KRW 67.4 trillion, up 12.3% QoQ but still down 7% YoY.
- Operating profit KRW 2.4 trillion, a big improvement on the KRW 0.67 trillion in the second quarter but a far cry from the KRW 10.85 trillion in the year-ago quarter
- While Memory has turned the corner, yet further productions cuts are still required
Unibail-Rodamco-Westfield: Superior Operational Performance and Manageable Leverage
- In this insight, we did a deep dive on Unibail, one of the biggest real estate companies in terms of developing and operating shopping malls in the world
- We think URW will continue to show superior operational performance than peers, we also think its leverage, which is one of market’s biggest concern, is manageable
- We see valuation upside for Unibail, we also recommend multiple trading strategies, subject to investors’ risk appetite, style and mandate
KPIT: Raises Its Full-Year FY24 Guidance
- KPIT raised its full-year FY24 revenue growth guidance to 37%+ from 27-30% earlier, led by a strong Q2FY24 performance. EBITDA margin guidance has been also raised to 20%+ from 19-20%.
- Despite wage hike impact of 250bp, EBITDA margin came in at 20%, at the upper end of the 19-20% FY24 guidance. Operating leverage and realization improvement helped offset the impact.
- With the strong Q2 performance, we are upgrading our FY24 PAT estimate to INR 580cr+ vs INR 550cr+ earlier and FY25 PAT of INR 730cr+ vs INR 700cr+ earlier.
Astellas Pharma (4503 JP): Underwhelming H1 Result; Massive Cut in FY24 Profit Guidance
- Astellas Pharma (4503 JP) reported just 0.6% YoY revenue growth to ¥767B in H1FY24, while operating profit plunged 57% YoY and net profit decreased 67% YoY.
- Generic competition in Lexiscan impacted topline. Increase in SG&A expenses related to new drug launch and higher amortization of intangible assets, pulled down the operating as well as net profit.
- Astellas has downwardly revised FY24 forecasts for profit items by more than 50% after taking into consideration the increases in higher expenses.
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