In today’s briefing:
- Wharf REIC 1997HK: Should We Bet on HK Luxury Retail? Lack of Catalyst & Weak Chinese Spending Power
- Bank of New York Mellon Corp: Initiation of Coverage – Business Strategy & Other Drivers
- Molson Coors Beverage Company: Initiation of Coverage – Diversification
- State Street Corporation: Initiation of Coverage – Business Strategy & Other Drivers
- The Allstate Corporation: Initiation of Coverage – What Is Its Biggest Competitive Advantage? Financial Forecasts
Wharf REIC 1997HK: Should We Bet on HK Luxury Retail? Lack of Catalyst & Weak Chinese Spending Power
- In this insight, we conducted fundamental analysis on Wharf REIC . It has a simple business model that it operates key malls in HK including Harbour City and Times Square
- Macro-Wise, despite Wharf REIC should be seeing a recovery trend in terms of retail sales, the weak Chinese economy could pose concern on Wharf REIC’s retail sales
- Wharf REIC is also facing several headwinds such as high interest cost and weak office market in Hong Kong. We view the re-rating potential limited despite attractive valuation
Bank of New York Mellon Corp: Initiation of Coverage – Business Strategy & Other Drivers
- This iThis is our first report on a global custodian and asset management behemoth, Bank of New York Mellon Corp.
- This After a surge in deposit balances following recent market fluctuations, BNY Mellon finished the quarter slightly higher than its starting point.
- The company’s broader liquidity platform, managing over $1.3 trillion of cash and short-term investments, witnessed growth in most channels.
Molson Coors Beverage Company: Initiation of Coverage – Diversification
- This is our first report on global beverage giant, Molson Coors Beverage Company. has exhibited commendable resilience this quarter, particularly with their premium light brands in the U.S.
- Their brands, Coors Light and Miller Lite, registered double-digit revenue growth, significantly aided by their first Super Bowl campaign in over three decades.
- We initiate coverage on the stock of Molson Coors Beverage Company with a ‘Hold’ rating.
State Street Corporation: Initiation of Coverage – Business Strategy & Other Drivers
- This is our first report on State Street, a prominent provider of asset servicing and other financial services in the U.S.
- The company experienced a varied market performance in the second quarter due to continued strength in developed equity markets, weakness in emerging markets, and a subdued market environment.
- State Street onboarded $1.2 trillion of Assets Under Custody/Administration (AUC/A) primarily through the State Street Alpha platform, underscoring its effectiveness.
The Allstate Corporation: Initiation of Coverage – What Is Its Biggest Competitive Advantage? Financial Forecasts
- This is our first report on one of the largest insurance companies, the Allstate Corporation.
- The company had a mediocre quarterly result and saw a 26% year-over-year increase in total revenues, totaling $13.8 billion.
- This was fueled by a rise in premiums, investment income, and realized capital gains, with total premiums showing a 9% year-over-year growth to reach $12.5 billion, driven by growth across all segments, especially the auto insurance segment which grew 11% year over year.
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