In today’s briefing:
- NWD 17 HK: Kitchen Sink Results, Overhang Removed, the BEST Stock to BUY in New Rate Cut Cycle
- Arthur J. Gallagher & Co.: Acquisition of Cornerstone Insurance to Strengthen Regional Expertise & Other Major Drivers
NWD 17 HK: Kitchen Sink Results, Overhang Removed, the BEST Stock to BUY in New Rate Cut Cycle
- NWD reported HKD20bn loss attributable to shareholders. There is no dividend declared. However, we view this as kitchen sink. The stock rallied 22% on Friday
- CEO Adrian Cheng stepped down and COO Eric Ma, former Secretary for Development for HK, is the new CEO. This represents a shift from family business to professional management
- As Fed initiated new rate cut cycle, NWD will benefit most given high gearing. With macro backdrop in U.S. and China, NWD is the Best stock to buy now
Arthur J. Gallagher & Co.: Acquisition of Cornerstone Insurance to Strengthen Regional Expertise & Other Major Drivers
- Arthur J.
- Gallagher & Co. reported strong financial performance for Q2 2024, underpinned by significant growth in revenue and earnings.
- The firm’s combined Brokerage and Risk Management segments saw a 14% increase in revenue and a 7.7% rise in organic growth, with an adjusted EBITDAC margin expansion of 102 basis points to 31.4%.
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