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HK : PAX Global Technology Ltd - FY23F revenue could stay flat

FY22 net profit grew 12% to HK1,265m, 8% below our estimate, due to decelerated revenue growth in 2H22 (flat). We estimate FY23F revenue to grow c.3% due to weak demand from Brazil. Reiterate Add. TP lower to HK$9.80 on c.14%/20% EPS cut due to we....
CGS-CIMB Ray
Ray Kwok @ CGS-CIMB 23 March 2023

Fed hikes but fails to convince markets that rates can hold at 5% at year-end

The Fed shot down last week’s expectations of a pause, but recession risks raise the odds of a dovish pivot by Q4 22. We anticipate more near-term US inflation upside, making it difficult for the Fed to pivot before H2 23. More than ever, EMs are cau...
Tellimer Research Jamie
Jamie Fallon @ Tellimer Research 23 March 2023
Fed hikes but fails to convince markets that rates can hold at 5% at year-end
Fed hikes but fails to convince markets that rates can hold at 5% at year-end

US : Darden Restaurants, Inc. - DRI | First Take: Solid F3Q Beat on Strong Sales; Raises FY23 Guide Solidly Positive F4Q Comps

CGS-CIMB Brian M.
Brian M. Vaccaro @ CGS-CIMB 23 March 2023

Ukraine: IMF announces staff-level agreement on a new programme

IMF announced earlier this week staff-level agreement on a new 48-month US$15.6bn programme. The announcement has been expected and follows the successful conclusion last month of a monitoring arrangement. The new programme has been designed in line....
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 23 March 2023
Ukraine: IMF announces staff-level agreement on a new programme
Ukraine: IMF announces staff-level agreement on a new programme

GB : Costain - Coming off the naughty step

FY 22 EPS was in line, but cash generation was even stronger than we expected, with adjusted FCF of £72.9m (c.49% of the market cap). We make three key points: 1) Due to strong cash generation, we expect £131m of net cash at FY 23 (with no gross deb....
CGS-CIMB Alex
Alex O’Hanlon @ CGS-CIMB 23 March 2023

GB : Strategy - Abstract thinking matters

A week ago, I wrote about how strategic thinking (the ability to think several steps ahead) is a crucial success factor for traders. Meanwhile, companies that hire traders typically focus on analytical skills rather than the ability to think strateg....
CGS-CIMB Joachim
Joachim Klement @ CGS-CIMB 23 March 2023