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....

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...

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....

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....

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....