External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>Our team’s preview expects the majority of 3Q24 earnings to be in line with expectations, which should cement our FY24F EPS growth expectation of 7.6%, though consensus 12-month fwd. growth has recently been downgraded to 5.8%.</li><li>UNVR big miss. A combination of weak volume and price and additional opex in 3Q24 have driven -47% qoq/ -62% yoy net profit drop, with management signaling turnaround only by 3Q25.</li><li>Our analyst, Natalia, had a Sell rating prior to the results and trimmed our TP further to Rp1,900 post the disappointing 3Q24 results.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our team’s preview expects the majority of 3Q24 earnings to be in line with expectations, which should cement our FY24F EPS growth expectation of 7.6%, though consensus 12-month fwd. growth has recently been downgraded to 5.8%.UNVR big miss. A combination of weak volume and price and additional opex in 3Q24 have driven -47% qoq/ -62% yoy net profit drop, with management signaling turnaround only by 3Q25.Our analyst, Natalia, had a Sell rating prior to the results and trimmed our TP further to Rp1,900 post the disappointing 3Q24 results.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse: Chart of the Week – Restocking May Continue to Support NPI Price

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul><li>Happy Sunday from Copenhagen.</li><li>Stocks like MicroStrategy and Tesla are starting to trade as if they have sniffed out an upcoming liquidity bazooka.</li><li>While it remains to be seen, markets have clearly been front-loading such bets in recent years as liquidity analysis has become democratized.</li></ul>

Happy Sunday from Copenhagen.Stocks like MicroStrategy and Tesla are starting to trade as if they have sniffed out an upcoming liquidity bazooka.While it remains to be seen, markets have clearly been front-loading such bets in recent years as liquidity analysis has become democratized.

Steno Signals #123 – The market is sniffing out a big liquidity increase

<ul>
<li>Happy Friday from Copenhagen! We’re excited to announce the launch of our NEW portfolio tool next week, ahead of the revamp of our research offering on November 1.</li>
<li>As we prepare to launch our macro fund strategy (www.stenoglobalmacro.com) on December 1 (you can be onboarded as early as today—just let us know if you’re interested), we’ll be providing even deeper insights into price action and market moves that matter.</li>
<li>The term premium scare over the past 3-5 weeks has been driven by a mix of 1) high incoming supply of U.S. Treasuries (USTs) and 2) a repricing of growth and inflation expectations following the Fed’s 50 bp cut.</li>
</ul>


Happy Friday from Copenhagen! We’re excited to announce the launch of our NEW portfolio tool next week, ahead of the revamp of our research offering on November 1.
As we prepare to launch our macro fund strategy (www.stenoglobalmacro.com) on December 1 (you can be onboarded as early as today—just let us know if you’re interested), we’ll be providing even deeper insights into price action and market moves that matter.
The term premium scare over the past 3-5 weeks has been driven by a mix of 1) high incoming supply of U.S. Treasuries (USTs) and 2) a repricing of growth and inflation expectations following the Fed’s 50 bp cut.


Portfolio Watch: Investing Is a Winter Sport – and This Year Is No Different

External broker reports, Nordea

Nordea

External broker reports

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>Yesterday’s Reuters story on the ECB going below neutral added some downward pressure (read ithere).</li><li>It follows more dovish commentary from various ECB speakers over the past few days airing concerns about the lack of a recovery.</li><li>Today’s PMIs were more or less in line with expectations, although the employment component dropped below 50, pointing to the risk of rising unemployment ahead.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yesterday’s Reuters story on the ECB going below neutral added some downward pressure (read ithere).It follows more dovish commentary from various ECB speakers over the past few days airing concerns about the lack of a recovery.Today’s PMIs were more or less in line with expectations, although the employment component dropped below 50, pointing to the risk of rising unemployment ahead.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>On October 24, the State Bank of Vietnam (SBV) announced its ready-to-sell USD (spot) to commercial banks at 25,450.</li><li>We believe the SBV’s latest move aims to ease sentiment in the FX market given rising pressure on the USD/VND exchange rate in recent weeks.</li><li>Rising DXY and domestic demand place pressure on FX US inflation cooled down in recent months and a 50-bps policy rate cut announced by the Fed in its September meeting helped to support the VND to appreciate 1.5% against the USD in August and 1.2% in September.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

On October 24, the State Bank of Vietnam (SBV) announced its ready-to-sell USD (spot) to commercial banks at 25,450.We believe the SBV’s latest move aims to ease sentiment in the FX market given rising pressure on the USD/VND exchange rate in recent weeks.Rising DXY and domestic demand place pressure on FX US inflation cooled down in recent months and a 50-bps policy rate cut announced by the Fed in its September meeting helped to support the VND to appreciate 1.5% against the USD in August and 1.2% in September.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Macro Note - SBV announces readiness to sell USD

United States

The euro is the official currency of the European Economic & Monetary Union.  The US dollar is the official currency of the United States of America.

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BRIDS Market Pulse: Chart of the Week – Restocking May Continue to Support NPI Price

Our team’s preview expects the majority of 3Q24 earnings to be in line with expectations, which should cement our FY24F EPS growth expectation of 7.6%

BRI Danareksa Research

Steno Signals #123 – The market is sniffing out a big liquidity increase

Happy Sunday from Copenhagen. Stocks like MicroStrategy and Tesla are starting to trade as if they have sniffed out an upcoming liquidity...

Steno Research

Portfolio Watch: Investing Is a Winter Sport – and This Year Is No Different

Happy Friday from Copenhagen!We’re excited to announce the launch of our NEW portfolio tool next week, ahead of the revamp of our research...

Steno Research

EUR rates: 50bp Dec rate cut risk

Yesterday’s Reuters story on the ECB going below neutral added some downward pressure (read ithere). It follows more dovish commentary from...

Nordea

Vietnam Macro Note - SBV announces readiness to sell USD

We believe the SBV’s latest move aims to ease sentiment in the FX market given rising pressure on the USD/VND exchange rate in recent weeks.

Vietcap

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