Daily Briefs

• In June quarter Starbucks comparable store sales increased 46% YoY and reached to 80% of the level in the same period of 2021.
• China revenue increase purely came from transaction, but not average ticket.
• We believe Starbucks China data can be a good monitor of Chinese economy.

• CMB and Frontline Ltd (FRO US) smoke the peace pipe: CMB will buy Frontline out of Euronav NV (EURN US) at $18.43/share (25% premium) and agree to Euronav selling 24 VLCCs to FRO.
• After an EGM gives the green light, CMB will launch a mandatory $18.43/share cash offer for Euronav. The three-way transaction is fairly priced (1.0x P/NAV) for all players, including the Euronav minorities.
• There shouldn’t be any antitrust issues. Spread is 4.02%/7.66% (gross/annualised assuming settlement by 30 April 2024). Recommendation is long and tender (there won’t be any squeeze-out).

• For many who don’t hold powerful passports, securing a travel visa often comes with cumbersome paperwork, prolonged waiting periods, and substantial costs, thus posing a significant barrier to international travel.
• One startup is bidding to solve this problem. Launched in 2021, Atlys allows users to apply for visas from anywhere in the world through its platform.
• Aside from unifying the process in one place, the platform helps predict visa processing time while reducing rejection rates.

• CarMax, Inc. delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the analyst consensus regarding earnings.
• Despite ongoing challenges in the market, the company’s strategic actions have yielded positive outcomes and positioned it for future success.
• In the quarter, CarMax’s diversified business model generated total sales of $7.1 billion, attributed to lower retail and wholesale volume and prices.

• Genuine Parts Company delivered mixed results for the previous quarter, with revenues below the analyst consensus.
• The company reported total sales of $2.3 billion for the quarter, marking an impressive increase of $125 million.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• In the second quarter, GoDaddy delivered on-par revenues and below-par earnings while continuing to offer diverse solutions to a global customer base.
• Their robust business health is evidenced by their acquisition of high-quality customers, strong retention rates, and improved attachment rates.
• Customers are increasingly bundling new solutions, reflecting the company’s innovation and driving higher monetization through attachment and pricing while ensuring strong retention rates.

Immix has announced encouraging updated clinical data for NXC-201, a B cell maturation antigen (BCMA) targeting CAR-T therapy, which is being developed by majority-owned subsidiary Nexcella, in both multiple myeloma (MM) and amyloid light chain amyloidosis (ALA). The updated data for MM patients indicate an overall response rate (ORR) of 95%, notably higher than comparable CAR-T trials for MM, and for ALA show a 100% ORR in heavily pre-treated patients. The therapy has the potential to be the first outpatient CAR-T therapy, which would address many of the current CAR-T challenges with cost and access. With its recent $9.6m raise, we estimate Immix has an operating cash runway into Q424, from Q224 previously. Adjusting for the pro-forma cash of $22.2m, our valuation for Immix increases to $90.7m or $4.2/share (from $81.1m or $5.0/share).

• Interpublic Group of Companies delivered a mixed set of results for the previous quarter with revenues below the analyst consensus.
• The company reported a 1.7% decrease in organic revenue before billable expenses in the second quarter of the year, compared to the 7.9% organic growth in the same quarter of the previous year.
• Despite these challenges, Interpublic Group of Companies observed growth in areas such as media offerings, healthcare, public relations, and experiential offerings.

• Jabil Inc. delivered a mixed set of results in its most recent quarter with revenues falling short of Wall Street expectations but above-par earnings.
• The core margins increased by 40 basis points to 5%, accompanied by a 12% growth in earnings and a 13% growth in earnings per share.
• Remarkably, Jabil generated over $1 billion in free cash flows, highlighting the resilience of their business model in the face of market fluctuations.

• Marsh McLennan delivered an all-around beat in the most recent quarterly result, showcasing strong performance across its businesses and regions, continuing its impressive streak of underlying revenue growth.
• The company reported an 11% underlying revenue growth on top of a 10% increase in the second quarter of the previous year.
• Marsh McLennan remains optimistic about its full-year outlook, expecting high single-digit underlying revenue growth, margin expansion, and strong growth in adjusted EPS for 2023.