ACN Newswire

Citi Initiates Coverage on Prenetics Global with “Buy” Rating, Target Price at USD8.10

indie
1 minute

HONG KONG, Jul 13, 2022 - (ACN Newswire via SEAPRWire.com) - It is reported that Citi initiated coverage on Prenetics Global (PRE.US) with "Buy" rating. Target price is at USD8.10, apply 3x P/S 2023E, at parity with the industry average.As Covid-19 variants have continued to spread, Citi believes Covid-19 testing will remain a solid cash cow business with good margins and stable cash flows that can help fuel Prenetics' expansion into new businesses, becoming a near-term driver. Citi expects long-term growth will be driven by personalized healthcare test products and from future M&A.Prenetics is well-positioned to capture the growing consumer interest in personalized health testing. Citi expects Prenetics would deliver a 3-year 26% CAGR growth to 2024E in its Prevention segment, by launching new products from pipeline (e.g. Circle Medical), entering into cancer screening and IVD. Headquartered in Hong Kong, Prenetics is a major global diagnostics and genetic testing company, with operations across 9 locations, including the United Kingdom, South Africa, India and Southeast Asia. Prenetics offers a wide portfolio of personalized healthcare tests including DTC-GT, cancer screening...

SeaPRwire

Nike warns of holiday delays, cuts sales forecast on worsening supply chain woes

elean
3 minutes

BENGALURU (REUTERS) - Nike on Thursday cut its fiscal 2022 sales expectations and said it expects delays during the holiday shopping season, blaming a supply chain crunch that has left it with soaring freight costs and products stuck in transit. Months-long factory closures in Vietnam, where about half of all Nike footwear is manufactured, have piled more pressure on global supply chains already reeling from the impact of the pandemic. Nike shares, which are down about 9 per cent from their record high hit in August, fell 3.3 per cent in extended trading after it said it now expects a mid-single-digit increase in full-year sales growth, versus the low-double-digit increase it had previously estimated. Nike also said it expects second-quarter revenue growth to be in the range of "flat to down low-single digits versus the prior year" due to factory closures. "In Vietnam, nearly all footwear factories remain closed by government mandate. Our experience with Covid-related factory closures suggest that reopening and ramping back to full production scale will take time," Nike chief financial officer Matthew Friend said. Nike said it had lost 10 weeks of production in Vietnam so far and i...

ACN Newswire

Institutions maintain ‘buy’ rating as Yeahka (09923.HK) records fast growth

indie
3 minutes

HONG KONG, Sep 2, 2021 - (ACN Newswire via SEAPRWire.com) - Institutions from China and abroad, including Citi, CLSA, Daiwa, China Securities, Zhongtai International and Guosheng Securities, have maintained "Buy" rating for Yeahka (09923.HK), underscoring their confidence with the prospects of the company's technology-enable business services. Yeahka, which has payment as its other major business, has achieved rapid growth in the first half of 2021, according to its interim results announced on Aug 26.Citi views Yeahka's strategy stable fee rate and revenue sharing trend to boost merchants base "as largely in line with overall industry outlook", and believes "that continued investment to acquire traffic and investment in business (such as in-store ecommerce services) will make more meaningful contribution in the longer term leveraging Yeahka's solid execution". A CLSA report expects Yeahka's GPV continues to increase, while the technology-enabled business achieving fast growth. "The company also started to provide in-store e-commerce services in Dec 2020, business that is upgraded from marketing services, to provide closer connection between merchants and consumers, and to create d...

SeaPRwire

Intel raises full-year sales forecast, but supply constraint woes send shares down

elean
3 minutes

SAN FRANCISCO (REUTERS) - Intel raised its annual revenue forecast above Wall Street expectations on Thursday (July 22), but chief executive Pat Gelsinger said the outlook for the chipmaker was still "supply constrained" and that it could take the industry two more years to catch up with rising chip demand. Paired with a third-quarter sales forecast that just cleared analyst estimates, the results sent shares down 2.8 per cent in after-hours trading after the results. Intel, one of the few remaining companies in the processor chip industry that both designs and manufactures its own chips, has been able to weather the supply chain woes better than some rivals and is also working to build a business of making chips for others, called a "foundry" business. Mr Gelsinger declined to comment on a recent report that Intel is looking to buy GlobalFoundries for US$30 billion (S$41 billion) to bolster its foundry efforts, but told Reuters that he expects industry consolidation to continue and that "(mergers and acquisitions) will remain a part of our strategy" for building the company's foundry business. Intel said it now expects annual adjusted revenue of US$73.5 billion, compared with its ...

SeaPRwire

ECB’s Lagarde sees policy change in July, possible 2022 measures

elean
3 minutes

FRANKFURT (BLOOMBERG) - European Central Bank (ECB) president Christine Lagarde told investors to prepare for new guidance on monetary stimulus in 10 days, and signalled that fresh measures might be brought in next year to support the euro-area economy after the current emergency bond programme ends. Speaking to Bloomberg Television days after the ECB raised its inflation goal to 2 per cent and acknowledged it may overshoot the target, Ms Lagarde said the July 22 Governing Council session - previously expected to be relatively uneventful - will now have "some interesting variations and changes". "It's going to be an important meeting," she said on Sunday in Venice, after a meeting of Group of 20 finance ministers and central bankers. "Given the persistence that we need to demonstrate to deliver on our commitment, forward guidance will certainly be revisited." The unexpectedly early conclusion of the ECB's strategy review last week is immediately feeding into speculation over the central bank's plans as the euro-zone economy starts to recover from the coronavirus pandemic. The review also introduced climate change considerations into policy, and officials said they will start taking...

SeaPRwire
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United Airlines pledges more cost cuts after pandemic-driven quarterly loss

elean
3 minutes

CHICAGO (REUTERS) - United Airlines Holdings said on Wednesday (Jan 20) it aims to cut about US$2 billion (S$2.65 billion) of annual costs through 2023 as it charts a recovery from the coronavirus pandemic that drove its fourth straight quarterly loss. Airlines are counting on Covid-19 vaccines to boost travel demand later this year but warn that the strength of a rebound will largely depend on the pace of vaccine rollouts, particularly as coronavirus cases keep rising. United said 2021 would be a "transition year that's focused on preparing for a recovery." Its shares fell 2 per cent in after-hours trading. The company burned an average of US$33 million per day in the fourth quarter, including about US$10 million of severance and debt payments, even as it continued to slash costs. United furloughed thousands of employees last October when an initial round of payroll aid for airlines expired. It brought back those workers following a fresh US$15 billion in payroll aid for the sector but warned the recall could be "temporary" as travel demand remains depressed. United is set to receive about US$2.6 billion in payroll support through March and said it expects to offer employees optio...

SeaPRwire
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Qantas offers fast-track to higher status to frequent flyers of rival airlines

elean
2 minutes

SYDNEY (REUTERS) - Qantas Airways said on Thursday (Nov 26) it will offer top-tier members of rival frequent flyer programmes a fast-track to higher status as its main domestic rival, Virgin Australia, pursues a less premium strategy under its new owner. The move could help boost Qantas' market share in lucrative corporate and high-end leisure travel as domestic flights ramp up in Australia due to the reopening of state borders. "With so much uncertainty in the market, we've seen a spike in requests from people wanting us to match their status with other airlines," Qantas Loyalty CEO Olivia Wirth said in a statement. "If they are willing to bring their travel across to Qantas, we will fast track them to Gold status." Qantas Gold status includes access to its large network of airport lounges, priority check-in and boarding and preferential seating. By early December, Qantas expects 30 of its 35 domestic airport lounges will be open, whereas Virgin last week said it would maintain only six domestic lounges as part of its shift to becoming a more value-focused mid-market airline. Qantas also includes free Wi-Fi on its domestic flights, while Virgin is reviewing the future of its Wi-Fi...

SeaPRwire

SembMarine expects losses to continue in Q4

elean
2 minutes

Sembcorp Marine (SembMarine) continued to incur losses for its fiscal third quarter ending Sept 30, with low overall business volume and execution delays, it said yesterday in a business update. SembMarine "expects losses to continue into the fourth quarter", the group added in the exchange filing. It did not provide details on the level of losses incurred in the third quarter or expected for the fourth quarter. In July, SembMarine had reported a net loss of $192.1 million for the first half of this year. In its business update, SembMarine said its Singapore yards began to resume production activities in early July, following the relaxation of Covid-19 measures. Its operating yard workforce, including sub-contractors, has since increased to almost full workforce levels. It added: "With oil prices recovering since the March collapse, there have been active reviews of deferred projects by the oil companies. "New orders visibility has improved as a result, and the group is increasingly active in bidding for new projects and discussing resumption of delayed projects." The group is actively tendering for more than 10 projects, especially in the greener energy market segments such as ren...