2024/5/22 投資ネタ

UG
#SHOP upgraded to Buy from Neutral at Goldman Sachs ：
-投資増によるマージン圧迫で23% YoYで下落
-この投資は更なる収益増に繋がる可能性が高い
-ﾊﾞﾘｭｴｰｼｮﾝ
#KHC upgrades to Overweight on foodservice growth
-ﾌｰﾄﾞｻｰﾋﾞｽ主導で売上増の見通しがたった
-ﾌｰﾄﾞｻｰﾋﾞｽは全体の14%しか占めないが、FY25に販売量が増える
#LNC upgraded to Buy from Hold at Jefferies
#PRU upgraded to Buy from Hold at Jefferies
-年金が強い成長を可能だが、織り込まれていない
#EW upgraded to Buy from Neutral at Citi
-TAVR事業の安定と経カテーテル僧帽弁三尖弁療法需要の増加
#SYK upgraded to Buy from Hold at Needham
-新商品とﾊﾞｯｸﾛｸﾞで増収可能、ﾏｰｼﾞﾝ拡大も期待
DG
#GRMN downgraded to Underperform from Neutral at BofA at 150
-ﾊﾞﾘｭｴｰｼｮﾝ
#ALB downgraded to Sector Perform at Scotiabank
-2024のFCFは大きくﾏｲﾅｽ、25/26は改善するがﾏｲﾅｽのまま
-ﾘﾁｳﾑ価格次第ではさらにﾏｲﾅｽ

earnings
#PDD
-(ﾋﾞｰﾄ)1QEPS/1Q売上

#TGT
-(ﾋﾞｰﾄ)ｸﾞﾛｽﾏｰｼﾞﾝ/EBITDA
-(ﾐｽ)Q1売上/Q1EPS/Q2EPSｶﾞｲﾀﾞﾝｽ/FY24EPSｶﾞｲﾀﾞﾝｽ
-SSS-3.7%(客足-1.8%/客単価-1.8%)/在庫-7%
-広告は20%以上の成長
-EBITﾏｰｼﾞﾝもSG&A/割引が多くﾐｽ
-裁量的支出が弱いまま(高金利/ｸﾚｶ使用率/特に家具と耐久品)
-ｱﾊﾟﾚﾙなどは改善も慎重姿勢継続(Q2SSSｶﾞｲﾀﾞﾝｽ/0-2%)

#ADI
-(ﾋﾞｰﾄ)Q2売上/Q2EPS/Q3売上・EPSｶﾞｲﾀﾞﾝｽ
-在庫削減も一巡/受注状況も3期連続で改善
-航空向けは強く、資本財向けも3Qから回復見込
-マージンはQ3以降緩やかに改善

#TJX
-(ﾋﾞｰﾄ)Q1EPS・ﾏｰｼﾞﾝ/FY25EPSｶﾞｲﾀﾞﾝｽ
-(ﾐｽ)Q1SSS/
-客足増加
-HomeGodds改善/Marmaxx減速

#WSM
-(ﾋﾞｰﾄ)SSS/EPS/ﾏｰｼﾞﾝ
-高級家具は厳しいままだが、改善はしている
-WSMのSSSは2Q連続でﾎﾟｼﾞﾃｨﾌﾞ
-販促・輸送費減少でﾏｰｼﾞﾝ改善
-ﾏｰｼﾞﾝは今後FY23並に落ち着く見込み(これで死亡)

#NVDA Rises as Earnings Beat High Expectations
-(ﾋﾞｰﾄ)1Q売上/EPS/ﾏｰｼﾞﾝ/2Q売上ｶﾞｲﾀﾞﾝｽ
-(ﾐｽ)FY25ﾏｰｼﾞﾝｶﾞｲﾀﾞﾝｽ
-B200/H200の需要は供給より強い状態続く

#SNPS lifts annual forecast on AI boom driving demand for chip design software
-AI需要で売上/EPSｶﾞｲﾀﾞﾝｽ上方修正

#VFC misses quarterly revenue estimates, posts loss as demand sags
-(ﾋﾞｰﾄ)DTC/
-(ﾐｽ)売上/EPS/wholesale
-Vansが在庫削減の販促で売上-26%
-北米で需要鈍化(-22%YoY)

個別株
#TSLA 's new car registrations in Europe have DECLINED by -4.0% YTD compared to last year.
CHINA MAY RAISE TARIFFS ON IMPORTED LARGE-ENGINE CARS TO 25%
#AFRM CFPB says buy now, pay later firms must comply with U.S. credit card laws - CNBC
#CHPT #ABNB ChargePoint, Airbnb partner to enable seamless EV charging
マクロ・債券
(米国)
Used car prices ticked up in May per index from @Manheim_US ... largest increase since last September, but hasn't resulted in a meaningful rebound in index's level
Average Age of Vehicles in the US Continues to Rise: 12.6 years in 2024, according to S&P Global Mobility
U.S EXISTING HOME SALES (APR) ACTUAL: 4.14M VS 4.19M PREVIOUS; EST 4.21M
HIGH YIELD 4.635% VS WI YIELD 4.637%
*FED MINUTES: 'MANY' UNCERTAIN ABOUT DEGREE OF RESTRICTIVNESS
*FED: 'VARIOUS' PARTICIPANTS WILLING TO TIGHTEN MORE IF NEEDED
メモリアルデー連休にＮＹ市訪れる観光客は記録的数に、交通に遅れも
(欧州)
ECB's Lagarde 'really confident' inflation under control - Reuters
Bundesbank warns of inflation risk as wages rise more than expected - Reuters
(その他)
The RBNZ kept official rates unchanged and sounded relatively hawkish
BREAKING: UK CPI YOY ACTUAL 2.3% (FORECAST 2.1%, PREVIOUS 3.2%) $MACRO
UK CORE CPI YOY ACTUAL 3.9% (FORECAST 3.6%, PREVIOUS 4.2%) $MACRO
中国の銀行、国有企業への融資急ぐ－売れ残り住宅の買い取りで
AUSTRALIAN COMPOSITE PMI FLASH ACTUAL 52.6 (FORECAST -, PREVIOUS 53.0) $MACRO
JIBUN BANK JAPAN MAY COMPOSITE PMI: 52.4

コモ
Rio Tinto declared force majeure on aluminum shipments from Australia, WSJ says
US gasoline supplies gained by more than 2 million barrels last week, API data is said to show. That would take total holdings to the highest in eight weeks if confirmed by the EIA today.
Crude +1.83MM, Exp -2.0MM
Gasoline -945K
Distillates +379K
Cushing +1.325MM