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📊 Market Snapshot

💰Earnings

THE Headlines

🖥️ Technology

• Deutsche Bank projects growth for Xiaomi's electric vehicle (EV) business, expecting significant volume expansion from 2025 to 2027 due to new model launches and increased production capacity. Xiaomi plans to release a second EV model in mid-2025 and a hybrid SUV in 2026. The bank has issued a buy rating on Xiaomi's stock with a target price of HK$43.00, current shares stand at HK$29.70.

• BlackBerry is divesting its Cylance unit, which is expected to improve the company's financial metrics, according to TD Cowen analyst Daniel Chan. He notes that the sale will simplify BlackBerry's cybersecurity business and allow the company to focus on its stable, profitable government software operations. Chan believes that removing Cylance, which was not well aligned with BlackBerry's core cyber products and market targets, will alleviate the primary challenges to the cybersecurity segment's revenue growth and margins. This move should, therefore, increase the valuation of BlackBerry's remaining assets.

🧬 Healthcare

• Sandoz has reached a legal settlement in the U.S. concerning an antitrust litigation related to the generic-drug industry. According to RBC Capital Markets, this settlement will result in an economic cost of 1.1 Swiss francs per share for Sandoz. Despite the settlement involving a payment of $275 million and a potential future payment of $265 million, this situation is not expected to impact Sandoz's financial guidance for 2024 or the midterm. The company's shares were last trading at 37.31 francs.

• Macquarie analysts are positive about Integral Diagnostics' merger with Capitol Health, expecting significant earnings growth and potential revenue synergies not yet estimated. The merger has been legally approved, with projected benefits including revenue growth from various operational improvements and cost synergies. Macquarie has increased its target price for the stock by 21% to A$3.50, maintaining an "outperform" rating, despite a current 1.3% drop in share price to A$2.94.

⚡ Energy

• Cnooc is set to gain from Exxon Mobil’s expansion plans in Guyana, where it holds a 25% stake in the Stabroek Block. Citi analysts expect Cnooc’s production volume from this area to more than double by 2030, representing 12% of its total volume. They recommend a "buy" rating with a target price of HK$24.00, based on an oil price assumption of $55 per barrel. Currently, Cnooc's shares are up 1.8% at HK$18.14, with year-to-date gains of 37%.

• Macquarie analysts consider Boss Energy's stock undervalued, despite a 40% year-to-date drop and increased operating costs at the Honeymoon uranium mine, now estimated at US$27/pound, up from US$19/pound in 2021. They maintain an "outperform" rating but slightly reduced their target price to A$4.50. The future performance of the uranium market could further influence the stock's valuation. Currently, the stock is down 0.4% at A$2.39.

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See you tomorrow,
The Read Morning Team