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On August 13, CLSA published a report stating that the management of Tingyi (00322.HK) provided new revenue guidance for the 2025 fiscal year, which is flat to low single digits year-on-year, and core net profit growth rate will reach double digits year-on-year. Looking ahead to the second half of the year, the bank still believes that there are still uncertainties in the competitive landscape and the recovery of beverages, so its revenue forecast is slightly lower than the companys guidance target. However, due to better cost control space, CLSA believes that Tingyi has higher visibility of profit growth and believes that its double-digit core profit growth guidance target should be achievable. The bank slightly adjusted its earnings forecast and lowered its target price from HK$12.2 to HK$11.6, maintaining a "hold" rating.According to RIA Novosti: Russian air defense forces shot down 46 Ukrainian drones at night.Japans 5-year government bond yield rose 2.5 basis points to 1.065% after the auction subscription ratio hit the lowest level since March 2020.On August 13th, Michael McLean, senior public policy research analyst at Barclays, pointed out that Stephen Millan, Trumps nominee to succeed Kugler, could be a dark horse candidate for the next Federal Reserve Chair. If confirmed by the Senate, Millan could remain in office indefinitely after his term expires. Trump could have left Kuglers seat vacant, but his quick nomination clearly paved the way for Millan. Millan enjoys Trumps trust and has consistently supported the president and his policies. Furthermore, several former Fed chairmen, including Greenspan, Bernanke, and Yellen, have served as chairs of the White House Council of Economic Advisers. Millan also has advantages over other candidates in terms of a voice in monetary policy and a vote on the FOMC.The bid-to-cover ratio at Japans 5-year government bond auction was 2.96, down from 3.54 in the previous auction. The subscription ratio was the lowest since March 2020.

Third Point's Loeb Praises Shell Moves, Sticks by Calls For Breakup

Haiden Holmes

May 09, 2022 10:14

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Daniel Loeb, an activist investor who desires the breakup of Royal Dutch Shell (LON:RDSa) Plc, hailed the energy giant's decision to relocate its headquarters, despite his belief that a new corporate structure would be more successful.


In October, Loeb said that his hedge fund Third Point LLC had acquired a $750 million interest in the business. On Friday, he informed his own investors that he has increased his Shell stake and held meetings with management, the board of directors, and other shareholders.


The letter, which was viewed by Reuters on Saturday, referred to the discussions as "productive" and stated that the company's stock price is now low, but that "good management" will lead to price increases.


Loeb is steadfast in his belief that the company's success might be enhanced by a different corporate structure. However, he also supported Shell's decision to relocate its headquarters from the Netherlands to the United Kingdom and to form a single class of shareholders.


This enables for a more flexible portfolio modification (via asset sales or spin-offs) and a more efficient return of cash, specifically through share repurchases, according to the letter.


In October, Loeb stated for the first time publicly that Shell would profit from separating its liquefied natural gas, renewable energy, and marketing businesses from its traditional energy business. He wrote that numerous stockholders share this opinion.


Current geopolitical events, according to Loeb's letter, highlight the strategic importance of dependable energy supply, particularly in Europe. The letter stated, "Shell's LNG (liquid natural gas) business, the largest in the world outside of Qatar, will play a crucial role in guaranteeing Europe's energy security."


This is the first time since the initial announcement that Loeb has informed his clients on the Shell deal.


In a broader sense, Loeb stated that his business has made more investments in energy firms and other stocks that will benefit from greater inflation, supply constraints, and a shift toward more renewable energy sources.

Third Point Partners' Fund lost 11.5% in the first quarter, but the firm avoided more severe losses in April, when its fund fell 1% and the S&P 500 index fell 8%.


Third Point sold off a number of major equity positions and made a new investment in mining giant Glencore (OTC:GLNCY), which is poised to profit from the transition to renewable energy. He anticipates that the company's new management team, enhanced ESG profile, and "quite significant financial returns to shareholders and government settlements" will allow it to catch up to other mining corporations.