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Huawei reported a 22.4% revenue increase in 2024, reaching C¥862.1 billion, the fastest growth in five years, despite a 28% drop in net profit to C¥62.6 billion due to heavy R&D investments. The consumer segment saw a 38% rise, while the intelligent automotive solutions unit's revenue surged over 4.5 times.
Hedge funds are rapidly selling off global tech stocks, with U.S. tech making up 75% of the net selling, particularly in semiconductors. This shift, driven by macroeconomic pressures and a bearish outlook, has reduced hedge fund exposure to the tech sector to a five-year low of 16.4%. Concerns over AI valuations and trade tariffs have further fueled the selloff, despite reassurances from Goldman Sachs about the sector's strong fundamentals.
Deutsche Bank has adjusted its price target for PepsiCo, Inc. to $170 from $174 while maintaining a Buy rating. PepsiCo is a global leader in non-alcoholic beverages and snacks, with 60% of net sales coming from North America, followed by Europe (15.1%), Latin America (12.8%), Africa/Middle East/South Asia (6.8%), and Asia/Pacific/Australia/New Zealand (5.3%). The company's diverse product range includes popular brands such as Aquafina, Gatorade, Lay's, and Doritos, with significant sales concentrated in the United States (56.3%).
Huawei Technologies reported a 38% revenue increase in its consumer business for 2024, driven by a resurgence in smartphone sales, despite ongoing US-China tensions. Total revenue reached 862.1 billion yuan (US$120 billion), with the smartphone segment seeing a 37% rise in shipments to 46 million units, making Huawei the second-largest brand in China. The company also noted a significant growth in its intelligent automotive solutions, while net profit fell 28% due to increased investments in future technologies.
Citigroup has lowered its price target on Cummins Inc. to $360 from $430 while maintaining a Buy rating. Cummins specializes in designing and manufacturing diesel and gas engines, generators, and components, with significant sales in the U.S. (56.7%) and a diverse product range including filtration systems and turbochargers.
Huawei reported a 28% drop in profits for 2024, totaling 62.6 billion yuan ($8.6 billion), amid international economic uncertainty and weak domestic consumption. However, revenue rose 22% to 862.1 billion yuan, the highest since 2020, as the company adapts to US sanctions and focuses on quality. Last year, Huawei launched its first smartphone with a fully homegrown operating system and introduced the world’s first triple-folding phone, competing against Apple and other domestic brands.
Deutsche Bank has lowered its price target for Pernod Ricard from EUR103 to EUR97, maintaining a Hold rating amid concerns over declining organic revenue growth, particularly in Asia and Europe. The analysts anticipate a -1.8% drop in revenue for Q3 FY2025, revising full-year organic revenue expectations to a shrinkage of -3.2%. Other firms, including RBC Capital Markets and Bernstein, have also adjusted their price targets, reflecting challenges in the market and a cautious outlook for the company's performance.
Huawei reported a 22.4% year-on-year revenue increase in 2024, reaching 862.1 billion yuan, the second-highest in its history. The growth was primarily driven by its ICT infrastructure and consumer businesses, which together accounted for 82% of total revenue. Despite this surge, net profit fell 28% to 62.6 billion yuan due to significant R&D investments of 179.7 billion yuan, representing 20.8% of revenue.
GAC and Huawei have launched the Huawang project, targeting high-end customers in the 300,000 RMB market. The collaboration will see Huawei lead product development, integrating its smart driving software and solutions, while GAC maintains decision-making authority. The new brand aims to enhance GAC's smart car ecosystem and establish a high-end independent car brand.
The Reserve Bank of Australia is expected to hold interest rates steady amid concerns over tariffs and recent inflation data, which, while cooler, remains too high for further cuts. The Australian and New Zealand dollars have struggled against G10 currencies, with predictions of further declines, particularly against the US dollar. A cautious tone is anticipated from Governor Michele Bullock as the RBA navigates these uncertainties.
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