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On November 19th, a CLSA research report indicated that despite facing competition in both domestic and international markets, Man Wah Holdings (01999.HK) still saw a 0.6% year-on-year increase in net profit for the first half of fiscal year 2026, with the interim dividend remaining flat. This was attributed to the groups proactive repositioning and improved operational efficiency. Although US tariffs increased, the gross profit margin in overseas markets still rose 1.1% year-on-year to 39.3% during the period, as continued efficiency improvements and lower raw material costs helped mitigate the impact of tariffs. Furthermore, Man Wahs management stated that capacity investment has peaked and that maintaining stable dividends will be a priority in the coming years. The report believes that managements commitment to shareholder returns may support market sentiment in the short term, and coupled with the expected stable revenue growth in fiscal year 2027, it may bring medium-term upside potential. Based on improved shareholder return visibility, the target price was raised from HK$5 to HK$5.58, maintaining an "Outperform" rating.On November 19th, a research report from Bank of America Securities indicated that Geely Automobile (00175.HK) saw its third-quarter revenue increase by 27% year-on-year to RMB 89.2 billion, primarily driven by a 43% year-on-year increase in deliveries and higher average selling prices. Benefiting from improved economies of scale, operational efficiency, and product mix optimization, gross margin rose 1.2% year-on-year to 16.6%. Net profit for the period increased by 59% year-on-year to RMB 3.8 billion, with cumulative net profit for the first three quarters reaching RMB 13.1 billion, accounting for 77% of the banks full-year forecast. The bank raised its sales volume forecasts for 2025 to 2027 by 2%, 1%, and 2% respectively, its total revenue forecasts by 1%, 2%, and 2%, and its earnings per share forecasts by 1%, 6%, and 5%. The target price was raised from HKD 24 to HKD 25, and the bank reiterated its "buy" rating.According to Japans Kyodo News, the governor of Niigata Prefecture will approve the restart of Tokyo Electric Power Companys Kashiwazaki-Kariwa nuclear power plant.Hong Kong-listed biotech stocks weakened during the session, with Biocytogen (02315.HK) falling nearly 5%, Kodi (02487.HK) and Xinwei Medical (06609.HK) falling more than 3.5%, and Kelun Biotech (06990.HK) falling more than 3%.Japans Ministry of Finance will auction 400 billion yen of 40-year government bonds on November 26.

The conclusion of the Argentine truckers' strike increases grain shipments

Charlie Brooks

Jul 01, 2022 11:36


The Argentine truckers' strike ended on Thursday, when several unions incensed by fuel shortages reached an agreement to terminate the one-week protest near the vital port of Rosario, which is expected to assist future grain exports.


The truck driver's protest over high gasoline prices has halted shipments of corn and other goods, just as the bulk of the harvest was making its way to ports for export to worldwide markets.


Due to the exclusion of a few tiny truckers groups from the deal, however, it is possible that certain protests may continue.


Argentina is the second-largest exporter of maize, the top exporter of processed soy oil and meal, and a major supplier of wheat and beef.


One of the unions, Autoconvocados Unidos, issued the following statement: "Despite our dissatisfaction (with the latest settlement of truck freight rates) and in light of the present crisis in our country, we have chosen to halt the strike."


The union described their action as an act of kindness.


The number of trucks entering ports surged by 70 percent on Thursday compared to the previous day, reaching approximately 1,500 vehicles, as reported by the Rosario grains market.


The Rosario ports are the departure point for 80 percent of Argentina's agricultural exports, the vast majority of which are transported by truck.


The ability of trucks to access the port is returning to normal, according to the manager of the country's marine port chamber, Guillermo Wade.


Additionally on Wednesday, the transport ministry secured a deal with non-striking agricultural and transport groups to hike grain freight charges by 25%.


However, the majority of protesting unions, led by the UNTRA truckers' union, felt the rate increase insufficient and chose to dismantle highway blockades.


The head of the UNTRA, Carlos Geneiro, said, "We have far greater expenses than that."