Cash costs down A$4.07/lb, down 13% QoQ on higher grades treated. If maintained, Western Areas Grade on track to achieve lower end of annual production guidance (16kt nickel) at higher end of cost guidance (A$4.25/lb) for FY21. Cosmos development on track and fully funded after capital raising in the period.
■ 1Q21’s net profit growth before payment of preference share dividends and perpetual bond interest expense rebounded to 18.5% yoy (FY20: 2.6% yoy). This is the strongest growth yoy in 1Q since 2014 and we believe 1Q21 marks the return to normality for banks’ net profit growth.
■ DBS has announced the acquisition of a 13% stake in Shenzhen Rural Commercial Bank for 1.01x P/BV. ■ The transaction is expected to be immediately accretive to earnings. ■ Reiterate Add. ROE of c.12% for DBS’s stake is in line with China banks. We anticipate positive share price movement on this announcement. Expanding into the Greater Bay Area
■ Jiangsu King's Luck Brewery reported that FY20 sales grew by 5.1% yoy to Rmb5.1bn and net profit rose by 7.5% yoy to Rmb1.57bn, in line with our estimates.
we have conservatively decided to cut our premium growth forecasts for FY21F. In addition, we understand that Ping An’s life insurance division completed its reform design last year for its agent force.
The other listed life insurers only reported monthly gross written premiums (GWP) (which is basically FYP plus renewal premiums). Again, it is clear that even for GWP growth, there was a marked slowdown in Mar yoy compared to Feb yoy, for China Life (Mar: -12% yoy vs. Feb’s +2% yoy), CPIC Life (Mar: -8% yoy vs. Feb’s +6% yoy) and NCI (Mar: +3% yoy vs. Feb’s +7% yoy)
While Jan and Feb saw strong sales growth, Mar sales weakened markedly, following regulatory-driven changes in pricing of critical illness products.
2H21 will depend on the property sector ■ Following GDP growth of 18.3% yoy in 1Q21, we expect GDP growth to remain strong at 9% yoy in 2Q21, supported by domestic recovery and solid export demand.
Another key differentiating factor of CGS relative to its peers is its ability to offer a diverse range of value-added services to its customers. These include value-added innovation services, turnkey furnishing and move-in services, housekeeping services, community media services, real estate brokerage services and community area services.
At the close of the NYSE, the DJIA fell 0.75% while the S&P 500 index was down 0.68%, and the NASDAQ Composite index slid 0.92%. Falling stocks outnumbered advancing ones on the NYSE by 2,440 to 877 and 123 ended unchanged;