36 ordspråk av Morgan Stanley
Morgan Stanley
(Extended) cash flow declined 12 percent year on year before investments, marking the first time the company has posted lower cash flow since the 1992 recession.
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(This) should lead to strong order intake and rising profit margins for European oil services firms.
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An acquisition looks financially viable and is in line with National Grid's stated U.S. strategy. National Grid has shown that it has a decent U.S. acquisition track record.
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An acquisition looks financially viable and is in line with National Grid's stated US strategy. National Grid has shown that it has a decent US acquisition track record.
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As the company believes that the spike was, in part, an acceleration of losses that would have been incurred later in 2006, it expects to incur a lower level of bankruptcy losses in subsequent months.
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Domestic demand has been nowhere close to strong or impressive.
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Hong Kong is at the epicenter of U.S. monetary tightening and is fully valued.
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In our opinion, the strategic rationale is sound and price paid is lower than what we would have anticipated.
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In our view, the Budget does not give the market ammunition to fight the traditional weakness it undergoes. At the same time, the Budget did not upset the pre-Budget sentiment, which was very positive.
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Net interest margin and Net interest income were stronger than expected, as BAC kept a tight lid on deposit pricing, shrank the securities portfolio and delivered strong loan growth. This should help reduce investor concerns on the bank's ability to manage through the flat yield curve.
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Now that half of the property value is secured, any potential buyer would need to enhance the operating profitability of the business at a higher pace than what Sainsbury is doing which may appear challenging.
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Our bull case reaches as high as 950p if management were to sell trophy assets (the FT and FT.com would be worth 850 million pounds on a multiple of 8.0 times peak earnings before interest, tax and amortization), return 1.75 billion pounds of cash and bring Pearson's sub-standard margins (11.8% in 2004) up to industry norms of 17% (our 2008 forecast is 14%).
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Recent environmental disasters suggest that China needs to find a better balance between growth and environmental protection. The obsession with GDP has led to a neglect of growth quality issues.
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Right now, it's like an absence of bad news is being treated as good news. I see it as just a lot of noise right now. There's still a lot out there to deal with.
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Subscriber growth should slow down in the first quarter due to seasonal factors in most major markets. We expect 4.8 million net additions in the quarter, down 50.4 percent quarter-over-quarter and 8.2 percent year-over-year.
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