MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Eurofins (ERFFP: Baa3 / BBB-): Conference call

HEALTHCARE
  • All sounded very positive.
  • Margins are growing - now above 20% - with aim to get to 24%.
  • IT spend is 6% of revenue which is twice what they would like it to be. They are currently investing a lot in tech to make a more modern/efficient business. After this investment, margins will mechanically improve because of lower spending but also should see organic growth.
  • Dr Martin addressed the problem of his property holdings by saying that the buildings will be offered for sale to the company if other shareholders wish it.
  • The rents involved are tiny compared to the overall spend of the company - Dr Martin acknowledges the optics of the situation but thinks it's meaningless in terms of the financials of the company.
  • The company is buying back its shares - limited disclosure of size - as they think they are too cheap.
  • Growth areas are AI tools to offer value added tools to pharma for drug development. They also have their own direct to healthcare product development such as Genome-Wide Non-Invasive Prenatal Tests
  • Will continue to invest and make small acquisitions. ROCE target 16+%
  • Results of Cash Audit will be in autumn. Giving them full access.
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