Global Research ab 4 June 2025 First Read Naver Corp 2025 AIC: Navigating AI disruption and eCommerce shifts Search strategy amid AI disruption Naver acknowledged rising pressure from generative AI services, particularly in non- commercial search categories where queries seek specific answers (e.g. fact-based Q&A, summaries). These query types had already been declining before ChatGPT's launch, with Google holding a ~60% share in non-commercial queries. Naver remains strong in commercial searches (~80% mark ...

ab 4 June 2025 Global Research IDP Education Quality bus., tough conditions - Upgrade to Buy Very low expectations priced in at current levels, business is not broken Uncertainty surrounding gov policy across all geographies continues to weigh on 2H25, a risk we flagged with the UK Immigration white paper (refer note). Despite losing some mkt share within IELTS, in our view IEL remains a high quality business, operating in challenging conditions. The incremental UK uncertainty has unfolded right before the ...

Global Research ab 29 May 2025 The sizable funding cost decline by 30bps in Q1 (to 3.2%) was driven by a record high quarterly ABS issuance of Rmb6.6bn. Looking ahead, further funding mix shift towards ABS could bring some upside, though management noted ABS issuance is usually seasonally stronger in 1H. The company targets a full-year ABS issuance size of Rmb18bn+, implying at least 20% growth from last year's Rmb15bn or 12% of 2024's capital heavy loan volume. Overall, management sees the company well on ...

ab 29 May 2025 Powered by YES UBS Evidence Lab Global Research China Industrials Revised transport infrastructure outlook on easing tariff concerns Passenger volume to outperform freight in 2025E We change our industry volume growth forecasts for transport infrastructure after both the US and China lowered the reciprocal tariff rate from 125% to 10% on 12 May. YTD volume has been resilient, especially for container throughput at ports, partly the result of front-loading that may continue in the short-term. ...

ab 29 May 2025 Global Research First Read Mainfreight UBS SnapShot: FY25 Result ONE LINER FY25 results slightly ahead of UBSe and consensus driven by Australia, but outlook commentary mixed partly due to moving tariff impacts. KEY NUMBERS Revenue $5.24bn (+11% YoY) vs. UBSe $5.10bn. Underlying EBITDAR $792m (+6% YoY) vs. UBSe $737m. Underlying NPAT $274m (-1% YoY) vs. UBSe $267m and market consensus $267m. Abnormals of -$69m in FY24. Final DPS 87c vs. UBSe 81c. RESULTS HIGHLIGHTS 1) NZ PTP -10% YoY to $135m ...

ab 29 May 2025 Global Research Mitsubishi Electric The FA business is a source of concern The share price turned down after IR Day announcement There have been three big changes since the announcement last year: (1) the necessity of restructuring in the FA business has been emphasised more strongly, (2) the company aims to make a decision within FY3/26 about whether to terminate/downsize operations worth approximately ¥0.8trn, and (3) approximately ¥1trn will be secured for M&A within the next three years, ...

ab 29 May 2025 Global Research WEB Travel Group Limited FY25 - Reaccelerating despite tougher macro Strong exit & accelerating into FY26, driven by conversion strategy deployment With the majority of travel exposed operators either downgrading or removing guidance against the backdrop of heightened uncertainty across the global travel space, in our view WEB's result deserves recognition. 2H25 was a marginal EBITDA beat, but compositionally stronger - with rev/TTV higher than expected. This was the core driv ...

ab 29 May 2025 Global Research First Read Goodman Property Trust UBS SnapShot: FY25 Result ONE LINER Robust net rental growth and internalisation cost savings drives $1m beat to Cash EPU. KEY NUMBERS Net rental income $231m (+14% vs. pcp) vs. UBSe $222m. Net operating expenses $11m (-48% vs. pcp) vs. UBSe $13m. Net interest expense $64m (+37% vs. pcp) vs. UBSe $54m. Tax $29m (+106% vs. pcp) vs. UBSe $27m. Cash earnings $116m (+15% vs. pcp) vs. UBSe $115m. DPU 6.5cpu (+5% vs. pcp) vs. UBSe 6.5cpu. RESULT HIG ...

ab 29 May 2025 Global Research First Read Ryman Healthcare UBS SnapShot: FY25 Result ONE LINER Sales volumes and FCF ahead of UBSe. But, FY26E sales guidance below cons. KEY NUMBERS Care and village fees $571m (+12% YoY), vs. UBSe $559m. Deferred Management Fee $155m (+11% YoY), vs. UBSe $138m. Operating expenses (IFRS) $751m (+6% YoY) vs. UBSe $700m. FCF -$94m (vs. -$187m in FY24) vs. UBSe -$101m. No div. (UBSe 0.0cps). RESULT HIGHLIGHTS 1) Total build rate 950 vs. UBSe 937; 2) New units sold 416 (+7% YoY) ...

ab 29 May 2025 Global Research First Read Thai Oil 2025 AIC: CFP and rating as main topics of discussion TOP expects to keep budget and timeline under control Thai Oil reiterates its confidence in keeping Clean Fuel Project (CFP)'s investment budget and completion timeline within the shareholders' approval of US$1.8bn and by Q328. TOP has engaged in the selection of new contractors and expects to provide more clarity by Q325. There has not been additional comments on who the potential contractors would be. ...