First Read Commonwealth Bank of Australia UBS Snapshot: FY24 Result ONE LINER In-line result but not enough in our view given current mkt rating KEY NUMBERS (FY24 seq., continuing operations unless stated otherwise) (1) PPOP $15.0B, (in-line with cons); (2) Impairments $802M, 11% better than cons ($900M) and 12% above UBSe ($913M); (3) Cash NPAT $9.8B (~1% above cons); (4) Cash Diluted EPS (incl. discontinued) 582.6cps (in-line with UBSe 582.7cps, +6% above cons 550.7cps); (5) Interim div 250cps (UBSe 238cp ...

First Read HomeCo Daily Needs UBS SnapShot: FY24 Result ONE LINER FY24 result in line, FY25 guidance -1% below cons. and -3% below UBSe KEY NUMBERS FFOps of 8.6c vs. UBSe/cons. 8.6c, DPS 8.3c (pre-announced). RESULT HIGHLIGHTS 1) Portfolio ($4.8b): +4.0% comp NOI growth. >99% collection rate. >99% occupancy. +6.0% releasing spreads (6.4% Dec-23). 4.8yr WALE. Cap rate: 5.64% (5.57% Dec-23). WARR 3.8% blended, 3.6% fixed, 4.3% CPI-linked. 2) Capital: $1.44 NTA/Unit vs. $1.44 Dec-23 (valuations +1.6% gross, +0 ...

Global Research and Evidence Lab 14 August 2024 First Read Seven Group Holdings UBS SnapShot: FY24 EBIT growth of +20% beats guidance ONE LINER Solid result. Operating momentum at WesTrac, Coates and Boral to drive HSD EBIT growth in FY25. KEY NUMBERS (A$) FY24 revenue: Up +10% to $10.6bn (-1% vs. UBSe/VA cons). Group EBIT: Up +20% to $1.4bn (-2% vs. UBSe and -1% vs. VA cons) underpinned by Industrial Services EBIT growth of +28%. UNPAT: Up +30% to $850mn (+5% vs. UBSe and +4% vs. VA cons). Final DPS: Pre a ...

Global Research and Evidence Lab 14 August 2024 First Read Seven West Media UBS SnapShot: 2H24 Result ONE LINER Miss to consensus. Dividend cut, top line in Sep/Oct tracking slightly below. 2H24 KEY NUMBERS Revenue $640m (UBSe $631m, VA cons. $645m); EBITDA $63m (UBSe $52m, cons. $71m); Reported NPAT $24m (UBSe $6m, cons. $23m); Capex -$14m (UBSe -$23m, cons -$24m); No dividend declared (UBSe Ocps, cons. 2cps). 2H24 RESULT HIGHLIGHTS 1. 'Seven' Total TV" rev $554m (UBSe $534m, cons $559m), EBITDA $56m (UBSe ...

ab 14 August 2024 Global Research and Evidence Lab Region Group Growth pushed out again Limited growth into FY25 disappointing but more positives emerging RGN's FY24 FFOps of 15.4c was -2% below guidance and FY25 guidance of 15.5c - 5% below UBSe (-3% vs. cons.) with ongoing property expense inflation a headwind in both FY24/25. In addition to setting out a target for comp NOI growth of +3%, guidance also allowed for several 'one-off' items including lost rent from centre repositioning, line fee drag on und ...

Global Research and Evidence Lab 13 August 2024 UBS Stock Update Recent changes to UBS ratings, price targets & EPS Equities Australia Luke Brown, CFA Analyst luke.brown@ubs.com +61-2-9324 3620 Recent changes to UBS ratings, price targets and EPS The UBS Stock Update lists all recent rating, price target and earnings per share changes made by our research analysts. Rating & Price Target Changes 81sck Chelonox Creatings Freightways Janos Hardo Region Group Tercla & Webster RICSummaryRatingCurrency CGEAXAUDPT ...

ab 13 August 2024 Global Research and Evidence Lab James Hardie Industries Slow recovery but foundation solid Soft 2QFY25 makes bridge to FY25 incrementally harder We see the key takeaways from today's result as: 1) FY25 unchanged but harder with tough 2Q. JHX's 2QFY25 guidance came in softer than expected (midpoint vols -7% albeit with some large builder inventory adj impact). While declining rates will clearly improve the outlook, we see any improvement as unlikely to arrive in time for FY25 earnings and ...

Investment Rating - The report provides a GDP growth forecast of 4.9% for 2024, indicating a slower growth outlook due to various economic factors [15]. Core Insights - The property sector is experiencing a significant downturn, with sales, starts, and real estate investment (REI) projected to decline by 5-10%, 15-20%, and 5-10% respectively in 2024 [16]. - Consumption recovery remains weak, with offline activities normalizing but overall consumption still below pre-COVID trends, influenced by factors such as income, confidence, and excess savings [17][35]. - Infrastructure fixed asset investment (FAI) is expected to moderate to 5-6% in 2024 from 8% in 2023, reflecting a shift in government support dynamics [18]. - Exports are projected to remain resilient, with nominal exports expected to increase by 3.5% in 2024, supported by robust US growth and ongoing global tech cycles [19]. Economic Indicators Summary - Real GDP growth is forecasted at 4.9% for 2024, with a notable Q1 growth of 5.3% followed by a slowdown to 4.7% in Q2 [15]. - Consumption growth is expected to be 5.1% in 2024, down from 6.4% in 2023, reflecting ongoing challenges in consumer confidence and spending [3]. - Fixed investment growth is projected to stabilize at 3.7% for 2024, consistent with the previous year [3]. - The current account balance is expected to decrease to 1.2% of GDP in 2024, down from 1.4% in 2023 [3]. Sector-Specific Insights - The property sector's downturn is described as the sharpest in history, significantly impacting GDP and local government financing [16][25]. - Infrastructure investment is anticipated to slow down, with a focus on maintaining fiscal support amid weaker local government financing conditions [18]. - Retail sales growth is projected to remain subdued, with key factors such as youth unemployment and cautious consumer sentiment affecting overall spending [35][38]. Policy and Market Dynamics - Major coordinated policy easing measures were implemented in May 2024 to address the property downturn, although the effectiveness of these measures remains to be seen [22]. - The report highlights the importance of addressing inventory destocking in the property sector, with limited progress noted so far [16][25]. - The report emphasizes the need for further policy support to stimulate consumption and investment, particularly in the context of high savings rates and cautious consumer behavior [41].

Global Research and Evidence Lab 13 August 2024 Australian Economic Comment RBA Hauser hawkish: lifts neutral & NAIRU. WPI ticks down to 0.8% q/q, but y/y holds 4.1% RBA Deputy Hauser hawkish: effectively lifts neutral rate & NAIRU estimates RBA Deputy Governor Hauser's speech was on the hawkish side; especially relative to prior comments, which were initially more balanced on the RBA's 'dual mandate' of an inflation target as well as full employment. 1) Hauser characterised inflation as persistent, and hig ...

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