ab 13 August 2024 Global Research and Evidence Lab First Read James Hardie Industries UBS SnapShot: 1Q-25 Result ONE LINER: 1Q beat, 2Q soft but +ve FY25 NPAT guide unchanged (ex lower end tax -50bps) 1Q-25 KEY NUMBERS: 1) Group underlying NPAT US$178m vs UBSe US$170m (vs consensus US$167m). 2) Group underlying EBIT US$236m vs UBSe US$230m. 3) North American volumes of 752mmsf vs UBSe 764mmsf, 2% behind. 4) North American EBIT of US$227m vs UBSe US$229m, implies a margin of 31.2% vs UBSe 31.7%. 5) APAC volu ...

ab 12 August 2024 Global Research and Evidence Lab JB Hi-Fi FY24 Result: JB Aust EBIT margin 'base' raised FY24 Result: Above mkt & UBSe with Jul-24 trading mixed (strong in JB Aust) JBH FY24 sales/EBIT/NPAT -0.4%/-15.8%/-16.4% vs pcp with NPAT (A$439m) above Visible Alpha (mkt) (A$423m) and UBSe (A$409m). JB Aust, The Good Guys (TGG) and JB NZ EBIT above mkt & UBSe. Jul-24 LFL sales mixed: JB Aust +5.2% (+2.3% 2yr stack); TGG +2.7% (-9.3% 2yr stack); and JB NZ -4.9% (+5.1% 2yr stack). We revise FY25E/26E E ...

ab 12 August 2024 Global Research and Evidence Lab Powered by YES UBS Evidence Lab Equities Australia Transportation Services 12-month rating Neutral | --- | --- | |------------------------------|------------------| | 12m price target | A$3.40 | | | Prior : A$3.70 | | Price (12 Aug 2024) | A$3.30 | | RIC: AZJ.AX BBG: AZJ AU | | | Trading data and key metrics | | | 52-wk range | A$4.02-3.30 | | Market cap. | A$6.07b/US$4.01b | | Shares o/s | 1,841m (ORD) | | Free float | 100% | | Avg. daily volume ('000) | 6 ...

Global Research and Evidence Lab 12 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 Change Stack AIG Akos BEN each Eroy CEA .6 HH SunnaryRCPrevious Plice I Buy (hom Newsk), PT RaisedMTAX30.00 ALAX Pay Yom N ...

ab 12 August 2024 Global Research and Evidence Lab Australian Banks Capital returns are possibly mispriced | --- | --- | |-------------|-------| | | | | | | | | | | | | | Equities | | | | | | Australasia | | | Financial | | Dividends/buybacks/excess capital an underpin for Aussie bank share prices? We analyse how much excess capital the banks carry and if this is potentially a further underpin to share price performance, especially in the context of valuations which we continue to view as rich relative to h ...

ab 13 August 2024 Global Research and Evidence Lab Equities Prices: Iron Ore 62% cfr Qingdao -0.5% $99/dmt; HCC prem LV -1.2% $212/t; Thermal Coal NEWC +0.5% $147/t; Spodumene CIF China -4.7% $810/t; Li Carbonate Battery Grade, CIF China 0.0% $12000/t; Li Hydroxide Battery Grade, CIF China +0.9% $11600/t; Cu +1.8% $4.04/lb; Al +0.1% $1.02/lb; Ni +1.3% $7.30/lb; Au +1.2% $2504/oz; Brent +2.9% $82/bbl; WTI 0.0% $77/bbl; AUDUSD 0.6586; AUDEUR 0.6025; AUDGBP 0.5159; AUDJPY 96.95 Bulks: Iron Ore -0.5% to US$99/t ...

ab 13 August 2024 Global Research and Evidence Lab First Read Swire Properties MSCI deletion as expected; good opportunity may have emerged What's new? In this morning, MSCI announced to delete Swire Properties (Swire) from the MSCI index and the changes will be effective at the close of 30 Aug. The deletion was in-line with our previous expectation, as its free float adjusted market cap has fallen below the required relative threshold size. UBS index team forecast US$127mn (or 69.6mn shares) will be sold o ...

ab 12 August 2024 Global Research and Evidence Lab Beach Energy Limited FY24 result: FCF must support capital returns & growth Another frustrating reserve d/grade but FCF can support growth and divs Beach Energy's (BPT) FY24 NPAT beat consensus estimates by 7%; however the financial performance was overwhelmed by another material reserve downgrade. Reserves at the new Enterprise gas field in the VIC Otways saw an 11mmboe reserve revision (-27% to the implied VIC Otway reserve), following new flow data indic ...

ab 13 August 2024 Global Research and Evidence Lab Powered by YES UBS Evidence Lab 0 200 400 600 800 1,000 1,200 0% 20% 40% 60% 80% 100% 120% 140% 160% 91% 95% 76% 93% 87% 112% 97% 130% 79% 75% 134% 49% 71% 103% 82% 70% 31% 24% JapanKorea Thailand Hong KongEUSingaporeMacaoMalaysiaVietnamAustraliaUKRussia The PhilippinesIndonesiaUAECambodiaUS Int'l flight volumes Overall int'l flights recovery vs.2019 vs.2019 (RHS) 11% 2% 2% 8% Southeast Asia East Asia Europe Oceania North America other 42% 35% Overall int'l ...

Investment Rating - The report maintains a "Buy" rating for Far East Horizon, citing an attractive dividend yield of 9.3% and limited downside risk to the absolute dividend per share (DPS) amount [1][6]. Core Insights - Far East Horizon's net profit for 1H24 was Rmb2,085 million, representing a 32% year-over-year decline, largely attributed to non-core items such as investment-related income and taxes [1][6]. - The company declared its first interim dividend of HK$0.25 per share, with a payout ratio of 47%, indicating a commitment to maintain the FY24 DPS at HK$0.50 despite earnings challenges [1][6]. - The easing of first-home mortgage criteria in Chengdu is expected to stimulate housing demand, allowing buyers with multiple properties to benefit from favorable mortgage policies [1][2]. Summary by Sections Far East Horizon Financial Performance - Reported a net profit of Rmb2,085 million in 1H24, down 32% YoY and 33% HoH, missing expectations [1]. - Operating profits before provisions decreased by 8% YoY, which is more aligned with a 4% contraction in average interest-earning assets [1]. - The company plans to maintain its DPS at HK$0.50 for FY24, despite the earnings decline [1]. Residential Foreclosure Market - The number of listed residential foreclosure houses increased by over 12% YoY in H124, reaching 202,000 units [2]. - Notable increases in tier-2 cities, with Zhengzhou seeing a 43% YoY rise in listed units [2]. - The average transaction price for residential foreclosure houses was Rmb9,084 per square meter, down 6.7% YoY [2]. Mortgage Policy Changes - Chengdu has eased criteria for first-home purchases, allowing buyers with a second house listed for sale to qualify for favorable mortgage terms [1][2]. - The new rules are effective from August 13, 2024, potentially boosting housing market activity [1][2]. Valuation Summary for China Banks - Various banks are rated as "Buy," "Neutral," or "Sell," with specific price targets and implied upside percentages provided [6][7]. - For instance, BOC is rated "Buy" with a price target of HK$4.20, implying a 23.5% upside [6][7]. - The average dividend yield for H-share banks is noted at 7.7%, with varying growth rates projected for EPS in 2024 and 2025 [6][7].