Global Research and Evidence Lab 14 August 2024 Sundrug Earnings update: ongoing growth in sales and profit Action: updating our forecast in light of Q1 results We are updating our forecast following Sundrug's Q1 results release. We only fine-tune our OP forecast and adjust our price target from ¥4,250 to ¥4,190. We maintain our Neutral rating. Investment overview: focus on improvements in Kirindo's enterprise value Sundrug is one of Japan's leading drugstores. The company operates discount stores as well a ...

Kohei Highway #34 Has US BEV bottomed out? CPI news Japan Auto, Auto parts and Auto-tech Kohei Takahashi, Analyst Equity Research, UBS Securities Japan Co., Ltd. TEL: +81-3-5208-6172 E-mail: kohei.takahashi@ubs.com This report has been prepared by UBS Securities Japan Co., ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research published by UBS, begin on slide UBS does and seeks to do business with companies covered in its research reports. As a result, investors s ...

Global Research and Evidence Lab 14 August 2024 First Read Medley Profit level comes up short due to growth in costs Q: How did the results compare vs expectations? A: Q2 (April-June) FY12/24 OP (prior to goodwill amortisation adjustments) came in at ¥2.02bn (-1.0% yoy), which is below the IFIS consensus (¥2.68bn) and our forecast (¥2.8bn). The undershoot relative to what we expected was due to one-off factors in the HR platform business and higher company-wide costs. The OP margin in the HR platform busine ...

Global Research and Evidence Lab 14 August 2024 First Read Asahi Intecc Guidance does not look conservative Q: How did the results compare vs expectations? A: Q4 FY6/24 OP (prior to goodwill amortisation adjustments) came in at ¥2.5bn (+53.8% yoy). This is below the IFIS consensus of ¥2.9bn but is higher than the ¥2.0bn that we expected. The main factor in the gap between this result and our forecast was strong sales in China. We estimate that the company's China sales rose 3.4X in Q4 (local currency basis) ...

Global Research and Evidence Lab 14 August 2024 First Read Sundrug Q1 FY3/25 results: OP broadly in line with the company's plan Q: How did the results compare vs expectations? A: Q1 FY3/25 OP came in at ¥10.9bn, up 10% yoy, which is a solid result relative to our forecast of ¥10.5bn and the IBES consensus of ¥10.6bn. The company says OP was broadly in line with its plan. By segment, in the drugstore business, sales came in short and OP undershot management's budget slightly, whereas the discount store busi ...

Global Research and Evidence Lab 15 August 2024 Equities Australia Telecommunications Lucy Huang Analyst lucy.huang@ubs.com +61-2-9324 2253 Ailsa Lei Analyst ailsa.lei@ubs.com. +61-2-9324 3181 Sparsh Polepalle Associate Analyst sparsh.polepalle@ubs.com +61-2-9324 2000 First Read Australian Telecom Sector Optus 1Q25. Mobile ARPUs lift another +$1 QoQ 1Q25 result - key takeaways Singapore Telecom (Singtel), owner of Optus, reported 1Q25 results today. 1. Mobile services rev $1bn; 2. Mobile subs. Ending total ...

Global Research and Evidence Lab 15 August 2024 First Read Magellan Financial Group UBS SnapShot: FY24 Result ONE LINER KEY NUMBERS RESULT HIGHLIGHTS (FY24 unless otherwise stated) GUIDANCE UBS COMMENT CONFERENCE CALL DETAILS Equities Australia Diversified Financial 12-month ratingBuy 12m price target A$10.50 Price (14 Aug 2024) A$9.70 RIC: MFG.AX BBG: MFG AU Trading data and key metrics 52-wk range A$10.42-6.22 Market cap. A$1.80b/US$1.19b Shares o/s 186m (ORD) Free float 26% Avg. daily volume ('000) 603 A ...

ab 15 August 2024 Global Research and Evidence Lab Seven Group Holdings Industrial Services momentum to support HSD EBIT growth in FY25. Buy FY24 EBIT growth delivered above guidance Seven Group delivered a solid FY24 result, with EBIT growth of +20% ahead of guidance for "mid to high teen" percent growth. The Industrial Services segment delivered +28% EBIT growth, with strong operating performances across WesTrac, Coates, and Boral. WesTrac delivered double digit revenue growth in both machine sales and se ...

ab 15 August 2024 Global Research and Evidence Lab BWP Trust Back to growth in FY25 Guidance showing growth for the first time in 5yrs BWP's FY24 NPAT (adj. for SL of rent) was $120.5m vs. UBSe $117.5m, supported by strong lfl rental growth of 4.2%. Guidance for FY25 DPU growth of 2% reflects the first growth in 5 years from 18.29c DPU, with no more than ~$1.8m of capital profits required to support DPU implying underlying growth. LFL rental growth should remain strong into FY25 with 12% of leases subj. to ...

ab 14 August 2024 Global Research and Evidence Lab AGL Energy FY24 result: Transition plan & returns in focus More resilient gas margins, but upside/downside risk even at this price AGL reported a solid in-line FY24 result with NPAT ($812m) 2-3% ahead of cons/UBSe and FY25 earnings guided 2% ahead of cons. Electricity portfolio margins ($55/MWh) remain strong, supported by AGL's investment in operational flexibility at Loy Yang & Bayswater power stations, allowing output to flex up/down intraday mitigating ...