Global Research and Evidence Lab 13 August 2024 US Economic Data NFIB: Stronger small business sentiment Economics Americas Small business optimism rises with expectations for economic improvement The NFIB small business optimism index rose 2.2 points to 93.7 in July, ahead of our estimate of 91.9 but well above consensus expectations for the index to be unchanged at 91.5. This marks the fifth consecutive month of improvement in the index but from a low base, with the level of the index remaining below its ...

Global Research and Evidence Lab 13 August 2024 Equities Japan Retail Sector July 2024 sales (announced 9 and 13 August): SEJ's same-store sales continue to seesaw Japan Retail Welcia HD (3141): Sales missed the company's plan again in July Monthly sales (end of month, FY2/25): Group same-store sales rose 0.3% yoy, with customer numbers down 1.0% yoy and sales per customer up 1.3% yoy. By category, product sales fell 2.4% yoy (pharmaceuticals -0.5%, hygiene and nursing care -8.8%, counselling cosmetics -4.2 ...

Global Research and Evidence Lab 13 August 2024 US Economic Data Core PPI perks up a little Headline producer prices edge up 0.1% in July, core rises 0.3% The headline Producer Price Index (PPI for final demand) increased 0.1% in July, in line with our expectations (0.1%) and a touch below consensus (0.2%). Prices for final demand goods climbed 0.6%, on the back of the 1.9% increase in energy prices. The volatile trade services weighed on the monthly gain, holding down the increase in headline PPI by 0.3 pp ...

Global Research and Evidence Lab 13 August 2024 First Read Japan Retail Sector Jiji Press report: Government to alter the consumption tax-exemption system – as has been expected; no surprises Summary On 13 August, Jiji Press reported that the government and current ruling party will proceed with a fundamental review of the consumption tax-exemption system for visitors to Japan. Specifically, the report said the system will change so that consumers get their tax refund after it is confirmed that tax-free pur ...

Global Research and Evidence Lab 13 August 2024 Tsuruha Holdings Revising forecasts: Showing merger effects will be important Action: Earnings update We are updating our earnings estimates. In addition to lowering our OP forecast slightly, we are reflecting growth in the number of stores for the overall sector and continued upward pressure on labour costs over the medium term, and we are changing our OP margin forecast from FY5/30 onward from 4.5% to 4.0%. Measures to maintain or increase profitability in t ...

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Global Research and Evidence Lab 13 August 2024 Japan Food Sector Stock recommendation preferences based on April-June results Equities Japan Food & Beverage Rei Ihara Analyst rei.ihara@ubs.com +81-3-5208 6227 Changing our stock preference order based on April-June results Our impression from results is that, amid the uncertain macroclimate, share prices reacted sharply to the results figures, which are concrete information. More specifically, 1) however high the medium- and long-term growth prospects may b ...

Global Research and Evidence Lab 13 August 2024 Japan Equity Strategy & Thematic Research Event Watch: Focus on micro factors while also monitoring macro conditions Equity Strategy Japan Nozomi Moriya Strategist nozomi.moriya@ubs.com +81-3-5208 6260 Miranda Zhang Associate Analyst miranda.zhang@ubs.com +81-3-5208 6283 Focus on Japan-specific corporate change while monitoring macro conditions Having edged down 0.5% in July, Japan's TOPIX index fell by 20% in just three days in August in reaction to the BoJ's ...

Global Research and Evidence Lab 14 August 2024 First Read ONE LINER KEY NUMBERS RESULT HIGHLIGHTS GUIDANCE UBS COMMENT CALL/WEBCAST Valuation: Neutral rated A$3.70/sh (unchanged) Equities Australia Precious Metals 12-month ratingNeutral 12m price target A$3.70 Price (14 Aug 2024) A$3.81 RIC: EVN.AX BBG: EVN AU Trading data and key metrics 52-wk range A$4.16-2.88 Market cap. A$7.53b/U$$4.99b Shares o/s 1,976m (ORD). Free float 99% Avg. daily volume ('000) 8,394 Avg. daily value (m) A$32 Common s/h equity (0 ...

Global Research and Evidence Lab 14 August 2024 First Read Orora UBS SnapShot: FY24 EBIT better than feared ONE LINER FY24 better than feared and will support re-basing of FY25 consensus estimates. KEY NUMBERS (A$) FY24 rev.: Up +9% to $4.7bn (+1% vs. UBSe, +2% vs. VA cons). EBIT: Up +26% to $404mn (+5% vs. UBSe & +6% vs. VA cons). EBIT (ex Saverglass): +1% to $323mn (+3% vs. UBSe/VA cons). UNPAT: Up +10% vs. pcp to $224mn (+10%vs. UBSe/VA cons). Final DPS: 5cps (unfranked) vs. VA cons. 3.7cps. Net Op. CF: ...