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 ...

ab 14 August 2024 Global Research and Evidence Lab Orora FY24 better than feared. Destocking still ongoing. FY24 EBIT beat on better Saverglass and OPS results Orora delivered FY24 EBIT of $404mn, +6% ahead of consensus forecasts, reflecting better than expected performance from both the OPS and Saverglass business units. The OPS business delivered +50bps of EBIT margin expansion despite revenues declining - 11% (USD terms), with benefits from Orora's operational transformation plan helping to offset both p ...

ab 14 August 2024 Global Research and Evidence Lab Lifestyle Communities In the eye of the storm – upgrade to Buy FY24 pre-announcement with current trading reflecting the trough LIC's FY24 UPAT of $52.9m was in line with UBSe at $52.6m given pre-announcement, with 311 settlements achieved. The focus today was on recent trading post the 7.30 Report investigation of LIC's sales strategy and Deferred Management Fee (DMF), with UBSe ~19 net cancellations post 30 June (likely ~30 gross cancellations with minima ...

Investment Rating - The report maintains a **Buy** rating for Amotiv Limited with a 12-month price target of **A$13.00** [5][6] - The stock is considered cheap at **12x P/E**, with a fair value closer to **15x P/E** based on a sum-of-the-parts (SOTP) valuation [2] Core Views - The company has shown significant balance sheet improvement, with gearing reduced from **~2.6x in 1H23** to **~1.6x** currently [2] - Earnings growth is expected to accelerate, with **EBITA growth of 11% forecasted for FY26e**, up from **3% in FY25e** [2] - The company has made progress in cash conversion, achieving **93% cash conversion**, better than the UBSe estimate of **85%** [3] - New business wins are expected to contribute more materially from **2H25e onwards**, supporting long-term organic growth [2] Financial Performance - Revenue for FY24 was **$987m**, an increase of **8% y/y**, in line with consensus estimates [3] - EBITA for FY24 was **$195m**, up **5% y/y**, supported by a strong **4WD&T EBITA margin of 18.0%** [3] - Operating cash flow declined by **17% y/y to $171m**, cycling a strong comparison period [3] - Net debt stands at **$329m**, with a net debt to EBITDA ratio of **1.6x**, at the lower end of the target range [3] Earnings and Valuation - Minimal changes were made to EPS forecasts, with **FY25e EPS trimmed by 2%** and **FY26e EPS unchanged** [4] - The price target of **A$13.00** is based on a **DCF valuation (9.2% WACC)** and **SOTP valuation (11.1x EBITA)** [5] - The stock is trading at a **12.2x P/E for FY25e**, with a forecasted **EPS growth of 12.6% in FY26e** [7] Business Segments - The **4WD & Trailering** segment saw revenue growth of **5% y/y to $349m**, though it was **3% below UBSe estimates** [9] - The **LP&E** segment grew **13% y/y to $324m**, slightly above UBSe estimates [9] - The **P&U** segment grew **6% y/y to $314m**, in line with UBSe estimates [9] Forecasts and Outlook - Revenue is expected to grow by **6.1% in FY25e** and **7.6% in FY26e**, reaching **$1,127m** by FY26e [7] - EBIT is forecasted to grow by **12.2% in FY26e**, driven by stronger performance in the **4WD & Trailering** and **LP&E** segments [7] - The company has flagged additional **product development and greenfield investment**, which is expected to support future growth [3]

Global Research 'Flagships' emerging – read-through from Japan's lost decades Haifeng Cao Analyst, China Diversified Financial Equity Research S1460519010001 Email: craig.cao@ubs.com Tel: +86 21 38668821 15 August 2024 This document has been prepared by UBS Securities Co. Limited. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors sho ...

ab 15 August 2024 Global Research and Evidence Lab Greater China Banks Daily QIFU Q2 results; First-home mortgage rate can be as low as 2.9% in Guangzhou Equities China Banks Registration: APAC Financials, Fintech and Property Corporate Day and Tour During the two-day tour in Beijing (24 Sept) and Shenzhen (25 Sept), you will meet with macro experts, senior think-tank advisors, foreign business representatives, property agents, and developers for a pulse check on China's macro economy and property market. W ...

First Read Samsonite Q224 top-line and guidance miss, margin under control Miss on top-line and guidance likely cushioned by already low valuation Samsonite's Q224 adjusted EBITDA was broadly in line with the ballpark of market expectations, but its top-line appeared to fall short of them. While the market has widely expected macro headwinds, primarily in China and India, to weigh on Samsonite's sales performance, Q224 sales and the new guidance appeared to fall slightly short of market expectations, which ...

ab 15 August 2024 Global Research and Evidence Lab SP Setia Land sales to outshine Battersea fears Q: How did the results compare with expectations? We think the latest results missed expectations. Key highlights include higher losses at its UK JV, slower residential sales and fairly muted guidance on potential land sales ahead. In H124, lumpy land sales recognition drove the significant +234% YoY increase in PAT to RM404m, though core profit (excluding land sales, Battersea losses) only formed 44% of our e ...

ab 15 August 2024 Global Research and Evidence Lab First Read Central Retail Corporation Q224: Results were in line as fashion and food segments led the growth How did the results compare vs expectations? Central Retail Corporation reported Q224 core net profit of Bt1,613m (-36% QoQ, -6% YoY), in line with UBSe and consensus. CRC's top line of Bt56,242m (-7% QoQ, +5% YoY) and its total gross margin of 28.7% (+111bps QoQ, +7bps YoY) were also in line. SG&A-to-total revenue increased by 148bps QoQ to 28.2%, b ...