Investment Rating - The report assigns a 12-month rating of Neutral to Tupy SA with a price target of R$25.50 [3][16]. Core Insights - Tupy SA's revenue has been negatively impacted by lower volumes, particularly in the off-road segment abroad, but the company has demonstrated effective cost control, leading to an adjusted EBITDA increase of 14% compared to expectations and a margin expansion of 3 percentage points year-over-year [2][3]. - The significant decline in net income, which fell by 67% against expectations, is attributed to foreign exchange hedge mark-to-market expenses [2][3]. Financial Highlights - Revenue for Tupy SA is projected to be R$11.291 billion for 2024, a slight decrease from R$11.368 billion in 2023, with expected growth to R$12.518 billion in 2025 and R$13.835 billion in 2026 [5]. - The company's EBIT margin is expected to be 7.8% in 2024, improving to 8.7% in 2025 and 9.3% in 2026 [5]. - The net debt to EBITDA ratio is projected to be 1.2x for 2024, indicating a manageable level of debt relative to earnings [5]. Market Metrics - Tupy SA's market capitalization is approximately R$3.72 billion (US$0.68 billion), with an average daily trading volume of 573,000 shares [4]. - The stock price as of August 13, 2024, is R$25.79, slightly above the price target of R$25.50 [3][16]. Forecast Returns - The forecast price appreciation for Tupy SA is -1.1%, with a forecast dividend yield of 3.6%, leading to an overall forecast stock return of 2.5% [6].

ab 13 August 2024 Global Research and Evidence Lab Alinma Bank SJSC ALINMA Post 2Q24: Higher growth guidance 2Q24 2% profit beat on better revenue, with updated guidance Alinma's 2Q24 net profit was 2% above Visible Alpha consensus, driven by a 2% beat on NII and a 3% beat on noninterest income, with asset quality broadly in line with expectations. On the call it improved guidance for loan growth (from mid to high teens), and cost of risk (from 65-75bps to 60-70bps), but lowered it for cost/income (from c30 ...

ab 13 August 2024 Global Research and Evidence Lab First Read Global Tobacco MSA settlement in Massachusetts Equities Global Tobacco Faham Baig Analyst faham.baig@ubs.com +44-20-7568 3966 $600m Massachusetts settlement could be paid through funds in escrow On Monday 12 August 2024, the Massachusetts Attorney General's Office (see here) said it had "reached a $600 million settlement with major tobacco manufacturers, marking the largest AGO resolution in recent history. In addition to the $600 million that wi ...

ab 13 August 2024 Global Research and Evidence Lab First Read Crest Nicholson Bellway walks; where does this leave shares? Bellway confirms it does not intend to make a firm offer for Crest Nicholson Following an extension of the offer period (on 8 August) to 20 August at the request of Crest Nicholson's Board, in order to fully conclude due diligence and the negotiation of definitive transaction documentation, Bellway today announced it does not intend to make a firm offer for Crest Nicholson (click here). ...

Investment Rating - The report downgrades Bezeq to Neutral with a new price target of NIS4.4, down from Buy and NIS6.1 [2][5][13] Core Viewpoints - Bezeq has a strong balance sheet with a net debt to EBITDA ratio of approximately 1.6x, compared to the sector average of 2.7x, and offers defensive returns with a projected 70% net profit payout in 2024, translating to a dividend yield of around 7% [2][4][10] - The mid-term outlook remains attractive with catalysts such as a decline in FTTH capex and cost reductions in satellite operations, although the risk premium has increased recently, leading to caution regarding the 2024 outlook [2][3][10] - Regulatory pressures are expected to continue impacting profitability, particularly concerning FTTH campaigns and fixed broadband rates, which may hinder revenue growth [3][10][11] Summary by Sections Financial Performance - Bezeq's revenue for 2024 is projected at NIS8.823 billion, reflecting a slight decline from previous estimates, with EBITDA expected to be around NIS3.719 billion [7][15] - The company anticipates a flat year-over-year adjusted EBITDA for 2024, with a forecasted slight miss at NIS3.7 billion [3][15] Dividend Policy - Bezeq plans to increase its net profit payout ratio by 10 percentage points annually from 70% in 2024 until it reaches 100% in 2027 [4][8][18] Valuation and Estimates - The report incorporates a higher WACC of 9.2% due to an increased risk premium, which has contributed to the reduction in price target [6][13] - The valuation reflects a DCF-derived price target of NIS4.4, with a dividend yield of approximately 7% for 2024, supported by a free cash flow yield of around 9% [6][10] Market Position and Outlook - Bezeq is positioned as Israel's largest telecommunications provider, with significant market share in mobile and pay-TV, but faces ongoing regulatory challenges that may limit growth [10][12] - The company is expected to achieve a compound annual growth rate (CAGR) of 8% in free cash flow from 2024 to 2027, despite a projected dip in 2024 [9][10]

ab 13 August 2024 Global Research and Evidence Lab MatsukiyoCocokara & Co. Revising forecasts: Strong sales to be a means of strengthening competitiveness Action: Earnings update following Q1 results We are updating our earnings forecast following Q1 results. While we are increasing our SG&A expense assumption and lowering our OP forecasts slightly, we continue to expect record high OP including in FY3/25. We are also factoring in the share buyback and retirement announced along with the results. We are rev ...

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 ...