Investment Rating - The report assigns a 12-month investment rating of "Buy" for MatsukiyoCocokara & Co. with a price target of ¥2,960.0 [1][14]. Core Insights - The Q1 FY3/25 operating profit (OP) was ¥17.3 billion, a 1% year-over-year decline, which missed both the forecast of ¥18.7 billion and the IBES consensus of ¥18.8 billion. However, sales and gross profit exceeded expectations, while SG&A costs were higher than anticipated [1]. - The company plans to increase investment in human capital and IT for medium-term growth while maintaining OP targets. Consumption tax-free sales showed strength, increasing their share to 5.5-6% [1]. - FY3/25 guidance remains unchanged, targeting sales of ¥1,050 billion (up 3% year-over-year) and OP of ¥77.5 billion (up 2%). The IBES consensus for OP is ¥81.6 billion, indicating potential for downward adjustments [1]. Financial Forecasts - Forecast price appreciation is estimated at 30.5%, with a dividend yield of 1.9%, leading to a total forecast stock return of 32.3% [2]. - Revenue projections for FY3/25 are set at ¥1,054.6 billion, with operating profit expected to be ¥79.7 billion [1]. - The report anticipates a gradual increase in EPS from ¥128.7 in FY3/25E to ¥158.9 in FY3/29E [1]. Company Overview - MatsukiyoCocokara is a leading drugstore operator in Japan, known for its strong presence in central shopping districts and a high ratio of cosmetics and medical product sales. The company was formed from the merger of Matsumoto Kiyoshi Holdings and Cocokara Fine in October 2021 [3].

Investment Rating - The report assigns a 12-month rating of "Buy" for Amotiv Limited, with a price target of A$13.00 [2][15]. Core Insights - The report indicates that Amotiv Limited's FY24 results were in line with expectations, showcasing solid cash conversion and a balance sheet that is in much better shape compared to previous forecasts [2][3]. - Revenue for the company reached A$987 million, reflecting an 8% year-over-year increase, while EBITDA was A$224 million, marking a 6% increase year-over-year [2][3]. - The outlook for FY25 suggests further revenue growth and underlying EBITA, with expectations of stable new vehicle sales and resilience in wear and repair services [2][3]. Summary by Sections Key Numbers - Revenue: A$987 million (+8% y/y) vs UBS estimate of A$997 million (-1% miss) - EBITDA: A$224 million (+6% y/y) vs UBS estimate of A$221 million (+1% beat) - NPATA: A$119 million (+5% y/y) vs UBS estimate of A$117 million (+2% beat) - EPS: 84.4 cents per share vs UBS estimate of 82.3 cents (+3% beat) [2][3]. Result Highlights - 4WD & Trailering revenue increased by 5% y/y to A$349 million, while LP&E revenue rose by 13% y/y to A$325 million - Operating cash flow decreased by 17% y/y to A$171 million, with cash conversion around 93% - Net debt stood at A$329 million, with a net debt to EBITDA ratio of approximately 1.6x [2][3]. Valuation - The price target of A$13.00 is based on DCF/SOTP valuation methodologies, indicating a forecast price appreciation of 27.8% and a forecast dividend yield of 4.7% [4][6]. Guidance - The company anticipates continued growth in revenue and underlying EBITA for FY25, with corporate costs expected to be around A$14 million and capital expenditures projected at A$25 million [2][3].

Global Research and Evidence Lab 14 August 2024 First Read AGL Energy UBS SnapShot: 2H24 Results ONE LINER Solid in-line result with underlying EBITDA and NPAT finishing FY24 2% ahead of consensus estimates and FY25 guidance in line with expectations. A $250m acquisition of Firm Power & Terrain Solar adds battery development sites to AGL's portfolio. KEY NUMBERS 1) Underlying 2H24 NPAT $413m vs UBSe ($386m) and consensus ($397m) 2) Underlying 2H24 EBITDA $1,142m vs UBSe ($1,087m) and consensus ($1,104m) 3) ...

Global Research and Evidence Lab 14 August 2024 First Read BWP Trust UBS SnapShot: FY24 Result ONE LINER Strong result and g'dance for growth KEY NUMBERS NPAT (adj. for straight lining rent) $120.5m vs UBSe $117.5m (+1%). Distributable amount $124.1m and DPS 18.3c (pre-announced). RESULT HIGHLIGHTS 1. Comp. rental growth 4.2% (4.8% 1H24). Five Bunnings market rent reviews were finalised for the period, resulting in a 4.4% increase in rents. In FY24, rent reviews are split between CPI (51) and fixed (101) wi ...

First Read Commonwealth Bank of Australia UBS Snapshot: FY24 Result ONE LINER In-line result but not enough in our view given current mkt rating KEY NUMBERS (FY24 seq., continuing operations unless stated otherwise) (1) PPOP $15.0B, (in-line with cons); (2) Impairments $802M, 11% better than cons ($900M) and 12% above UBSe ($913M); (3) Cash NPAT $9.8B (~1% above cons); (4) Cash Diluted EPS (incl. discontinued) 582.6cps (in-line with UBSe 582.7cps, +6% above cons 550.7cps); (5) Interim div 250cps (UBSe 238cp ...

First Read HomeCo Daily Needs UBS SnapShot: FY24 Result ONE LINER FY24 result in line, FY25 guidance -1% below cons. and -3% below UBSe KEY NUMBERS FFOps of 8.6c vs. UBSe/cons. 8.6c, DPS 8.3c (pre-announced). RESULT HIGHLIGHTS 1) Portfolio ($4.8b): +4.0% comp NOI growth. >99% collection rate. >99% occupancy. +6.0% releasing spreads (6.4% Dec-23). 4.8yr WALE. Cap rate: 5.64% (5.57% Dec-23). WARR 3.8% blended, 3.6% fixed, 4.3% CPI-linked. 2) Capital: $1.44 NTA/Unit vs. $1.44 Dec-23 (valuations +1.6% gross, +0 ...

Global Research and Evidence Lab 14 August 2024 First Read Seven Group Holdings UBS SnapShot: FY24 EBIT growth of +20% beats guidance ONE LINER Solid result. Operating momentum at WesTrac, Coates and Boral to drive HSD EBIT growth in FY25. KEY NUMBERS (A$) FY24 revenue: Up +10% to $10.6bn (-1% vs. UBSe/VA cons). Group EBIT: Up +20% to $1.4bn (-2% vs. UBSe and -1% vs. VA cons) underpinned by Industrial Services EBIT growth of +28%. UNPAT: Up +30% to $850mn (+5% vs. UBSe and +4% vs. VA cons). Final DPS: Pre a ...

Global Research and Evidence Lab 14 August 2024 First Read Seven West Media UBS SnapShot: 2H24 Result ONE LINER Miss to consensus. Dividend cut, top line in Sep/Oct tracking slightly below. 2H24 KEY NUMBERS Revenue $640m (UBSe $631m, VA cons. $645m); EBITDA $63m (UBSe $52m, cons. $71m); Reported NPAT $24m (UBSe $6m, cons. $23m); Capex -$14m (UBSe -$23m, cons -$24m); No dividend declared (UBSe Ocps, cons. 2cps). 2H24 RESULT HIGHLIGHTS 1. 'Seven' Total TV" rev $554m (UBSe $534m, cons $559m), EBITDA $56m (UBSe ...

ab 14 August 2024 Global Research and Evidence Lab Region Group Growth pushed out again Limited growth into FY25 disappointing but more positives emerging RGN's FY24 FFOps of 15.4c was -2% below guidance and FY25 guidance of 15.5c - 5% below UBSe (-3% vs. cons.) with ongoing property expense inflation a headwind in both FY24/25. In addition to setting out a target for comp NOI growth of +3%, guidance also allowed for several 'one-off' items including lost rent from centre repositioning, line fee drag on und ...

Global Research and Evidence Lab 13 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 Changes 81sck Chelonox Creatings Freightways Janos Hardo Region Group Tercla & Webster RICSummaryRatingCurrency CGEAXAUDPT ...