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 ...

ab 13 August 2024 Global Research and Evidence Lab James Hardie Industries Slow recovery but foundation solid Soft 2QFY25 makes bridge to FY25 incrementally harder We see the key takeaways from today's result as: 1) FY25 unchanged but harder with tough 2Q. JHX's 2QFY25 guidance came in softer than expected (midpoint vols -7% albeit with some large builder inventory adj impact). While declining rates will clearly improve the outlook, we see any improvement as unlikely to arrive in time for FY25 earnings and ...

Investment Rating - The report maintains a "Buy" rating for Zhejiang Dingli Co Ltd. (603338.SS) with an upside potential of 56.2% to a target price of Rmb51.85 [1][3][21]. Core Insights - The investment thesis for Zhejiang Dingli is based on several factors including the accelerating adoption of aerial working platforms (AWPs) in China, a significant under-penetrated market, driven by rising labor costs, a construction worker shortage, and increasing safety awareness [21]. - The company is expected to benefit from a product mix upgrade towards higher-ASP and higher-barrier-to-entry boom lifts, where it has established a substantial technology gap compared to domestic peers [21]. - Despite the challenges posed by US-China trade tensions and anti-dumping duties, Dingli's competitiveness is expected to grow due to product differentiation, particularly in electrified boom technology [21]. Financial Projections - Revenue projections for Zhejiang Dingli are as follows: Rmb6,312.0 million for 2023, Rmb7,435.9 million for 2024E, Rmb8,421.7 million for 2025E, and Rmb9,548.8 million for 2026E [3][21]. - EBITDA is projected to grow from Rmb1,912.8 million in 2023 to Rmb3,198.1 million by 2026E [3][21]. - The report anticipates a core EPS CAGR of +22% from 2023 to 2025E, with EPS expected to be Rmb3.69 in 2023, increasing to Rmb5.47 by 2026E [3][21]. Market Context - The report highlights a normalization in the rental market, with softened fleet utilization and cautious demand from rental companies, indicating a potential peak in the cycle [1][10]. - The AWP segment in North America saw a growth of 6-7% year-over-year, but there were declines in other regions, particularly Europe [14][16]. - The overall market dynamics suggest a cautious outlook for the construction sector, with uncertainties related to interest rates impacting demand [11][21]. Valuation Metrics - The target price of Rmb81.0 is based on a 16.5X 2024E DACF, reflecting a ~45% discount to its long-term historical average [22]. - The report projects a P/E ratio of 20.2X for 2024E and 16.8X for 2025E, justified by the expected growth in core EPS [22]. Competitive Landscape - The report notes that Zhejiang Dingli is one of the largest suppliers of AWPs in China, with significant growth potential in both domestic and international markets [21]. - The company faces competition from both local and international players, but its focus on product differentiation and technology leadership is expected to provide a competitive edge [21].

Investment Rating - The report maintains a "Buy" rating for both Yue Yuen and Pou Sheng, with a 12-month target price of HK$17.2 for Yue Yuen and HK$1.00 for Pou Sheng [20][23]. Core Insights - Yue Yuen's OEM business has shown sequential order improvement, with management raising full-year order volume growth guidance to low double digits year-over-year, indicating better visibility on second-half orders [3][12]. - Pou Sheng's retail business faces challenges due to weak consumption power in China, but effective margin control and cost optimization strategies are expected to support stability [5][8]. Summary by Sections OEM Business Overview - Order Outlook: Full-year order volume growth guidance raised to low double digits year-over-year from mid-single to high-single digits, with improved visibility for second-half orders [3][12]. - Margin Expectations: Gross profit margin (GPM) in Q2 was 18%, below expectations, but management anticipates stability or a marginal increase in GPM for the second half [14]. - Capacity Expansion: Ongoing capacity expansion in Bangladesh, Indonesia, and Cambodia, with plans for a new production base in India [15][16]. Retail Business Overview (Pou Sheng) - Sales Performance: Sales declined by 11% year-over-year in July, with management expecting similar trends to continue in the second half [5][7]. - Margin Management: Despite sales pressure, Pou Sheng achieved a gross profit margin of 34.2% in Q2, with expectations for stabilization in the second half [8][10]. - Cost Control Initiatives: Continuous efforts in optimizing SG&A costs have led to savings, including adjustments in labor and rental costs [5][8]. Earnings Revisions - For Pou Sheng, net income estimates for 2024 have been revised up by 9%, while estimates for 2025-2026 have been increased by 0%-2% due to better gross profit margin improvement and operational efficiency [6][19]. - For Yue Yuen, slight adjustments to gross profit margin forecasts have been made, reflecting recent results and new factory ramp-up [6][17]. Strategic Initiatives - Pou Sheng is enhancing its digitalization efforts and multi-channel strategies to counteract offline sales softness, with a focus on improving operational efficiency in high-tier cities [9][10]. - New brand collaborations and outlet-formatted stores are being pursued to drive growth and improve sales performance [10][11].

14 August 2024 | 6:40AM HKT Tencent Music Entertainment Group (tme) Buy Earnings Review: 2024 in-line: Shifting gear to ARPPU over subs, expectation reset but still long runway of growth; Buy TMEUpside: 27.7%12m Price Target: $14.20Price: $11.12 1698.HK12m Price Target: HK$55.10Price: HK$53.50Upside: 3.0% TME delivered in-line 2Q24 results (see our note) yet produced a mixed outlook over 2H24-2025 including: 1) A shift in gear of growth drivers may raise concerns for some investors on multiple contraction, ...

Investment Rating - Maintain Buy rating on Wanhua Chemical Group (600309 SS) with a revised 12-month target price of Rmb106 0 per share, up from Rmb103 0 [2][5] Core Thesis - The polyurethane cycle is bottoming out, with volume recovery across major players and sequentially improved pricing, although spread recovery was delayed due to high raw material prices [3] - Wanhua Chemical is well-positioned for cyclical recovery, with a leading position in one of the most consolidated commodity chemical supply chains and long-term structural growth opportunities [8] - The company is expected to grow earnings at a +c 20% CAGR over 2023-26E, driven by new capacity projects for high-margin specialty chemicals and normalization of petrochemical earnings [6][8] Financial Estimates - 2024E-26E EPS estimates reduced by 5-9% to reflect weaker-than-expected margins in performance chemicals and new materials segment, higher opex, impairment losses, and finance expenses [2] - 2024E revenue estimate revised to Rmb198 310mn (from Rmb199 624mn), 2025E to Rmb228 460mn (from Rmb231 413mn), and 2026E to Rmb261 360mn (from Rmb262 856mn) [5] - 2024E net profit estimate revised to Rmb16 670mn (from Rmb18 227mn), 2025E to Rmb22 071mn (from Rmb24 199mn), and 2026E to Rmb26 748mn (from Rmb28 149mn) [5] Valuation and Catalysts - Target EV/EBITDA multiple slightly lowered to 10 5x (from 11 0x) to reflect reduced growth forecasts, but valuation base year rolled forward to average 2024E-25E [2] - Potential catalysts include US rate cuts and improving construction activities in Europe in early-mid 2025, which should support recovery in polyurethane demand and drive pricing/margin upside [2] - Strong pipeline of new capacity projects for high-margin specialty chemicals (e g , polyolefin elastomers and flavor and fragrance) scheduled to come on stream in 2H24 [3] Industry Position - Wanhua Chemical is the largest global producer of MDI (30% share of 2023 global capacity) and TDI (25% share of 2022 capacity) [6] - The company accounts for ~80% of global new polyurethane supply over 2023-25E, with continued volume share gains expected [6]