ab 13 August 2024 Global Research and Evidence Lab China Consumer Staples Sector Channel check with a frozen food distributor in East China Product upgrades and pre-prepared dishes are key industry growth drivers We hosted a conference call with a frozen food distributor in East China to track recent industry trends. Overall, the distributor stays optimistic about the growth potential of frozen food industry, primarily driven by the increase in ASPs due to product upgrades, while volume growth is relatively ...

ab 13 August 2024 Global Research and Evidence Lab Powered by YES UBS Evidence Lab Peloton Interactive Inc July Web Traffic for Interactive Visits down -12% YOY; Q4 Preview July is down less than June-May declines of -17-19% Our analysis of total interactive visits to the Peloton website, with interactive visits defined as total visits excluding bounced visits (those that enter a site, take no action and then leave), shows July web traffic is down -12%, improving from steeper declines in May down -19% and J ...

ab 13 August 2024 Global Research and Evidence Lab First Read Natura &Co Sharp loss, despite improved results in LatAm; Avon Chapter 11 Avon's chapter 11 drives sharp net loss Although 2Q adj. EBITDA of 804m came-in just slightly below of expectations (UBSe R$827m), net loss came-in at a sharp -R$859m (vs. UBSe at +R$80m), due to a +R $725m write-off in Avon-related deferred taxes, as the company announced the Chapter 11 request of its subsidiary Avon Products, holding of the Avon beauty brand. As part of t ...

ab 13 August 2024 Global Research and Evidence Lab US Softlines Retail Expert Call Recap: Specialty Apparel Retail: Backto-School Starts Strong Specialty Apparel Retail industry sales growth trends have accelerated: The market is wondering how the Back-to-School (BTS) season has started for mallbased specialty apparel retailers. To address this question, we hosted a call on 8/9/24 with a senior leader of a specialty retail organization focused mainly on teen retail and fast fashion. The key conclusion is BT ...

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First Read ISS A/S H1 profits in-line, but with some mixed details Q: How did the results compare vs expectations? A: Q2 organic growth and H1 profits were broadly in-line with expectations, with guidance items reaffirmed and a modest buyback increase. Some of the details (e.g. outlook for net new contracts being lowered for FY'24e, despite some recent wins) were more mixed. Q: What were the most noteworthy areas in the results? A: Organic growth of +5.8% y/y in Q2'24 was in-line with consensus and similar ...

Investment Rating - The report assigns a "Buy" rating for HF Sinclair Corp (DINO) with a 12-month price target adjusted to US$70.00 from the previous US$73.00 [1]. Core Insights - HF Sinclair Corp (DINO) provided guidance for 3Q24 throughput of 570-600 mb/d, accounting for turnarounds at the Parco and El Dorado refineries [1]. - The company has signed contracts to convert 150 stores to its branded wholesale sites, expecting growth of approximately 10% over the next 6 to 12 months [1]. - The renewable diesel business has become profitable in a low-margin environment, with DINO increasing utilization of pretreatment units and lowering operating costs [1]. - The Lubes business is projected to run at an EBITDA of US$350 million, with an EBITDA margin of 12-13% [1]. - DINO anticipates widening Canadian crude differentials in the next 12-24 months, with spot WTI-WCS already widening to US$15/bbl [1]. - The company is on track to exceed a 50% payout ratio as it continues to reward shareholders [1]. - Adjusted estimates reflect a decrease in EPS for 2024E to US$4.43 from US$5.18 and for 2025E to US$6.56 from US$7.11 [1]. Financial Summary - Revenues are projected to be US$32,031 million for 2024E, with a slight decrease to US$31,808 million in 2025E [2]. - EBITDA is expected to decline to US$1,970 million in 2024E, with a recovery to US$2,329 million in 2025E [2]. - Net earnings are forecasted at US$842 million for 2024E, increasing to US$1,160 million in 2025E [2]. - The diluted EPS is expected to be US$4.43 for 2024E, with a rise to US$6.56 in 2025E [2]. - The company’s net debt is projected to be US$1,866 million for 2024E, decreasing to US$1,739 million in 2025E [2].

ab 13 August 2024 Global Research and Evidence Lab US Asset Managers IVZ and BLK stand alone with inflows in a choppy but upwardly trending tape Broad beta tailwinds partially offset by outflows, ex. IVZ & BLK July AUM reports reflected mixed markets (Nasdaq down 0.8% and S&P 500 up 1.1% in July), but total AUM higher across the board. Highlights: 1. IVZ reported robust inflows in July (+$10.8bn), primarily in equities (+$7.4bn) and fixed income (+$2.2bn). This has become a positive trend for the firm with ...

Global Research and Evidence Lab 13 August 2024 PBF Energy Inc Adjusting Estimates and Price Target Adjusting estimates We are adjusting our estimates to reflect weaker cracks environment. We lower 2024 to reflect weaker earnings vs. our expectations. West Coast cracks are trending below expectations (despite closure of Rodeo) and this is driving negative revisions. We lower 2024 EPS to $1.06 from $4.04. We lower 2025 EPS to $3.26 from $5.52. Call takeaways ● Turnaround in both East Coast and Mid-Con lasted ...

Global Research and Evidence Lab 13 August 2024 First Read Synthomer PLC 1H24 results - 5% EBITDA miss, with outlook unchanged Q: How did the results compare vs expectations? A: Synthomer reported 1H24 adjusted EBITDA of £76m, up 4% y/y but 5% below Bloomberg consensus at £80m (UBSe at £77m). Sales came in at £1,051m, up 0.4% y/y and 1% above consensus of £1,041m, driven by price/mix down 7%, volumes up 11% and an FX headwind of 3% y/y. 1H24 adjusted EPS was 1.3p, compared to a loss per share of 8.0p in 1H2 ...