First Read Temple & Webster Group UBS SnapShot: FY24 Results ONE LINER: EBITDA beat, sales inline, trading update +26% y/y OUTLOOK AND GUIDANCE: FY25 commenced strongly with revenue first 6wks up 26% year on year. FY25 will continue to include an additional 2-3% of revenue invested into brand marketing across brand and performance channels. FY25 EBITDA mgn inc marketing investment 1-3%. EBITDA margins to incrementally build from FY26 towards LT BAU EBITDA margin of +15%. Current $30m on-market buyback will ...

ab 13 August 2024 Global Research and Evidence Lab First Read Seek UBS SnapShot: 2H24 Result ONE LINER Top line delivered in 2H but higher D&A and interest drag on NPAT. FY25e outlook suggests yield stronger, and assuming worse than expected ANZ vols 2H24 KEY NUMBERS Rev $563m (UBSe $563m, VA cons $537m); EBITDA $230m (UBSe $235m, cons. $238m); Adjusted NPAT $64m (UBSe $74m, cons. $80m); Capex -$73m (UBSe $-88m, cons -$89m); Div 16cps (UBSe 15cps, cons. 16cps) 2H24 RESULT HIGHLIGHTS 1. ANZ Rev -7% y/y to $4 ...

ab 12 August 2024 Global Research and Evidence Lab India Economic Comment Headline CPI inflation softens on base effect Headline CPI inflation eases to 3.5% in July, core inflation at 3.4% Headline CPI inflation eased to a five-year low of 3.5% YoY in July (vs. 5.1%YoY in the previous month), largely due to base effect despite a pick-up in sequential momentum in food prices (largely seasonal) and hike in telecom tariffs by telcos (15bps contribution). This inflation print was lower than consensus expectatio ...

Investment Rating - The report assigns a "Buy" rating to the company with a 12-month price target of A$2.58, while the current price is A$2.25 [5][9]. Core Insights - The company reported FY24 results that were 2% below UBS estimates due to lower net property income (NPI) and increased property expenses. FY25 guidance for funds from operations per unit (FFOpu) is also 3% below consensus [2][6]. - Key financial metrics include FFO of $178.4 million, which is lower than the expected $181.3 million, and a decrease in FFOpu to 15.4 cents, down 9% compared to the previous corresponding period [3][5]. - The company is experiencing growth in supermarket sales, with a moving annual total (MAT) increase of 3.0% and a 1.1% increase in discount department stores (DDS) [4]. Summary by Sections Key Numbers - FFO: $178.4 million vs. UBS estimate of $181.3 million; FFOpu: 15.4 cents (-9% vs. pcp) vs. UBS estimate of 15.6 cents [3]. - Gross rents increased to $880 per square meter from $856 per square meter [4]. - Specialty vacancy rate improved to 4.7% from 4.9% [4]. Result Highlights - Supermarkets MAT growth of 3.0% and DDS growth of 1.1% [4]. - Leasing spreads for renewals increased by 5.2% [4]. - The company’s net tangible assets (NTA) decreased to $2.42 from $2.45 [4]. Valuation - The valuation method used is a blended NAV SOTP/12-month forward DCF analysis, resulting in a price target of A$2.58 [5][13]. - The forecast price appreciation is 14.7%, with a forecast dividend yield of 6.4%, leading to a total forecast stock return of 21.1% [11]

ab 13 August 2024 Global Research and Evidence Lab Equities Morning Expresso – Australasia Tuesday, 13 August 2024 Australasia Marcus Curley Analyst marcus.curley@ubs.com +64-9-913 4750 Today's Notes INDUSTRIALS Carsales.com.au - Good outlook into FY25e JB Hi-Fi - FY24 Result: JB Aust EBIT margin 'base' raised Aurizon - FY24 result: Capital flexibility preserved FINANCIALS Australian Banks - Capital returns are possibly mispriced RESOURCES Alcoa Corporation - Initiate coverage on AAI.AU Buy rated A$58/sh Be ...

Investment Rating - The report assigns a 12-month rating of "Buy" for CSL, with a price target of A$340.00, while the current price is A$308.93 [9][22]. Core Insights - The financial results for CSL are largely in line with expectations, with a slight miss in Behring's core gross margin by approximately 60 basis points, which may raise investor concerns [2][6]. - Revenue for FY24 is reported at $14,800 million, reflecting an 11% increase, which aligns with consensus estimates [3][4]. - The underlying gross margin stands at 54.1%, exceeding consensus by 65 basis points [3]. - NPATA is reported at $2,907 million, also an 11% increase, but 5% below consensus expectations [3]. Revenue Breakdown - Behring's revenue is reported at $10,608 million, a 14% increase, consistent with consensus [4]. - Vifor's revenue is $2,064 million, in line with consensus, with an underlying gross margin of 68.5%, surpassing consensus by 249 basis points [4]. - Seqirus generated revenue of $2,128 million, a 5% increase, which is 2% above consensus, with an underlying gross margin of 61.9%, exceeding consensus by 147 basis points [4]. Outlook and Guidance - For FY25, CSL provides revenue growth guidance of 5-7% (constant currency) and NPATA growth guidance of 10-13% (constant currency) [5][6]. - The NPATA growth guidance aligns with expectations, although consensus is slightly more optimistic [6]. Valuation - The valuation of CSL shares is based on a discounted cash flow (DCF) model, with no changes made to estimates following the report [7].

ab 13 August 2024 Global Research and Evidence Lab First Read James Hardie Industries UBS SnapShot: 1Q-25 Result ONE LINER: 1Q beat, 2Q soft but +ve FY25 NPAT guide unchanged (ex lower end tax -50bps) 1Q-25 KEY NUMBERS: 1) Group underlying NPAT US$178m vs UBSe US$170m (vs consensus US$167m). 2) Group underlying EBIT US$236m vs UBSe US$230m. 3) North American volumes of 752mmsf vs UBSe 764mmsf, 2% behind. 4) North American EBIT of US$227m vs UBSe US$229m, implies a margin of 31.2% vs UBSe 31.7%. 5) APAC volu ...

ab 12 August 2024 Global Research and Evidence Lab JB Hi-Fi FY24 Result: JB Aust EBIT margin 'base' raised FY24 Result: Above mkt & UBSe with Jul-24 trading mixed (strong in JB Aust) JBH FY24 sales/EBIT/NPAT -0.4%/-15.8%/-16.4% vs pcp with NPAT (A$439m) above Visible Alpha (mkt) (A$423m) and UBSe (A$409m). JB Aust, The Good Guys (TGG) and JB NZ EBIT above mkt & UBSe. Jul-24 LFL sales mixed: JB Aust +5.2% (+2.3% 2yr stack); TGG +2.7% (-9.3% 2yr stack); and JB NZ -4.9% (+5.1% 2yr stack). We revise FY25E/26E E ...

ab 12 August 2024 Global Research and Evidence Lab Powered by YES UBS Evidence Lab Equities Australia Transportation Services 12-month rating Neutral | --- | --- | |------------------------------|------------------| | 12m price target | A$3.40 | | | Prior : A$3.70 | | Price (12 Aug 2024) | A$3.30 | | RIC: AZJ.AX BBG: AZJ AU | | | Trading data and key metrics | | | 52-wk range | A$4.02-3.30 | | Market cap. | A$6.07b/US$4.01b | | Shares o/s | 1,841m (ORD) | | Free float | 100% | | Avg. daily volume ('000) | 6 ...

Global Research and Evidence Lab 12 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 Change Stack AIG Akos BEN each Eroy CEA .6 HH SunnaryRCPrevious Plice I Buy (hom Newsk), PT RaisedMTAX30.00 ALAX Pay Yom N ...