US Development Financing Needs to Stop Rewarding Nations Whose Policies Harm US Companies and Workers
ITIF· 2024-08-13 04:16
Investment Rating - The report does not explicitly provide an investment rating for the industry or companies discussed Core Insights - The U.S. Development Finance Corporation (DFC) is criticized for funding projects in countries that engage in unfair trade practices detrimental to U.S. companies and jobs [3][5][6] - Over half of DFC funding is allocated to countries with substandard intellectual property policies, and 43% goes to those with digital trade barriers [3][9] - The report emphasizes the need for Congress to establish stronger criteria for assessing how recipient countries' trade policies affect U.S. techno-economic interests [3][10] Summary by Sections Key Takeaways - Development financing should align with U.S. foreign policy goals while supporting U.S. firms against unfair trade practices [3] - Countries like Brazil, India, and Turkey benefit from DFC financing despite their harmful trade practices [3] Introduction - U.S. development policy must adapt to the current global economic landscape, where the U.S. is no longer the dominant techno-economic power [5][6] Recommendations - Congress should create mandatory criteria for assessing trade and technology barriers in potential partner countries [9][10] - The DFC's reauthorization process should be used to ensure alignment with U.S. techno-economic interests [10][33] Conclusion - U.S. development programs must be tied to trade and technology barriers to prevent countries from benefiting while enacting policies that harm U.S. firms [37][38]
Netwealth Group Limited(NWL.AU)UBS Snapshot: FY24 Result
UBS· 2024-08-13 04:05
ab 13 August 2024 Global Research and Evidence Lab First Read Netwealth Group Limited UBS Snapshot: FY24 Result ONE LINER Earnings and div miss due to revenue margins. FY25 guidance is for flows to remain strong but cost growth to accelerate. KEY NUMBERS (1) Reported NPAT $83.4m vs UBSe $88.1m (Cons $85.6m); (2) Total revenue +18.9% to $255.2m vs UBSe $260.4m (Cons $258.4m); (3) EBITDA $124.7m vs UBSe $129.8m (Cons. $127.2m); (4) Underlying EPS 33.8cps vs UBSe 36.1cps (Cons. 35.0cps); (5) Final DPS 14.0cps ...
Challenger(CGF.US)UBS SnapShot: FY24 Result
UBS· 2024-08-13 04:05
First Read Challenger UBS SnapShot: FY24 Result ONE LINER Earnings and div beat due to improving core margins and lower costs. PCA multiple rises to top end of target range. Buy rating KEY NUMBERS (1) Normalised NPBT +17% to A$608m (UBSe & Cons $600m), $318 2H (vs $290m 1H). (2) Normalised NPAT $417m in-line with UBSe & Cons $417m. (3) Final DPS 13.5cps ff (UBSe 12.5cps, consensus 12.7c). (4) 1H24 Annuity sales -6% to $5.19bn (UBSe $5.14bn). RESULT HIGHLIGHTS (1) Life EBIT +17% to $634m vs consensus $619m, ...
Temple & Webster Group(TPW.AU)UBS SnapShot: FY24 Results
UBS· 2024-08-13 04:05
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 ...
Seek(SEK.AU)UBS SnapShot: 2H24 Result
UBS· 2024-08-13 04:05
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 ...
India Economic Comment:Headline CPI inflation softens on base effect
UBS· 2024-08-13 04:05
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 ...
Region Group(RGN.AU)UBS SnapShot: FY24 Result
UBS· 2024-08-13 04:05
First Read Region Group UBS SnapShot: FY24 Result ONE LINER FY24 -2% below UBSe on lower NPI (prop. expenses), FY25 FFOpu guidance -3% vs. cons. KEY NUMBERS FFO $178.4m vs UBSe $181.3m; FFOpu 15.4c (-9% vs pcp) vs UBSe 15.6c (cons. 15.6c); 13.7c DPS (pre-announced). RESULT HIGHLIGHTS 1. Supermarkets MAT +3.0% (+4.2% Dec-23), DDS +1.1% (+2.1% Dec-23). Comp specialty MAT growth +1.4% (+2.5% Dec-23). Leasing spreads for renewals +5.2% (+4.4% Dec-23). New tenants leasing +1.6% (-0.3% Dec-23) as incentives are 9 ...
Morning Expresso ~Australasia Tuesday, 13 August 2024
UBS· 2024-08-13 04:05
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 ...
CSL(CSL.AU)FY24: Largely in line, but looking closely at Behring core gross margin
UBS· 2024-08-13 04:05
ab 13 August 2024 Global Research and Evidence Lab First Read CSL FY24: Largely in line, but looking closely at Behring core gross margin ONE LINER Largely inline result except for a c.60-bps miss for Behring core gross margin, which we think will attract questions (at CC it looked in line). KEY NUMBERS 1. Revenue $14,800m +11% (+11% CC), in line with consensus 2. Underlying gross margin 54.1%, 65bps ahead of consensus 3. NPATA $2,907m +11% (+15% CC), -5% below consensus RESULTS HIGHLIGHTS 1. Behring revenu ...
James Hardie Industries:UBS SnapShot,1Q~25 Result
UBS· 2024-08-13 04:05
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 ...