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Tesco has raised its profit guidance following an uptick in sales across all markets in the first half (H1) of fiscal 2025/2026 (FY25/26) Group adjusted operating profit at the UK supermarket chain was £1.67bn ($2.24bn) in H1 25/26, up 1.6% at constant rates from £1.65bn in the previous year. Adjusted diluted earnings per share were 15.43 pence for the 26 weeks ended 23 August 2025, compared with 14.45 pence a year before. Sales, excluding VAT and fuel, increased 5.1% at constant rates to £33.05bn, whil ...

Market Analysis by covering: Eli Lilly and Company, Pfizer Inc, Novo Nordisk A/S, Metsera Inc. Read 's Market Analysis on Investing.com ...

Core Insights - Kingfisher has raised its full-year 2025 profit guidance following profit growth in the first half of the year [1][3] - The company reported a total sales growth of 0.8%, reaching £6.8 billion ($9.1 billion) for the six months ending July 31 [1][2] - Statutory pre-tax profit increased by 4.1% year-on-year to £338 million, while adjusted pre-tax profit grew by 10.2% to £368 million [1][2] Financial Performance - Gross margin expanded by 100 basis points to 37.7%, resulting in a 2.1% increase in operating profit to £383 million [2] - Free cash flow rose by 13.5% to £478 million, and net debt decreased from £2 billion to £1.7 billion [2] - The interim dividend remained stable at 3.8p per share [2] Regional Sales Performance - In the UK and Ireland, sales increased by 4.5% to £3.5 billion, with like-for-like sales up by 3.9% [2] - B&Q's like-for-like sales grew by 4.4% to £2.2 billion, while Screwfix sales increased by 3% [2] - In France, like-for-like sales for Kingfisher's brands Castorama and Brico Dépôt fell by 2.1% to £2 billion [2] Future Outlook - The adjusted pre-tax profit for the full year is now expected to be at the upper end of the £480 million to £540 million range [3] - Free cash flow is forecasted to be between £480 million and £520 million, an increase from the previous estimate of £420 million to £480 million [3] - Kingfisher plans to accelerate its share buyback program, expecting to complete the £300 million repurchase by March 2026 [3] Management Commentary - CEO Thierry Garnier highlighted strong first-half performance with a like-for-like sales growth of 1.9%, driven by increased volumes and transactions [4] - The company experienced double-digit growth in strategic initiatives, trade, and e-commerce, contributing to market share gains [4] - There was a noted quarter-on-quarter growth in core categories and a third consecutive quarter of growth in big ticket sales [4]

Core Viewpoint - Take-Two Interactive is poised for its most profitable five-year period, driven by the anticipated release of Grand Theft Auto VI and a focus on cost discipline and profit margin expansion [1][6]. Financial Performance - Take-Two reported a revenue of $1.5 billion in the last quarter, with a year-over-year revenue growth of 12% in fiscal Q1 2026 [4][3]. - Operating expenses decreased by 3% to $923 million, while the cost of revenue declined by 1% to $559 million, resulting in an operating income of $22 million, a significant turnaround from a loss of $185 million a year ago [4][2]. Future Outlook - The company expects a net loss of $377 million to $442 million in fiscal 2026 due to increased marketing expenses for Grand Theft Auto VI, but anticipates a quick recovery given the franchise's historical sales performance [7]. - Analysts project revenue to surge to $9.2 billion in fiscal 2027, increasing to $9.8 billion by fiscal 2030, driven by new releases from existing franchises [8]. Profitability and Valuation - Take-Two's operating margin is expected to expand from 12% in fiscal 2026 to 31% by fiscal 2030, leading to an annual free cash flow of $3 billion over the next five years [9]. - The current market cap of Take-Two is $42 billion, with a price-to-free cash flow (P/FCF) multiple of 14 based on fiscal 2030 estimates, indicating potential for share price growth [9][11]. - A P/FCF multiple of 28 could potentially double the share price for investors, reflecting the company's growth opportunities and focus on margin expansion [10][11].

Summary of Zijin Mining Conference Call Company Overview - **Company**: Zijin Mining (2899.HK) - **Market Cap**: HK$657.5 billion / $84.4 billion - **Enterprise Value**: HK$814.5 billion / $104.5 billion - **Industry**: Basic Materials Key Financial Highlights - **1H25 Net Profit**: Rmb23.29 billion, up 54% YoY, in line with profit alert [1] - **EPS**: Rmb0.876, up 54% YoY [1] - **Recurring Net Profit**: Rmb21.94 billion, up 40% YoY, 5% above estimates [1] - **Interim Dividend**: Rmb0.220 per share, 25% payout ratio, higher than 18% in 1H24 [1] Revenue and Profit Growth - **Revenue Growth**: 11% YoY to Rmb167.71 billion in 1H25 [34] - **Gross Profit from Copper**: 44% of total gross profit, grew 11% YoY [25] - **Gross Profit from Gold**: 41% of total gross profit, grew 89% YoY [26] - **Lithium Operations**: Produced 7.3kt-LCE in 1H25, significantly higher than 0.24kt-LCE in 1H24 [27] Future Earnings Estimates - **Revised Earnings Estimates**: Up by 11%-16% for 2025-27E due to higher realized ASPs and output [2] - **2025E Recurring Profit Growth**: Expected to reach Rmb50.3 billion, up 54% from Rmb32.6 billion in 2024A [2] - **Gold Output Guidance**: 85 tons for 2025, up 17% YoY [23] - **Copper Output Guidance**: Expected to increase to 380-430kt by 2027E from 170kt in 2025E [24] Cost and Margin Analysis - **Unit COGS for Gold**: Increased by 15% YoY, mainly due to costs from newly acquired mines [32] - **Cost Inflation Control**: Expected unit costs to decline in 2H25E [32] - **SG&A Growth**: Grew by 20% YoY, higher than expectations [28] Cash Flow and Capital Expenditures - **Operating Cash Flow**: Grew 41% YoY due to higher net profit [29] - **Free Cash Flow**: Turned negative at Rmb253 million in 1H25 [29] - **Capex**: More than doubled to Rmb29 billion due to acquisitions and expansions [29] Valuation and Market Performance - **12-Month Price Target**: HK$30.00, implying a 21.3% upside [1] - **Revised Target Prices**: HK$30.0/Rmb31.0 from HK$26.5/Rmb28.5 [2] - **P/E Ratios**: Expected to be 11.7 for 2025E [13] Risks and Challenges - **Commodity Price Sensitivity**: Earnings change by 3.1% for every US$100/oz change in gold price and 2.2% for every US$0.10/lb change in copper price [32] - **Project Execution Risks**: Key to sustaining growth profile [33] - **Currency and Country Risks**: Associated with overseas assets [33] Conclusion Zijin Mining demonstrates strong financial performance with significant growth in both gold and copper segments. The company is well-positioned for future growth, supported by revised earnings estimates and strategic capital expenditures. However, it faces risks related to commodity price fluctuations and project execution challenges.

Summary of CMOC Group (3993.HK) Earnings Review Company Overview - **Company**: CMOC Group (3993.HK) - **Industry**: Basic Materials, specifically mining and production of copper and cobalt - **Market Cap**: HK$230.8 billion / $29.5 billion - **Enterprise Value**: HK$252.7 billion / $32.3 billion - **12m Price Target**: HK$10.80 / Rmb13.00 Key Financial Highlights - **1H25 Net Profit**: Rmb8.67 billion, up 60% YoY - **EPS**: Rmb0.405 per share, up 62% YoY - **Recurring Net Profit**: Rmb8.62 billion, up 52% YoY - **Results**: 8% below estimates due to higher COGS in DRC operations, but above Bloomberg consensus [1][2][30] Revenue and Profitability - **Revenue**: Rmb94.77 billion, down 8% YoY - **Gross Profit**: Rmb18.19 billion, up 8% YoY - **Gross Profit from Mining**: Rmb16.9 billion, up 18% YoY, but 16% below estimates due to lower copper and cobalt profits in DRC [22][30] - **Trading Gross Profit**: Rmb1.8 billion, up 8% YoY, 23% above expectations [23] Operational Performance - **Copper Output**: 354kt in 1H25, up 13% YoY, 4% above estimates - **Cobalt Output**: 61kt in 1H25, up 13% YoY, 6% above estimates - **Unit COGS for Copper**: Increased by 44% YoY to Rmb6,112 per ton, 33% above estimates - **Unit COGS for Cobalt**: Increased by 30% YoY to Rmb8,375 per ton, 20% above estimates [25][31] Future Outlook - **Volume Guidance for 2025**: Copper 600-660kt, Cobalt 100-120kt - **Long-term Target**: 800-1,000kt annual copper output and 90-100kt annual cobalt output by 2028E [27] Valuation and Investment Thesis - **Revised Earnings Estimates**: Increased by 5-9% for 2025-27E due to higher minor metal prices [2] - **Expected Recurring Profit Growth**: 38% in 2025E driven by rising copper prices [36] - **Valuation Methodology**: Based on historical P/B vs. ROE correlation, with a higher discount rate due to ESG risks [37] Risks - **Commodity Price Risks**: Weaker-than-expected prices for copper, cobalt, niobium, and phosphorus - **Operational Risks**: Sudden decline in ore grade and transportation issues - **Project Execution Risks**: Slower-than-expected project execution impacting growth - **Currency/Country Risks**: Associated with overseas assets - **Hedging Operations**: Risks in trading business [29] Conclusion - **Recommendation**: Maintain Buy rating on CMOC H/A shares, with a target price reflecting potential upside based on market conditions and operational performance [36]

Financial Performance - Walmart's profit growth was underwhelming compared to sales growth [2] - US business Ebit growth was a healthy 8%, excluding liability catch-up [4] - Insurance claim catch-up impacted US Ebit growth by approximately 6%, reducing it from a potential 8% to around 2% [7] - Insurance claim catch-up impacted total Ebit growth by approximately 54%, reducing it from a potential 6% to around 0.6% [7] - US gross margin increase was 20-25 basis points, lower than previous periods [9] Operational Challenges - Walmart is facing higher liability claims, particularly in the grocery sector, due to post-Covid inflation and incident magnitude [3] - Increased worker liability claims, including accidents and injuries, are impacting profitability [5][6] Strategic Initiatives & Market Dynamics - Walmart appears to be absorbing more tariff costs than expected [10] - Walmart is investing in pricing to provide value to customers, aiming to drive faster future growth [11] - Walmart is gaining market share from Target, evidenced by a 600 basis point difference in growth rates [12][13] - The structural story of Walmart achieving faster growth and profit growth remains intact despite quarterly fluctuations [11][12]

I'm talking about Pop Mart now. Oh, no. I mean, that's I know where this is going.Oh, he's got to talk about it, right. Huge numbers rise out of a huge revenue and profit growth, boosted, of course, by the global demand for its hugely popular Labubu doll. That's a lot of huge in one sentence.Let's bring in our China correspondent Minmin Low to walk us through some of the key highlights of those results. Minmin. Yes, traders had really sky high expectations for the company, but not only met them, but beaten ...

Financial Data and Key Metrics Changes - The company reported a record second quarter adjusted operating profit of $298 million, up 20% from $248 million in 2024, with an adjusted operating profit margin of 7.9%, improved from 7.3% in 2024 [5][28] - Consolidated sales for the second quarter were $3.8 billion, representing an 11% increase or $374 million compared to the prior year [28] - Adjusted net income from continuing operations was a record $217 million compared to $192 million in 2024, with adjusted EPS at $0.55 per share compared to $0.51 per share in 2024 [28] Business Segment Data and Key Metrics Changes - The packaged meat segment delivered an adjusted operating profit of $296 million with a margin of 14.2%, despite higher raw material costs, and sales increased by 6.9% to $2.1 billion [29] - The fresh pork segment reported an adjusted operating profit of $30 million, up from $17 million in 2024, with a margin of 1.4% [30] - The hog production segment achieved an adjusted operating profit of $22 million, compared to a loss of $10 million in 2024, with sales increasing by 8.4% to $840 million [31][32] Market Data and Key Metrics Changes - The company noted a 4.5% increase in sales volume for packaged meats, driven by a favorable product mix and a later Easter holiday [29] - Fresh pork segment sales increased by 5% year over year, primarily due to a 3.3% increase in average selling price and a 1.7% increase in volume [31] - The hog production segment's sales increase was attributed to higher external grain and feed sales and the sale of commercial hog inventories [32] Company Strategy and Development Direction - The company has five strategic growth priorities: increasing profits in packaged meats, growing fresh pork profitability, achieving a best-in-class cost structure in hog production, optimizing operations, and evaluating synergistic M&A opportunities [11] - The focus remains on enhancing product mix, volume growth, and innovation in the packaged meat segment, which represents 55% of consolidated sales [12][14] - The company aims to maximize product value across channels in the fresh pork segment and optimize operations to deliver efficiencies [21][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a dynamic consumer spending and geopolitical environment, raising the full-year outlook for adjusted operating profit primarily due to improved hog production segment performance [10][11] - The company anticipates total sales growth in the low to mid-single-digit percent range compared to fiscal 2024, with adjusted operating profit expectations for packaged meats and fresh pork remaining stable [36][37] - Management highlighted the importance of delivering value and convenience to consumers, particularly in the packaged meats segment, amidst cautious consumer spending [12][13] Other Important Information - The company has a strong balance sheet with a net debt to adjusted EBITDA ratio of 0.7 times and liquidity of $3.2 billion [34] - Capital expenditures for the first half were $158 million, with over 50% allocated to projects driving growth [35] - The company paid quarterly dividends of $0.25 per share and expects to maintain a $1 per share annual dividend [35] Q&A Session Summary Question: Insights on consumer shifts within packaged meats and private label trends - Management noted that while there is an increase in private label share growth, their private label business provides a competitive advantage due to high-quality offerings [46][47] Question: Visibility on hog prices and their impact on profitability - Management indicated confidence in hog prices supported by market dynamics and improvements in hog production operations [49][50] Question: Confidence in packaged meats profitability amidst rising raw material costs - Management emphasized efficiency improvements and a strong product portfolio that allows them to mitigate raw material cost impacts [56][58] Question: Dynamics around hog production hedging and mark-to-market impacts - Management clarified that mark-to-market adjustments impacted second quarter results but overall business performance remains strong, leading to an increased full-year outlook [63] Question: Expectations for volume performance in packaged meats - Management expressed confidence in volume growth driven by product innovation and strong foodservice sales [72][73] Question: Competitive environment for packaged meats and promotional activity - Management highlighted a focus on quality over quantity in promotional strategies, leading to improved profit margins [80][81]