Core Insights - Nike, Carter's, and Wendy's will trade ex-dividend on 6/2/25, with respective dividends of $0.40, $0.25, and $0.14 [1] - The estimated annualized yields for these companies are 2.59% for Nike, 2.99% for Carter's, and 5.01% for Wendy's [3] Dividend Details - Nike's quarterly dividend of $0.40 will be paid on 7/1/25 [1] - Carter's quarterly dividend of $0.25 will be paid on 6/20/25 [1] - Wendy's quarterly dividend of $0.14 will be paid on 6/16/25 [1] Stock Price Impact - Nike shares are expected to open 0.65% lower, Carter's 0.75% lower, and Wendy's 1.25% lower on 6/2/25 due to the dividend payouts [2] - Current trading performance shows Nike shares down about 1.7%, Carter's up about 3.3%, and Wendy's down about 0.3% [4]

Financial Data and Key Metrics Changes - The company reported net investment income (NII) of $16.6 million or $0.45 per share for Q1 2025, down from $20.5 million or $0.55 per share in Q4 2024, primarily due to lower base rates, the roll-off of one-time items, and reduced dividend income from the Logan JV [5][23][24] - The increase in loans on non-accrual rose to 3.5% of debt investments at cost and fair value, with four new names added, representing less than 1.2% of the total portfolio at fair value [6][12] Business Line Data and Key Metrics Changes - Gross deployment in Q1 totaled $105 million, with 98% in first lien investments, compared to approximately $78 million in exits, resulting in a net deployment of approximately $27 million [17] - The weighted average yield of income-producing securities at cost decreased by 50 basis points quarter over quarter to 10.4% [20] Market Data and Key Metrics Changes - The company noted a slowdown in M&A activity due to tariff announcements, leading to a backlog of deal activity [8] - The overall direct material exposure of the portfolio to tariffs is modest at 4%, with a focus on service businesses with low material costs [18] Company Strategy and Development Direction - The company continues to focus on first lien loans, which represent 91% of the portfolio at fair value, and aims to invest in non-cyclical industries [11] - The management emphasized a disciplined credit underwriting approach and capital preservation, particularly in light of market volatility [30] Management's Comments on Operating Environment and Future Outlook - Management expressed that the current earnings reflect a near-term baseline, with potential tailwinds from asset-based facility repricing and rightsizing completed at the beginning of the quarter [6][7] - The company remains optimistic about its ability to weather potential volatility due to its diversified portfolio and strong relationships with private equity sponsors [20] Other Important Information - The company declared a regular dividend of $0.42 per share for Q2 2025, along with a special dividend related to undistributed taxable income [12][29] - The stockholders' equity was reported at $727 million, resulting in a net asset value per share of $19.62 [26] Q&A Session Summary Question: Regarding the new accruals this quarter, specifically New Era of Technology - Management clarified that the mark reflects the latest view on earnings outlook and that the company has not yet restructured [34][36] Question: What is Crescent's approach to resolving non-accrual situations? - Management stated that the primary goal is to preserve capital, and they consider various options including restructuring or selling the company [42][44] Question: Can you explain the significant decline in the Logan dividend? - Management explained that the decline was due to timing mismatches in cash distributions and the impact of overcollateralization tests within the CLO structure [50][56] Question: What percentage of the portfolio consists of Crescent-led deals? - Management indicated that about 8% of the total fair value consists of acquired assets, while 92% are loans originated by Crescent [46] Question: What is the sentiment towards the overall market and outlook for spreads? - Management noted significant inflows into non-traded BDCs, which are putting pressure on spreads, but they remain selective in their investment approach [78][82]

Financial Data and Key Metrics Changes - The company reported net investment income (NII) of $16.6 million or $0.45 per share for Q1 2025, down from $20.5 million or $0.55 per share in Q4 2024, primarily due to lower base rates, the roll-off of one-time items, and reduced dividend income from the Logan JV [5][23][24] - The weighted average yield of income-producing securities at cost decreased by 50 basis points quarter over quarter to 10.4% [20] - GAAP earnings per share for Q1 2025 was $0.11, with stockholders' equity at $727 million, resulting in a net asset value (NAV) per share of $19.62 [26] Business Line Data and Key Metrics Changes - Gross deployment in Q1 totaled $105 million, with 98% in first lien investments, compared to approximately $78 million in exits, resulting in a net deployment of approximately $27 million [16][17] - The investment portfolio consists primarily of first lien loans, representing 91% of the portfolio at fair value, with a focus on non-cyclical industries [11] Market Data and Key Metrics Changes - The company noted a slowdown in M&A activity due to tariff announcements, leading to a wait-and-see approach from sponsors [7] - The overall direct material exposure of the portfolio to tariffs is modest at 4%, with most businesses serving domestic markets [18] Company Strategy and Development Direction - The company emphasizes a disciplined credit underwriting approach, capital preservation, and strong free cash flow generation to navigate market volatility [30] - The focus remains on high-quality assets and maintaining a stable NAV rather than chasing yield [82] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the market, noting that while there are attractive investment opportunities, the recent tariff announcements have created uncertainty [8][78] - The company anticipates potential near-term tailwinds from asset-based facility repricing and rightsizing completed at the beginning of the quarter [6] Other Important Information - The company declared a regular dividend of $0.42 per share for Q2 2025, along with a special dividend related to undistributed taxable income [12][29] - The weighted average loan-to-value across investments is 39%, indicating a conservative approach to leverage [11] Q&A Session Summary Question: Regarding the new accruals this quarter, does it reflect the restructuring recently announced for that company? - Management clarified that the company has not yet restructured and that the mark reflects the latest view on earnings outlook [34][37] Question: What is Crescent's overall approach to working toward a resolution for non-accruals? - The company prioritizes capital preservation and may consider various options, including restructuring or selling the company, depending on the situation [42][43] Question: How much of the portfolio consists of Crescent-led or originated deals? - Approximately 8% of the total fair value consists of acquired assets, while 92% are loans originated by Crescent [45] Question: Can you explain the significant sequential decline in the Logan dividend? - Management explained that the decline was due to timing mismatches in cash flows and the nature of the equity tranche, which can be volatile during the deleveraging period [48][54] Question: Were there any warning signs for the new non-accruals? - Management indicated that the non-accruals were previously on the watch list, and developments at the respective borrowers warranted the classification [59]

软银集团第四财季净利润5,171.8亿日元，预估亏损1,081.1亿日元。 软银集团第四财季股息22.00日元。 软银集团预计全年股息44.00日元，市场预估48.55日元。 软银集团全年净利润1.15万亿日元，预估7,096.9亿日元。 软银集团全年销售净额7.24万亿日元，预估7.16万亿日元。 ...

Financial Data and Key Metrics Changes - Group revenue increased by 4.2% to $2.1 billion on a like-for-like basis, while adjusted EBITDA decreased by 2% to $104.8 million [4][5] - Adjusted net income was $33.1 million, with adjusted EPS down to $0.35 from $0.43 in Q1 2024, primarily due to the decrease in adjusted EBITDA [5][17] - The company announced a 6.25% increase in dividend to $0.85 per share, marking the first dividend increase since 2021 [5][23] Business Line Data and Key Metrics Changes - Fresh Fruit segment reported adjusted EBITDA of $63.3 million, exceeding expectations despite challenges from Tropical Storm Sarah [6][18] - Diversified EMEA segment achieved adjusted EBITDA of $27.7 million, with strong growth driven by the UK, Spain, and the Netherlands [9][19] - Diversified Americas segment saw a like-for-like revenue decline of 6.8%, primarily due to lower export pricing for Southern Hemisphere products [20] Market Data and Key Metrics Changes - North America experienced good volume growth in bananas, while European markets showed stable performance with volume growth in bananas and improved pineapple performance [8][9] - The company noted a favorable balance in supply and demand for bananas and pineapples, with expectations of robust demand continuing throughout the year [9] Company Strategy and Development Direction - The company is focused on exploring internal and external investment opportunities to drive growth, particularly in the Diversified EMEA segment [10][25] - Capital allocation will be influenced by the outcome of the fresh vegetable division's strategic review, with ongoing projects in automation technology and facility expansions [40][44] - The company aims to maintain a baseline capital expenditure of approximately $100 million while anticipating increased spending related to reinvestments in Honduras [25][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic challenges, revising full-year adjusted EBITDA guidance upwards to at least $380 million [24][52] - The company is monitoring evolving international trade dynamics and believes existing trade deals will remain favorable [24] - Management acknowledged potential short-term disruptions but emphasized the resilience of the business model [25] Other Important Information - The company completed a €1.2 billion refinancing of its credit facility, enhancing financial flexibility [5][21] - Free cash flow from continuing operations was an outflow of £131.6 million, primarily due to seasonal working capital trends [22] Q&A Session Summary Question: Follow-up on EBITDA guidance and tariff impacts - Management indicated that the EBITDA guidance reflects better-than-expected Q1 performance and considers current tariffs [28][29] Question: Fresh vegetables business exit strategy - Management is actively working on a strategic exit for the fresh vegetables business, emphasizing the complexity of the process [31][33] Question: Capital allocation policy and growth initiatives - Management stated that all capital allocation options are on the table, with a focus on internal development projects and potential acquisitions [39][41] Question: Performance drivers in Diversified Americas - Management highlighted strong performance in North American distribution and handling businesses, with a return to normal market conditions in South America [46][48] Question: Incremental CapEx for reinvestment in Honduras - Management estimated additional CapEx for reinvestment in Honduras to be around $10 million to $12 million, aimed at improving yields and flood protections [49]

Financial Data and Key Metrics Changes - Group revenue increased by 4.2% to $2.1 billion on a like-for-like basis, while adjusted EBITDA decreased by 2% to $104.8 million [4][5] - Adjusted net income was $33.1 million, with adjusted EPS at $0.35 per share, down from $0.43 in Q1 2024 [5][17] - The company announced a 6.25% increase in dividend to $0.85 per share, marking the first dividend increase since 2021 [5][23] Business Line Data and Key Metrics Changes - Fresh Fruit segment reported adjusted EBITDA of $63.3 million, exceeding expectations despite challenges from Tropical Storm Sarah [6][18] - Diversified EMEA segment achieved adjusted EBITDA of $27.7 million, with strong growth driven by the UK, Spain, and the Netherlands [9][19] - Diversified Americas segment saw a like-for-like revenue decline of 6.8%, primarily due to lower export pricing for Southern Hemisphere products [20] Market Data and Key Metrics Changes - North American operations showed good volume growth in bananas, with stable performance in Europe despite challenging pricing conditions [6][8] - The company noted a favorable balance in supply and demand for bananas and pineapples, with expectations of robust demand continuing throughout the year [9][10] Company Strategy and Development Direction - The company is focused on exploring internal and external investment opportunities to drive growth, particularly in the Diversified EMEA segment [10][42] - There is an ongoing evaluation of the fresh vegetables business, with a commitment to finding a strategic outcome that benefits all stakeholders [32][34] - The company aims to maintain a capital expenditure level in line with depreciation expenses, while also planning for increased CapEx related to reinvestments in Honduras [26][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic challenges, revising full-year adjusted EBITDA guidance upwards to at least $380 million [24][50] - The company is monitoring evolving international trade dynamics and believes existing trade deals will remain favorable [25][26] - Management highlighted the importance of a resilient and diverse business model in facing current economic volatility [24][50] Other Important Information - The company completed a €1.2 billion refinancing of its credit facility, enhancing financial flexibility [5][21] - Free cash flow from continuing operations was an outflow of £131.6 million, expected to unwind as the year progresses [22] Q&A Session Summary Question: Follow-up on EBITDA guidance and tariff impacts - Management acknowledged the complexity of forecasting in the current environment, attributing the guidance raise to better-than-expected Q1 performance and favorable foreign exchange translation [30][31] Question: Fresh vegetables business exit strategy - Management confirmed ongoing efforts to find a strategic exit for the fresh vegetables business, emphasizing the complexity of the process and the importance of stakeholder interests [32][34] Question: Capital allocation policy and growth initiatives - Management stated that all capital allocation options are on the table, with a focus on internal development projects and potential acquisitions [40][42] Question: Performance drivers in Diversified Americas - Management highlighted strong performance in North American distribution and handling businesses, with a return to normal market conditions in South America [46][47] Question: Incremental CapEx for Honduras reinvestment - Management indicated that additional CapEx for reinvestment in Honduras would be in the range of $10 million to $12 million, aimed at improving yields and flood protections [48]

Group 1 - HSBC Research has lowered the target price for Bank of Communications (03328.HK) from HKD 6.6 to HKD 6.3, maintaining a "Hold" rating [1] - The bank reported a year-on-year increase of 1.5% in earnings per share for the first quarter, attributed to better net interest margin trends and reduced credit costs compared to peers [1] - However, the growth in costs was higher than that of competitors, and the upcoming capital injection is expected to dilute earnings per share and dividends [1] Group 2 - HSBC has adjusted its earnings per share forecasts for the company downwards by 1.2%, 3.3%, and 2.7% for the years 2023 to 2027 respectively [1]

Core Viewpoint - General Motors (GM) has raised concerns for the stock market by suspending its earnings guidance and share buybacks due to tariff uncertainties, despite reporting solid first-quarter earnings [1][3][12] Financial Performance - GM's first-quarter revenue increased by 2.3% to $44 billion, surpassing the consensus estimate of $43.2 billion [2] - Adjusted earnings per share rose by 6% to $2.78, exceeding expectations of $2.66 [2] - The company announced a quarterly dividend increase from $0.12 to $0.15 per share [2] Market Reaction - GM's stock experienced a modest decline of 1% to 2% during the trading session following the earnings report [2][3] - The suspension of guidance and share buybacks has dampened investor sentiment, undermining the bullish case for the stock [3][11] Investment Thesis - GM has historically been a market laggard with sluggish growth, facing investor fears regarding electric and autonomous vehicle disruptions [5] - The stock trades at a low valuation similar to peers like Ford and Stellantis, but GM's dividend yield remains low at 1.3% compared to Ford's 7.5% and Stellantis's 8.2% [6] - Low-valuation stocks like GM can return capital to shareholders through share buybacks, which have historically been a strength for the company [7][8] Future Outlook - The implications of the buyback suspension remain unclear, with potential discussions expected in the upcoming earnings call [10] - A prolonged suspension of share buybacks could signal a lack of confidence in profit generation amid economic uncertainties [11][12]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 67 CNY [1][9]. Core Views - The company reported a steady start to 2025, with Q1 revenue of 4.36 billion CNY, a year-on-year increase of 1.5%, and a net profit attributable to shareholders of 470 million CNY, up 4.6% year-on-year [1][9]. - The company is expected to continue its stable performance, supported by a healthy inventory and practical operational strategies, with a projected dividend yield of approximately 4.6% based on a 100% payout ratio [9]. Financial Performance Summary - In Q1 2025, the company achieved a sales volume of 884,000 kiloliters, a year-on-year increase of 1.93%, with an average price per ton of 4,930 CNY, down 0.46% year-on-year [9]. - The gross profit margin improved to 48.4%, an increase of 0.5 percentage points year-on-year, driven by cost advantages and scale effects [9]. - The company’s operating profit margin for Q1 2025 was 26.3%, with a net profit margin of 21.6% [10]. Future Projections - The company forecasts total revenue of 14.83 billion CNY for 2025, with a year-on-year growth rate of 1.3% [4]. - The net profit attributable to shareholders is projected to reach 1.27 billion CNY in 2025, reflecting a growth rate of 13.9% [4]. - Earnings per share (EPS) are expected to increase from 2.30 CNY in 2024 to 2.62 CNY in 2025 [4]. Market Strategy - The company plans to deepen its core market presence while optimizing its product mix and increasing market share, particularly in non-traditional channels [9]. - New product launches, such as the Chongqing Craft Beer, are aimed at enhancing brand influence and market penetration [9].