Financial Data and Key Metrics Changes - The company reported a statutory net profit of AUD 58.2 million for FY 2025, a decrease from AUD 110 million in the previous year [4] - Underlying net profit declined to AUD 26 million from AUD 32.2 million year-on-year, with underlying earnings per share dropping to AUD 0.056 from AUD 0.062 [4][5] - The final dividend declared for FY 2025 is AUD 0.28 per share, bringing the total dividend for the year to AUD 0.43, an increase of over 13% compared to FY 2024 [3][18] Business Line Data and Key Metrics Changes - Management fee revenue decreased by 57.6% compared to the prior period due to asset disposals [14] - Performance fees fell from AUD 11.3 million in FY 2024 to AUD 8 million in FY 2025, primarily attributed to Rock Group and VPC HoldCo [14] - The company achieved a 60% reduction in corporate costs during the financial year [5][27] Market Data and Key Metrics Changes - The fair value estimate of net asset value increased to AUD 15.51 per share at June 30, 2025, up from AUD 13.47 per share a year earlier, representing a growth of over 15% [12][23] - The cash reserves stood at AUD 138 million, despite the reduction due to the share buyback [20] Company Strategy and Development Direction - The company aims to accelerate growth by leveraging high-potential investment opportunities with existing boutique partners and exploring new investment prospects [26] - There is a continued focus on unlocking shareholder value through targeted capital structure initiatives [26] - The company plans to maintain disciplined cost management to support stability and capital efficiency [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong momentum built over the past two financial years and emphasized the importance of executing a clear and disciplined plan [25] - The Board is considering debt reduction to improve financial flexibility and resilience [28] Other Important Information - The company completed significant transactions, including the sale of its interest in Carlisle and a partial stake in Victory Park Capital, which contributed to cash inflows and asset realizations [8][9][10] - The investment management function was outsourced, leading to a significant reduction in corporate costs [16] Q&A Session Summary Question: Can you discuss the additional investments in existing affiliates? - The company is considering working capital loans and potential capital injections to support the growth of existing boutiques, without increasing equity stakes [32][34] Question: Any intentions regarding the Abacus instruments? - The company plans to hold the bonds long-term due to their attractive coupon, while monitoring the stock for potential liquidation in the short to medium term [37][39] Question: How does the investment committee approach capital allocation? - The newly formed investment advisory committee will evaluate opportunities based on their potential to deliver accretive growth, focusing on larger investments rather than numerous smaller ones [40][42]

Financial Data and Key Metrics Changes - Pacific Current Group reported a statutory net profit of AUD 58.2 million for FY 2025, a decrease from AUD 110 million in the previous financial year [4] - Underlying net profit declined to AUD 26 million from AUD 32.2 million year-on-year, with underlying earnings per share dropping to AUD 0.056 from AUD 0.062 [4][5] - The company declared a final dividend of AUD 0.28 per share, bringing the total dividend for FY 2025 to AUD 0.43, an increase of over 13% compared to FY 2024 [3][19] Business Line Data and Key Metrics Changes - Management fee revenue decreased by 57.6% compared to the prior period due to disposals of investments [14][15] - Performance fees dropped from AUD 11.3 million in FY 2024 to AUD 8 million in FY 2025, primarily attributed to Rock Group and VPC HoldCo [15] - Cost-saving initiatives led to a nearly 60% reduction in corporate costs during the financial year [5][29] Market Data and Key Metrics Changes - The fair value estimate of net asset value increased to AUD 15.51 per share at June 30, 2025, up from AUD 13.47 per share a year earlier, representing a growth of over 15% [13][25] - The company realized significant cash from boutique realizations, contributing to higher interest income [18] Company Strategy and Development Direction - The company aims to accelerate growth by leveraging high-potential investment opportunities with existing boutique partners and exploring new investment prospects [28] - Focus on unlocking shareholder value through targeted capital structure initiatives and optimizing capital efficiency [28][29] - Continued emphasis on controlling operating costs and strengthening the balance sheet, with potential debt reduction prioritized [30][31] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong momentum built over the past two financial years and emphasized a disciplined approach to executing their strategic plan [27] - The company remains focused on enhancing organizational efficiency and embedding governance changes to improve agility and decision-making [31] Other Important Information - The company completed a share buyback of over 22 million ordinary shares at AUD 12 per share, totaling close to AUD 265 million, which represented over 42% of issued capital at that time [2][3] - The company has cash reserves of AUD 138 million, despite the reduction due to the share buyback [22] Q&A Session Summary Question: Can you discuss the additional investments in existing affiliates? - The company is considering providing working capital loans to support the growth of boutiques and potentially injecting further capital into operating businesses for new fund initiatives [34][35] Question: Will the company pay back the debt? - The Board is evaluating the possibility of paying back the debt facility, with a decision expected in September or October [37][38] Question: What are the intentions regarding the Abacus instruments? - The company plans to hold the bonds long-term due to their attractive coupon, while monitoring the stock for potential short to medium-term sales [39][41] Question: How does the investment committee approach capital allocation? - The newly formed investment advisory committee will evaluate opportunities based on their potential for accretive growth, focusing on larger investments rather than numerous smaller ones [42][44] Question: What are the plans for the external management arrangement after two years? - The Board will review the external management arrangement as the two-year period approaches, but no plans have been finalized yet [47]

Core Viewpoint - Yuexiu Transport Infrastructure reported strong 1H25 results, with revenue and net profit both increasing by 14.9% YoY, driven by higher toll revenue and reduced financial expenses [1][2]. Financial Performance - Revenue for 1H25 reached Rmb2.10 billion, a 14.9% increase YoY [1]. - Attributable net profit also rose 14.9% YoY to Rmb361 million, exceeding expectations due to robust toll revenue growth and a significant decline in financial expenses [1]. - The firm’s toll revenue grew 15.2% YoY to Rmb2.06 billion, attributed to the consolidation of Pinglin Expressway and changes in the road network [2]. - Operating costs increased by 22.8% YoY, with amortization of intangible operating rights up 26.3% YoY, leading to a gross margin decline of 3.4 percentage points to 46.8% [3]. Dividend Policy - An interim dividend of HK$0.12 per share was declared, consistent with 1H24, resulting in a dividend payout ratio of 50.6% [2]. - The firm maintains a stable dividend policy, with a projected payout ratio of 58.5% in 2024, potentially yielding 6.9% and 7.3% in 2025 and 2026, respectively [4]. Growth Potential - The acquisition of Pinglin Expressway is expected to enhance the firm's road network in central China, contributing to long-term growth [4]. - Future expansions, such as the Guangzhou North Second Ring Road and potential asset injections from the parent company, are anticipated to further drive growth [4]. Financial Forecasts and Valuation - Net profit forecasts for 2025 and 2026 have been raised by 3.4% and 4.3%, respectively, to Rmb739 million and Rmb770 million, due to ongoing reductions in financial expenses [5]. - The stock is currently trading at 8.5x and 8.0x estimated P/E ratios for 2025 and 2026, respectively, with a target price increase of 4.3% to HK$4.34, indicating a 6.1% upside [5].

Core Insights - Union Pacific Corporation (UNP) has approved a 3% increase in its quarterly cash dividend, raising it to $1.38 per share from $1.34, reflecting a commitment to enhance shareholder returns [1][4][9] - The dividend will be paid on September 30, 2025, to shareholders of record as of August 29, 2025, marking the 19th consecutive year of increased annual dividends per share [1][9] - In 2022, UNP paid dividends of $3.15 billion and repurchased shares worth $6.28 billion, while in 2023, dividends were $3.17 billion with share repurchases of $705 million [2] - For 2024, UNP rewarded shareholders with dividends of $3.21 billion and repurchased shares worth $1.51 billion, and in Q1 2025, dividends amounted to $804 million with share repurchases of $1.42 billion [2][9] - The long-term capital allocation strategy for 2025 includes a capital plan of $3.4 billion and share repurchases ranging from $4 billion to $4.5 billion [3] Industry Context - Other companies in the transportation sector, such as Ryder System, Delta Air Lines, and FedEx, have also announced dividend hikes in 2025, indicating a broader trend of rewarding shareholders within the industry [5][6][8][10] - Ryder System increased its quarterly dividend by 12%, while Delta Air Lines raised its dividend by 25%, showcasing confidence in their financial positions [6][8] - FedEx Corporation approved a 5.1% dividend hike, further emphasizing the trend of dividend increases among transportation companies [10][11]

Core Insights - FedEx (FDX) and United Parcel Service (UPS) are leading global package delivery companies, each offering a variety of shipping services and logistics solutions [1][2] - The analysis aims to determine which company currently holds a competitive edge and represents a smarter investment opportunity [2] FedEx (FDX) Overview - FDX is focusing on cost-cutting measures due to declining package volumes, influenced by geopolitical uncertainties, tariffs, and high inflation [3][4] - The company has shelved its revenue and earnings forecast for fiscal 2026, following three consecutive quarters of lowered outlooks for fiscal 2025 [4] - FDX's DRIVE initiatives have resulted in savings of $2.2 billion in fiscal 2025 and $1.8 billion in fiscal 2024, with an expectation of $1 billion in transformation-related savings for fiscal 2026 [5] - In June 2025, FDX increased its quarterly dividend by 5.1% to $1.45 per share, and repurchased $3 billion worth of shares in fiscal 2025, returning a total of $4.3 billion to shareholders [6] - FDX's liquidity position is strong, with a current ratio of 1.19 at the end of fiscal 2025, indicating sufficient assets to cover short-term obligations [7] United Parcel Service (UPS) Overview - UPS is experiencing a decline in package volumes due to economic uncertainty and high labor costs, prompting the company to implement cost-cutting measures [8][9] - UPS plans to reduce its workforce by 20,000, approximately 4% of its global workforce, and shut down 73 facilities to streamline operations [10] - The company has agreed to reduce its business with Amazon by over 50% by June 2026, as Amazon was not its most profitable customer [12] - UPS announced a 0.6% increase in its quarterly dividend to $1.64 per share, but concerns about the sustainability of this dividend arise due to an elevated payout ratio of 84% [13] - UPS's long-term debt burden was $19.5 billion at the end of Q1 2025, with a long-term debt-to-capitalization ratio of 55.4%, higher than the industry average [14] Comparative Analysis - Year-to-date, UPS shares have declined by 18.8%, while FDX shares have decreased by 15.2%, indicating better performance for FDX [16] - In terms of valuation, UPS has a forward P/E ratio of 13.66, compared to FDX's 12.76, suggesting that UPS is more expensive relative to its earnings [19] - The Zacks Consensus Estimate predicts a 4.2% decline in UPS's 2025 sales and a 9.2% drop in earnings, while FDX is expected to see a 1.6% increase in revenues and a 1.3% growth in earnings for fiscal 2026 [23][24] - FDX is projected to have a higher earnings growth rate of 10.4% over the next five years compared to UPS's 7.4% [26] - Overall, FDX appears to be a more attractive investment option than UPS based on valuation, price performance, and financial leverage [26]

Dividend Declaration - On 14 April 2025, INVL Baltic Farmland, AB announced a dividend allocation of EUR 0.12 per share [1] Dividend Payment Process - Dividends will be paid to shareholders who held shares by 29 April 2025, the tenth business day after the General Shareholders Meeting [1] - From 14 May 2025, dividends will be allocated to shareholders based on their shareholding accounts with financial brokerage companies or credit institutions, after applicable withholding taxes [2] Taxation on Dividends - For the year 2024, dividends paid to natural persons who are residents of Lithuania or foreign countries are subject to a 15% withholding Personal income tax [3] - Dividends paid to legal entities in Lithuania or foreign countries are subject to a 16% withholding Corporate income tax, unless specified otherwise by law [3] Contact Information - For additional information regarding dividend payouts, shareholders can contact Artea Bankas AB at +370 610 44447 [4] - The authorized contact person for further inquiries is Director Egle Surplienė, reachable via email at egle.surpliene@invaldainvl.com [4]

Group 1: Company Performance - Carlisle Companies Incorporated (CSL) is experiencing strong momentum in the Construction Materials segment, with a 2% year-over-year revenue increase in Q1 2025, driven by higher sales in the non-residential construction market and acquisitions [1] - The company anticipates mid-single-digit revenue growth for the Construction Materials segment in 2025, supported by strong contractor backlogs and customer demand [2] - CSL's acquisitions, including ThermaFoam, Plasti-Fab, and MTL Holdings, have positively impacted net sales growth by 4.6% in Q1 2025, expanding its product offerings and market presence [3][4] Group 2: Shareholder Returns - In Q1 2025, CSL rewarded shareholders with a dividend payment of $45.2 million, an increase of 8.9% year-over-year, and repurchased shares worth $400 million, up 166.5% year-over-year [5] Group 3: Challenges - The Weatherproofing Technologies segment is facing challenges, with organic revenues declining by 11.7% year-over-year due to lower volumes from a slowdown in the residential construction market and project delays [9] - The company is also dealing with rising raw material and labor costs, which have increased selling and administrative expenses by 16.3% and cost of sales by 1.8% year-over-year in Q1 2025 [10]

Core Viewpoint - United Parcel Service (UPS) and FedEx (FDX) dominate the air freight and cargo industry, with market capitalizations of $93.3 billion and $58 billion respectively, but both companies are facing significant challenges in terms of revenue growth and operational efficiency [1]. UPS Summary - UPS has been experiencing revenue weakness due to geopolitical uncertainty and high inflation, impacting consumer sentiment and growth expectations [2]. - The company expects average daily volumes to decrease by 8.5% in 2025 compared to 2024, with projected revenues of $89 billion, significantly below the Zacks Consensus Estimate of $94.6 billion [3]. - UPS anticipates reducing volumes with its largest customer, Amazon.com, by over 50% by June 2026, and further cuts in guidance may occur due to tariff-related tensions [3]. - In February 2024, UPS announced a 0.6% increase in its quarterly dividend to $1.64 per share, raising concerns about the sustainability of its elevated dividend payout ratio of 84% [4]. - Free cash flow has declined from a high of $9 billion in 2022, with expectations of generating $5.7 billion in 2025, barely covering projected dividend payments of $5.5 billion [5][6]. - UPS is expanding its network through acquisitions, including Estafeta in Mexico and a deal with Ninja Van Malaysia, to capitalize on cross-border opportunities [7]. - At the end of 2024, UPS had cash and cash equivalents of $6.3 billion against long-term debt of $19.4 billion, resulting in a debt-to-capital ratio of 0.54, slightly above the industry average [8]. FedEx Summary - FedEx is implementing a companywide cost realignment initiative called DRIVE, expected to yield savings of $2.2 billion in fiscal 2025 after $1.8 billion in fiscal 2024 [9]. - The company raised its quarterly dividend by 10% to $1.38 per share in June 2024 and is also active in share buybacks [10]. - FedEx has lowered its adjusted earnings guidance for fiscal 2025 to a range of $18-18.6 per share, with revenues expected to be flat or slightly down year over year [11]. - Despite challenges, FedEx has a strong brand and network, which are expected to generate steady cash flows in the long run [12]. - At the end of the third quarter of fiscal 2025, FedEx had cash and cash equivalents of $5.1 billion against long-term debt of $19.5 billion, resulting in a debt-to-capital ratio of 0.43, indicating a stronger equity position compared to UPS [13]. Price Performance and Valuation - Over the past year, UPS shares have declined by 26.6%, underperforming the industry, while FedEx shares have decreased by 11.1%, outperforming its industry [14]. - UPS is trading at a forward sales multiple of 1.06X, above the industry average of 1X, while FedEx's forward sales multiple is at 0.65X [16]. - The Zacks Consensus Estimate for UPS indicates a 3% year-over-year decline in 2025 sales, while FedEx's estimate suggests flat sales with a 3.3% growth in earnings [19][21]. - FedEx appears more attractive than UPS from a valuation standpoint, with projected earnings growth of 11.5% over the next five years compared to UPS's 9.3% [23].