Core Viewpoint - UBS reported that Bosideng (03998) announced its financial results for the first half of the fiscal year 2026 ending September, with revenue and profit meeting the bank's expectations [1] Group 1: Financial Performance - Bosideng's management indicated that offline retail sales (including direct sales and distributors) achieved double-digit year-on-year growth from October to November [1] - The company's strategy to assist franchisees in clearing old inventory has shown positive results, leading to a strong recovery in franchisee confidence [1] Group 2: Market Positioning - UBS believes that Bosideng's core brand focuses on the high-end market, with a clear and differentiated product mix that allows it to effectively capture various consumer segments [1] Group 3: Price Target and Rating - Based on unchanged profit forecasts and updated risk-free rate assumptions, UBS raised the target price from HKD 5.87 to HKD 6.20, maintaining a "Buy" rating [1]

Group 1: Rio Tinto Ltd (RIO) - The share price of Rio Tinto has increased by 4.2% since the beginning of 2025 and is currently 13.1% above its 52-week low [1] - Rio Tinto is the world's second-largest metal and mining company, focusing on minerals and metals exploration, development, production, and processing, with four core business units: Aluminium, Copper & Diamonds, Energy & Minerals, and Iron Ore [1] - Iron ore is the largest export for Rio Tinto, significantly impacting the company's performance and earnings volatility due to fluctuations in iron ore and other key commodity prices [2] Group 2: Reece Limited (REH) - Reece Limited is Australia's largest plumbing and bathroom supplies business, operating for over 100 years and diversifying into irrigation, pools, civil construction, and HVAC systems [3] - The company has experienced steady revenue growth in recent years, with consistent dividend payments despite a typically low dividend yield [4] - Reece Limited currently offers a historical dividend yield of approximately 2.22%, which is higher than its 5-year average of 1.06% [7] Group 3: Share Price Valuation - The dividend yield serves as a quick indicator of a company's stability and ability to consistently pay out profits to shareholders [5] - Rio Tinto's current dividend yield is around 5.28%, lower than its 5-year average of 6.80%, indicating a potential decline in dividends or an increase in share price [6] - The valuation of REH shares can be assessed through various methods, including Discounted Cash Flow (DCF) and Dividend Discount Models (DDM), with resources available for learning these techniques [7]