Australia's Westpac Banking Corp said on Friday its first-quarter underlying net profit rose 6% from an average of the previous two quarters, driven by solid growth across customer deposits and loans. ...

Led by the country's biggest lender, State Bank of India (SBI), public sector banks logged a record cumulative profit of ₹52,603 crore in the third quarter of the current fiscal, reflecting an 18% year-on-year growth.All 12 public sector banks (PSBs) together made a profit of ₹44,473 crore in the December quarter of FY25. Thus, the increase in profit in absolute terms was ₹8,130 crore as compared to the same quarter of the previous financial year.Market leader SBI alone contributed 40% to the total earnings ...

Core Insights - Reinsurance Group of America (RGA) reported a significant increase in net income for Q4 2025, reaching $463 million, compared to $148 million in Q4 2024, indicating strong financial performance [1] - Earnings per diluted share rose to $6.97 in Q4 2025 from $2.22 in the same quarter of the previous year, reflecting improved profitability [1] - For the full year 2025, net income available to shareholders was $1.18 billion, a 64.9% increase from $717 million in 2024, showcasing robust annual growth [4] Financial Performance - Adjusted operating income for Q4 2025 was $515 million, up from $334 million in Q4 2024, demonstrating operational efficiency [1] - Total net premiums for Q4 2025 were $4.8 billion, a 15% increase from the previous year's fourth quarter, with a positive foreign currency impact of $42 million [2] - The US Financial Solutions business contributed approximately $200 million to net premiums from single premium pension risk transfer transactions, compared to around $150 million in the prior year [2] Segment Contributions - By segment, net premiums in Q4 2025 included $2.1 billion from the US and Latin America, $347 million from Canada, $583 million from EMEA, and $862 million from Asia Pacific [2] - RGA's president and CEO highlighted the strong contributions from most business segments, emphasizing the strength and diversity of the company's global platform [3] Strategic Outlook - The company is tracking at or ahead of its intermediate-term financial targets since the beginning of its strategy cycle in 2023, indicating confidence in meeting established goals [4] - RGA's board approved a share repurchase program authorizing buybacks of up to $500 million of the company's common stock, reflecting a commitment to returning value to shareholders [5] - The CEO expressed optimism for continued success, citing a strong balance sheet and favorable business conditions [6]

Greif has reported a net income of $176.6m, or $3.00 per share, for the fiscal first quarter (Q1) 2026, up from $6.6m, or $0.13 per share, for the same period last year. Excluding adjustments, net income climbed to $26.6m, or $0.48 per share, marking a year-on-year rise of 146.3%. The company cited advancements in managing manufacturing expenses and reductions in selling, general and administrative costs as key factors, recording $65m in annualised cost savings so far out of a targeted $120m. Adjusted ...

Core Insights - Southwest Airlines forecasts a significant increase in 2026 profits, surpassing analysts' expectations due to a revamped business model that includes new revenue streams such as bag and seat assignments [1][4]. Financial Performance - The airline anticipates adjusted earnings of at least $4 per share for the year, exceeding the $3.19 expected by analysts, with a capacity growth of 2% to 3% compared to 2025 [2]. - For the first quarter, Southwest expects revenue per seat mile to increase by 9.5%, higher than the 8.5% forecasted by analysts, and projects adjusted earnings of 45 cents, above the 33 cents anticipated by Wall Street [2]. Business Model Changes - Over the past two years, Southwest has made significant changes to its business model, including the end of its open boarding policy and the introduction of assigned seating, which includes additional charges for certain seat selections [3]. - The airline also began charging customers for checked bags for the first time, aligning its practices more closely with industry competitors amid pressure to enhance profitability [4]. Recent Earnings Report - In the fourth quarter, Southwest reported adjusted earnings per share of 58 cents, matching expectations, while revenue was $7.44 billion, slightly below the $7.51 billion expected [6].

Summary of Shanghai Jahwa United (600315.SS) Conference Call Company Overview - **Company**: Shanghai Jahwa United - **Industry**: Cosmetics Key Takeaways 1. Brand Outlook & Key Initiatives for 2026 - Shanghai Jahwa identifies three brands as key growth pillars for skincare by 2026: Herborist, Dr.Yu, and Liushen - Herborist aims to exceed Rmb1 billion in sales, driven by products like "Dabai Mud" (Rmb300 million) and "Herbal Oil" (Rmb100 million) with projected high double-digit growth [1][2] - Dr.Yu also targets over Rmb1 billion in sales, focusing on sensitive skin creams and new product launches, including a large-molecule sunscreen and Artemisia annua essence [2] - Liushen expects significant growth from its Mosquito Repellent Egg, projected to reach Rmb100 million in sales by 2025, with over 50% growth anticipated [2] 2. Channel Strategy - The company expects Douyin's growth to surpass Tmall's in 2026, enhancing channel efficiency through in-house content creation [1][6] - Current sales distribution: Herborist (60% online), Dr.Yu (80% online), and Liushen (80% offline) with plans to reduce offline sales to 70% by 2026 [9] 3. Profitability and ROE Outlook - After a projected loss in 2024 and a bottoming out in 2025, profit growth is expected to outpace revenue growth in 2026, supported by economies of scale and cost optimization [1][6] - The company plans to achieve growth without significant capital expenditure or increased headcount, leveraging existing factory capacity [6] 4. Long-Term Ambition - Shanghai Jahwa aims for Rmb20 billion in revenue, targeting top-three market share in niche categories like mud, oil, and shower gel [1][7] - Specific long-term targets include Liushen at 10% CAGR, Herborist and Dr.Yu each at Rmb3 billion, and Shuangmei at Rmb1 billion [7] 5. Financial Projections - 12-month price target set at Rmb28, representing a 20.2% upside from the current price of Rmb23.29 [10] - Revenue projections for 2026 estimate Rmb7.1 billion, with EBITDA expected to grow significantly [10] 6. Key Risks - Potential impairment losses from overseas business due to shrinking demand and competition [9] - Risks associated with store closures for Herborist if offline sales continue to decline [9] - Lower-than-expected sales growth for Dr.Yu and execution challenges in online channels [9] Additional Insights - The company is strategically focusing on less competitive niche segments to enhance market share and profitability [1] - Management emphasizes the importance of brand and product development in the near term to achieve long-term goals [1][6]

Core Insights - Persimmon reported a strong performance in 2025, with a 12% growth in completions and expects underlying profit before tax at the upper end of expectations, driven by outlet expansion and a robust fourth quarter [5][7][21] Sales and Pricing - Forward sales increased by 2% in value terms, with private forward sales up 4%, although PRS forward sales value declined due to fourth-quarter disruptions [1] - Average selling prices (ASP) rose, with private ASP up 5% and affordable ASP up 4%, leading to a blended ASP growth of 4% overall [3][7] - Pricing incentives have remained stable at around 4% to 5% for the last 18 months, with regional variations noted [2] Completions and Growth - Completions growth was driven by a mix shift across channels, with affordable completions up 30%, PRS up 20%, and private completions up 6% [4] - The company expects around 12,000 completions for FY2026, although growth is anticipated to slow compared to 2025 [10][8] Market Conditions and Land Opportunities - Management highlighted an excellent pipeline of land opportunities, with improved access attributed to better partnerships and brand rehabilitation [12][11] - Recent government progress on planning and infrastructure is seen as positive, although real-world impediments remain [11] Cost Pressures and Margin Outlook - Key cost headwinds include a significant increase in landfill tax and the upcoming Building Safety Levy, which will impact cash costs [6][14] - Despite these pressures, the company expects margin progression in 2026 to be similar to that of 2025 [17] Remediation and Capital Allocation - The company is nearing completion of remediation works, with 90% of known developments either completed or contracted [18][19] - Management anticipates a reduction in remediation provisions over time, although the process may be uneven [19][20]

Zip Co Ltd (ZIP) - Zip Co Ltd has seen a share price increase of 12.8% since the beginning of 2025, indicating positive market sentiment towards the company [1] - Zip specializes in buy-now-pay-later (BNPL) services, providing customers with the ability to make purchases instantly and pay in interest-free installments [2] - The company operates globally, partnering with over 79,300 retailers and serving more than 6 million customers [2] - Zip's revenue has grown at a rate of 75.7% per year since 2021, reaching $868 million in FY24, while net profit has improved from -$678 million to $6 million during the same period [6] - The return on equity (ROE) for Zip is reported at 1.8% [6] Scentre Group (SCG) - Scentre Group is a real estate company focused on shopping centers, managing a portfolio of 42 centers valued at over $34 billion, with an occupancy rate exceeding 99% [3][4] - The company attracts more than half a billion visitors annually, indicating strong consumer interest [3] - In CY23, Scentre Group reported a debt/equity ratio of 87.3%, suggesting that the company has more equity than debt [7] - SCG has maintained an average dividend yield of 4.8% per year since 2020, which is attractive for income-focused investors [8] - The ROE for Scentre Group in CY23 is reported at 1.0%, which is below the expected threshold of 10% for a mature business [8]

Core Viewpoint - Top Wealth Group Holding Limited anticipates a positive profit outlook for the financial year ending December 31, 2025, projecting total net profits of not less than $4 million, a significant recovery from a $2 million loss in the previous year [2][3]. Company Overview - Top Wealth Group Holding Limited is a holding company incorporated in the Cayman Islands, with operations conducted through its subsidiary in Hong Kong, Top Wealth Group (International) Limited [4]. - The company specializes in supplying premium-class sturgeon caviar and fine winery products, with its caviar products endorsed by CITES permits [4]. - Top Wealth offers caviar under private labels for customers and also markets its own brand, "Imperial Cristal Caviar," which has seen substantial sales growth since its launch [4]. Financial Performance - The anticipated net profit of at least $4 million for the financial year ending December 31, 2025, indicates a turnaround driven by improvements in business operations throughout the year [2][3]. - This marks a recovery from a $2 million loss during the same period last year, highlighting the effectiveness of the company's operational enhancements [2]. Management Commentary - The CEO of Top Wealth, Mr. Kim Kwan Kings, expressed satisfaction with the company's efforts to enhance business performance, noting that these efforts are yielding positive results [3].

Core Insights - Naspers Limited and Prosus N.V. are anticipating substantial increases in key earnings metrics for the six-month period ended 30 September 2025, with a strong focus on profitability and operational performance [1][2][12] Financial Performance - The trading statements indicate a powerful financial performance, with earnings per share (EPS) expected to rise between 30.2% and 37.2%, core headline earnings per share (CHEPS) projected to increase between 20.8% and 27.8%, and headline earnings per share (HEPS) expected to grow between 5.6% and 12.6% [5][7] - For Naspers, EPS is expected to increase between 33.3% and 40.5%, CHEPS between 21.5% and 28.5%, and HEPS between 6.5% and 13.5% [5][7] Strategic Growth - The companies attribute their strong growth to revenue and profitability from consolidated Ecommerce businesses and equity-accounted investments, particularly Tencent [3][4] - The adoption of "The Prosus Way" culture emphasizes discipline and innovation, contributing to long-term growth and a combined ecosystem serving approximately 2 billion consumers [4] Adjusted Metrics and Non-Operational Gains - The significant increase in EPS is influenced by a one-off event related to the sale of Tencent shares, which is excluded from the lower headline and core headline earnings figures [8][12] - A distinction exists between HEPS and CHEPS due to currency fluctuations, with CHEPS showing higher growth as it excludes foreign currency translation losses [9][10] Complexity of Earnings Definitions - Core Headline Earnings (CHEPS) is a non-IFRS performance measure that involves numerous adjustments to headline earnings, excluding specific non-operating items [10][12] - The adjustments include excluding fair-value adjustments, one-off gains and losses, and amortization of intangible assets [13]