Core Insights - The upcoming winter storm is expected to drive demand for propane as a primary or backup heating source across much of the U.S. [1][2] - Propane is highlighted as an affordable and clean-burning energy option, with a strong emphasis on safety when using propane heaters and generators [1][4] Propane Supply and Safety - The U.S. is the world's largest refiner of propane, ensuring ample supply for consumers [4] - Safety guidelines are crucial for users of propane heaters and generators, particularly regarding indoor use [3][2] U-Haul's Role in Propane Distribution - U-Haul is the largest retailer of propane in the U.S., operating over 1,500 refill and tank exchange locations [4][7] - Despite potential disruptions from winter storms, propane remains available at U-Haul locations, although some supplier deliveries may be delayed [5] Sustainable Practices - U-Haul promotes sustainability through various initiatives, including offering clean-burning propane and implementing recycling programs [6]

Core Viewpoint - U-Haul Holding Company is set to report its third quarter fiscal 2026 financial results on February 4, 2026, with an investor conference call scheduled for February 5, 2026 [1]. Group 1: Company Overview - U-Haul Holding Company is the parent company of U-Haul International, Oxford Life Insurance Company, Repwest Insurance Company, and Amerco Real Estate Company [3]. - U-Haul operates in the shared use business, emphasizing the benefits of shared ownership for customers and the environment [3]. Group 2: U-Haul Business Operations - Founded in 1945, U-Haul is the leading choice for do-it-yourself movers, with over 24,000 rental locations across all 50 states and 10 Canadian provinces [4]. - The U-Haul fleet consists of approximately 203,000 trucks, 137,400 trailers, and 41,700 towing devices, supported by a mobile app that facilitates 24/7 truck access [4]. - U-Haul is the third largest self-storage operator in North America, offering 1,111,000 rentable storage units and 96.5 million square feet of self-storage space [4]. - The company is also the top retailer of propane in the U.S. and the largest installer of permanent trailer hitches in the automotive aftermarket [4].

Company Overview - Upbound, formerly known as Rent-A-Center, has been in business since 1973 and is a leader in the lease-to-own market, offering furniture, appliances, and consumer electronics through over 1,700 locations in North America [4][5] - The company rebranded to Upbound three years ago and has expanded its operations by acquiring a tech company called Acima, which helps other businesses manage lease-to-own options [6][7] Financial Performance - Upbound currently offers an 8.2% dividend yield, which is well covered by its business operations, with a forward earnings ratio in the mid-single digits [7]

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints - The Asian IG space tightened by 2 - 3bps this morning, while some bonds like KUAISH 31 - 36s and SKBTAM 29 were 1 - 2bps wider [3] - The IPT of new SHUION 29 at 10.625% is considered fair, and the proposed new issue and tender offer by Shui On Land should lengthen its maturity profile and reduce near - term refinancing pressure [7][9] - In the Chinese properties space, CHJMAO, DALWAN, FUTLAN/FTLNHD, GRNCH, and LNGFOR are favored [9] 3. Summary by Relevant Catalogs Trading Desk Comments - Last Friday, the new SNBAB 6.15 Perp was down 0.4pt from RO at par; KUAISH 31 - 36s opened heavy and initially widened 3 - 5bps, with the 5yr tranche closing at RO level and the 10yr tranche 4bps wider [2] - MEITUA curve traded softly, widening 1 - 2bps, while FRESHK curve outperformed and tightened 5 - 8bps; TW lifers were 1 - 2bps wider [2] - SHUION launched a tender offer for USD400mn SHUION 26 and circulated 10.625% IPT for a new USD bond; NWDEVL/VDNWDL complex was up 0.2 - 1.0pt; FAEACO 12.814 Perp/LASUDE 26 gained 0.5 - 0.6pt [2] - EHICAR 26 - 27 increased by 0.4 - 0.5pt; DALWAN 28 was 0.2pt lower; VNKRLE 27 - 29 rose 2.4 - 2.5pts; LNGFOR 27 - 32 increased by 0.4 - 0.8pt [2] - In the Korean space, KDB 27 - 31s and EIBKOR 29 FRNs tightened 1 - 2bps; AU and JP IG credits closed 1 - 4bps tighter; in the Middle East, there was block - size trading on FABUH 34s and PBs were buying FABUH FRNs; in SE Asia, BBLTB sub - curve was 2 - 5bps tighter; GLPSP Perps rose 1.8pts [2] - IHFLIN 27 - 30s/VEDLN 28 - 33s edged 0.2 - 0.8pt higher; MEDCIJ 26 - 30s and the ReNew Energy complex were unchanged to 0.4pt higher [2] Morning Market Update (19 Jan 2026) - Asian IG space was 2 - 3bps tighter this morning, KUAISH 31 - 36s and SKBTAM 29 were 1 - 2bps wider; SOFTBK 65/EHICAR 26 were down 0.6 - 0.7pt; PMBROV 30 edged 0.6pt higher [3] - SHUION 26 was 2.2pts higher this morning; the IPT of new SHUION 29 at 10.625% is fair [3][7] - China Oil and Gas launched a tender offer for CHIOIL 4.7 06/30/26 of USD361mn at par and mandated concurrent USD bond issuance, with the offer expiring on 26 Jan '26 4pm GMT, and the bond was unchanged this morning [3] Top Performers and Underperformers - Top performers include VNKRLE 3.975 11/09/27 (up 2.5), VNKRLE 3 1/2 11/12/29 (up 2.4), ADSEZ 5 08/02/41 (up 2.0), GLPSP 4 1/2 PERP (up 1.8), COGARD 5 12/31/32 (up 1.8) [4] - Top underperformers include TENCNT 3.29 06/03/60 (down 0.8), CNPCCH 5.95 04/28/41 (down 0.7), HAOHUA 3.7 09/22/50 (down 0.7), APAAU 5 3/4 09/16/44 (down 0.7), SINOPE 3.68 08/08/49 (down 0.7) [4] Macro News Recap - Last Friday, S&P was down 0.06%, Dow was down 0.17%, and Nasdaq was down 0.06%. UST yield was higher, with 2/5/10/30 - year yields at 3.59%/3.82%/4.24%/4.83% [6] Desk Analyst Comments on SHUION - Shui On Land proposes to issue a 3NC1.5 Reg S USD senior unsecured bond (unrated) guaranteed by SOL, and the IPT of new SHUION 29 at 10.625% is fair considering peer valuation and tenor differential [7] - The net proceeds of the new bond will fund the tender offer for SHUION 5.5 06/29/26 of USD400mn, with a tender price of 100.25. SOL may prioritize holders subscribing to the new bond, and tender settlement is conditional on new bond issuance [8] - Despite sector headwinds, SOL honors offshore obligations, having redeemed two USD bonds totaling USD990mn since Aug '24. The new issue and tender offer should lengthen maturity and reduce refinancing pressure. The analyst is neutral on SHUION 5.5 06/29/26 [9] Offshore Asia New Issues - No offshore Asia new issues were priced today [13] - Shui On Land has a pipeline to issue a USD bond with a 3NC1.5 tenor, 10.625% coupon, and unrated [14] News and Market Color - On last Friday, 89 credit bonds were issued onshore with an amount of RMB63bn. Month - to - date, 948 credit bonds were issued with a total of RMB755bn raised, a 29.3% yoy decrease [17] - Fitch upgraded DWCM and Wanda Commercial Properties (Hong Kong) to CC from RD [17] - Media reported eHi Car plans a LME in 1H26 for EHICAR 7 09/21/26 of USD269mn and seeks RMB300 - 500mn syndicated loans [17] - ReNew Energy Global to hold investor meetings/calls to market USD 144A/Reg S bonds [17] - Sands Macao launched 'Pearl Gaming Room' targeting mass - market bet sizes [17] - Media reported Vanke reassured bondholders it can make 40% upfront payment for domestic bonds [17]

Core Viewpoint - McGrath RentCorp plans to release its financial results for the fourth quarter ending December 31, 2025, on February 25, 2026, after market close [1]. Group 1: Financial Results Announcement - The financial results will be discussed in a conference call scheduled for 5:00 p.m. Eastern Time on February 25, 2026 [2]. - The conference call can be accessed via a dedicated phone line or through a live webcast on the company's investor relations website [2]. Group 2: Company Overview - McGrath RentCorp is a leading business-to-business rental company in North America, established in 1979, with a focus on modular solutions and electronic test equipment rental [3]. - The company emphasizes sustainable practices and efficient operations, contributing to its long-term financial success and a record of over 30 consecutive years of annual dividend increases [3]. - McGrath is headquartered in Livermore, California, and provides additional information through its website [4].

Group 1 - Avis Budget Group, Inc. plans to report its fourth quarter 2025 results on February 18, 2026, after market close [1] - A conference call for institutional investors to discuss the results will be held on February 19, 2026, at 8:30 a.m. Eastern time [1] - Investors can access the call via the company's investor relations website or by dialing a designated phone number [2] Group 2 - Avis Budget Group is a leading global provider of mobility solutions, operating under the Avis and Budget brands with approximately 10,250 rental locations in around 180 countries [3] - The company also operates Zipcar, the world's leading car sharing network [3] - Avis Budget Group primarily operates its car rental offices directly in North America, Europe, and Australasia, while using licensees in other regions [3]

Core Points - U-Haul is providing 30 days of free self-storage and U-Box container usage at nine facilities in western Washington to assist those impacted by the Snohomish River flooding [1] - The City of Snohomish has declared a state of emergency due to the flooding, which has already occurred [1] - The Snohomish River is expected to exceed a record level of 33 feet by Thursday, threatening residential properties with potential water damage [1]

Core Insights - Upbound Group, Inc. (NASDAQ:UPBD) is identified as a strong dividend stock with a potential upside of 48% based on average price targets, and a high estimate suggesting a 144% upside [1][2] - The company reported a 9% year-over-year increase in consolidated revenues for Q3 2025, totaling $1,164.7 million, driven by the Brigit acquisition and increased rentals, fees, and merchandise sales [2] - GAAP net earnings for the same quarter were $13.2 million, a decrease from $30.9 million in the previous year [2] - Upbound refinanced its term loan, increasing it to $875 million, which enhances liquidity and extends maturity to 2032 [3] - The company ended the quarter with over $360 million in liquidity and a net debt of $1.5 billion, resulting in a net leverage ratio of 2.9x [3] - A quarterly dividend of $0.39 per share was declared, payable on January 6, 2026, to shareholders as of December 17, 2025 [4] - Upbound operates in the lease-to-own household goods market across the United States, Puerto Rico, and Mexico, with four business segments: Rent-A-Center, Acima, Mexico, and Franchising [4]

Core Insights - Hertz Global Holdings, Inc. (NASDAQ:HTZ) has 95% of its shares owned by insiders, hedge funds, and institutions, and recently reported a positive EPS for the first time in nearly two years, indicating potential recovery and interest in the stock [1] - Jim Cramer expressed a cautious but open-minded approach towards Hertz, acknowledging its contrary nature and the positive recommendation from a caller [1] - The stock has experienced a significant run, but Cramer advised caution, suggesting investors consider taking profits or at least recouping their cost basis [2] Company Overview - Hertz provides vehicle rental services under the Hertz, Dollar, and Thrifty brands, along with vehicle sales and additional services [2] - The company has been highlighted in discussions regarding investment opportunities, particularly in relation to notable investors like Bill Ackman [2] Investment Perspective - While Hertz shows potential as an investment, there are opinions that certain AI stocks may offer greater upside potential with less downside risk [2]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $567 million, down $34 million year-over-year, primarily due to increased accounts receivable cleanup of approximately $20 million [11] - Adjusted EBITDA for the quarter was $243 million, reflecting a margin of 42.9%, which was up 60 basis points sequentially from Q2 [12] - Adjusted free cash flow in the quarter was $122 million, representing a 22% margin or $0.67 per share [15] Business Line Data and Key Metrics Changes - Leasing revenues were $434 million in Q3, a 5% year-over-year decline, but only down 1.3% when excluding write-offs related to accounts receivable cleanup [12][13] - Sales in new and rental units increased by 10% year-over-year [11] - VAPS revenues were flat year-over-year despite volume headwinds, while storage portfolio saw a 10% improvement in rate and mix, partially offsetting a 14% volume decline [13] Market Data and Key Metrics Changes - The Canadian market experienced a slowdown, contributing to approximately $130 million of total revenue, which has been impacted by trade posture changes [35] - The traditional storage business remains weak, while climate-controlled storage units on rent were up 44% year-over-year [50] Company Strategy and Development Direction - The company aims to shift revenue towards more differentiated, higher-value offerings to create consistent results and reduce variability from commoditized lines of business [6][8] - A multi-year network optimization plan is underway to enhance operational efficiency and reduce structural costs, with an estimated $250 million-$350 million in rental fleet units identified for disposal [19][18] - The focus is on reestablishing organic growth through local market initiatives and enterprise accounts, with expectations for enterprise accounts revenue to grow mid to high single digits into 2026 [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the need for a more conservative approach to guidance to minimize the risk of negative surprises, with revised full-year guidance reflecting current operating conditions [20][8] - The company expects Q4 2025 revenue of approximately $545 million and adjusted EBITDA of approximately $250 million, with a full-year 2025 revenue outlook of around $2.26 billion [20] Other Important Information - The company has amended and extended its ABL Credit Facility, reducing estimated annual cash borrowing costs by approximately $5 million and extending maturity through October 2030 [16] - The company has identified a pathway to improve adjusted EBITDA margins above 45% as units on rent trends begin to improve [6][8] Q&A Session Summary Question: Inquiry about revenue outlook and underperformance - Management noted that seasonal storage components and write-off activities contributed significantly to the lower revenue outlook, with the Canadian market also experiencing a slowdown [34][35] Question: Impact of federal government shutdowns - Management indicated negligible disruption from government shutdowns, with optimism about future penetration into government sectors [39] Question: Clarification on fleet review and potential disposals - Management confirmed that the identified fleet for disposal represents about 10% of total fleet, aimed at optimizing costs without compromising service capabilities [44][45] Question: Trends in order book and activations - The modular order book is down about 1% year-over-year, but activations have shown low single-digit growth recently, while traditional storage remains weak [50] Question: Changes in guidance philosophy - Management emphasized a shift towards conservative guidance to avoid negative surprises, focusing on controllable outcomes [86][87]