28 May 2025 | 7:13AM BST Aroundtown SA (AT1.DE): 1Q25 results: FFO1ps 8% below GSe, FY25 guidance reiterated Aroundtown released 1Q25 results which were 8% below GSe on FFO1ps and 1% above GSe on NTAps. The miss on FFO1ps was due to lower-than-expected operating and other income (i.e. service charge) and EBITDA contribution from joint ventures (e.g. seasonality), while financial expenses were below GSe. Operationally, net lfl rental growth was 3.0% for the portfolio (+10bp qoq). In residential, the lfl net ...

Investment Rating - The report assigns a 12-month rating of "Buy" for Goodman Property Trust (GMT) with a price target of NZ$2.35, indicating a potential upside from the current price of NZ$1.92 [9][28]. Core Insights - Goodman Property Trust reported FY25 cash earnings of NZ$116 million, reflecting a 15% year-over-year increase and exceeding UBS estimates by NZ$1 million. This growth was driven by higher net rental income and reduced operating expenses following management internalization [7][3]. - The company experienced like-for-like rental growth of 7.3%, an increase from 6.5% in FY24, and maintained a high occupancy rate of 99.0% despite a slight decline from 99.5% in FY24 [4][7]. - A new capital partnership was announced, involving a NZ$2.1 billion investment in Highbrook Business Park, with GMT holding a 72% stake, which is seen as a positive development for future growth [7]. Financial Performance - Key financial metrics for FY25 include: - Net rental income of NZ$231 million, up 14% compared to the previous corresponding period (pcp) [3]. - Net operating expenses decreased to NZ$11 million, down 48% from the pcp [3]. - Net interest expense increased to NZ$64 million, up 37% from the pcp [3]. - Cash earnings of NZ$116 million, up 15% from the pcp [3]. - Distribution per unit (DPU) of 6.5 cents, a 5% increase from the pcp [3]. Guidance - For FY26, the expected cash earnings per unit (EPU) is projected at 8.00 cents, slightly above UBS estimates of 7.95 cents, while the DPU is expected to be 6.80 cents, compared to UBS estimates of 6.75 cents [6]. Valuation - The valuation of Goodman Property Trust is based on a Dividend Discount Model (DDM) and Net Asset Value (NAV), supporting the price target of NZ$2.35 [5]. Market Context - The market capitalization of Goodman Property Trust is NZ$2.95 billion (approximately US$1.76 billion), with a free float of 68% and an average daily trading volume of 1.166 million shares [9]. - The forecast stock return is estimated at 25.9%, combining a price appreciation of 22.4% and a dividend yield of 3.5% [12].

Meituan - Investment Rating: Buy [1] - Core View: Meituan reported a solid profit beat in 1Q25, but faces challenges due to increased competition in food delivery, leading to elevated subsidies that will impact near-term profits [1] - Revenue Forecasts: 2Q core local commerce revenue growth is forecasted at +11% year-on-year, while profit is expected to decline by -35% year-on-year [1] - Adjusted EBIT: For FY25, adjusted EBIT is estimated at Rmb44.7 billion, a decrease of -15% year-on-year [1] - Target Price: The 12-month target price is lowered to HK$172 [1] Varun Beverages - Investment Rating: Initiate at Buy with a 12-month target price of Rs600 [2] - Market Position: Varun Beverages is positioned to grow in India's RTD beverages market, with Pepsi's market share increasing from 28% in 2015 to 38% in 2024 [2] - Profitability: The company has a strong track record of improving profitability in acquired territories, particularly in Africa [2] - Free Cash Flow: An inflection in free cash flow is expected over CY24-27 due to steady growth in operating cash flow and moderated capital expenditures [2] BYD - Investment Rating: Buy [4] - Promotion Impact: The impact of BYD's "618" promotion is expected to be less severe than feared, with an average price reduction of Rmb10,000 on 12 models [4] - Revenue Impact: The promotion is estimated to have a Rmb2.6 billion impact on BYD's top line, equivalent to 5% of 2025E net profit [4] - Target Price: The 12-month target price is adjusted down by 3% to Rmb424/HK$416 [4] WiseTech Global - Investment Rating: Buy [4] - Acquisition: WiseTech announced the acquisition of E2open for US$2.1 billion, which is expected to be accretive to FY27E EPS by +8% to 10% [4] - Growth Outlook: The acquisition is seen as a significant step towards WiseTech's goal of becoming the operating system for global trade and logistics [4] - Target Price: The 12-month target price is A$126 [4] Trip.com - Investment Rating: Buy [7] - Strategic Initiatives: Trip.com aims to enhance its position as a leading OTA in Asia through overseas investments and a full-funnel marketing strategy [7] - Customer Focus: The company emphasizes excellent customer service and innovation in tourism services [7] - Target Price: The 12-month target price is US$78/HK$608 [7] Mitsui Fudosan - Investment Rating: Buy [7] - Overseas Expansion: Mitsui Fudosan is looking to expand its overseas business and address rising construction costs [7] - Target Price: The 12-month target price is ¥1,500 [7] Toray Industries - Investment Rating: Buy [7] - Profit Growth: Toray expects strong profit growth supported by structural reforms and a focus on ROIC management [7] - Target Price: The 12-month target price is ¥1,030 [7]

Market Overview - The stock market has rebounded from post-tariff volatility, while the real estate market has not shown signs of recovery [1] - Persistently high-interest rates are maintaining high mortgage rates, negatively impacting buyer affordability and sellers' willingness to switch homes [1] Analyst Background - Gary Alexander has extensive experience covering technology companies on Wall Street and working in Silicon Valley, along with advising seed-round startups [1] - He has been a contributor on Seeking Alpha since 2017 and has been quoted in various web publications [1]

Industry Overview - The real estate industry is currently facing unprecedented challenges following a surge in demand during the pandemic, as individuals sought more space away from urban areas [1]. Analyst Background - Gary Alexander has extensive experience in covering technology companies on Wall Street and has worked in Silicon Valley, providing insights into themes shaping the real estate industry today [1]. - He has been a contributor to Seeking Alpha since 2017 and has been quoted in various web publications, with his articles being syndicated to popular trading apps like Robinhood [1].

Overall Trend - Short-term fluctuations are expected, but long-term stability is anticipated [2] - In the first half of the year, core urban second-hand housing prices may rise by 5%-10% due to policy easing and pent-up demand release. However, if policies tighten or economic recovery is weaker than expected in the second half, housing prices may enter a plateau phase, with some suburban new homes facing price pressure [2] - Regional differentiation is intensifying, with core areas (within the fourth ring) showing strong price resilience supported by scarce resources like education and healthcare, potentially maintaining high prices of 80,000-150,000 yuan per square meter [2] Key Influencing Factors - The policy environment remains unchanged with a focus on "housing for living, not speculation," and slight adjustments to purchase restrictions. Mortgage rates are expected to remain low (first home loan rates at 3.25%-3.8%) [2] - The government aims to stabilize the market through increased supply of affordable housing and promoting inventory digestion [2] - The supply-demand relationship is easing due to increased affordable housing supply and a slowdown in population growth, although the scarcity of quality housing in core areas continues to support prices [2] Regional Breakdown Forecast - In core areas (Xicheng, Dongcheng, Haidian), new home prices are expected to rise slightly (0.1%-2%), while second-hand home prices may see a slight decline [2] - In suburban areas (Chaoyang, Fengtai), prices are expected to rise steadily due to improvement-driven demand [2] - In remote suburbs and surrounding areas (Yanjiao, Gu'an), high inventory and insufficient amenities may lead to a price decline of 5%-10% [2] Considerations - Predictions carry significant uncertainty, with core area prices influenced by both policy and economic factors, potentially leading to slight fluctuations [2] - Investment recommendations focus on properties in core areas with strong amenities and product strength, while avoiding regions with high inventory in remote suburbs [2]

Company News - Xiaomi Group (01810.HK) launched its flagship processor, the玄戒O1, utilizing second-generation 3nm advanced process technology, which will be featured in the 15S Pro, Tablet 7 Ultra, and Watch S4 [1] - Heng Rui Pharmaceutical (01276.HK) saw its shares open over 27% higher in the dark market yesterday, closing up 32.24% at HKD 58.25, with a trading volume of HKD 751 million [1] - New China Life Insurance (01336.HK) invested HKD 10 billion to subscribe to the second phase of the Guofeng Xinghua Honghu Zhiyuan private securities investment fund [1] - BOSS Zhipin (02076.HK) reported total revenue of RMB 1.923 billion for the year ending March 31, 2025, a year-on-year increase of 12.88%, with net profit attributable to shareholders at RMB 518 million, up 111.53% year-on-year [1] - AIA Group (01299.HK) repurchased 325,000 shares at a cost of HKD 21.2 million on May 22 [1] - Mirxes-B (02629.HK), a Singapore-based microRNA technology company, debuted today, with its shares rising over 40% during the dark market trading period yesterday [1] Industry News - HSBC Holdings (00005.HK) repurchased 1.6 million shares at a cost of HKD 152.2 million on May 21, and spent GBP 32.8 million to repurchase a total of 3.7 million shares on other exchanges [2] - China Health Group (00673.HK) announced that its shares will resume trading at 9:00 AM today [2] - Country Garden (02007.HK) reportedly received support from nearly 75% of bondholders for its debt restructuring plan [2]

Core Viewpoint - A class action lawsuit has been filed against Redfin Corporation in connection with its proposed merger with Rocket Companies, Inc., alleging violations of the Securities Exchange Act of 1934 [1] Group 1: Lawsuit Details - The lawsuit, titled Morano v. Redfin Corporation, was filed on May 9, 2025, in the United States District Court for the Western District of Washington [1] - The class consists of individuals and entities holding Redfin common stock as of April 22, 2025, the close of business [1] - The proposed merger involves Redfin shareholders receiving 0.7926 shares of Rocket Class A common stock for each share of Redfin common stock they own [1] Group 2: Investor Notification - Redfin investors are informed that they may move the Court to serve as lead plaintiff within 60 days of the notice [2] - Additional information regarding the class action lawsuit can be obtained through a dedicated webpage or by contacting Wohl & Fruchter LLP directly [2] Group 3: Firm Background - Wohl & Fruchter LLP has over a decade of experience representing investors in litigation related to fraud and corporate misconduct, recovering hundreds of millions of dollars in damages [3]

NEW YORK, May 22, 2025 (GLOBE NEWSWIRE) -- DSS, Inc. (NYSE American: DSS), a multinational company operating across diverse industries including packaging, real estate, and biomedical innovation, today announced financial results for the first quarter of 2025, highlighting meaningful progress in its financial repositioning and a strong foundation for corporate execution in the coming quarters. In a quarter focused on streamlining operations and financial discipline, DSS delivered significant improvements in ...

Core Insights - The new housing market has not gained momentum despite policy support, product updates, and price stabilization [1] - The primary reason for the stagnation is the prevailing expectation issues among potential buyers [2] - The second-hand housing market has emerged as a significant obstacle to new housing sales [3] Market Dynamics - A market survey by 365 Market Research revealed that the typical "sell one buy one" replacement strategy has failed since 2021, leading to a decline in new housing transactions and an increase in second-hand housing transactions [4][5][6] - The gap between new and second-hand housing transactions has widened, with second-hand housing sales nearly doubling those of new homes in recent years [8][10] - The price difference between new and second-hand homes has increased from a maximum of 25% before 2021 to 66% currently, causing buyers to favor second-hand homes due to better pricing [9][10] Demand Shifts - The structural shift in demand has allowed first-time buyers to enter the market, competing with new homes for prime locations [11] - The current new housing market is primarily driven by improvement buyers, but the failure of the replacement chain has led to a backlog of improvement demand [14][16] - The urbanization rate in Tianjin has reached 86% by 2024, indicating a saturation point that limits new housing demand [17][21] Economic Context - The economic environment is currently in a downturn, leading to a downgrade in consumer spending and a preference for stable asset investments [22][23] - The consensus among sellers is that second-hand homes must lower prices to sell, with many opting to hold cash rather than reinvest in new homes [24][26][27] Policy Efforts - Recent policy measures, such as the "Good House" initiative and reductions in mortgage rates, aim to stimulate the new housing market [30][31] - However, the key to revitalizing new housing demand lies in stabilizing the second-hand housing market [32]