报告行业投资评级 - 报告给予MatsukiyoCocokara & Co.股票"买入"评级,12个月目标价为2,960日元 [6][26] 报告的核心观点 - 第一季度营业利润同比下降1%,低于公司和分析师的预期 [3] - 公司计划增加人力资本和IT投资以实现中期增长,但将控制在可实现营业利润目标的水平内 [4] - 公司2025财年的销售和营业利润指引保持不变,分别为1,050亿日元(+3%同比)和775亿日元(+2%同比) [5] 行业概况 - MatsukiyoCocokara是日本主要的连锁药妆店之一,擅长中心商业区的门店运营,化妆品和医疗产品销售占比较高 [13] 估值和风险 - 我们的目标价基于剩余收益模型,主要风险包括城市地区门店客流恢复缓慢,以及与Cocokara Fine的协同效应未如预期实现 [14]

First Read Amotiv Limited UBS SnapShot: FY24 Results ONE LINER In line result, solid Cash conversion and BS, Outlook as expected KEY NUMBERS Rev $987m (+8% y/y) vs UBSe $997m (-1% miss) / Cons. $991m (in line). EBITDA $224m (+6% y/y) vs UBSe $221m (+1% beat) / Cons. $222m (+1% beat). EBITA $195m (+5% y/y) vs UBSe $193m (+1% beat). NPATA $119m (+5% y/y) vs UBSe $117m (+2% beat). EPS(A) 84.4cps vs UBSe 82.3cps (+3% beat). Final DPS 22cps vs UBSe 20cps. ND/ EBITDA 1.6x vs UBSe 1.8x. RESULT HIGHLIGHTS 1) 4WD&T ...

报告行业投资评级 报告给予AGL Energy公司的12个月评级为Neutral。[27] 报告的核心观点 1) AGL Energy公司2H24财年的业绩表现良好,实现了营业利润和净利润的超预期。[3][4] 2) 公司在2H24期间完成了400MW可再生能源和储能项目的开发,现有6.2GW可再生能源和储能资产,另有约1GW项目正在开发或已签约。[6] 3) 公司宣布以2.5亿澳元收购Firm Power和Terrain Solar公司,这将为公司增加8GW的电池和太阳能开发选择权。[6] 4) 公司2025财年的业绩指引符合市场预期,预计EBITDA为18.7亿-21.7亿澳元,净利润为5.3亿-7.3亿澳元。[5] 行业分析 1) 公司拥有澳大利亚最大的电力发电资产组合,年发电量约40TWh,其中包括两座成本较低的燃煤电厂。[14] 2) 公司正在积极推进能源转型计划,计划到2030年新增5GW可再生能源和储能资产。[14] 3) 公司还持有Tilt Renewables 20%股权、OVO Energy Australia 51%股权以及OVO Energy的"Kaluza"客户关系管理和计费平台20%股权。[14]

Global Research and Evidence Lab 14 August 2024 First Read BWP Trust UBS SnapShot: FY24 Result ONE LINER Strong result and g'dance for growth KEY NUMBERS NPAT (adj. for straight lining rent) $120.5m vs UBSe $117.5m (+1%). Distributable amount $124.1m and DPS 18.3c (pre-announced). RESULT HIGHLIGHTS 1. Comp. rental growth 4.2% (4.8% 1H24). Five Bunnings market rent reviews were finalised for the period, resulting in a 4.4% increase in rents. In FY24, rent reviews are split between CPI (51) and fixed (101) wi ...

First Read Commonwealth Bank of Australia UBS Snapshot: FY24 Result ONE LINER In-line result but not enough in our view given current mkt rating KEY NUMBERS (FY24 seq., continuing operations unless stated otherwise) (1) PPOP $15.0B, (in-line with cons); (2) Impairments $802M, 11% better than cons ($900M) and 12% above UBSe ($913M); (3) Cash NPAT $9.8B (~1% above cons); (4) Cash Diluted EPS (incl. discontinued) 582.6cps (in-line with UBSe 582.7cps, +6% above cons 550.7cps); (5) Interim div 250cps (UBSe 238cp ...

报告行业投资评级 HomeCo Daily Needs被评为"买入"评级,目标价为1.40澳元 [9] 报告的核心观点 1) 公司2024财年业绩符合预期,2025财年指引略低于市场预期和UBS预期 [2][3] 2) 投资组合表现良好,同店租金收入增长4.0%,出租率超过99%,租金续约价格上涨6.0% [4] 3) 资本方面,资产净值为1.44澳元/单位,负债率在30-40%目标区间内,87%的债务已经对冲 [4] 4) 开发项目方面,2024财年启动8500万澳元的新项目,2025财年计划启动1亿-1.2亿澳元的新项目,目标收益率超过7% [4][7] 5) 公司在2024财年完成了4.2亿澳元的资产出售,并以5.4%的初始收益率完成了2.94亿澳元的日用品资产收购 [4]

Global Research and Evidence Lab 14 August 2024 First Read Seven Group Holdings UBS SnapShot: FY24 EBIT growth of +20% beats guidance ONE LINER Solid result. Operating momentum at WesTrac, Coates and Boral to drive HSD EBIT growth in FY25. KEY NUMBERS (A$) FY24 revenue: Up +10% to $10.6bn (-1% vs. UBSe/VA cons). Group EBIT: Up +20% to $1.4bn (-2% vs. UBSe and -1% vs. VA cons) underpinned by Industrial Services EBIT growth of +28%. UNPAT: Up +30% to $850mn (+5% vs. UBSe and +4% vs. VA cons). Final DPS: Pre a ...

Global Research and Evidence Lab 14 August 2024 First Read Seven West Media UBS SnapShot: 2H24 Result ONE LINER Miss to consensus. Dividend cut, top line in Sep/Oct tracking slightly below. 2H24 KEY NUMBERS Revenue $640m (UBSe $631m, VA cons. $645m); EBITDA $63m (UBSe $52m, cons. $71m); Reported NPAT $24m (UBSe $6m, cons. $23m); Capex -$14m (UBSe -$23m, cons -$24m); No dividend declared (UBSe Ocps, cons. 2cps). 2H24 RESULT HIGHLIGHTS 1. 'Seven' Total TV" rev $554m (UBSe $534m, cons $559m), EBITDA $56m (UBSe ...

ab 14 August 2024 Global Research and Evidence Lab Region Group Growth pushed out again Limited growth into FY25 disappointing but more positives emerging RGN's FY24 FFOps of 15.4c was -2% below guidance and FY25 guidance of 15.5c - 5% below UBSe (-3% vs. cons.) with ongoing property expense inflation a headwind in both FY24/25. In addition to setting out a target for comp NOI growth of +3%, guidance also allowed for several 'one-off' items including lost rent from centre repositioning, line fee drag on und ...

报告行业投资评级 - 报告未提供行业整体的投资评级 [3] 报告的核心观点 - 报告主要列举了最近UBS对部分公司的评级、目标价格和每股收益预测的变化 [3][4][5][6][7] - 报告未提供行业整体的核心观点 [3] 行业概况 - 报告未提供行业整体的概况 [3] 行业投资机会 - 报告未提供行业整体的投资机会 [3] 行业风险 - 报告未提供行业整体的风险 [3]