Global Research and Evidence Lab 13 August 2024 PBF Energy Inc Adjusting Estimates and Price Target Adjusting estimates We are adjusting our estimates to reflect weaker cracks environment. We lower 2024 to reflect weaker earnings vs. our expectations. West Coast cracks are trending below expectations (despite closure of Rodeo) and this is driving negative revisions. We lower 2024 EPS to $1.06 from $4.04. We lower 2025 EPS to $3.26 from $5.52. Call takeaways ● Turnaround in both East Coast and Mid-Con lasted ...

Global Research and Evidence Lab 13 August 2024 First Read Synthomer PLC 1H24 results - 5% EBITDA miss, with outlook unchanged Q: How did the results compare vs expectations? A: Synthomer reported 1H24 adjusted EBITDA of £76m, up 4% y/y but 5% below Bloomberg consensus at £80m (UBSe at £77m). Sales came in at £1,051m, up 0.4% y/y and 1% above consensus of £1,041m, driven by price/mix down 7%, volumes up 11% and an FX headwind of 3% y/y. 1H24 adjusted EPS was 1.3p, compared to a loss per share of 8.0p in 1H2 ...

报告行业投资评级 - 报告给予Netwealth Group Limited的12个月评级为"Buy"[7] 报告的核心观点 - Netwealth集团是澳大利亚增长最快的财富管理公司之一[16] - 公司经营的是澳大利亚最大的专业平台提供商之一,一直被独立财务顾问高度评价其客户服务和功能性[16] - 公司在2017年11月以每股3.70澳元在澳交所上市[16] - 公司收入和利润增长强劲,预计未来几年将保持良好的发展势头[4][5][12] - 公司的净流入在2024年7月达到12亿澳元,未来有较长的增长空间[7] 行业概况 - 报告指出Netwealth集团面临的行业结构在未来6个月内可能会有所改善[19] - 监管环境在未来6个月内也可能会有所改善[21] - 过去3-6个月内公司的表现也有所改善[22] - 预计公司下一次财报公布时,业绩可能会超出市场预期[23][24] - 分析师认为公司未来业绩存在上行风险[25][26]

First Read Challenger UBS SnapShot: FY24 Result ONE LINER Earnings and div beat due to improving core margins and lower costs. PCA multiple rises to top end of target range. Buy rating KEY NUMBERS (1) Normalised NPBT +17% to A$608m (UBSe & Cons $600m), $318 2H (vs $290m 1H). (2) Normalised NPAT $417m in-line with UBSe & Cons $417m. (3) Final DPS 13.5cps ff (UBSe 12.5cps, consensus 12.7c). (4) 1H24 Annuity sales -6% to $5.19bn (UBSe $5.14bn). RESULT HIGHLIGHTS (1) Life EBIT +17% to $634m vs consensus $619m, ...

First Read Temple & Webster Group UBS SnapShot: FY24 Results ONE LINER: EBITDA beat, sales inline, trading update +26% y/y OUTLOOK AND GUIDANCE: FY25 commenced strongly with revenue first 6wks up 26% year on year. FY25 will continue to include an additional 2-3% of revenue invested into brand marketing across brand and performance channels. FY25 EBITDA mgn inc marketing investment 1-3%. EBITDA margins to incrementally build from FY26 towards LT BAU EBITDA margin of +15%. Current $30m on-market buyback will ...

报告行业投资评级 - 报告给予Seek公司"买入"评级,12个月目标价为27.10澳元 [7] 报告的核心观点 2H24业绩亮点 1. 澳新业务收入同比下降7%至4.05亿澳元,EBITDA同比下降4%至2.24亿澳元;销量同比下降21%,但单价同比上升16% [5] 2. 亚洲业务收入同比下降4%至1.21亿澳元,EBITDA同比下降70%至1400万澳元;销量同比下降19%,但单价同比上升27% [5] 3. 已终止经营业务(包括Basil Online和OCC)收入7600万澳元,EBITDA1500万澳元 [5] FY25展望 1. 预计收入102-114亿澳元,其中澳新业务销量预计下降低个位数,但单价有高个位数增长;亚洲业务收入有望超过上年,单价有高个位数增长抵消销量低个位数下降 [6] 2. 预计EBITDA43-50亿澳元 [6] 3. 预计调整后净利润13-18亿澳元,受折旧和利息费用上升影响 [6] 4. 预计总运营支出59-64亿澳元,总资本支出15-17亿澳元 [6] 根据报告目录分别总结 2H24业绩 - 总体收入和EBITDA略低于预期,主要受亚洲业务表现疲弱影响,但澳新业务单价增长16%抵消了销量下滑 [7] - 总体运营支出和资本支出控制得较好,优于预期 [7] FY25展望 - 收入指引预计澳新业务销量下滑幅度大于预期,但单价增长预期优于预期 [7] - 总运营支出和资本支出预计与预期一致,公司预计能维持/提升FY25的营运杠杆 [7] - 目前主要风险在于宏观环境,但公司在可控因素(单价和成本)方面的表现令人鼓舞 [7] [1][3][4][5][6][7]

ab 12 August 2024 Global Research and Evidence Lab India Economic Comment Headline CPI inflation softens on base effect Headline CPI inflation eases to 3.5% in July, core inflation at 3.4% Headline CPI inflation eased to a five-year low of 3.5% YoY in July (vs. 5.1%YoY in the previous month), largely due to base effect despite a pick-up in sequential momentum in food prices (largely seasonal) and hike in telecom tariffs by telcos (15bps contribution). This inflation print was lower than consensus expectatio ...

First Read Region Group UBS SnapShot: FY24 Result ONE LINER FY24 -2% below UBSe on lower NPI (prop. expenses), FY25 FFOpu guidance -3% vs. cons. KEY NUMBERS FFO $178.4m vs UBSe $181.3m; FFOpu 15.4c (-9% vs pcp) vs UBSe 15.6c (cons. 15.6c); 13.7c DPS (pre-announced). RESULT HIGHLIGHTS 1. Supermarkets MAT +3.0% (+4.2% Dec-23), DDS +1.1% (+2.1% Dec-23). Comp specialty MAT growth +1.4% (+2.5% Dec-23). Leasing spreads for renewals +5.2% (+4.4% Dec-23). New tenants leasing +1.6% (-0.3% Dec-23) as incentives are 9 ...

ab 13 August 2024 Global Research and Evidence Lab Equities Morning Expresso – Australasia Tuesday, 13 August 2024 Australasia Marcus Curley Analyst marcus.curley@ubs.com +64-9-913 4750 Today's Notes INDUSTRIALS Carsales.com.au - Good outlook into FY25e JB Hi-Fi - FY24 Result: JB Aust EBIT margin 'base' raised Aurizon - FY24 result: Capital flexibility preserved FINANCIALS Australian Banks - Capital returns are possibly mispriced RESOURCES Alcoa Corporation - Initiate coverage on AAI.AU Buy rated A$58/sh Be ...

ab 13 August 2024 Global Research and Evidence Lab First Read CSL FY24: Largely in line, but looking closely at Behring core gross margin ONE LINER Largely inline result except for a c.60-bps miss for Behring core gross margin, which we think will attract questions (at CC it looked in line). KEY NUMBERS 1. Revenue $14,800m +11% (+11% CC), in line with consensus 2. Underlying gross margin 54.1%, 65bps ahead of consensus 3. NPATA $2,907m +11% (+15% CC), -5% below consensus RESULTS HIGHLIGHTS 1. Behring revenu ...