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 ...

ab 13 August 2024 Global Research and Evidence Lab First Read James Hardie Industries UBS SnapShot: 1Q-25 Result ONE LINER: 1Q beat, 2Q soft but +ve FY25 NPAT guide unchanged (ex lower end tax -50bps) 1Q-25 KEY NUMBERS: 1) Group underlying NPAT US$178m vs UBSe US$170m (vs consensus US$167m). 2) Group underlying EBIT US$236m vs UBSe US$230m. 3) North American volumes of 752mmsf vs UBSe 764mmsf, 2% behind. 4) North American EBIT of US$227m vs UBSe US$229m, implies a margin of 31.2% vs UBSe 31.7%. 5) APAC volu ...

ab 12 August 2024 Global Research and Evidence Lab JB Hi-Fi FY24 Result: JB Aust EBIT margin 'base' raised FY24 Result: Above mkt & UBSe with Jul-24 trading mixed (strong in JB Aust) JBH FY24 sales/EBIT/NPAT -0.4%/-15.8%/-16.4% vs pcp with NPAT (A$439m) above Visible Alpha (mkt) (A$423m) and UBSe (A$409m). JB Aust, The Good Guys (TGG) and JB NZ EBIT above mkt & UBSe. Jul-24 LFL sales mixed: JB Aust +5.2% (+2.3% 2yr stack); TGG +2.7% (-9.3% 2yr stack); and JB NZ -4.9% (+5.1% 2yr stack). We revise FY25E/26E E ...

ab 12 August 2024 Global Research and Evidence Lab Powered by YES UBS Evidence Lab Equities Australia Transportation Services 12-month rating Neutral | --- | --- | |------------------------------|------------------| | 12m price target | A$3.40 | | | Prior : A$3.70 | | Price (12 Aug 2024) | A$3.30 | | RIC: AZJ.AX BBG: AZJ AU | | | Trading data and key metrics | | | 52-wk range | A$4.02-3.30 | | Market cap. | A$6.07b/US$4.01b | | Shares o/s | 1,841m (ORD) | | Free float | 100% | | Avg. daily volume ('000) | 6 ...