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 - 报告主要列举了近期UBS对部分个股的评级、目标价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] 报告内容总结 评级和目标价变化 - 报告列举了UBS对部分个股的评级和目标价的变化情况 [4][5] 每股收益预测变化 - 报告列举了UBS对部分个股的每股收益预测的变化情况 [6][7]

ab 12 August 2024 Global Research and Evidence Lab Australian Banks Capital returns are possibly mispriced Equities Australasia Financial Dividends/buybacks/excess capital an underpin for Aussie bank share prices? We analyse how much excess capital the banks carry and if this is potentially a further underpin to share price performance, especially in the context of valuations which we continue to view as rich relative to historical trading ranges and lower expected levels of profitability. The consensus vie ...

ab 13 August 2024 Global Research and Evidence Lab Equities Prices: Iron Ore 62% cfr Qingdao -0.5% $99/dmt; HCC prem LV -1.2% $212/t; Thermal Coal NEWC +0.5% $147/t; Spodumene CIF China -4.7% $810/t; Li Carbonate Battery Grade, CIF China 0.0% $12000/t; Li Hydroxide Battery Grade, CIF China +0.9% $11600/t; Cu +1.8% $4.04/lb; Al +0.1% $1.02/lb; Ni +1.3% $7.30/lb; Au +1.2% $2504/oz; Brent +2.9% $82/bbl; WTI 0.0% $77/bbl; AUDUSD 0.6586; AUDEUR 0.6025; AUDGBP 0.5159; AUDJPY 96.95 Bulks: Iron Ore -0.5% to US$99/t ...

ab 13 August 2024 Global Research and Evidence Lab First Read Swire Properties MSCI deletion as expected; good opportunity may have emerged What's new? In this morning, MSCI announced to delete Swire Properties (Swire) from the MSCI index and the changes will be effective at the close of 30 Aug. The deletion was in-line with our previous expectation, as its free float adjusted market cap has fallen below the required relative threshold size. UBS index team forecast US$127mn (or 69.6mn shares) will be sold o ...

报告行业投资评级 - 报告对欧洲大型制药公司的整体评级为"买入"[65] - 报告对美国大型制药公司的整体评级为"买入"[66] - 报告对欧洲中小型制药/生物科技公司的整体评级为"买入"[65][66] 报告的核心观点 欧洲大型制药公司 - 整体估值合理,预计未来3-5年内每股收益复合增长率为15.6%[65] - 整体股息率为2.6%,处于合理水平[65] 美国大型制药公司 - 整体估值合理,预计未来3-5年内每股收益复合增长率为53.2%[66] - 整体股息率为2.2%,处于合理水平[66] 欧洲中小型制药/生物科技公司 - 整体估值合理,预计未来3-5年内每股收益复合增长率为32.7%[65] - 整体股息率为1.6%,处于合理水平[65] 分类总结 欧洲大型制药公司 - 阿斯利康、拜耳、葛兰素史克等大型制药公司[65] - 整体业绩稳健,未来3-5年内每股收益有望保持10%以上的增长[65] - 股息率水平合理,有较好的投资价值[65] 美国大型制药公司 - 艾伯维、百时美施贵宝、礼来等大型制药公司[66] - 整体业绩良好,未来3-5年内每股收益有望保持50%以上的增长[66] - 股息率水平合理,有较好的投资价值[66] 欧洲中小型制药/生物科技公司 - 阿根斯、基拉马、H.Lundbeck等中小型制药/生物科技公司[65] - 整体业绩良好,未来3-5年内每股收益有望保持30%以上的增长[65] - 股息率水平合理,有较好的投资价值[65]

ab 12 August 2024 Global Research and Evidence Lab Beach Energy Limited FY24 result: FCF must support capital returns & growth Another frustrating reserve d/grade but FCF can support growth and divs Beach Energy's (BPT) FY24 NPAT beat consensus estimates by 7%; however the financial performance was overwhelmed by another material reserve downgrade. Reserves at the new Enterprise gas field in the VIC Otways saw an 11mmboe reserve revision (-27% to the implied VIC Otway reserve), following new flow data indic ...

ab 13 August 2024 Global Research and Evidence Lab Powered by YES UBS Evidence Lab 0 200 400 600 800 1,000 1,200 0% 20% 40% 60% 80% 100% 120% 140% 160% 91% 95% 76% 93% 87% 112% 97% 130% 79% 75% 134% 49% 71% 103% 82% 70% 31% 24% JapanKorea Thailand Hong KongEUSingaporeMacaoMalaysiaVietnamAustraliaUKRussia The PhilippinesIndonesiaUAECambodiaUS Int'l flight volumes Overall int'l flights recovery vs.2019 vs.2019 (RHS) 11% 2% 2% 8% Southeast Asia East Asia Europe Oceania North America other 42% 35% Overall int'l ...

ab 13 August 2024 Global Research and Evidence Lab Equities Greater China Banks Daily Far East Horizon H124 results; Chengdu eased criteria for first-home mortgages; Number of listed residential foreclosure houses up by 12%+ YoY in H124 China Banks Far East Horizon: 1H24 earnings missed on macro headwinds & non-core items Far East Horizon (FEH) reported net profit to common shareholders of Rmb2,085m in 1H24, -32% YoY/ -33% HoH, a large miss to our expectation of single-digit percentage decline. Nevertheless ...

Hello. Thank you, operator. Thank you. And welcome to the Uber Q2 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, please press star one on your telephone keypad. I would now like to turn the conference over to Deepa Subramanian, Vice President, Investor Relations, Corporate Finance. Please go ahead. Thank you, operator. Thank you f ...

报告行业投资评级 Moutai/WLY/LZLJ/Yanghe从Buy评级下调至Neutral评级,主要原因如下: - 预计未来12个月内白酒行业供需格局将进一步恶化,导致这些公司的盈利预测下调[4][5][7] - 我们预计2023-25年UBS覆盖的白酒公司平均EPS复合增长率将从19%下降至8% [4] - 白酒行业当前估值为17倍12个月前收盘价,略低于历史平均水平22倍,但高于2010年以来的低点10倍 [14] 报告的核心观点 1. 茅台"社会库存"去库存可能导致白酒行业进一步估值下行[10][23][146] - 2016年至2021年初,茅台飞天茅台的批发价格上涨358%,导致投机客和终端消费者积累了14-15个月的"社会库存" [5][27] - 由于白酒龙头企业为地方政府财政收入做出重要贡献,因此在过去行业低谷期(2013-2015年)也未能有效控制供给,我们预计2024-2025年内白酒高端产品的零售价格将面临进一步下行压力[5][51] 2. 产能过剩和人口结构变化将抵消白酒行业的高端化趋势[6][60][157] - 我们预计未来3年内白酒行业6大龙头企业的总产能将增长37% [6][61] - 主要白酒消费人群(30-59岁男性)人口下降,预计2023-2025年白酒总需求将下降13% [6][62] - 上述两个因素将成为制约白酒行业整体消费的结构性障碍,抵消高端化趋势[6][60][157] 分类总结 行业供需分析 - 茅台"社会库存"去库存可能导致白酒行业进一步估值下行[10][23][146] - 白酒行业产能持续扩张,预计未来3年内6大龙头企业总产能将增长37% [6][61] - 主要白酒消费人群(30-59岁男性)人口下降,预计2023-2025年白酒总需求将下降13% [6][62] 公司业绩预测 - 我们预计2023-25年UBS覆盖的白酒公司平均EPS复合增长率将从19%下降至8% [4] - 我们下调了茅台/五粮液/泸州老窖/洋河2024/2025年的盈利预测,幅度分别为1%/11%、4%/11%、7%/17%和4%/14% [148][158][168][179] 估值分析 - 白酒行业当前估值为17倍12个月前收盘价,略低于历史平均水平22倍,但高于2010年以来的低点10倍 [14] - 我们认为当前估值水平合理,反映了行业增长前景的下调[14][90]