Global Research and Evidence Lab 14 August 2024 First Read Sundrug Q1 FY3/25 results: OP broadly in line with the company's plan Q: How did the results compare vs expectations? A: Q1 FY3/25 OP came in at ¥10.9bn, up 10% yoy, which is a solid result relative to our forecast of ¥10.5bn and the IBES consensus of ¥10.6bn. The company says OP was broadly in line with its plan. By segment, in the drugstore business, sales came in short and OP undershot management's budget slightly, whereas the discount store busi ...

Global Research and Evidence Lab 15 August 2024 Equities Australia Telecommunications Lucy Huang Analyst lucy.huang@ubs.com +61-2-9324 2253 Ailsa Lei Analyst ailsa.lei@ubs.com. +61-2-9324 3181 Sparsh Polepalle Associate Analyst sparsh.polepalle@ubs.com +61-2-9324 2000 First Read Australian Telecom Sector Optus 1Q25. Mobile ARPUs lift another +$1 QoQ 1Q25 result - key takeaways Singapore Telecom (Singtel), owner of Optus, reported 1Q25 results today. 1. Mobile services rev $1bn; 2. Mobile subs. Ending total ...

报告行业投资评级 - 报告给予Magellan Financial Group(MFG)的12个月评级为Buy [23] 报告的核心观点 - MFG在FY24财年的调整后净利润为1.779亿澳元,较UBS预期和共识预期均有5%的正面超预期 [3][5] - 资产管理业务的税前利润为1.775亿澳元,与UBS和共识预期基本一致 [4] - 联营公司B*在FY24实现净利润3470万澳元,同比增长超过40% [5] - MFG将以1.385亿澳元收购Vinva 29.5%的股权,持有为联营公司,并获得2年的优先分红权 [5] 行业研报分类总结 财务表现 - MFG在FY24财年的调整后净利润为1.779亿澳元,较UBS预期和共识预期均有5%的正面超预期 [3][5] - 资产管理业务的税前利润为1.775亿澳元,与UBS和共识预期基本一致 [4] - 联营公司B*在FY24实现净利润3470万澳元,同比增长超过40% [5] 战略发展 - MFG将以1.385亿澳元收购Vinva 29.5%的股权,持有为联营公司,并获得2年的优先分红权 [5] - MFG将全球独家分销Vinva的产品,并就新产品展开合作 [5]

行业投资评级 报告给予Seven Group Holdings (SVW.AX)股票"买入"评级。[5] 报告的核心观点 1. Seven Group在FY24财年实现了20%的EBIT增长,超出了公司指引的"中高个位数"增长目标。[1][2] 2. 工业服务板块的强劲表现是FY25财年EBIT增长的主要驱动力,预计将实现8%的增长。[2][21] 3. 该公司受益于矿业和基础设施领域的强劲需求,具有良好的增长前景。[3] 行业分析 工业服务板块 1. WesTrac实现了双位数的收入增长,利润率也有所提升。[1][14][15] 2. Coates的EBIT利润率达到29%,创历史新高,尽管时间利用率有所下降。[1][17] 3. Boral的EBIT利润率达到10.5%,符合公司的双位数利润率目标。[1][19] 其他板块 1. 能源板块和媒体板块也为集团EBIT增长提供了适度支持。[21] 2. 集团整体的营运现金流表现出色,FY24同比增长32%。[26] 财务指标 1. 集团FY25财年的EBIT增长率预计为8%,符合公司指引的"高个位数"增长目标。[21][25] 2. 集团的净负债率在FY24年末为2.2倍,预计将在FY25年末降至2.0倍。[1][26] 3. 集团的估值水平相对较低,1年期市盈率为17倍,较ASX200工业板块平均水平有20%左右的折价。[3][22]

ab 15 August 2024 Global Research and Evidence Lab BWP Trust Back to growth in FY25 Guidance showing growth for the first time in 5yrs BWP's FY24 NPAT (adj. for SL of rent) was $120.5m vs. UBSe $117.5m, supported by strong lfl rental growth of 4.2%. Guidance for FY25 DPU growth of 2% reflects the first growth in 5 years from 18.29c DPU, with no more than ~$1.8m of capital profits required to support DPU implying underlying growth. LFL rental growth should remain strong into FY25 with 12% of leases subj. to ...

ab 14 August 2024 Global Research and Evidence Lab AGL Energy FY24 result: Transition plan & returns in focus More resilient gas margins, but upside/downside risk even at this price AGL reported a solid in-line FY24 result with NPAT ($812m) 2-3% ahead of cons/UBSe and FY25 earnings guided 2% ahead of cons. Electricity portfolio margins ($55/MWh) remain strong, supported by AGL's investment in operational flexibility at Loy Yang & Bayswater power stations, allowing output to flex up/down intraday mitigating ...

ab 14 August 2024 Global Research and Evidence Lab Orora FY24 better than feared. Destocking still ongoing. FY24 EBIT beat on better Saverglass and OPS results Orora delivered FY24 EBIT of $404mn, +6% ahead of consensus forecasts, reflecting better than expected performance from both the OPS and Saverglass business units. The OPS business delivered +50bps of EBIT margin expansion despite revenues declining - 11% (USD terms), with benefits from Orora's operational transformation plan helping to offset both p ...

ab 14 August 2024 Global Research and Evidence Lab Lifestyle Communities In the eye of the storm – upgrade to Buy FY24 pre-announcement with current trading reflecting the trough LIC's FY24 UPAT of $52.9m was in line with UBSe at $52.6m given pre-announcement, with 311 settlements achieved. The focus today was on recent trading post the 7.30 Report investigation of LIC's sales strategy and Deferred Management Fee (DMF), with UBSe ~19 net cancellations post 30 June (likely ~30 gross cancellations with minima ...

ab 14 August 2024 Global Research and Evidence Lab Amotiv Limited Investing in growth and resilience In-line result better than mkt expected; outlook mixed but already priced in The highlight of the FY24 result for us was the significant balance sheet improvement seen over the past ~18mths from gearing of ~2.6x in 1H23 to now ~1.6x, following another period of solid cash conversion. There has, however, been a modest push to the right in earnings, and we forecast materially better EBITA growth of 11% in FY26 ...

Global Research 'Flagships' emerging – read-through from Japan's lost decades Haifeng Cao Analyst, China Diversified Financial Equity Research S1460519010001 Email: craig.cao@ubs.com Tel: +86 21 38668821 15 August 2024 This document has been prepared by UBS Securities Co. Limited. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors sho ...