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 ...

报告行业投资评级 - 报告对QIFU科技的评级为Buy,目标价为29.3美元 [3][34][36] - 报告对大部分中国银行股票的评级为Buy或Neutral [12] 报告的核心观点 QIFU科技 - QIFU Q2财报超预期,主要得益于资产质量持续改善,导致之前谨慎计提的拨备得到回拨 [3] - 预计未来几个季度将继续有拨备回拨,支撑2024年全年非公认会计准则净利润增长29%至58亿元 [3] - 目标价对应2024年4倍PE,股息和回购收益率为12-14% [3] 中国银行业 - 报告覆盖了包括工商银行、建设银行、招商银行等在内的主要中资银行 [12] - 大部分银行股票评级为Buy或Neutral,目标价普遍较当前股价有一定上涨空间 [12] - 银行股近期表现较好,1周涨幅平均为1.8% [17] 其他要点 - 广州首套房贷利率可低至2.9% [4] - 非银金融机构近期大量买入国债,导致收益率上升,影响到了理财产品收益率下降 [5][6] - 浙商银行上半年营收和净利润均有所增长 [9]

First Read Samsonite Q224 top-line and guidance miss, margin under control Miss on top-line and guidance likely cushioned by already low valuation Samsonite's Q224 adjusted EBITDA was broadly in line with the ballpark of market expectations, but its top-line appeared to fall short of them. While the market has widely expected macro headwinds, primarily in China and India, to weigh on Samsonite's sales performance, Q224 sales and the new guidance appeared to fall slightly short of market expectations, which ...

报告行业投资评级 - 维持买入评级 [4] 报告的核心观点 - 公司整体土地和房地产销售额同比下降10%至23亿令吉 [2] - 国内住宅销售额同比下降29%至12亿令吉 [2] - 工业地产销售额达3.19亿令吉,占国内房地产销售的21% [2] - 巴特西项目亏损1.2亿令吉,主要由于利率上升和为办公楼租金提供担保 [2] 公司前景分析 - 巴特西项目租金担保问题仍存在不确定性,可能会产生进一步不利影响 [3] - 公司计划减少大宗土地销售,但正在与数据中心企业就潜在土地销售/建造出租等选择进行洽谈 [3] - 公司仍有信心实现44亿令吉的全年销售目标,下半年将有大量新项目推出 [3] - 净负债率下降至0.41倍,融资成本同比下降11% [3]

ab 15 August 2024 Global Research and Evidence Lab First Read Central Retail Corporation Q224: Results were in line as fashion and food segments led the growth How did the results compare vs expectations? Central Retail Corporation reported Q224 core net profit of Bt1,613m (-36% QoQ, -6% YoY), in line with UBSe and consensus. CRC's top line of Bt56,242m (-7% QoQ, +5% YoY) and its total gross margin of 28.7% (+111bps QoQ, +7bps YoY) were also in line. SG&A-to-total revenue increased by 148bps QoQ to 28.2%, b ...

ab 14 August 2024 Global Research and Evidence Lab First Read BTS Group Q125: Deeper net loss vs expectations How did the results compare vs expectations? BTS reported its pre-ex net loss of Bt382m, widening from a core net loss of Bt127m in Q124, excluding the impact of one-time impairment of its subsidiary investment reported in Q124. This result missed our estimate of a Bt170m net loss for the quarter. We attribute the miss vs our estimate to a weaker EBITDA contribution from the MIX (Media and digital s ...

报告行业投资评级 - 报告给予Qifu Technology公司12个月"买入"评级 [7] 报告的核心观点 资产质量持续改善支撑强劲盈利 - 2024年第二季度公司非公认会计准则净利润同比增长17%超预期 [2] - 资产质量指标持续改善 导致拨备大幅回拨 支撑了公司盈利 [3] - 管理层预计未来几个季度将继续有拨备回拨 支撑公司业绩 [14] 盈利能力持续提升 - 2024年第二季度非公认会计准则净利润率提升至4.4% 主要受益于拨备下降和融资成本下降 [4] - 管理层预计该指标将在2024年下半年进一步提升 后逐步回归4.0%-4.5%的中期水平 [4] 股票回购力度加大 - 公司目前正在加快执行2024年计划的300万美元回购计划 过去4.5个月已完成60% [5] - 预计该计划将在年底前全部执行完毕 未来公司可能会推出更大规模的回购计划 [5] 财务数据总结 收入情况 - 2024年预计收入为162.83亿元人民币 同比增长1% [32] - 其中信贷驱动服务收入为117.39亿元 平台服务收入为45.51亿元 [32] 盈利情况 - 2024年预计非公认会计准则净利润为57.84亿元人民币 同比增长29% [32] - 2024年预计非公认会计准则每股收益为38.24元 同比增长40% [32] 资产质量 - 2024年预计贷款余额为1,554.01亿元 同比下降11% [32] - 剔除RM SaaS业务后的贷款余额为1,213.74亿元 同比下降10.5% [32] 盈利能力 - 2024年预计贷款规模剔除RM SaaS业务后的风险调整净收益率为2.8% [32] - 2024年预计贷款规模剔除RM SaaS业务后的非公认会计准则净利润率为1.9% [32]

ab 15 August 2024 Global Research and Evidence Lab First Read Ayala Corp H124: Strong results across all core subsidiaries How did the results compare vs expectations? Ayala Corporation (AC) reported Q224 core net profit of P12.5bn (+6% QoQ and +12% YoY), bringing H124 core net profit to P24.3bn, up 18% YoY and slightly ahead at 52% of VA consensus and UBS estimates. AC's results were driven by strong YoY growth in the core net incomes (stand-alone) of its core subsidiaries: BPI (+22% as higher NIM and abov ...

ab 14 August 2024 Global Research and Evidence Lab First Read Srisawad Corporation Q224A: profit beat on asset quality improvement Q: How did the results compare vs expectations? A: Net profit of Bt1.3bn (+14% yoy, +3% qoq) was in line with BBGe of Bt1.3bn and beat UBSe of Bt1.14bn by 14%. The earnings beat came from lower-than-expected loss on car repossession and provision expense. Overall result shows that asset quality control began to shore up profit growth. H124 profit accounts 48-50% of BBG/UBS full ...