Global Research and Evidence Lab 13 August 2024 US Economic Data Core PPI perks up a little Headline producer prices edge up 0.1% in July, core rises 0.3% The headline Producer Price Index (PPI for final demand) increased 0.1% in July, in line with our expectations (0.1%) and a touch below consensus (0.2%). Prices for final demand goods climbed 0.6%, on the back of the 1.9% increase in energy prices. The volatile trade services weighed on the monthly gain, holding down the increase in headline PPI by 0.3 pp ...

Global Research and Evidence Lab 13 August 2024 First Read Japan Retail Sector Jiji Press report: Government to alter the consumption tax-exemption system – as has been expected; no surprises Summary On 13 August, Jiji Press reported that the government and current ruling party will proceed with a fundamental review of the consumption tax-exemption system for visitors to Japan. Specifically, the report said the system will change so that consumers get their tax refund after it is confirmed that tax-free pur ...

Global Research and Evidence Lab 13 August 2024 Tsuruha Holdings Revising forecasts: Showing merger effects will be important Action: Earnings update We are updating our earnings estimates. In addition to lowering our OP forecast slightly, we are reflecting growth in the number of stores for the overall sector and continued upward pressure on labour costs over the medium term, and we are changing our OP margin forecast from FY5/30 onward from 4.5% to 4.0%. Measures to maintain or increase profitability in t ...

Global Research and Evidence Lab 13 August 2024 Japan Food Sector Stock recommendation preferences based on April-June results Equities Japan Food & Beverage Rei Ihara Analyst rei.ihara@ubs.com +81-3-5208 6227 Changing our stock preference order based on April-June results Our impression from results is that, amid the uncertain macroclimate, share prices reacted sharply to the results figures, which are concrete information. More specifically, 1) however high the medium- and long-term growth prospects may b ...

报告行业投资评级 - 报告未提供具体的行业投资评级 [3] 报告的核心观点 - 日本股市在8月出现大幅下跌,主要受到美国经济放缓和日元急升的影响,但随后又快速反弹 [3] - 报告认为需要谨慎关注宏观环境,特别是美国经济,同时关注日本企业的经营情况和公司治理改善措施 [4] - 近期多家大型日本企业宣布了百亿日元以上的股票回购计划,显示企业正采取措施提升价值 [4] 行业分类总结 宏观经济环境 - 日本股市8月出现大幅下跌,主要受到美国经济放缓和日元急升的影响 [3] - 需要谨慎关注美国经济走势 [4] 企业经营情况 - 日本企业2023年4-6月财报总体良好 [4] - 多家大型企业宣布大规模股票回购,显示企业正采取措施提升价值 [4] 公司治理 - 报告提到日本企业正在采取改善公司治理的措施 [4]

Global Research and Evidence Lab 14 August 2024 First Read ONE LINER KEY NUMBERS RESULT HIGHLIGHTS GUIDANCE UBS COMMENT CALL/WEBCAST Valuation: Neutral rated A$3.70/sh (unchanged) Equities Australia Precious Metals 12-month ratingNeutral 12m price target A$3.70 Price (14 Aug 2024) A$3.81 RIC: EVN.AX BBG: EVN AU Trading data and key metrics 52-wk range A$4.16-2.88 Market cap. A$7.53b/U$$4.99b Shares o/s 1,976m (ORD). Free float 99% Avg. daily volume ('000) 8,394 Avg. daily value (m) A$32 Common s/h equity (0 ...

Global Research and Evidence Lab 14 August 2024 First Read Orora UBS SnapShot: FY24 EBIT better than feared ONE LINER FY24 better than feared and will support re-basing of FY25 consensus estimates. KEY NUMBERS (A$) FY24 rev.: Up +9% to $4.7bn (+1% vs. UBSe, +2% vs. VA cons). EBIT: Up +26% to $404mn (+5% vs. UBSe & +6% vs. VA cons). EBIT (ex Saverglass): +1% to $323mn (+3% vs. UBSe/VA cons). UNPAT: Up +10% vs. pcp to $224mn (+10%vs. UBSe/VA cons). Final DPS: 5cps (unfranked) vs. VA cons. 3.7cps. Net Op. CF: ...

报告行业投资评级 - 报告给予MatsukiyoCocokara & Co.股票"买入"评级,12个月目标价为2,960日元 [6][26] 报告的核心观点 - 第一季度营业利润同比下降1%,低于公司和分析师的预期 [3] - 公司计划增加人力资本和IT投资以实现中期增长,但将控制在可实现营业利润目标的水平内 [4] - 公司2025财年的销售和营业利润指引保持不变,分别为1,050亿日元(+3%同比)和775亿日元(+2%同比) [5] 行业概况 - MatsukiyoCocokara是日本主要的连锁药妆店之一,擅长中心商业区的门店运营,化妆品和医疗产品销售占比较高 [13] 估值和风险 - 我们的目标价基于剩余收益模型,主要风险包括城市地区门店客流恢复缓慢,以及与Cocokara Fine的协同效应未如预期实现 [14]

First Read Amotiv Limited UBS SnapShot: FY24 Results ONE LINER In line result, solid Cash conversion and BS, Outlook as expected KEY NUMBERS Rev $987m (+8% y/y) vs UBSe $997m (-1% miss) / Cons. $991m (in line). EBITDA $224m (+6% y/y) vs UBSe $221m (+1% beat) / Cons. $222m (+1% beat). EBITA $195m (+5% y/y) vs UBSe $193m (+1% beat). NPATA $119m (+5% y/y) vs UBSe $117m (+2% beat). EPS(A) 84.4cps vs UBSe 82.3cps (+3% beat). Final DPS 22cps vs UBSe 20cps. ND/ EBITDA 1.6x vs UBSe 1.8x. RESULT HIGHLIGHTS 1) 4WD&T ...

报告行业投资评级 报告给予AGL Energy公司的12个月评级为Neutral。[27] 报告的核心观点 1) AGL Energy公司2H24财年的业绩表现良好,实现了营业利润和净利润的超预期。[3][4] 2) 公司在2H24期间完成了400MW可再生能源和储能项目的开发,现有6.2GW可再生能源和储能资产,另有约1GW项目正在开发或已签约。[6] 3) 公司宣布以2.5亿澳元收购Firm Power和Terrain Solar公司,这将为公司增加8GW的电池和太阳能开发选择权。[6] 4) 公司2025财年的业绩指引符合市场预期,预计EBITDA为18.7亿-21.7亿澳元,净利润为5.3亿-7.3亿澳元。[5] 行业分析 1) 公司拥有澳大利亚最大的电力发电资产组合,年发电量约40TWh,其中包括两座成本较低的燃煤电厂。[14] 2) 公司正在积极推进能源转型计划,计划到2030年新增5GW可再生能源和储能资产。[14] 3) 公司还持有Tilt Renewables 20%股权、OVO Energy Australia 51%股权以及OVO Energy的"Kaluza"客户关系管理和计费平台20%股权。[14]