Flash | 28 Jul 2026 03:05:43 ET │ 11 pages Man Group (EMG.L) 1H26 – Strong P&L & AUM Beats + Encouraging Recovery In Absolute Return Flows CITI'S TAKE | Year to 31 Dec | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | Net Income ($M) | 381.0 | 321.0 | 476.4 | 451.7 | 550.8 | | Diluted EPS (¢) | 32.0 | 27.6 | 41.4 | 41.3 | 53.6 | | Diluted EPS (Old) (¢) | 32.0 | 27.6 | 41.4 | 41.3 | 53.6 | | PE (x) | 12.4 | 14.5 | 9.6 | 9.7 | 7.4 | | P/BV (x) | 2.7 | 2.8 | 2.4 | 2.4 | 2.2 | | ...

Flash | 28 Jul 2026 02:58:20 ET │ 12 pages Orange (ORAN.PA) H1 beats consensus, led by A&ME and Europe; guidance upgraded CITI'S TAKE Orange has reported strong H1 results, with 2026 EBITDAaL and organic cash flow guidance upgraded to reflect strength in Africa & Middle East (A&ME) and Europe, as well as consolidation of MasOrange from the start of June. Q2 revenue of €10,853m was 1.8% above company-compiled consensus (or €191m ahead), mainly caused by A&ME (3.6% or €83m ahead of consensus), Europe (3.6% or ...

14 9 12 13 11 10 8 Europe Risk Risk Risk Risk Risk Risk Risk Ret'n Ret'n Ret'n Ret'n Ret'n Ret'n Ret'n Current 1 Day Current 11 Days Current 1 Day Current 8 Days Current 2 Days Current 2 Days Current 2 Days Prev Rec St O/W (1d) Prev Rec O/W (6d) Prev Rec St O/W (1d) Prev Rec U/W (3d) Prev Rec St O/W (16d) Prev Rec U/W (1d) Prev Rec U/W (2d) 1 0 1 0 1 0 0 27-Jul-26 Strong Underweight Strong Underweight Overweight Strong Underweight Overweight Strong Underweight Overweight Value Growth Low Risk Size Quality P ...

Point | The Point for Latin America Tuesday, 28 July 2026 Company | Industry | Global | Key Rating and Target Price Changes Company Grupo Mexico (GMEXICOB.MX) - Model Update: Incorporating Saavi Energia; Maintain Neutral and Raise TP to P$220/sh We are updating our Grupo México model following the company's 2Q26 results and Citi's SCCO model update. Overall, we are making limited changes to 2026 estimates, as operating trends remain broadly consistent with our previous expectations. The key changes are rela ...

28 Jul 2026 03:55:13 ET │ 11 pages Askul (2678.T) July monthly data - negative YoY trend continues, return to pre- ransomware levels distant CITI'S TAKE Askul announced July parent sales on July 28. July sales were ¥28.2bn (- 16.6% YoY), with the Askul business (B2B) at ¥25.1bn (-16.8%) and the Lohaco business at ¥3.1bn (-15.0%), marking double-digit negative growth, as in June. After adjusting for working days, Askul business sales appear to be -15.1% YoY. Breaking down the Askul business, the July custome ...

Flash | 28 Jul 2026 03:47:39 ET │ 10 pages BT Group PLC (BT.L) Ofcom proposes to intervene on Openreach offer CITI'S TAKE Following on from the Openreach commercial offers proposed in June, Ofcom has today launched a consultation, proposing to intervene and direct Openreach to withdraw its 'Incremental New to Openreach Offer' on the basis of fair and reasonable pricing. As such, we believe Openreach could come back with a similar offer, but with smaller discounts. Ofcom is content with Openreach's 'Geograph ...

Flash | 28 Jul 2026 02:17:03 ET │ 11 pages Sun Communities (SUI.N) Actions Speak Louder; Thoughts on SUI's 2Q26 Earnings Report CITI'S TAKE We thought this was a positive report from SUI for the following reasons: 1) the dilution from the UK exit is likely 50-70bps less than Citi originally estimated (link), as SUI is assuming ~$86m of full-year UK FFO contribution in 2026 guidance versus our assumption of ~$92M (resulting in less core FFO loss next year from the eventual sale), 2) SUI raised its core FFO g ...

Vi e w p o i n t | 28 Jul 2026 02:49:39 ET │ 27 pages US Application Software Sentiment on HR software has started to improve in the past couple of months with short interest declining as both PAYC and PCTY have outperformed the IGV. We believe fundamentals are generally stable, setting up more favorably for PCTY with stronger web traffic trends and levers to pull to drive growth, with most focus on recent AI investments impact to the upcoming FY27 guide, where we believe buyside expectations have reset. We ...

Flash | 28 Jul 2026 02:54:29 ET │ 12 pages Croda International PLC (CRDA.L) 2Q/1H26: solid growth beat led by Consumer, FY guidance unchanged CITI'S TAKE A better-quality 1H result, with 2Q LFL growth 230bp ahead of VA consensus, led by strong Beauty growth and continued costs savings supporting confidence in Croda's earnings recovery. Consumer Care materially outperformed, led by Beauty Actives, while the group's adjusted operating profit of £156m beat consensus by 0.8% and PBT by 2.8%. Life Sciences remai ...

Action | 28 Jul 2026 02:52:24 ET │ 10 pages Zhejiang Supor (002032.SZ) Adding Downside 30-Day Short-Term View | Category: Sustained A&P intensity weighing on 3Q26E margins | | --- | | We expect A&P intensity to stay elevated in 3Q26 and remain the key drag | | on Supor's margins. Amid soft small appliance demand in China, we | | expect Supor to sustain brand, promotional and new-product spend to | | defend domestic share and support sell-through, keeping the selling | | expense ratio pressured YoY, rather t ...