27 Jul 2026 22:28:52 ET │ 15 pages COPT Defense Properties (CDP.N) CDP Beats and Raises; Defense Spending Drives Demand Flash | +1-212-816-1909 nicholas.joseph@citi.com CITI'S TAKE CDP delivered a clean beat with FFO of 71c +2c (~3%) above the 2Q26 guidance midpoint and both Citi and FactSet consensus. Management raised the 2026 FFO outlook +2c / <1% to $2.76-$2.80 from $2.73-$2.79. The raise was driven primarily by YTD outperformance, the Mission Ridge acquisition, interest income, and a space recapture fe ...

27 Jul 2026 22:24:43 ET │ 14 pages TFI International (TFII.N) CITI'S TAKE TFII reported 2Q adj. EPS of $1.85, up +38% y-y, above Citi/Street $1.58/$1.60 ests. and its guidance of $1.50-1.60. TFI expects 3Q adj. EPS of $1.70-1.80, above prior Citi/cons. $1.56/$1.65 ests. The 3Q guide anticipates impressive adj. Operating Ratio improvement of 550-650bps y-y in Truckload (implying 85.8%-86.8%, midpoint 86.3% ahead of prior Citi/cons. 89.4%/89.5% ests.), 250-350bps in Logistics (implying 88.1%- 89.1%, midpoint ...

Flash | 27 Jul 2026 22:14:35 ET │ 11 pages NTPC (NTPC.BO) Analyst Meet Key Takeaways Project pipeline provides clear visibility — NTPC has 90.9GW operational and 35.7GW under construction, producing a 126.6GW visible portfolio. Management's preference for brownfield Section 62 projects over competitively bid greenfield capacity for thermal is also important: existing land, evacuation and common infrastructure should lower execution risk, while cost-plus tariffs protect returns in case renewable penetration ...

GMD has released its FY27 guidance for a "stand-alone" Genesis, given the proposed merger is targeted for completion in Nov'26. Overall, production and capex guidance are in-line with CitiE and VA consensus expectations; however, AISC of A$2,750–3,050/oz was higher than expectations (+10% vs CitiE, +5% vs VA consensus). The JunQ was mostly pre-released (see note), with AISC being the relevant new data, landing 4% ahead of CitiE and 6% ahead of VA consensus. Unaudited FY26 underlying NPAT stands at A$540–550 ...

Action | 27 Jul 2026 21:59:37 ET │ 15 pages Grupo Mexico (GMEXICOB.MX) Model Update: Incorporating Saavi Energia; Maintain Neutral and Raise TP to P$220/sh CITI'S TAKE | Estimates | 2025A | 2026E | 2027E | 2028E | Q126A | Q226A | Q326E | Q426E | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Sales (US$M) | 18,181 | 22,790 | 23,250 | 21,355 | 5,565 | 5,718 | 5,692 | 5,815 | | EBITDA adj (US$M) | 9,956 | 13,963 | 14,046 | 12,591 | 3,314 | 3,536 | 3,505 | 3,608 | | EBITDA margin adj (%) | 54.8 | 61. ...

Flash | 27 Jul 2026 21:39:24 ET │ 12 pages OMA Airports (OMAB.MX) 2Q26 Review: In line; momentum building into 2H26 CITI'S TAKE OMAB posted an Adj EBITDA at P$2.7bn, in line with consensus. YTD traffic dynamics seems supportive of our 4.5% YoY forecast for 2026 FY, which implies an acceleration going into 2H26. OMAB remains the better balanced Mexican airport from a valuation and traffic momentum perspective. We reiterate our Buy rating. Adj. EBITDA in line with Citi and consensus — OMA reported total reven ...

Flash | 27 Jul 2026 21:24:01 ET │ 12 pages Brixmor Property Group (BRX.N) No Surprises, Just Results: BRX Posts In-Line Quarter, Lifts Outlook CITI'S TAKE BRX reported 2Q26 FFO of $0.58, which was in-line with consensus but +1c (+1.75%) above Citi. The 2026 FFO guidance range was increased by +0.5c at the midpoint and is now in line with the Street at $2.36. The continued demand tailwind amid minimal new supply supported underlying strength in tenant credit and blended rent spreads of +19.1% (- 790 bps vs. ...

Flash | Kilroy Realty Corp (KRC.N) KRC Beats & Reaffirms Guidance; Thoughts on 2Q26 Earnings CITI'S TAKE KRC reported 2Q26 FFO of 92c, +2c (~2%) above CitiE at 90c and +3c (~3%) above the Street/FactSet at 89c, and reaffirmed 2026 FFO guidance at the current range of $3.49 – $3.63, which at the midpoint is in line with CitiE and the Street (FactSet) at $3.56. Guidance assumptions largely remain unchanged except for total development spend (revised to +/- $150M from $150M-$200M). Fundamentals softened sequen ...

Flash | 27 Jul 2026 20:59:08 ET │ 12 pages Liverpool (LIVEPOLC1.MX) 2Q26 Review: Slight Miss. Weak Retail Trends Persist; Nordstrom Supports Below the Line CITI'S TAKE Liverpool delivered a soft 2Q26, with EBITDA 4%/2% below CitiE/consensus as weak retail trends continued to weigh on operating performance. The main lowlight was Suburbia, with SSS declining 6.4%YoY amid subdued demand and lower clearance activity, reflecting management's focus on profitability over promotional sales. While this strategy, com ...

Flash | Neutral 27 Jul 2026 20:55:24 ET │ 11 pages IGO Ltd (IGO.AX) 4Q26 Results: Greenbushes Improves, CGP3 Near to Restart but Costs Ahead of Expectations CITI'S TAKE Underlying EBITDA of A$118m was broadly flat QoQ, although below our A$137m estimate as higher production was offset by higher costs. The quarter supports our view that the worst is likely behind operationally at Greenbushes: spodumene production of 387kt was 3% above CitiE, sales were 4% ahead, and realised pricing of US$2,286/t was 3% abov ...