ab 13 August 2024 Global Research and Evidence Lab First Read James Hardie Industries UBS SnapShot: 1Q-25 Result ONE LINER: 1Q beat, 2Q soft but +ve FY25 NPAT guide unchanged (ex lower end tax -50bps) 1Q-25 KEY NUMBERS: 1) Group underlying NPAT US$178m vs UBSe US$170m (vs consensus US$167m). 2) Group underlying EBIT US$236m vs UBSe US$230m. 3) North American volumes of 752mmsf vs UBSe 764mmsf, 2% behind. 4) North American EBIT of US$227m vs UBSe US$229m, implies a margin of 31.2% vs UBSe 31.7%. 5) APAC volu ...

ab 12 August 2024 Global Research and Evidence Lab JB Hi-Fi FY24 Result: JB Aust EBIT margin 'base' raised FY24 Result: Above mkt & UBSe with Jul-24 trading mixed (strong in JB Aust) JBH FY24 sales/EBIT/NPAT -0.4%/-15.8%/-16.4% vs pcp with NPAT (A$439m) above Visible Alpha (mkt) (A$423m) and UBSe (A$409m). JB Aust, The Good Guys (TGG) and JB NZ EBIT above mkt & UBSe. Jul-24 LFL sales mixed: JB Aust +5.2% (+2.3% 2yr stack); TGG +2.7% (-9.3% 2yr stack); and JB NZ -4.9% (+5.1% 2yr stack). We revise FY25E/26E E ...

ab 12 August 2024 Global Research and Evidence Lab Powered by YES UBS Evidence Lab Equities Australia Transportation Services 12-month rating Neutral | --- | --- | |------------------------------|------------------| | 12m price target | A$3.40 | | | Prior : A$3.70 | | Price (12 Aug 2024) | A$3.30 | | RIC: AZJ.AX BBG: AZJ AU | | | Trading data and key metrics | | | 52-wk range | A$4.02-3.30 | | Market cap. | A$6.07b/US$4.01b | | Shares o/s | 1,841m (ORD) | | Free float | 100% | | Avg. daily volume ('000) | 6 ...

报告行业投资评级 - 报告未提供行业整体的投资评级 [3] 报告的核心观点 - 报告主要列举了近期UBS对部分个股的评级、目标价和每股收益预测的变化 [3][4][5][6][7] - 报告未提供行业整体的核心观点 [3] 报告内容总结 评级和目标价变化 - 报告列举了UBS对部分个股的评级和目标价的变化情况 [4][5] 每股收益预测变化 - 报告列举了UBS对部分个股的每股收益预测的变化情况 [6][7]

ab 12 August 2024 Global Research and Evidence Lab Australian Banks Capital returns are possibly mispriced | --- | --- | |-------------|-------| | | | | | | | | | | | | | Equities | | | | | | Australasia | | | Financial | | Dividends/buybacks/excess capital an underpin for Aussie bank share prices? We analyse how much excess capital the banks carry and if this is potentially a further underpin to share price performance, especially in the context of valuations which we continue to view as rich relative to h ...

ab 13 August 2024 Global Research and Evidence Lab Equities Prices: Iron Ore 62% cfr Qingdao -0.5% $99/dmt; HCC prem LV -1.2% $212/t; Thermal Coal NEWC +0.5% $147/t; Spodumene CIF China -4.7% $810/t; Li Carbonate Battery Grade, CIF China 0.0% $12000/t; Li Hydroxide Battery Grade, CIF China +0.9% $11600/t; Cu +1.8% $4.04/lb; Al +0.1% $1.02/lb; Ni +1.3% $7.30/lb; Au +1.2% $2504/oz; Brent +2.9% $82/bbl; WTI 0.0% $77/bbl; AUDUSD 0.6586; AUDEUR 0.6025; AUDGBP 0.5159; AUDJPY 96.95 Bulks: Iron Ore -0.5% to US$99/t ...

报告行业投资评级 - 报告给予Swire Properties公司"买入"评级 [2][3][28] 报告的核心观点 - Swire Properties即将被摘出MSCI指数,这符合之前的预期,因为其自由流通市值已经低于指数要求的相对阈值 [2] - 公司最近宣布了150亿港元的股票回购计划,这将超过指数基金流出的影响,有利于提升股价 [2] - 公司的自由流通比例将从18%进一步压缩至16%,这有利于其实现每年5%的派息增长目标 [2] - 公司目前交易估值具有吸引力,2024年预期股息收益率达8%,且股息增长风险较低 [2][3][11] 行业概况 - Swire Properties是香港领先的商业地产商,在香港和中国内地拥有多个优质商业项目 [12] 估值分析 - 分析师给予Swire Properties目标价17.2港元,较当前股价有25.5%的上涨空间 [3][11] - 目标价基于公司资产净值的60%折价 [3] 风险提示 - 报告未提及Swire Properties的具体风险因素 [无] 免责声明 - 报告包含了一些标准的免责声明,如不构成投资建议、不对信息准确性做保证等 [10][24][35][39]

ab 12 August 2024 Global Research and Evidence Lab Beach Energy Limited FY24 result: FCF must support capital returns & growth Another frustrating reserve d/grade but FCF can support growth and divs Beach Energy's (BPT) FY24 NPAT beat consensus estimates by 7%; however the financial performance was overwhelmed by another material reserve downgrade. Reserves at the new Enterprise gas field in the VIC Otways saw an 11mmboe reserve revision (-27% to the implied VIC Otway reserve), following new flow data indic ...

ab 13 August 2024 Global Research and Evidence Lab Powered by YES UBS Evidence Lab 0 200 400 600 800 1,000 1,200 0% 20% 40% 60% 80% 100% 120% 140% 160% 91% 95% 76% 93% 87% 112% 97% 130% 79% 75% 134% 49% 71% 103% 82% 70% 31% 24% JapanKorea Thailand Hong KongEUSingaporeMacaoMalaysiaVietnamAustraliaUKRussia The PhilippinesIndonesiaUAECambodiaUS Int'l flight volumes Overall int'l flights recovery vs.2019 vs.2019 (RHS) 11% 2% 2% 8% Southeast Asia East Asia Europe Oceania North America other 42% 35% Overall int'l ...

ab 13 August 2024 Global Research and Evidence Lab Equities Greater China Banks Daily Far East Horizon H124 results; Chengdu eased criteria for first-home mortgages; Number of listed residential foreclosure houses up by 12%+ YoY in H124 China Banks Far East Horizon: 1H24 earnings missed on macro headwinds & non-core items Far East Horizon (FEH) reported net profit to common shareholders of Rmb2,085m in 1H24, -32% YoY/ -33% HoH, a large miss to our expectation of single-digit percentage decline. Nevertheless ...