July 28, 2026 06:44 AM GMT Unite Group | Europe M Update 2026 EPS Guidance Confirmed AlphaSignals Earnings Reaction Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month Key Takeaways What's new today. NAV (EPRA NTA) was 865p per share as of June, 6% below Visible Alpha consensus for end 2026, and down 9% in the year driven by portfolio valuation down 6% like for like. This puts the shares on a 35% discount. Adjusted EPS came out at 27.1p, dow ...

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 ...

J P M O R G A N Global Markets Strategy 28 July 2026 Index Events Effective (COB 29 Jul 2026) What's New Americas AsiaPac • MSCI Japan Small Cap - SUMITOMO CHEMICAL CO(SC) to acquire KOEI CHEMICAL CO(KC) for 4.91 share of SC per KC share via scheme using new shares existing treasury shares.MSCI will increase NOS maintain FIF of SC delete KC using market price as of close of Jul 29(eff Jul 30). See page 4 for analyst certification and important disclosures. Global Quantitative and Derivatives Strategy Global ...

J P M O R G A N Europe Equity Research 28 July 2026 The Property Ticker Unite and Merlin 1H update; Industrial investment sales reach £2.38bn in 1H; Smyths Toys buys £118m Midlands distribution hub estate; UK office construction falls…and more European Property Neil Green, CFA AC (44-20) 7134-4478 neil.d.green@jpmorgan.com J.P. Morgan Securities plc Krishna Sathwik Beechu (91-22) 6157 5847 krishna.s.beechu@jpmchase.com J.P. Morgan India Private Limited See page 4 for analyst certification and important disc ...

Latin America Equity Research LatAm First to Market 28 July 2026 Top Stories | Isa Energia (Arthur Pereira, CFA) (ISAE4 BZ, N, PT R$26.50) Tight Risk Premium and Mixed Signs - Downgrade to Neutral We downgrade ISAE to Neutral and establish a YE27 PT of R$26.50 as we see a less favorable risk asymmetry. What has changed? 1) Valuation: ISAE now stands at the lower end of our IRR, as we incorporate JPM's higher rates (see Tilts & Tolls - Sector Picks), 2) Upside risks: the 20-30% upside risk from a potential s ...

Flash | 28 Jul 2026 02:44:03 ET │ 10 pages Inchcape PLC (INCH.L) c.4% behind consensus at 1H26, but buyback up £75m: expect small share price decline CITI'S TAKE Inchcape has delivered 1H26 adj. PBT of £188m vs £200m in 1H25 - below Visible Alpha consensus at £196m. At the operating profit level, it grew from £247m to £248m (cons. £258m). Adj. basic EPS of 35.5p was below consensus at 37p. Organic growth in 1H was 5% (6% in 1Q). Organic growth in Americas was 13%, 7% in Europe and Africa, and-7% in APAC. Th ...

C A Z E N O V E Europe Equity Research 28 July 2026 Unite Group Another encouraging update: 1H26 First Take Our Take: Hard questions have been asked of the outlook for UK student accommodation (and Unite) in recent quarters, and while some questions will remain, we think this update – after an encouraging 2Q just a few weeks ago (here) – will help the market look past some of the more negative scenarios that investors have been mulling. Occupancy has continued to improve in both the Unite Students and Hello ...

Marjan Daeipour - Specialist Sales - European Healthcare AC (44 20) 7134-1329 marjan.daeipour@jpmorgan.com J.P. Morgan Securities plc Europe Specialist Sales J P M O R G A N 28 July 2026 Amplifon; Biomerieux; Philips Marjan Daeipour +44 207 134 1329 marjan.daeipour@jpmorgan.com Use the links below to jump straight to each section: Overnight News J.P. Morgan Research Highlights J. P. Morgan Events J. P. Morgan Healthcare Research Links J.P. Morgan Healthcare Contacts Overnight News **Biomerieux: Expect cuts ...

Flash | 28 Jul 2026 02:04:43 ET │ 11 pages Basic Fit (BFIT.AS) H1 adj. EBITDA +2% vs company consensus, FY26 adj. EBITDA guide raised +1.7%. FCF solid. CITI'S TAKE 1H revenue +0.4% ahead of company compiled consensus while adj. EBITDA +2% ahead. Basic Fit raised the FY26 adj. EBITDA forecast +2.3% (at mid-point) while guidance for revenue (€1.64-1.69bn), FCF (significant YoY improvement) and leverage (just over 2x) was reiterated. 1H FCF was strong, driven by the underlying EBITDA increase, the lower capex ...