Flash | 10 Jun 2026 01:51:31 ET │ 12 pages Nick Scali Limited (NCK.AX) Domestic rollout to get harder over the medium term? CITI'S TAKE After attending this morning's Wesfarmers investor day, we think the potential rollout of K Home by Kmart might lead to increased competition for Nick Scali for sites across Australia and New Zealand impacting the pace of Nick Scali's ANZ rollout from FY28 onwards given Nick Scali sites for the next 12 months would largely have already been locked in. Further, while K Home ...

Action | 10 Jun 2026 01:46:44 ET │ 14 pages Charter Hall Long WALE REIT (CLW.AX) Debt refinancing savings offset higher base rates, with higher CPI benefitting. Retain Buy CITI'S TAKE CLW today announced the completion of a comprehensive debt refinancing of balance sheet debt, establishing a new $2.0 billion secured debt platform, moving away from unsecured debt. This has increased the debt tenor from 2.7 to 4.3 years. Importantly, we believe this refinancing provides interest cost savings with weighted ave ...

Action | 10 Jun 2026 01:44:26 ET │ 12 pages Bellway PLC (BWY.L) Volume momentum intact; costs and incentives to weigh on margins CITI'S TAKE Bellway's latest update highlights resilient volume visibility as management expects bulk sales to support delivery and remains confident on sustaining momentum into FY27 and achieving its FY28 volume targets. The land bank provides good forward visibility, with the replacement strategy increasingly skewed towards the North, where demand remains stronger and sales rate ...

EUROPE | European Midcaps First View: Posts Strong 4Q25/26 Beat, with 10% Organic Growth Conclusion Systemair reported a strong 4Q25/26 (Feb–Apr), with net sales of SEK 3,276m, beating consensus by 8% and growing 9.1% y/y, driven by solid organic growth of +9.6% despite a modest FX headwind of -1.8%. Adj. EBIT came in at SEK 292m, up 12% y/y and 11% above consensus, implying a margin of 8.9% (4Q24/25: 8.7%). Performance was broad-based across regions, with particularly strong organic growth in Eastern Europ ...

Asia Pacific Equity Research 10 June 2026 J P M O R G A N Trend Tapestry Surviving Space: A 101 on the environment, the hardware and the opportunity We hosted an expert call to discuss what makes operating in space so physically demanding, and where the investment opportunities lie as a result. Prof. Loren Chang, Department Chair and Distinguished Professor of Space Science and Engineering at National Central University (NCU) in Taiwan, walked us through the defining characteristics of the space environment ...

C A Z E N O V E Europe Equity Research 10 June 2026 Workspace The scene was already set – news today on medium- term trading profit outlook, (even) more disposals to come and a solid start to '27 leasing wise: FY26 First Take Our Take: We see three pieces of incremental news today, following the reset in expectations at the 4Q26 Trading Update (here): (1) Workspace has announced a medium term target to grow – organically – trading profit before interest over the medium term to £125m vs. a headline equivalen ...

June 10, 2026 06:15 AM GMT Pennon Group | Europe M Update FY26 Beat, Upside Risk to Asset Base Growth but FY27 Guide Disappoints Reaction to earnings Unchanged Modest upside Meaningful revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Key catalyst by end September: The company intends to present a Strategic Update by the end of September. We expect this to be a key positive catalyst for ...

Specialist Sales 10 June 2026 {[{9z_c_gX-PJ6_KgNUcAxZG3xMhl55hPEwaHetv5FldkAj7ECU1yum1tOjAghTsU3tlB6l03IoCEDYIf5KB7xso3I3B7lSgagQ65Otol3k}]} J P M O R G A N JPM | EMEA Spec Sits Daily: CBK GY/ UCG IM weekly acceptance update, UMG NA note +44 207 134 6029 zara.patel@jpmorgan.com Special Sits Today News & Press M&A Soft Catalyst • EZJ LN: Betaville reported yesterday that UK private equity firm Cinven had been looking at a takeover of EasyJet. Cinven may be looking to form a consortium to purchase the airline ...

J P M O R G A N North America Equity Research 10 June 2026 Broadlines & Hardlines Retail HD/LOW Spring Tours Yr 16, Wk 8: DC Part Deux; Late May Less Worse With Better Weather and a Later Father's Day Suggesting a Better June Tis the (II/Extel) season! We would greatly appreciate your 5-Star support (individual and firm) in the Retailing – Broadlines & Hardlines category.Over this past year, we have worked diligently to provide access (JPM Retail Round Up, Tech, London, Toronto, various NDRs) and forward-lo ...

J P M O R G A N North America Equity Research 10 June 2026 Aveanna Healthcare Model Update Following 1Q earnings, we are updating our estimates for AVAH (see our earnings recap here and follow-up with mgmt here). With the strong performance in 1Q and separate increases to 2026 guidance following the 1Q performance and the recently closed deal with First Family (+$120M annual revenue; ~$20M annual EBITDA), we increase our 2026 estimates for revenue to $2,645M (+8.7% y/y and vs $2,555M prior) and adj EBITDA t ...