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Research104d ago

Mirae Asset Securities Downgrades Daewoo Engineering & Construction to Hold from Buy; Price Target is KRW35,000

KRX:047040

Research104d ago

Moelis & Company Starts Mayfield Group at Buy with AU$2.65

ASX:MYG

Research104d ago

Yuanta Securities Downgrades Berli Jucker to Hold from Buy; Price Target is THB15.80

BKK:BJC

Research104d ago

Yuanta Securities Downgrades Prima Marine to Hold from Buy; Price Target is THB9.60

BKK:PRM

Research104d ago

Asia Plus Securities Downgrades Supalai to Sell from Trading; Price Target is THB15

BKK:SPALI

Research104d ago

Macquarie Upgrades SCG Packaging to Neutral from Underperform; Price Target is THB23

BKK:SCGP

Research104d ago

Kasikorn Securities Downgrades Berli Jucker to Neutral from Outperform; Price Target is THB14.80

BKK:BJC

Research104d ago

Apex Securities Starts HI Mobility at Buy with MYR2.73 Price Target

KLSE:HI

Research104d ago

Research Alert: Gsk Q1 Beat As Specialty Medicines Remains Strong, Reiterates 2026 Outlook

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:GSK delivered a Q1 2026 beat with sales growing 2% Y/Y (5% CER), led by Specialty Medicines (+10% or +14% CER), particularly oncology with strong Jemperli and Ojjaara uptake, while Vaccines grew 4% CER on record Shingrix sales. Core EPS grew 4% or 9% CER to GBP0.465, ahead of the consensus of GBP0.44, supported by a favorable product mix and cost control that lifted the core operating margin by 1.0%-pt or 1.8%-pts CER. We view the Q1 update positively given the beat and margin expansion, though we are mindful of currency headwinds. GSK reiterated its 2026 guidance for 3%-5% sales growth and 7%-9% core operating profit growth (CER), which is broadly aligned with that of several peers like Sanofi and Roche despite implying slower growth versus 2025. We expect revenue to be supported by key Specialty Medicines products, with GSK targeting the segment to contribute more than 50% of sales by 2031 (Q1 2026: 42%), while recent acquisitions provide a much-needed boost to growth and the drug pipeline, in our view.

$GSK

Research104d ago

Research Alert: Ubs Q1 Beats On Integration And Ib Strength; Capital Requirements Cloud Outlook

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:UBS delivered exceptional Q1 2026 results with net profit of USD3.0B (+80% Y/Y) and underlying PBT of USD4.0B (+54% Y/Y), beating consensus estimates. The strong performance reflected broad-based momentum, with underlying revenues advancing 18% and the fourth consecutive quarter of positive operating leverage. UBS achieved a pivotal milestone in the Credit Suisse integration, completing Swiss client account transfers and delivering USD0.8B in additional gross cost savings. Management expressed confidence in substantially completing the integration by year-end 2026 and achieving exit rate targets of an underlying return on CET1 capital of approximately 15% and a cost-to-income ratio below 70%. However, two significant overhangs temper the outlook: proposed Swiss capital framework changes requiring an additional USD22B in CET1 capital represent a material headwind, while elevated geopolitical risks could shift client sentiment given management's guidance for flat net interest income sequentially in Q2 2026.

$UBS

Research104d ago

Research Alert: Azn Q1 2026 Beat As Oncology Remains Strong; Reaffirms 2026 Guidance

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:AstraZeneca (AZN) posted 13% total revenue growth (+8% at constant exchange rates, CER) to USD15.3B in Q1 2026, beating consensus estimates of USD14.9B, with oncology remaining the key contributor (+16% CER). Imfinzi climbed 30% CER, supported by multiple new launches, while Enhertu grew 34% CER on continued global demand, with core operating margin remaining broadly stable Y/Y at 35% despite R&D (+8% CER) and SG&A (+7% CER) expense increases. We continue to like AZN for its strong pipeline and numerous key data readouts throughout 2026, supported by four positive Phase 3 trials and 14 regulatory approvals achieved since Q4 2025. AZN reiterated its 2026 guidance for mid- to high-single-digit revenue growth and low double-digit core EPS growth, with currency movements expected to provide modest support. We see this compelling dataset helping support its ambitious target to reach USD80B in total revenue by 2030, with guidance that is more favorable than peers like Novartis.

$AZN

Research104d ago

Research Alert: Deutsche Bank Posts Q1 Beat; Geopolitical Risks Cloud Outlook

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Deutsche Bank delivered a record Q1 2026 post-tax profit of EUR2.2B (8% Y/Y growth) and EPS of EUR1.06, both exceeding consensus estimates of EUR1.78B and EUR0.92, respectively. Net revenues of EUR8.7B grew 2% and beat the consensus estimate of EUR8.5B, with strong performance across all segments achieving post-tax RoTE at near or above 13%. The results demonstrate impressive operational momentum with efficiency gains (cost/income ratio improved to 58.9% from 61.2%) and clear progress toward 2028 strategic targets. Management provided full-year 2026 guidance including net revenues of ~EUR33B, signaling confidence in execution. However, we remain cautious about sustainability given mounting macro headwinds. The EUR519M provision for credit losses, including overlays for geopolitical and CRE risks, underscores management's concerns about deteriorating conditions. We believe Germany's exposure to the Middle East conflict and energy cost inflation warrants a measured outlook despite the strong quarter.

$DB

Research104d ago

Research Alert: Vale Q1: Solid Y/y Growth Offset By Cost Headwinds And Consensus Miss

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Vale delivered mixed Q1 results with adjusted EBITDA of $3.9B (+21% Y/Y) and revenues of $9.3B (+14% Y/Y), though sales missed consensus by $237M and adjusted EPS of $0.44 missed by $0.06. Free cash flow reached $813M (+61% Y/Y) despite working capital headwinds from seasonal disbursements. Base metals emerged as the standout performer with EBITDA surging to $1.2B (+116% Y/Y), supported by copper EBITDA of $949M (+74% Y/Y) on tight market conditions and higher realized prices. Management indicated 2026 cost guidance is trending toward the upper end of ranges given BRL appreciation against USD. Iron ore faces margin pressure with C1 costs rising to $23.60/t (+12% Y/Y) primarily from currency headwinds, though volumes remained resilient at 59.4Mt (+5% Y/Y). The balance sheet remains solid with net debt at $13.6B and leverage contained at 0.8x LTM adjusted EBITDA. We believe Vale's diversified portfolio provides resilience, with its base metals strength offsetting iron ore margin compression in the near term.

$VALE

Research104d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Ecolab Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our target by $21 to $328, 33.7x our 2027 EPS estimate, in line with ECL's three-year average forward P/E. We trim our EPS estimates by $0.16 to $8.47 for 2026 and by $0.10 to $9.74 for 2027. ECL delivered strong Q1 results with accelerating organic growth and margin expansion, supported by its growth engines (Global High-Tech, Life Sciences, Pest, Digital), which collectively grew 12% and now represent 20%+ of sales. The 2026 guidance (+12%-15% adjusted EPS) is maintained despite rising commodity costs given confidence in its pricing power. The pending CoolIT Systems acquisition will create a $1.5B high-tech platform growing 20%-25%+ annually at high margins, positioning ECL as the leading provider of circular water management and direct-to-chip cooling for AI data centers. ECL remains on track to achieve its 20% operating margin target by 2027 (vs. 16.7% in Q1), supported by strong pricing execution, a portfolio mix shift toward higher-margin businesses, and SG&A leverage from digital/AI initiatives.

$ECL

Research104d ago

Research Alert: Tih Q1: Avl Stake Doubled To 80%, Driving Q1 Beat

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Q1 revenue advanced 13% to CAD1,228.1M with net earnings rising 25% to CAD92.7M, lifting EPS 24% to CAD1.14. AVL contributed CAD129M in revenue, indicating organic growth of only 3%, while Equipment Group fueled performance with 14% revenue growth to CAD1,129.1M. TIH increased its AVL ownership stake to 80% through a CAD71.0M cash purchase, which will result in an approximately CAD45.0M expense in Q2. Gross profit margin expanded significantly to 25.8% from 22.4%, primarily led by Equipment Group margin improvement across all areas. Operating income surged 44% to CAD143.0M with margin expanding to 11.6% from 9.1%, reflecting higher revenue and improved gross margins. Equipment Group operating margin expanded to 12.1% from 9.1%, while CIMCO margin contracted to 6.2% from 10.0%. Bookings increased 44% with Equipment Group bookings advancing 45% on healthy power system and mining orders. Backlog reached CAD1.7B, up from CAD1.3B as of March 31, 2025.

$TIH

Research104d ago

Research Alert: CFRA Keeps Buy Opinion On Adss Of Barclays Plc

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We adjust our 12-month target price to USD27 from USD30. This is derived by applying a 9.1x P/E multiple to our 2026 EPS forecast. The premium over its five-year historical average forward P/E of 6.4x is justified by its improved profitability profile, earnings resilience and capital return visibility. We maintain our 2026 EPS forecast of GBP0.55 and our 2027 EPS forecast at GBP0.62. Our Buy rating is reinforced by a strong Q1 2026 performance, which serves as proof of the bank's ambitious strategic plan. Barclays showed striking resilience by absorbing about GBP333 million in notable one-off charges, including a GBP228 million fraud-related impairment and a GBP105 million motor finance provision, while still delivering a robust 13.5% RoTE. Management's commitment to shareholder returns was reaffirmed with the announcement of a new GBP500M share buyback, adding significant credibility to the multi-year framework of distributing over GBP15B to shareholders between 2026 and 2028.

$BCS

Research104d ago

Research Alert: CFRA Reiterates Sell Opinion On Shares Of Starbucks Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our price target by $8 to $82, 30x our FY 27 (Sep.) EPS estimate and in line with its 10-year average forward multiple. We raise our FY 26 estimate to $2.26 from $2.21 and FY 27's to $2.74 from $2.64. Following FQ2 results that showed strong global comp growth acceleration to 6.2% (+710 bps), we reiterate our Sell opinion. Shares trade at 30x forward earnings, in line with their long-term average, suggesting the market expects this momentum through FY 27. Our model assumes SBUX meets its 5% global comp growth goal in FY 26, with margin expansion due to waning store investment costs, lower interest expenses, and improved international segment margins from the Boyu Capital China joint venture. We believe it will be difficult to sustain operating margin improvement on comp growth alone, with new store growth of just 0.8% in FQ3 potentially not inflecting higher until FY 28. At current valuation levels reflecting optimistic assumptions, we see limited upside and maintain our Sell rating.

$SBUX

Research104d ago

Research Alert: Firstenergy Q1 Delivers 7.5% Eps Growth; Reaffirms Top-end Growth Targets

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FirstEnergy delivered strong Q1 results with core EPS of $0.72, in line with consensus, and 7.5% EPS growth driven by formula rate investment returns. Revenue increased 10.5% to $4.2B with meaningful ROE improvement to 9.8%, supported by $1.4B in capital deployments (up 33%). Earnings growth was broad-based across segments, with Distribution leading at $0.03 per share contribution from higher rates and disciplined expense management, while transmission segments benefited from robust rate base expansion of 11-19%. Management reaffirmed 2026 core EPS guidance of $2.62-$2.82 and long-term growth targets near the top of the 6-8% CAGR range through 2030. The $36B Energize365 capital plan for 2026-2030 represents a 30% increase over the previous program and should drive ~10% compounded annual rate base growth. Customer demand showed modest improvement with weather-adjusted sales up 0.5%, while 90% of investment increases were in formula rate programs providing regulatory certainty.

$FE

Research104d ago

Research Alert: Ingersoll: Precision Revenues Help Deliver Q1 Beat

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:IR delivered adjusted EPS of $0.77 (+7% Y/Y), beating Wall Street estimates of $0.74, though organic revenue declined 0.3% despite 8% total revenue growth driven primarily by acquisitions (+3.7%) and favorable FX (+4.2%). Mixed segment performance emerged, with Precision & Science Tech achieving 4% organic sales growth and 120 bps margin expansion to 30.3%, while Industrial Tech faced a 2% organic decline and 210 bps of margin compression to 26.7% due to Iranian conflict headwinds. In our view, orders performance of $1,978M (+5%) was encouraging, with book-to-bill ratios above 1.0x in both segments suggesting potential for broader sales growth participation ahead. Profitability remained under pressure as adjusted EBITDA margin compressed 140 bps to 25.4%, reflecting lower volumes and input cost inflation, with margin pressure most pronounced in IT&S where pricing failed to fully offset higher costs despite operational efficiency initiatives driving positive performance in P&ST.

$IR

Research104d ago

Research Alert: O-i Glass Inc Q1: Revenue Beats With Guidance Down Due To Cost Inflation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:O-I Glass's Q1 2026 results exposed the fragility of its cost-cutting recovery, with adjusted EPS collapsing 87.5% to $0.05 from $0.40 in the prior year, missing consensus by $0.07. Net sales declined 1.7% to $1.54B, though beating consensus by $66M, while shipment volumes fell 8%. The dramatic earnings decline occurred despite continued execution of the Fit to Win program, which delivered $50M in gross benefits, underscoring the magnitude of external headwinds. Management noted sequential improvement, with March volumes declining only 2%. European operations showed significant vulnerabilities, highlighting the defensive nature of recent margin improvements. We believe the results demonstrate that cost-cutting measures cannot fully offset the structural challenges facing the glass packaging industry, with external pressures overwhelming operational efficiencies and raising questions about the sustainability of the turnaround narrative.

$OI

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