Equity Analysis

Operational Leverage Lifts RAK Properties Margins

RAK Properties heads into the new year with momentum: its shares have quietly edged up as earnings improve, powered by handover-led revenue, brisk unit sales and welcomed launches. Hospitality and...

Icade: First stabilisation in 2026?

Earnings/Sales releases Icade anticipates FFO bottoming in 2026, thus suggesting a notable improvement in residential development contributions. However, Property activities, particularly office in...

Mercialys: Cash dividend first.

Earnings/Sales releases Organic growth at the topline level persists, but it is insufficient to ensure robust FFO per share growth in FY 26. In this context, cash dividends remain central to the...

Antofagasta: 2025 was extraordinarily euphoric; now time for reality check

Earnings/Sales Releases Even after ‘record' and extraordinary 2025 operating results, markets are disappointed, with Antofagasta’s shares falling c.7%. While the results in isolation seem solid,...

L’Oréal: Luxury skincare crowding limits line of sight

earnings/sales releases L’Oréal delivered FY25 results broadly in line with the top-line but ahead on margins. Strong execution in Dermatological Beauty, Professional Products and Emerging Markets...

NN Group: FY25 results: OCG beats, capital strength reinforced

Significant news NN Group reported solid FY25 results, with operating capital generation significantly above expectations, although partly supported by non-recurring elements. Commercial momentum...

DKSH: APAC presence drives growth

Earnings/Sales Releases DKSH's FY25 result has been well received, with the share price rising ~7% on strong core EBIT growth. Sales and EBIT growth at CER exceeded expectations. Sales were supported...

Intercontinental Hotels Group: Record scale and strong returns; US softness poised for turnaround

Earnings/Sales releases IHG exceeded expectations with strong full-year results, underpinned by 4.7% net system growth with record-breaking openings. Despite softening in the United States market,...

Indra: Indra-EM&E far from clear

Latest Indra's potential acquisition of Escribano Mechanical & Engineering , while strategically coherent, remains unresolved amid significant governance concerns. The entry of Third Point into...

Kerry Group: FY25 falls short, but FY26 offers a path forward

Earnings/Sales releases Kerry Group's Organic Growth fell short of expectations, missing consensus by 60bps, due to a challenging market and a deflationary year, anticipated to persist into FY26....

Back to square one for the world's leading ice cream maker

The strong stockmarket debut of Unilever's spin-off - in which it retains a fifth of the capital - has been wiped out by the group's latest results, which show a 3% drop in volumes over the past...

Unglamorous growth for Interpump as it wraps up an acquisition-heavy cycle

The Italian industrial group, specialised in hydraulic systems and high-pressure pumps, has kind of fallen off its pedestal in recent years.

BHP Group: Exceptional H1 sets tone for rest of the sector

Earnings/Sales releases H1 results, even though in-line with expectations, were exceptional and strong reflection of BHP’s well-performing Copper and Iron Ore divisions. What’s interesting is that...

Nick Scali Limited Reclines into a Comfortable H1 Profit

Nick Scali is navigating a tale of two markets, balancing the Australia and New Zealand region against a chilly British breeze. Despite the regional friction, the group's H1 26 results prove they...

Zydus: From Generics to Innovation Powerhouse

Zydus Lifesciences is rapidly transforming into a global innovation leader, scaling specialty and rare-disease portfolios, accelerating growth across India, the US and international markets, and...

Metro Grows Revenue Amid Profitability Headwinds

Metro Inc.'s story reads like a steady march, where its resilient shares shrug off short-term profit weakness and the business leans harder into food, pharmacy and e-commerce momentum. Revenue drivers...

Antofagasta: Copper's red-hot year

Chilean miner Antofagasta posted a 52% jump in annual core profit on Tuesday, aided by record copper prices that made up for a modest drop in output, and said its increased capital spending would...

AEP: the data center boom is driving profits higher

American Electric Power posted quarterly results that topped market expectations, while reaffirming its medium- and long-term growth outlook as US electricity demand accelerates sharply. ...

Safran in the stratosphere, but perhaps on the edge of an air pocket

The aerospace engine maker and equipment supplier is wrapping up an exceptional fiscal year 2025, with operating profit reaching a record high.