Key Points Above-consensus Q4’24 EBITDA and EPS. Q1 and Q2 guidance significantly below consensus on continued demand weakness USD1.3bn in Q1’25 maturing bonds to be retired using delayed draw term loan, cash...
Key Points Risk/return still not that attractive. Medium-term debt payments could present an issue AC segment may witness margin compression in 2025 resulting in earnings headwinds – something not fully appreciated by...
Key Points Below-consensus Q3’24 EBITDA and EPS. Q4 guidance significantly below consensus on continued destocking Dividend temporarily cut and a series of earnings/cash generation improvement actions announced We have a Neutral rating on...
Key Points Below-consensus Q2’24 EBITDA and EPS on q-o-q pricing and volume declines in AC segment Q3’24 guidance below consensus. FY2024 guidance range cut to below consensus levels. Near-term commentary mixed We have...
Key Points Strong share price rally and relatively rich valuation multiple suggests near-term good news may already be baked into valuation AC segment may witness margin compression in 2024 resulting in earnings...