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...