Qaasid News

Download Our App

Category: 3. Business

  • Australia’s ANZ Bank Posts 10% Drop in Annual Profit — Update

    Australia’s ANZ Bank Posts 10% Drop in Annual Profit — Update

    By Stuart Condie 

    
  SYDNEY--ANZ Group held its final dividend despite a 10% drop in the Australian bank's annual profit driven by impairments, redundancy costs and other one-off expenses. 
    

    
  Australia's fourth-largest bank by market capitalization on Monday reported a net profit for the 12 months through September of 5.89 billion Australian dollars, equivalent to US$3.82 billion. 
    

    
  Revenue rose 8% to A$22.19 billion but the bottom line was weighed by A$1.11 billion of impairments and other previously declared one-off items. 
    

    
  The average analyst forecast had been for a net profit of A$6.18 billion from revenue of A$22.18 billion, according to data compiled by Visible Alpha. 
    

    
  Analysts had cautioned ahead of the result that consensus forecasts might not fully reflect the significant items reported by ANZ on Oct. 31. 
    

    
  ANZ reported cash profit, which is closely watched by analysts, of A$5.79 billion, down 14% on a year earlier and well short of consensus for A$6.17 billion. Stripping out one-off items, cash profit was flat at A$6.90 billion. 
    

    
  Net interest margin--a key measure of lending profitability--fell two basis points to 1.55%, in line with analysts' expectations for a 1.55% margin. 
    

    
  ANZ held its dividend at A$0.83. 
    

    
  The largest component of the one-off items was a A$585 million pretax charge for 3,500 redundancies announced in September by Chief Executive Nuno Matos, who took charge in May. 
    

    
  The cost of trimming about 8% of ANZ's workforce exceeded the bank's initial A$560 million estimate. 
    

    
  "We are going to create a very lean and a very agile company. At the same time, we are going to invest for growth that will come later," Matos said. 
    

    
  Other one-off expenses included a A$285 million impairment of ANZ's stake in PT Bank Pan Indonesia and A$271 million in penalties and costs related to regulatory issues. 
    

    
  Write to Stuart Condie at stuart.condie@wsj.com 
    

    
  (END) Dow Jones Newswires
    

    
  November 09, 2025 16:36 ET (21:36 GMT)
    

    Copyright (c) 2025 Dow Jones & Company, Inc.

    Continue Reading

  • Baxdrostat demonstrated a statistically significant and highly clinically meaningful placebo-adjusted reduction of 14.0 mmHg in 24-hour ambulatory systolic blood pressure in patients with resistant hypertension in the Bax24 Phase III trial

    *The main analyses of ambulatory BP endpoints include patients with valid ambulatory blood pressure monitoring at both baseline and Week 12, without imputation of missing data.

    LS, least squares; n Number of subjects in analysis; N Number of subjects per treatment group

    Notes

    Hard-to-control hypertension
    Hypertension is a medical condition characterized by consistently high blood pressure levels, affecting an estimated 1.4 billion people worldwide.6,21,22 Over time, this can damage blood vessels and vital organs, increasing the risk of serious health problems such as heart attack, stroke, heart failure and kidney disease.20,21 An observational study of nearly 60,000 patients studied over a median of 9.7 years showed that a 9.5 mmHg increase in 24-hour ambulatory SBP was associated with a 30% increase in risk of all-cause mortality and 41% increase in risk of cardiovascular death.4 Studies have shown that increased night-time blood pressure is associated with higher cardiovascular risk,8,11 and patients with hypertension have a higher risk of cardiovascular events like heart attack, stroke and death around the time of their morning blood pressure surge.2,3

    Hard-to-control (uncontrolled and resistant) hypertension remains a major public health challenge.23 Despite lifestyle changes and the use of multiple medications, approximately 50% of patients in the US who are being treated for hypertension still do not have their blood pressure under control.7 Uncontrolled hypertension refers to persistently elevated blood pressure despite the use of two or more medications, while resistant hypertension, a more severe form, remains elevated despite treatment with three or more medications.7,21 Guidelines currently recommend that in patients with hypertension, treated BP values should be targeted to 130/80 mmHg or lower in most patients.21,22

    A key contributor to hard-to-control hypertension is aldosterone, a hormone that raises blood pressure by promoting sodium and water retention.24,25 Elevated aldosterone levels, along with factors such as obesity, high salt intake, and various genetic or secondary conditions,26 are strongly associated with poor blood pressure control. When left untreated, hypertension significantly increases the risk of cardiovascular and kidney-related complications.21,22

    Bax24 trial
    The Phase III Bax24 trial16 is a randomized, double-blind, placebo-controlled, parallel group study to evaluate the effects of 2mg baxdrostat versus placebo, administered once a day (QD) orally, on the reduction of ambulatory SBP, as well as safety and tolerability in participants with resistant hypertension. A total of 218 patients were randomized in a 1:1 ratio to receive baxdrostat 2mg or placebo once daily during a 12-week double blind period. The primary efficacy endpoint was the change from baseline in ambulatory 24-hour average SBP at Week 12.

    Additional secondary endpoints include the effect of baxdrostat versus placebo on change from baseline in ambulatory night-time average SBP, change from baseline in ambulatory daytime average SBP, change from baseline in seated SBP, the number of participants achieving ambulatory 24-hour average SBP of less than 130 mmHg , change from baseline in ambulatory 24-hour average diastolic blood pressure (DBP), change from baseline in ambulatory night-time average DBP, change from baseline in the average ambulatory daytime average DBP, change from baseline on seated DBP and the number of participants achieving a nocturnal SBP dipping of greater than or equal to 10%, all measured at Week 12. Occurrence of adverse events was evaluated during the 12-week treatment period as well as during a 2-week safety follow-up period.

    Baxdrostat
    Baxdrostat is a potential first-in-class, highly selective and potent, oral, small molecule that inhibits aldosterone synthase,12 an enzyme encoded by the CYP11B2 gene, which is responsible for the synthesis of aldosterone in the adrenal gland.24 In clinical trials, baxdrostat was observed to significantly lower aldosterone levels without affecting cortisol levels across a wide range of doses.13,27 Baxdrostat is currently being investigated in clinical trials as a monotherapy for hypertension13-16 and primary aldosteronism,17 and in combination with dapagliflozin for chronic kidney disease and hypertension,18,19 and the prevention of heart failure in high-risk patients.20

    AstraZeneca acquired baxdrostat through its purchase of CinCor Pharma, Inc. in February 2023.28

    AstraZeneca in CVRM
    Cardiovascular, Renal and Metabolism (CVRM), part of BioPharmaceuticals, forms one of AstraZeneca’s main disease areas and is a key growth driver for the Company. By following the science to understand more clearly the underlying links between the heart, kidneys, liver and pancreas, AstraZeneca is investing in a portfolio of medicines for organ protection by slowing or stopping disease progression, and ultimately paving the way towards regenerative therapies. The Company’s ambition is to improve and save the lives of millions of people, by better understanding the interconnections between CVRM diseases and targeting the mechanisms that drive them, so we can detect, diagnose and treat people earlier and more effectively.

    AstraZeneca
    AstraZeneca is a global, science-led biopharmaceutical company that focuses on the discovery, development and commercialization of prescription medicines in Oncology, Rare Diseases and BioPharmaceuticals, including Cardiovascular, Renal & Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca’s innovative medicines are sold in more than 125 countries and used by millions of patients worldwide. Please visit www.astrazeneca-us.com and follow the Company on social media @AstraZeneca.

    Media Inquiries

    Lauren-Jei McCarthy                                                              +1 347 918 7001

    US Media Mailbox: usmediateam@astrazeneca.com           

    References

    1. Williams B, et al. Effect of baxdrostat on 24-hour ambulatory blood pressure in patients with resistant hypertension: the Bax24 trial. Presented at: American Heart Association Scientific Sessions 2025; November 7–10, 2025; New Orleans, LA.

    2. Renna NF, et al. Morning blood pressure surge as a predictor of cardiovascular events in patients with hypertension. Blood Press Monit. 2023;28(3):149-157 

    3. Kario K et al. Morning hypertension: the strongest independent risk factor for stroke in elderly hypertensive patients. Hypertens Res. 2006;29(8):581-7. 

    4. Staplin N, et al. Relationship between clinic and ambulatory blood pressure and mortality: an observational cohort study in 59 124 patients. Lancet. 2023;401(10393):2041-2050.  

    5. Flack JM, et al. Efficacy and Safety of Baxdrostat in Uncontrolled and Resistant Hypertension. N Engl J Med. 2025. Aug 30:10.1056/NEJMoa2507109. doi: 10.1056/NEJMoa2507109. 

    6. World Health Organization. Global report on hypertension 2025: high stakes: turning evidence into action. 2025.  https://iris.who.int/handle/10665/382841. Accessed September 2025. 

    7. Carey RM, et al. Prevalence of Apparent Treatment-Resistant Hypertension in the United States. Hypertension. 2019;73(2):424-431.

    8. Narita K, et al. Nighttime Home Blood Pressure Is Associated With the Cardiovascular Disease Events Risk in Treatment-Resistant Hypertension. Hypertension. 2022;79(2):e18-e20 

    9. Kario K, et al. Nighttime Blood Pressure Phenotype and Cardiovascular Prognosis. Circulation. 2020;142(19):1810-1820 

    10. Williams B, et al. 2018 ESC/ESH Guidelines for the management of arterial hypertension: The Task Force for the management of arterial hypertension of the European Society of Cardiology (ESC) and the European Society of Hypertension (ESH). European Heart Journal. 2018;39(33):3021-3104. 

    11. Niiranen TJ, Mäki J, Puukka P, Karanko H, Jula AM. Office, home, and ambulatory blood pressures as predictors of cardiovascular risk. Hypertension. 2014 Aug;64(2):281-6. 

    12. Bogman K, et al. Preclinical and early clinical profile of a highly selective and potent oral inhibitor of aldosterone synthase (CYP11B2). Hypertension. 2017;69(1):189-196.

    13. Freeman MW, et al. Results from a phase 1, randomized, double-blind, multiple ascending dose study characterizing the pharmacokinetics and demonstrating the safety and selectivity of the aldosterone synthase inhibitor baxdrostat in healthy volunteers. Hypertens Res. 2023;46(1):108-118.

    14. ClinicalTrials.gov.A Study to Investigate the Efficacy and Safety of Baxdrostat in Participants With Uncontrolled Hypertension on Two or More Medications Including Participants With Resistant Hypertension (BaxHTN). Available at: https://clinicaltrials.gov/study/NCT06034743. Accessed October 2025. 

    15. ClinicalTrials.gov. A Study to Investigate the Efficacy and Safety of Baxdrostat in Participants With Uncontrolled Hypertension on Two or More Medications Including Participants With Resistant Hypertension (BaxAsia). Available at: https://clinicaltrials.gov/study/NCT06344104. Accessed October 2025. 

    16. ClinicalTrials.gov. A Study to Investigate the Effect of Baxdrostat on Ambulatory Blood Pressure in Participants With Resistant Hypertension (Bax24). Available at:  https://clinicaltrials.gov/study/NCT06168409. Accessed October 2025. 

    17. ClinicalTrials.gov. A Study to Assess Efficacy and Safety of Baxdrostat in Participants With Primary Aldosteronism (BaxPA). Available at: https://clinicaltrials.gov/study/NCT07007793. Accessed October 2025. 

    18. ClinicalTrials.gov. A Phase III Study to Investigate the Efficacy and Safety of Baxdrostat in Combination With Dapagliflozin on CKD Progression in Participants With CKD and High Blood Pressure. Available at: https://clinicaltrials.gov/study/NCT06268873. Accessed October 2025. 

    19. ClinicalTrials.gov. A Phase III Renal Outcomes and Cardiovascular Mortality Study to Investigate the Efficacy and Safety of Baxdrostat in Combination With Dapagliflozin in Participants With Chronic Kidney Disease and High Blood Pressure (BaxDuo-Pacific). Available at: https://clinicaltrials.gov/study/NCT06742723. Accessed October 2025. 

    20. ClinicalTrials.gov. Phase III Study Investigating Heart Failure and Cardiovascular Death With Baxdrostat in Combination With Dapagliflozin (Prevent-HF). Available at:  https://clinicaltrials.gov/study/NCT06677060. Accessed October 2025. 

    21. McEvoy JW, et al. 2024 ESC Guidelines for the management of elevated blood pressure and hypertension. Eur Heart J. 2024;45(38):3912-4018.

    22. Jones DW, et al. 2025 AHA/ACC/AANP/AAPA/ABC/ACCP/ACPM/AGS/AMA/ASPC/NMA/PCNA/SGIM Guideline for the Prevention, Detection, Evaluation and Management of High Blood Pressure in Adults: A Report of the American College of Cardiology/American Heart Association Joint Committee on Clinical Practice Guidelines. Circulation 2025;152:e114–e218.

    23. NCD Risk Factor Collaboration (NCD-RisC). Worldwide trends in hypertension prevalence and progress in treatment and control from 1990 to 2019: a pooled analysis of 1201 population-representative studies with 104 million participants. Lancet. 2021;398(10304):957-980.

    24. Cannavo A, et al. Aldosterone and mineralocorticoid receptor system in cardiovascular physiology and pathophysiology. Oxid Med Cell Longev. 2018;2018:1204598.

    25. Inoue K, et al. Serum aldosterone concentration, blood pressure, and coronary artery calcium: The multi-ethnic study of atherosclerosis. Hypertension. 2020;76(1):113-120.

    26. van Oort S, et al. Association of cardiovascular risk factors and lifestyle behaviors with hypertension: a mendelian randomization study. Hypertension. 2020;76(6):1971-1979. 

    27. Freeman MW, et al. Phase 2 trial of baxdrostat for treatment-resistant hypertension. N Engl J Med. 2023;388(5):395-405.

    28. AstraZeneca 2023. Acquisition of CinCor Pharma complete. https://www.astrazeneca.com/media-centre/press-releases/2023/astrazeneca-acquires-cincor-for-cardiorenal-asset.html. Accessed October 2025.  

    Continue Reading

  • Week Ahead for FX, Bonds: Focus on U.S. Shutdown -2- – Morningstar

    Week Ahead for FX, Bonds: Focus on U.S. Shutdown -2- – Morningstar

    1. Week Ahead for FX, Bonds: Focus on U.S. Shutdown -2-  Morningstar
    2. Lenskart listing, Infosys buyback and FII trends among 7 factors to steer markets this week  The Economic Times
    3. ‘Mkts learning to live with Trump; sentiment split’  metroindia.net
    4. Week Ahead for FX, Bonds : Focus on U.S. Shutdown -2-  MarketScreener
    5. Stock market outlook for the week: Inflation, corporate earnings and more in focus; key factors to look o  The Times of India

    Continue Reading

  • Elafibranor Benefits Fatigue-Related Pathways Linked to Mitochondrial Function in PBC

    Elafibranor Benefits Fatigue-Related Pathways Linked to Mitochondrial Function in PBC

    New research is shedding light on a significant association between changes in the expression of 10 proteins with a potential role in fatigue or mitochondrial function and the severity of fatigue in patients with primary biliary cholangitis (PBC) treated with elafibranor.1

    The data were presented at the American Association for the Study of Liver Diseases (AASLD) The Liver Meeting 2025 by Mark Swain, MD, a professor of medicine at Cumming School of Medicine and full member of The Calvin, Phoebe and Joan Snyder Institute for Chronic Diseases at the University of Calgary, and highlight expression changes of proteins linked to fatigue or mitochondrial function following treatment with elafibranor. Of note, these changes significantly correlated with each other and with fatigue improvement, suggesting that PPARα/δ agonism beneficially impacts fatigue-associated pathways linked to mitochondrial function.1

    “Fatigue, a common, debilitating symptom in patients with primary biliary cholangitis, has poorly understood pathophysiology,” Swain and colleagues wrote.1 “Elafibranor, a PPAR α/δ agonist approved for PBC second-line treatment, has shown clinically meaningful improvements in fatigue.”

    In a previous analysis presented at the European Association for the Study of the Liver (EASL) Congress 2025, expression levels of 10 proteins associated with a potential role in fatigue or mitochondrial function were found to be impacted in patients treated with elafibranor, including ATAD3B, BAX, CA14, CA5A, ECI1, GRPEL1, HPD, KYNU, MECR, and SOD2.2

    To build upon this research and examine the relationship between changes in expression of these proteins and fatigue severity with elafibranor, investigators assessed serum samples collected from patients in the phase 3 ELATIVE trial at baseline and week 52 and analyzed them using the Olink® Explore HT proteomic panel. Spearman correlations were evaluated between Patient-Reported Outcome (PRO) Measurement Information System (PROMIS) Fatigue Short Form 7a (PFSF 7a), PBC-40 Fatigue domain (PBC-40 F), and expression levels of the 10 proteins impacted by elafribanor treatment.1

    Analyses were conducted in the overall population and in patients with baseline moderate-to-severe fatigue, defined as PFSF 7a T-score ≥60 or PBC-40 F score ≥29.1

    Of 161 patients in ELATIVE, samples were included from 119. Of these patients, 46 and 63 had baseline moderate to severe fatigue according to PFSF 7a and PBC-40 F, respectively.1

    At baseline, in the overall population, significant moderate-to-strong correlations were observed between the expression of all proteins (r=0.29–0.89; P <.05). In patients with baseline moderate to severe fatigue according to both PROs, expression of CA5A, ECI1, GRPEL1, KYNU, MECR, and SOD2 were significantly correlated with fatigue at baseline (r=0.25–0.39; P <.05). Of these patients treated with elafribanor (baseline moderate to severe fatigue, PFSF 7a, n = 33; PBC-40 F, n = 41), moderate-to-strong correlations (r=0.27–0.88) were observed between expression changes from baseline to week 52 of all proteins, which were all significant (P <.05) except for CA5A and ATAD3B, and MECR and CA14.1

    In the 33 elafibranor-treated patients with baseline moderate to severe fatigue according to PFSF 7a, significant correlations between CfB to W52 in BAX, ECI1, GRPEL1, HPD, KYNU, MECR, and SOD2 expression and PFSF 7a were observed (r=0.35–0.54; P <.05). Changes from baseline to week 52 in SOD2 and PBC-40 F were significantly correlated in the 41 patients with baseline moderate to severe fatigue according to PBC-40 F (r=0.32; P <.05).1

    “Elafibranor treatment led to expression changes of proteins linked to fatigue or mitochondrial function, significantly correlated with each other and with fatigue improvement,” investigators concluded.1 “This suggests that PPARα/δ agonism beneficially impacts fatigue-associated pathways linked to mitochondrial function, providing a foundation for further research into the mechanistic contribution of PPARα/δ agonism to fatigue improvement in PBC.”

    References

    1. Swain M, del Pilar Schneider M, Plas P, et al. Elafibranor-associated changes in proteins linked to mitochondrial function correlate with fatigue improvement: Proteomic results from the ELATIVE® trial. Presented at the American Association for the Study of Liver Diseases (AASLD) The Liver Meeting 2025. Washington, DC. November 7-11, 2025.
    2. Swain M, Plas P, del Pilar Schneider M, et al. LBP-025 Elafibranor impacts inflammatory, fibrotic and symptom-associated markers in patients with primary biliary cholangitis: Proteomic results from the ELATIVE® trial. Journal of Hepatology. doi:10.1016/S0168-8278(25)00444-1

    Continue Reading

  • Pembrolizumab Regimen May Show Synergy in Melanoma Populations

    Pembrolizumab Regimen May Show Synergy in Melanoma Populations

    Promising progression-free survival (PFS) outcomes were observed among patients with HLA-A*02:01–negative and HLA-A*02:01–positive uveal melanoma who received pembrolizumab (Keytruda) plus lenvatinib (Lenvima), according to data from the phase 2 PLUME trial (NCT05282901) presented at the European Society for Medical Oncology (ESMO) Congress 2025.1

    The study met its primary end point in both patient cohorts, with an observed PFS rate of 31.8% at 27 weeks (95% CI, 13.9%-54.9%) in patients who were HLA-A*02:01–negative and naïve for treatment with tebentafusp (Kimtrak). In patients who were HLA-A*02:01–positive and were pretreated with tebentafusp, the PFS rate at 27 weeks was 60.7% (95% CI, 40.6%-78.5%).

    “It was observed in phase 3 studies of tebentafusp2 that treatments administered after tebentafusp might display improved activity compared [with] historical data,” said Manuel Rodrigues, MD, medical oncologist at Institut Curie and presenter of the PLUME data.1

    The combination of lenvatinib and pembrolizumab “showed encouraging activity, especially in patients previously treated with tebentafusp, suggesting potential synergy between these treatments,” Rodrigues added.

    Regarding safety, the overall profile was consistent with prior trials involving pembrolizumab and lenvatinib. There were no treatment-related deaths. With lenvatinib, 76% of patients held the dose, 26% had dose reductions, and 4% discontinued. With pembrolizumab, 22% of patients held the dose and 4% discontinued.

    The most common any-grade treatment-related adverse events were fatigue (81.8% in the tebentafusp-naive cohort vs 69% in the pretreated cohort), hypertension (77.3% vs 69%), diarrhea (45.5% vs 65.5%), hypothyroidism (45.5% vs 65.5%), arthralgia (40.9% vs 58.6%), cytolytic hepatitis (40.9% vs 58.6%), mucositis (45.5% vs 41.4%), dysphonia (31.8% vs 44.8%), and abdominal pain (27.3% vs 44.8%).

    While the findings were promising, Rodrigues urged caution when interpreting the results, due to the small sample size and single-arm design. Rodrigues noted that biomarker analyses and real-world comparisons were ongoing to further refine patient selection.

    What Was the Design of the PLUME Study?

    PLUME was an academic, monocentric, single-arm phase 2 trial conducted at the Institut Curie in Paris, France.A total of 51 patients who were naïve to immune checkpoint inhibitors were enrolled and split into 2 cohorts by HLA-A*02:01–negative (n = 22) and –positive/pretreated with tebentafusp (n = 29).

    Treatment consisted of pembrolizumab 200 mg intravenously every 3 weeks for a maximum of 35 cycles and lenvatinib 20 mg orally daily until progression. Chest, abdomen, and pelvic CT scans and liver MRIs were mandatory every 9 weeks. The primary end point was 27-week PFS (after 9 cycles).

    What Was the Rationale for the PLUME Study?

    As Rodrigues explained in his presentation, uveal melanoma has a unique biology to melanoma of the skin, with one-third of patients developing metastases and over 90% of those patients developing liver metastases. The current median overall survival (OS)is about 20 months.

    Tebentafusp, a bispecific TCR–anti-CD3 fusion protein targeting gp100, was the first therapy to improve OS in patients with metastatic uveal melanoma; however, the benefit is limited to patients who are HLA-A*02:01–positive, which is about 45% of patients. Further, checkpoint inhibitors like pembrolizumab have shown limited efficacy due to low mutational burden and an immunosuppressive microenvironment.

    The rationale of adding lenvatinib lies in its VEGFR/FGRF blockade that can normalize vasculature, reduce tumor-associated macrophages, and enhance T-cell infiltration. The combination of lenvatinib and pembrolizumab has shown promise in endometrial and renal cancers, where the combination has outperformed monotherapy.

    DISCLOSURES: Rodrigues declared personal financial interests with Immunocore, GSK, AstraZeneca, and Abbvie; institutional financial interests with Johnson & Johnson, Merck, and Daiichi-Sankyo; and nonfinancial interests with Merck, which provided product samples for the PLUME trial.

    References

    1. Rodrigues M. PLUME: A single-arm phase II trial of pembrolizumab plus lenvatinib in metastatic uveal melanoma (mUM). Presented at: 2025 ESMO Congress; October 17–20, 2025; Berlin, German. Abstract LBA58.
    2. Nathan P, Hassel JC, Rutkowski P, et al. Overall Survival Benefit with Tebentafusp in Metastatic Uveal Melanoma. N Engl J Med. 2021 Sep 23;385(13):1196-1206. doi: 10.1056/NEJMoa2103485.

    Continue Reading

  • Calculating The Intrinsic Value Of Air New Zealand Limited (NZSE:AIR)

    Calculating The Intrinsic Value Of Air New Zealand Limited (NZSE:AIR)

    • The projected fair value for Air New Zealand is NZ$0.71 based on 2 Stage Free Cash Flow to Equity

    • Current share price of NZ$0.60 suggests Air New Zealand is potentially trading close to its fair value

    • The NZ$0.66 analyst price target for AIR is 7.2% less than our estimate of fair value

    In this article we are going to estimate the intrinsic value of Air New Zealand Limited (NZSE:AIR) by taking the expected future cash flows and discounting them to their present value. Our analysis will employ the Discounted Cash Flow (DCF) model. There’s really not all that much to it, even though it might appear quite complex.

    We generally believe that a company’s value is the present value of all of the cash it will generate in the future. However, a DCF is just one valuation metric among many, and it is not without flaws. Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model.

    We’ve found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.

    We’re using the 2-stage growth model, which simply means we take in account two stages of company’s growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. To begin with, we have to get estimates of the next ten years of cash flows. Where possible we use analyst estimates, but when these aren’t available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.

    A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we need to discount the sum of these future cash flows to arrive at a present value estimate:

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    Levered FCF (NZ$, Millions)

    -NZ$1.09b

    -NZ$908.0m

    -NZ$14.8m

    NZ$112.7m

    NZ$205.4m

    NZ$284.8m

    NZ$365.2m

    NZ$441.3m

    NZ$510.7m

    NZ$572.6m

    Growth Rate Estimate Source

    Analyst x1

    Analyst x1

    Analyst x1

    Analyst x1

    Analyst x1

    Est @ 38.68%

    Est @ 28.19%

    Est @ 20.85%

    Est @ 15.72%

    Est @ 12.12%

    Present Value (NZ$, Millions) Discounted @ 11%

    -NZ$978

    -NZ$738

    -NZ$10.8

    NZ$74.4

    NZ$122

    NZ$153

    NZ$176

    NZ$192

    NZ$200

    NZ$202

    (“Est” = FCF growth rate estimated by Simply Wall St)
    Present Value of 10-year Cash Flow (PVCF) = -NZ$606m

    Continue Reading

  • The ‘buy everything’ rally now feels like an uphill battle, putting bull market to the test

    The ‘buy everything’ rally now feels like an uphill battle, putting bull market to the test

    By Joy Wiltermuth

    Tech and speculative assets are now in focus after the Nasdaq’s worst week since April

    The “buy everything” rally since April now feels like an uphill battle.

    It doesn’t feel like a “buy everything” market anymore.

    Last week’s sharp pullback in tech stocks could easily turn into yet another buy-the-dip moment in the week ahead, like other times since April’s tariff-induced market plunge.

    Bitcoin’s (BTCUSD) brush up against a new bear market could also prove fleeting, and the recent sharp selloff in other speculative corners of the market that began in late October might easily reverse.

    Yet this moment seems a bit different – as though markets might be more fragile, and investors could be less inclined to simply stomp on the gas pedal at the first sign of any pullback.

    “You aren’t going to get the timing right,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors. “I’m not trying to guess what’s going to happen over the next week or month.” But the recent pain in areas that have “run a little hotter” is indicating that investors “are taking a little bit more cautious approach to the rally from April’s lows,” he said.

    It’s been a pretty solid run for risk assets, Baird noted. But there have been cracks in credit markets, talk of more credit “cockroaches,” and other ominous indicators keeping investors on edge, in addition to a glaring “blind spot” in economic data during the ongoing, historic government shutdown.

    “It isn’t as if everything is coming up roses,” Baird said of the rally since April. “Whether it’s economic, policy or geopolitical risks, there’s a lot for investors to absorb.”

    Read: The shutdown is starting to ‘bite the economy,’ top Trump aide warns. The Senate is struggling to make a deal.

    AI froth in focus

    November typically ends up being a strong month for the stock market. But missed paychecks, nationwide flight cancellations and other ramifications of the government shutdown have paved the way for an unsteady start to the month.

    The Nasdaq Composite COMP retreated 3% last week, logging its worst week since the early April tariff tumult, while the S&P 500 SPX shed 1.6% and the Dow Jones Industrial Average DJIA closed the week 1.2% lower, according to Dow Jones Market Data.

    The pullback wasn’t terribly surprising. The S&P 500 remains up nearly 15% on the year despite higher tariffs, growing doubts about the job market and a fresh reading on the mood of U.S. consumers showing sentiment neared a record low in November.

    Overall solid corporate earnings also didn’t prevent jitters around stock valuations and artificial-intelligence spending plans from returning, as well as concerns about when large tech companies might earn a return on those AI investments.

    A look at the five top “hyperscalers” shows spending could hit $600 billion in two years at Amazon.com Inc. (AMZN), Microsoft Corp. (MSFT), Google parent Alphabet Inc. (GOOGL) (GOOG), Meta Platforms Inc. (META) and Oracle Corp. (ORCL), according to Thomas Shipp, head of equity research at LPL Financial.

    Spending by five top “hyperscalers” in the AI race is projected to hit $600 billion in 2027

    “I’m not worried about the AI capex spend,” said Bryant VanCronkhite, a senior equity portfolio manager at Allspring Global Investments. Despite “moments” when markets can pull back quickly, he said he’s more focused on the long-term opportunity.

    “Every dollar is not being spent wisely, but a lot of them are being spent effectively,” VanCronkhite said.

    Looking for catalysts

    Another factor creating twinges of anxiety in markets has been the recent upward pressure in short-term funding markets, especially as they reared up at the end of October.

    While that eased last week, higher costs to transact overnight can be a warning sign of bigger troubles in the plumbing of the financial system – particularly if funding pressures persists beyond the typical month-end, quarter-end or year-end periods.

    Some investors pointed to reduced liquidity in the financial system as a factor in bitcoin’s brief dip below the key $100,000 level last week, after its sharp drop from October’s record territory.

    Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott, said he thinks it’s a stretch to pin weakness in stocks and riskier assets on the Federal Reserve and recent “minor strains” in overnight funding markets.

    “It has nothing to do with Fed policy in 9 out of 10 cases,” LeBas said. “Another way to summarize it [would be] investors who are long risk assets are complaining of reduced demand for risk assets.”

    That said, “unsustainable behavior” by some investors in some corners of the market have been a worry to Allspring’s VanCronkhite, especially when looking beyond large-cap stocks to midcap and small-cap RUT sectors.

    “They’re buying everything tied to themes when, very clearly, not everything is going to be a long-term win,” VanCronkhite said. He added that he hopes investors soon get into “the sorting-out phase,” where “garbage” investments are distinguished from those with staying power.

    Meanwhile, even gold’s (GC00) eye-watering, more than 50% rally on the year might be in a consolidation phase, said Aakash Doshi, head of gold strategy at State Street Investment Management.

    The precious metal was up about 0.3% so far in November, hovering around $4,000 an ounce on Friday. Doshi said he thinks gold likely ends the year around that same level, “give or take 5%.”

    The week ahead likely won’t see the government shutdown come to an end, if betting markets end up being correct. Veterans Day on Tuesday will see the stock market remain open, but the bond market will be closed. There also will be plenty of Fed officials speaking during the week.

    -Joy Wiltermuth

    This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. 

    
  (END) Dow Jones Newswires
    

    
  11-09-25 1531ET
    

    Copyright (c) 2025 Dow Jones & Company, Inc.

    Continue Reading

  • EV and hybrid sales soar in Australia as internal combustion cars fall below 70% market share for first time | Electric vehicles

    EV and hybrid sales soar in Australia as internal combustion cars fall below 70% market share for first time | Electric vehicles

    Electric car sales in Australia continue to reach new record levels, according to figures that reveal the market share for internal combustion engine vehicles fell below 70% for the first time.

    The latest quarterly sales data from peak motoring body the Australian Automobile Association (AAA) shows electric vehicles accounted for 9.7% of new cars sold in the three months to September, the highest proportion on record.

    While welcoming the figures, the Electric Vehicle Council has urged state and territory governments to reinstate axed EV subsidies to help drive the level of sales projected to be required for Australia to meet its emissions reductions goals.

    Sign up: AU Breaking News email

    A record 29,298 battery-electric vehicles were sold in the September quarter, 54 more than the previous three months’ total, which was the highest at the time.

    Sales for hybrids (49,929 sold) and plug-in hybrids (12,460) also rose, coinciding with a marked drop in demand for internal combustion vehicles.

    A total of 210,458 petrol-powered cars were sold in the latest quarter, down from 226,306 in the previous three quarter.

    The share of internal combustion engine vehicles among all new cars sold nationally fell to 69.65% in the September quarter, the lowest on record and down more than 12% from less than two years ago.

    The proportion was even lower in New South Wales (68.74%) and Victoria (68.04%).

    In the ACT, petrol-powered cars accounted for less than half of all new cars sold.

    Aman Gaur, the Electric Vehicle Council’s head of legal, policy and advocacy, welcomed the growth of EV sales and decline in internal combustion vehicles.

    “There is a trend that is clear over the last two years that Australians are moving away from environmentally dangerous, expensive to run cars, towards ones that are electrified – and they are saving lots of money,” he said.

    The federal government has policies to boost the uptake of EVs, including fuel efficiency standards and fringe benefits tax exemptions, but has not set a sales target.

    However, the Climate Change Authority has estimated EVs would need to account for half of all light vehicles sold over the next decade if the Albanese government wanted to achieve even the “lower end” of its aim to cut greenhouse gas emissions between 62% and 70% by 2035.

    The authority’s chair, Matt Kean, has warned a proposed road-user charge could be a “headwind” to the mass adoption of EVs. The treasurer, Jim Chalmers, has said he was in “no rush” to develop the system – which would aim to replace lost fuel excise revenue – despite pressure from state governments desperate for funding to fix roads.

    Gaur said state and territory governments needed to do more to support the national effort, urging them to restore EV incentive schemes.

    He singled out the Western Australian government, which in May ended a popular scheme that offered buyers a $3,500 rebate on the purchase of an eligible EV.

    “These are upfront vehicle incentives that have to be implemented so that Australians can continue making that leap. We can’t have a successful transition with just one level of government doing the heavy lifting,” Gaur said.

    Continue Reading

  • Evaluation of the Quality and Readability of ChatGPT Responses to Toothache Queries: A Study Based on Google Trends

    Evaluation of the Quality and Readability of ChatGPT Responses to Toothache Queries: A Study Based on Google Trends


    Continue Reading

  • The bull market in stocks – and the ‘buy everything’ rally – now feels like an uphill battle

    The bull market in stocks – and the ‘buy everything’ rally – now feels like an uphill battle

    By Joy Wiltermuth

    Tech and speculative assets are now in focus after the Nasdaq’s worst week since April

    The “buy everything” rally since April now feels like an uphill battle.

    It doesn’t feel like a “buy everything” market anymore.

    Last week’s sharp pullback in tech stocks could easily turn into yet another buy-the-dip moment in the week ahead, like other times since April’s tariff-induced market plunge.

    Bitcoin’s (BTCUSD) brush up against a new bear market could also prove fleeting, and the recent sharp selloff in other speculative corners of the market that began in late October might easily reverse.

    Yet this moment seems a bit different – as though markets might be more fragile, and investors could be less inclined to simply stomp on the gas pedal at the first sign of any pullback.

    “You aren’t going to get the timing right,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors. “I’m not trying to guess what’s going to happen over the next week or month.” But the recent pain in areas that have “run a little hotter” is indicating that investors “are taking a little bit more cautious approach to the rally from April’s lows,” he said.

    It’s been a pretty solid run for risk assets, Baird noted. But there have been cracks in credit markets, talk of more credit “cockroaches,” and other ominous indicators keeping investors on edge, in addition to a glaring “blind spot” in economic data during the ongoing, historic government shutdown.

    “It isn’t as if everything is coming up roses,” Baird said of the rally since April. “Whether it’s economic, policy or geopolitical risks, there’s a lot for investors to absorb.”

    Read: The shutdown is starting to ‘bite the economy,’ top Trump aide warns. The Senate is struggling to make a deal.

    AI froth in focus

    November typically ends up being a strong month for the stock market. But missed paychecks, nationwide flight cancellations and other ramifications of the government shutdown have paved the way for an unsteady start to the month.

    The Nasdaq Composite COMP retreated 3% last week, logging its worst week since the early April tariff tumult, while the S&P 500 SPX shed 1.6% and the Dow Jones Industrial Average DJIA closed the week 1.2% lower, according to Dow Jones Market Data.

    The pullback wasn’t terribly surprising. The S&P 500 remains up nearly 15% on the year despite higher tariffs, growing doubts about the job market and a fresh reading on the mood of U.S. consumers showing sentiment neared a record low in November.

    Overall solid corporate earnings also didn’t prevent jitters around stock valuations and artificial-intelligence spending plans from returning, as well as concerns about when large tech companies might earn a return on those AI investments.

    A look at the five top “hyperscalers” shows spending could hit $600 billion in two years at Amazon.com Inc. (AMZN), Microsoft Corp. (MSFT), Google parent Alphabet Inc. (GOOGL) (GOOG), Meta Platforms Inc. (META) and Oracle Corp. (ORCL), according to Thomas Shipp, head of equity research at LPL Financial.

    Spending by five top “hyperscalers” in the AI race is projected to hit $600 billion in 2027

    “I’m not worried about the AI capex spend,” said Bryant VanCronkhite, a senior equity portfolio manager at Allspring Global Investments. Despite “moments” when markets can pull back quickly, he said he’s more focused on the long-term opportunity.

    “Every dollar is not being spent wisely, but a lot of them are being spent effectively,” VanCronkhite said.

    Looking for catalysts

    Another factor creating twinges of anxiety in markets has been the recent upward pressure in short-term funding markets, especially as they reared up at the end of October.

    While that eased last week, higher costs to transact overnight can be a warning sign of bigger troubles in the plumbing of the financial system – particularly if funding pressures persists beyond the typical month-end, quarter-end or year-end periods.

    Some investors pointed to reduced liquidity in the financial system as a factor in bitcoin’s brief dip below the key $100,000 level last week, after its sharp drop from October’s record territory.

    Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott, said he thinks it’s a stretch to pin weakness in stocks and riskier assets on the Federal Reserve and recent “minor strains” in overnight funding markets.

    “It has nothing to do with Fed policy in 9 out of 10 cases,” LeBas said. “Another way to summarize it [would be] investors who are long risk assets are complaining of reduced demand for risk assets.”

    That said, “unsustainable behavior” by some investors in some corners of the market have been a worry to Allspring’s VanCronkhite, especially when looking beyond large-cap stocks to midcap and small-cap RUT sectors.

    “They’re buying everything tied to themes when, very clearly, not everything is going to be a long-term win,” VanCronkhite said. He added that he hopes investors soon get into “the sorting-out phase,” where “garbage” investments are distinguished from those with staying power.

    Meanwhile, even gold’s (GC00) eye-watering, more than 50% rally on the year might be in a consolidation phase, said Aakash Doshi, head of gold strategy at State Street Investment Management.

    The precious metal was up about 0.3% so far in November, hovering around $4,000 an ounce on Friday. Doshi said he thinks gold likely ends the year around that same level, “give or take 5%.”

    The week ahead likely won’t see the government shutdown come to an end, if betting markets end up being correct. Veterans Day on Tuesday will see the stock market remain open, but the bond market will be closed. There also will be plenty of Fed officials speaking during the week.

    -Joy Wiltermuth

    This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. 

    
  (END) Dow Jones Newswires
    

    
  11-09-25 1507ET
    

    Copyright (c) 2025 Dow Jones & Company, Inc.

    Continue Reading