2025-06-10-花旗集团-博柏利集团（BRBY）_欧洲要点_11页_180kb

报告摘要

Wise PLC: Dual listing may improve liquidity and provide incremental growth, but cautious on valuation; thesis on slowing growth and high PE remains intact. Current recommendation: Retain Sell.
Burberry Group PLC: Turnaround execution continues; earnings upgrades due to cost savings and margin improvements. Reiterated Buy recommendation; target price raised to £12.50.
Fineco Bank: May Monthly Statistics for May 2025 showed strong net inflows, supportive of NII estimates; customer growth modestly increased.

UK Homebuilding: Planning permissions declined 32% year-year in Q1 2025, despite increases in applications; government goal to increase approvals is not met.
European Infrastructure: Brief review of key events and data announcements affecting infrastructure investors, including airport capacity and flight traffic trends.
Global Economics: Global PMI Flash indicated slight decline in manufacturing activity, driven by China and Poland. Services PMI improved, supporting global composite PMI.

Global Growth: US-China trade deal benefits US exporters, but global services and trade impacted by tariffs; asymmetric risks for USD.

FX Strategy: Elusive US hard data keeps USD volatile; JPY may underperform, while cross-JPY could benefit.

AJ Bell: Dividend coverage unchanged; maintained Sell rating.
Auto Trader Group PLC: Rating lowered from Buy to Buy with reduced target; due to revised financial outlook.
Rémy Cointreau: Buy rating with lower target price, reflecting reduced market confidence.

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