Tiger Brokers

BUZZ-Australia's Reece set for worst day ever after soft first-half result

Reuters
Feb 24
BUZZ-Australia's Reece set for worst day ever after soft first-half result

** Shares of plumbing products supplier Reece REH.AX fall 14% to A$18.87, set for their worst day ever, if losses hold

** Co posts 19% drop in HY NPAT to A$181 million ($115.22 million), lower than consensus estimate of A$189 million

** UBS analysts say result marginally below due to softer Australian result, and while USA sales were in line with brokerage's estimate, margin still missed

** Management's guidance suggests risk remains in 2HFY25 with macro still a meaningful headwind in both ANZ and USA...this likely weighs on share price given REH's multiple remains well above normal levels - UBS

** Stock among worst performers in ASX 200 benchmark index .AXJO

** Stock down 15.8% YTD, including day's moves

($1 = 1.5708 Australian dollars)

(Reporting by Himanshi Akhand in Bengaluru)

((Himanshi.Akhand@thomsonreuters.com;))

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