HOLT "Global Stock Highlights from the Week - 3 July 2026" Patel

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HOLT "Global Stock Highlights from the Week - 3 July 2026" Patel

Global Research

3 July 2026ab

HOLT Equities

GlobalGlobal Stock Highlights from the Week - 3 July

2026 Hiten Patel, CFA, FCA

HOLT Specialist

hiten.j.patel@ubs.com

+44-20-7883 5132

Consumer and Auto Steffen Spillecke, CFA HOLT Sector Specialist

Toyota sales fall for 4th straight month; current share price implies no steffen.spillecke@ubs.com

(1) +44-20-7883 6549sales growth beyond FY29e

John Talbott, CFA

Toyota’s sales fell 7% YoY in May amid weaker demand in the Middle East and China, HOLT Sector Specialist

marking a fourth consecutive monthly drop. Against this backdrop, shares have john.talbott@ubs.com

corrected by 30% from the YTD peak, and the company exhibits one of the most +1-212-325 1813

negative CFROI revisions among global peers (click here). Following the sell-off, Toyota Brendan Munson

now trades at 0.7x HOLT P/B, around a 10% discount to its long-term median and a HOLT Sector Specialist

30% discount to peers (click here). Consensus currently estimates c.3% annual sales brendan.munson@ubs.com

growth and EBITDA margins improving to c.13% in FY27-29e while market +1-212-325 2784

expectations imply no sales growth in FY30-31e, coupled with a sharp decline in EBITDA Hock Leng Ng

margins to 7% (click here). HOLT Sector Specialist

hockleng.ng@ubs.com

Constellation Brands (STZ) reported Q1 earnings beat, market is pricing +65-6212 3009

(2)

in 3% growth longer term

Despite reporting a Q1 FY2027 earnings beat, STZ traded lower as revenue declined

YoY, with management citing higher gas prices and economic uncertainty as headwinds

to the consumer after a stronger start to the quarter. Like the broader alcohol industry,

STZ has faced persistent post-COVID volume pressure, contributing to a multi-year