H&E Daily: Stock movers: YDUQ3 short interest rising again; RDOR/HAPV: SARS hospitalizations relief in Jul, ANS accesses impacts from El Niño in healthcare

研报英文原文证据摘录

H&E Daily: Stock movers: YDUQ3 short interest rising again; RDOR/HAPV: SARS hospitalizations relief in Jul, ANS accesses impacts from El Niño in healthcare

Global Research

13 July 2026ab

H&E Daily Equities

Latin AmericaStock movers: YDUQ3 short interest rising

again; RDOR/HAPV: SARS hospitalizations Healthcare

relief in Jul, ANS accesses impacts from El Leonardo Olmos,AnalystCFA

Niño in healthcare leonardo.olmos@ubs.com+55-11-9658 7533

Eduardo Resende

Associate Analyst

eduardo.resende@ubs.com

Stock Movers +55-11-2767 6015

YDUQ3: Short interest rises again to 11% of free float, highest in the sector

Last week, YDUQ3 was broadly flat WoW (despite falling 9% earlier in the week

before recovering on Thursday/Friday), while short interest increased by 125bps

WoW, returning to 11% of free float (the highest level in the sector). Overall, despite

the lack of company-specific newsflow, we believe ongoing macro uncertainties and

the current regulatory transition continue to weigh on investor sentiment toward

the sector, prompting some rotation out of higher-beta names. Meanwhile, looking

at near-term trends, Q2 is seasonally a less eventful quarter for the sector, given the

student intake seasonality more concentrated in odd-numbered quarters. We note

that earnings momentum seems weak, with education stocks facing downward

earnings revisions over the past month: consensus' 2026E earnings revised down by

-3% for YDUQS, COGN by -6%, and ANIM by -9%. While EBITDA estimates have

remained largely unchanged, such earnings revisions could reflect mainly

incorporation of higher interest rate assumptions. That said, we continue to view

education names trading at below 4x 27E P/E (below historical average of ~7x),

while delivering high-teens FCFE yields 26E.

Healthcare