Market UncertaintyDespite the volume spike following the US tariff shock, such a high turnover velocity driven by market uncertainty is unlikely to continue, and headline ADT is expected to ease gradually as risk-off sentiment prevails.
Revenue GrowthTotal revenue is forecasted to grow at a slower pace of 31% yoy, mainly weighed down by sluggish net investment income (-19.1%) on falling interest rates and reduced margin requirement.
Tax RatesEarnings growth will be weighted by higher effective tax rate, expected to exceed 15%, up from the three-year average of 12%, due to the introduction of the global minimum tax rate of 15% in 2025.