Mixed Q3: CBRE Up, Tri Pointe Down, Sweden Gains

A Sweden-based group reported stronger Q3 and year-to-date results, with Q3 net turnover up 8% to SEK 9,717m, operating profit SEK 284m (including SEK 35m from property divestments), net profit SEK 191m, YTD net turnover SEK 30,204m (up 4%), YTD operating profit SEK 901m and net profit SEK 532m, and operating cash flow boosted by SEK 303m in property sales. Morgan Stanley posted record trading revenues, rising M&A fees and efficiency gains from AI, sending its shares near all-time highs (~$162) amid mixed analyst targets (consensus Hold ~ $130, range $79–$180). Mips delivered healthy organic growth (Q sales +10% to SEK 135m; 19% organic) and improved operating cash flow, but Q3 operating profit fell due to SEK 13m in legal costs and adverse FX, and U.S. tariffs are creating customer uncertainty. In the U.S., Tri Pointe Homes is expected to report a weak quarter (Q3 EPS $0.51, -56.8% y/y; revenues $792.5m, -28.8%) with materially fewer new-home deliveries, while CBRE is forecast to report a stronger quarter (consensus EPS $1.47, +22.5%; revenue $9.92bn, +9.8%) though analysts note mixed contributions across advisory and pass-through revenues.