$SPG — Owns and operates shopping malls and retail properties.

$SPG — Owns and operates shopping malls and retail properties. 🎯 Q1 FY26 | Rev $2B | EPS $1.22 vs $1.49 🔴 | Margin 33.8% 💡 Consensus expected Q1 2026 EPS of $1.49, but reported EPS was $1.22 (GAAP) vs $1.48 (diluted from net income). The market may be overreacting to the headline miss, missing that core FFO guidance was raised and dividend increased. However, the GAAP miss and revenue decline (-5.8% YoY) warrant caution. 🏢 Business Quality: 7/10 | Valuation: fair 📉 Reward/Risk: Upside 10% to $235 (12.5x forward FFO) vs downside 20% to $170 (10x forward FFO) if recession hits retail; ratio 0.5:1. 🔮 Catalyst: Q2 2026 earnings (late July 2026): watch FFO per share vs raised guidance; failure signal if FFO guidance is cut or occupancy drops below 93%. Also in play: $NEE $DUK $SO $D $AEP $GE

🎯 Q1 FY26 | Rev $2B | EPS $1.22 vs $1.49 🔴 | Margin 33.8%