Credit Suisse Group

Credit Suisse is a financial services provider based in Switzerland. Co. is active as an integrated bank. Co. operates through two global divisions, Private Banking and Corporate & Institutional Banking. Co. offers comprehensive advice and a broad range of financial solutions to private, corporate and institutional clients primarily domiciled in Switzerland. Co. maintains operations in three regionally focused divisions: Swiss Universal Bank, Asia Pacific and International Wealth Management serving Western Europe, Central and Eastern Europe, Latin America and Africa.
  • TickerCSGN
  • ISINCH0012138530
  • ExchangeSix Swiss Exchange
  • SectorBanks
  • CountrySwitzerland

Analysts

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/30/2020

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remains ou...

Jean Sassus ...
  • Steven Gould

ODDO : Payment of dividends postponed

>ECB postpones but does not officially cancel dividend payment for 2019 - The ECB has asked banks to suspend dividend payments until at least 1 October 2020. This move concerns dividends for 2019 and 2020. It has also asked banks to refrain from proceeding with share buybacks. We think that the ECB is also aiming at the quarterly provisioning of the 2020 dividends.These recommendations do not apply to dividends already paid. Instead, the ECB is calling for an ame...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/03/2020

Si l’impact direct du COVID-19 devrait rester relativement limité, les conséquences de la crise financière seront plus importantes (baisse des actions, pertes sur les produits de taux). Les marges de solvabilité restent toutefois solides. La forte baisse du secteur (-29% YTD) apparaît exagérée et nous relevons à l’Achat notre opinion sur Allianz et Scor. Nous réduisons à Alléger vs Neutre celle sur Hannover Re pour des raisons de valorisation (prime importante vs reste du secteur. AXA...

Jean Sassus ...
  • Steven Gould

ODDO : Report du paiement des dividendes

>La BCE reporte mais n’annule pas formellement le paiement des dividendes 2019 - La BCE demande aux banques de suspendre le paiement des dividendes au moins jusqu’au 1er octobre 2020. Cela concerne les dividendes 2019 et 2020. Elle demande également aux banques de s’abstenir de mettre en œuvre des rachats d’actions. Nous estimons que la BCE vise aussi le provisionnement trimestriel des dividendes 2020.Ces recommandations ne s’appliquent pas aux dividendes déjà ve...

Matthieu DRIOL

Short term view - CREDIT SUISSE GROUP : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at CHF 12.040. The background trend would be questioned should prices rise above CHF 15.440.

Matthieu DRIOL

Analyse court terme - CREDIT SUISSE GROUP : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 12,040 CHF. La tendance de fond serait remise en cause en cas de franchissement de 15,440 CHF.

Matthieu DRIOL

Analyse court terme - CREDIT SUISSE GROUP : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 12,040 CHF. La tendance de fond serait remise en cause en cas de franchissement de 15,440 CHF.

Matthieu DRIOL

Short term view - CREDIT SUISSE GROUP : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at CHF 12.040. The background trend would be questioned should prices rise above CHF 15.440.

Matthieu DRIOL

Medium term view - CREDIT SUISSE GROUP : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at CHF 10.865, then CHF 8.851. Passing CHF 16.200 would question the continuation of the fall.

Credit Suisse Group AG: 1 director sold/bought

A director at Credit Suisse Group AG sold/bought 169,910 shares at 13.445CHF and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. T...

Jean Sassus ...
  • Steven Gould

ODDO : Payment of dividends postponed

>ECB postpones but does not officially cancel dividend payment for 2019 - The ECB has asked banks to suspend dividend payments until at least 1 October 2020. This move concerns dividends for 2019 and 2020. It has also asked banks to refrain from proceeding with share buybacks. We think that the ECB is also aiming at the quarterly provisioning of the 2020 dividends.These recommendations do not apply to dividends already paid. Instead, the ECB is calling for an ame...

Jean Sassus ...
  • Steven Gould

ODDO : Report du paiement des dividendes

>La BCE reporte mais n’annule pas formellement le paiement des dividendes 2019 - La BCE demande aux banques de suspendre le paiement des dividendes au moins jusqu’au 1er octobre 2020. Cela concerne les dividendes 2019 et 2020. Elle demande également aux banques de s’abstenir de mettre en œuvre des rachats d’actions. Nous estimons que la BCE vise aussi le provisionnement trimestriel des dividendes 2020.Ces recommandations ne s’appliquent pas aux dividendes déjà ve...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • Geoffroy Michalet
  • Hana Maalej
  • Hela Zarrouk
  • Jean Sassus
  • Jeremy Garnier
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 03/12/2020

While Data Respons is a quality target in our view, financial value creation is pre1eempted by the high price tag (16.5x EBIT), which implies a low ROIC (5.4%e in 2021e). Moreover, after this deal, exposure to the automotive, aerospace and oil sectors – the sectors hardest hit by the coronavirus – remains high (around 63% of revenues), while debt rises to a huge level for the sector. As a result, we lower our estimates for the existing scope and our target price (€ 35 vs € 59), and dow...

Jean Sassus ...
  • Steven Gould

ODDO : Recession simulation

>Conclusion – correction is overdone - The SX7E (Banks – EUR) has fallen by over 30% from its high point (19 February 2020). Our forecasts would be lowered by close to 30% on average over the 2020e-2021e period in a recession scenario. Moreover, unlike in 2008 and 2012, the sector is not facing a systemic crisis with the risks of major sovereign/bank defaults. The trend in deposit facilities at the ECB also suggests that there is no increase in interbank risk aversion...

Jean Sassus ...
  • Steven Gould

ODDO : Simulation de récession

>Conclusion – correction excessive - L’indice SX7E (Banques – Euro) a reculé de plus de 30% depuis son point haut (19 février 2020). Nos prévisions seraient abaissées de près de 30% en moyenne sur la période 2020-21e dans un scénario de récession. Par ailleurs, contrairement à 2008 et 2012, le secteur ne fait pas face à une crise systémique avec des risques de défauts souverains et/ou bancaires majeurs. L’évolution des facilités de dépôt auprès de la BCE suggère d’ail...

Elisabeth Rudman ...
  • Maria Rivas Escrigas

DBRS Morningstar Confirms Credit Suisse AG Long-Term Issuer Rating at A, Stable Trend

Please refer to PDF document for more detail about our research: DBRS Morningstar Confirms Credit Suisse AG Long-Term Issuer Rating at A, Stable Trend

Credit Suisse Group AG: Q4 2019: Stable businesses deliver solid profitability as capital markets segments digest higher expenses

Our credit view of CS's fourth quarter 2019 results, including a detailed analysis on trends across segments.

Elisabeth Rudman ...
  • Maria Rivas Escrigas

DBRS Morningstar: Credit Suisse CEO Resigns After Challenges from Surveillance of Senior Executive

Please refer to PDF document for more detail about our research: DBRS Morningstar: Credit Suisse CEO Resigns After Challenges from Surveillance of Senior Executive

Credit Suisse Group AG: Lower break-even point and sustained execution are likely to support rising returns into 2020

Our credit view following Credit Suisse's 2019 investor day, including our view of the group's revised return targets as well as continued sound capital and funding metrics.

Credit Suisse Group AG: Positive outlook reflects higher profitability potential and improved funding profile

Our detailed credit view behind Credit Suisse's ratings and recent outlook change to positive.

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/30/2020

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remains ou...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/03/2020

Si l’impact direct du COVID-19 devrait rester relativement limité, les conséquences de la crise financière seront plus importantes (baisse des actions, pertes sur les produits de taux). Les marges de solvabilité restent toutefois solides. La forte baisse du secteur (-29% YTD) apparaît exagérée et nous relevons à l’Achat notre opinion sur Allianz et Scor. Nous réduisons à Alléger vs Neutre celle sur Hannover Re pour des raisons de valorisation (prime importante vs reste du secteur. AXA...

Benoit Valleaux ...
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/12/2020

Investors are desperately trying to determine a floor for the valuation of indices. Until this is achieved the risk/opportunity ratio cannot be calculated and volatility will persist. We therefore understand that the winning “Buy the Dip” mantra since March 2009 is no longer a magic utterance. We propose four scenarios (weak shock, moderate shock, strong shock, and crisis) and five methods to calculate the Stoxx 600 target. In short, if you believe the epidemic will be rapidly brought...

Benoit Valleaux ...
  • Geoffroy Michalet
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/03/2020

Les investisseurs cherchent désespérément à déterminer un plancher à la valorisation des indices. Tant que ceci n’est pas réalisé le ratio risque opportunité n’est pas calculable et la volatilité perdurera. On comprend alors que le “Buy the Dip” gagnant depuis mars 2009 ne soit plus un mantra magique. Nous proposons 4 scénarios (choc faible, modéré, fort, crise) et 5 méthodes de calcul de cible de Stoxx 600. En un mot si vous croyez à un contrôle rapide de l’épidémie le marché offre u...

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/20/2020

...

Ibrahim Firdaus

Credit Suisse Group AG

Ibrahim Firdaus

Credit Suisse Group AG

Thanks to a better fundamental star rating, CREDIT SUISSE GROUP AG sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to CREDIT SUISSE GROUP AG (CH), active in the Money Center Banks industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date October 29, 2019, the closing price was CHF 12.71 and its expected value was estimated at CHF 11.98.

Ibrahim Firdaus

Credit Suisse

Crédit Suisse Group – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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