SDR delisting & capital repatriation

Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Frontera Energy, Aegea, Braskem, YPF, Petrobras, Millicom, Iochpe-Maxion, Canacol, Geopark, Rumo, C&W Communications, Telecom Argentina, Minerva, LATAM Airlines, Aeromexico, Movida

TalkTalk H1 results: Guidance looks at risk

TalkTalk has reported its H1 results to August, albeit given the lack of an investor presentation, it is hard to decipher all the changes vs. their guidance at this stage, but we think the numbers are at the low end of any prior guidance. We are still also critically waiting for any disclosure on KPIs since February, but we think the risk is to the downside given Openreach disclosure.

Odido (T-Mobile NL) (Equal Weight) Q3 24: Positioned nicely for a possible IPO in 2025

SR trends continue to slide in aggregate, but Odido claimed that 2024 was always going to be a tough year for KPIs and SR (rebrand, T2 switch-off and commercial channel refurb), and talked confidently about the outlook for SR thanks to a mobile recovery (with a target of better postpaid adds going forward, so that it can take its “fair share of market growth”), and fixed gains.

EU Pharma 2025 Outlook - The Correction Was Due, Tread Carefully

In the aftermath of the H224 Healthcare correction, we look forward to 2025 with a more focused stock specific approach We show sector fundamentals have remained robust despite the correction. We see 4 key themes for the Pharma sector in 2025; 1) 2025 is a very strong year for important pipeline readouts, 2) The volume impact of Medicare Part D reform will dominate the narrative in H125 & continue to be a tailwind into 2026, 3) Margin expansion should be robust at a sector level, 4) Biotech M&A is likely to be materially higher than in 2024. As a result of these dynamics we change a number of...