Assa Abloy (Hold, TP: SEK182.00) - Like stubbing your toe
When pre-announcing preliminary Q2 results, Assa Abloy said that it will book a SEK6bn write-down related to China – a market where it also said it expects to see weak earnings in the short- and medium term. The Q2 margin was on the soft side but with limited details, it is difficult for us to say what drove the deviation (we believe it was APAC and the Americas). HOLD reiterated; target price lowered to SEK182 (189).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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