ABGSC Shipping Daily 2 May

Mixed tanker and dry bulk market, LPG up. Shipping peer group trades at P/NAV 0.86x. Grimaldi acquires ~5% stake in HAUTO.

Lufthansa : CASK needs to be visibly back under control for a re-ratin...

>CASK back under control by the very end of the year … but with a much bigger degree of confidence - While the comments on unit cost trends (CASK) excluding fuel were more cautious than we expected on Q2 (due to a weaker uptick in capacity to the tune of c200bp and very likely additional costs to prepare for the summer season), the level expected for FY 2024 is broadly in line with our post-strike estimate (6.55 vs a target of 6.5). This control is likely to be more ...

ISS A/S : Broadly in line Q1 2024 with confirmation of FY guidance, no...

>Q1 2024 trading update broadly in line with expectations, DT is still weighing - ISS reported Q1 2024 sales at DKK 20,090m (+4.2% reported), i.e. 1% below the consensus expectations (DKK 20,241m), mostly due to a negative FX impact (-2.5% reported, consensus -1.7%). Organic growth came out at 6.0%, a touch above the consensus at 5.6% (ODDO BHF 6.2%e). This was supported by price increases as well as volume growth while the contribution from net contract wins and abo...

Savencia SA : The improvement in the volume mix broadly offset the dro...

>Q1 sales flat organically, including a volume mix of +1.7% on our calculations - We took away the following points from a company contact after the release of Q1 sales (€ 1.7bn, up 1.6% on a reported basis and flat organically):Organic growth of 2.5% in cheese products was driven by a volume mix effect of 1% and a small rise in prices of 1.5%. The group benefited from price hikes in 2023 and those obtained this year in some markets such as France to offset persi...

Technip Energies : Q1 2024 is in line with FY targets

>Q1 results below our expectations but in line with the consensus - Adjusted Q1 sales for group stands at € 1.52bn (Project Delivery € 1.045bn < cs at € 1.15bn //TPS € 475m < cs at € 510m) < consensus expectations at € 1.54bn. Adjusted EBIT at € 110m vs consensus (disclosed by company) at € 112m or a margin at 7.3%. We were more aggressive at € 121m.Order intake at € 849.9m (or BtB at 0.56x), backlog € 15.28bn.Q1 FCF generation (excl. working capital)...

Technip Energies : Q1 2024 is in line with FY targets

>Q1 results below our expectations but in line with the consensus - Adjusted Q1 sales for group stands at € 1.52bn (Project Delivery € 1.045bn < cs at € 1.15bn //TPS € 475m < cs at € 510m) < consensus expectations at € 1.54bn. Adjusted EBIT at € 110m vs consensus (disclosed by company) at € 112m or a margin at 7.3%. We were more aggressive at € 121m.Order intake at € 849.9m (or BtB at 0.56x), backlog € 15.28bn.Q1 FCF generation (excl. working capital)...

RATIONAL AG : Good start to the year – Q1 EBIT above expectations- 202...

>Q1 results above expectations: EBIT at € 71.1m (css: € 68.3m; ODDO BHF: € 65.7m) - RATIONAL just released its Q1 2024 results, which were above expectations (+4% at the css EBIT level), marked by: 1/ Q1 sales at € 286.4m, +1% y-o-y (ODDO BHF: € 290.3m; consensus: € 285m), which is satisfactory given the high comparison basis in Q1 2023 (sales: +25.3%). By country, North America was particularly successful (23% of consolidated revenue), +13% y-o-y, while revenue ...

Novo Nordisk : La franchise Diabète mène la danse

>L’insuline à l’honneur - Novo Nordisk publie ce matin ses résultats du T1 2024 qui se révèlent au-dessus des attentes au niveau des ventes et de la marge : +2% au-dessus des attentes en topline (65.5 MdDKK, +24% à cc) et 9% au niveau de l’EBIT (31.9 MdDKK, +30% à cc). La franchise GLP-1 tirée par Ozempic (+65% à cc) maintient la cadence avec une hausse de part de marché dans sa franchise Diabète et une dynamique en volume positive (6% de hausse de prescriptions ...

Macau Gaming: Apr 24 GGR down 5% mom; Downgrade To MARKET WEIGHT

Apr 24 GGR was in line with our estimate but 2% above consensus forecast. While we expect a GGR surge in the coming May Golden Week, we see margin pressures for companies under our coverage in the coming quarters, given higher marketing expenses and labour costs rising from the intensifying industry competition, and potential market share losses from the ongoing facility upgrades. Downgrade the sector to MARKET WEIGHT.

GN Store Nord : Strong hearing aid business, stabilisation at Enterpri...

>Q1 review – Strong beat on bottom line - GN Store Nord achieved Q1 revenues of DKK 4,303m (+2.1% y-o-y, 0%/+1% vs ODDO BHF/consensus). Q1 adj. EBITA reached DKK 538m (+218% y-o-y, margin 12.5%), which was a strong beat by 35% of our estimates and by 32% vs consensus. EPS reached DKK 1.74 (vs DKK 0.87/0.85 expected). The 2024 guidance is confirmed.GN Hearing - Excellent organic growth on new Nexia platform - GN Hearing’s Q1 revenues of DKK 1,737m (+7....

Capgemini : Satisfactory Q1 2024 revenue. FY 2024 guidance reiterated,...

>Growth at cc in line with expectations; bookings solid - Capgemini announced a satisfactory set of Q1 2024 revenue figures on Tuesday before trading, with growth at cc reaching -3.3%, +20bp higher than expected. North America was again penalised by a less favourable mix (-7.1% cc) whereas Europe remained more resilient with growth slowing only a little, as expected (-1.8% cc). The TMT and Financial Services sectors are still struggling as a result of limited spending...

RATIONAL AG : Good start to the year – Q1 EBIT above expectations- 202...

>Q1 results above expectations: EBIT at € 71.1m (css: € 68.3m; ODDO BHF: € 65.7m) - RATIONAL just released its Q1 2024 results, which were above expectations (+4% at the css EBIT level), marked by: 1/ Q1 sales at € 286.4m, +1% y-o-y (ODDO BHF: € 290.3m; consensus: € 285m), which is satisfactory given the high comparison basis in Q1 2023 (sales: +25.3%). By country, North America was particularly successful (23% of consolidated revenue), +13% y-o-y, while revenue ...

Siltronic AG : Better-than-expected Q1 2024 results, FY 2024 outlook r...

>Strong Q1 24 results - This morning, Siltronic reported its Q1 2024 results which were above expectations. Revenues were € 343.5m, 1% above the consensus at € 340m. They were down 4% q-o-q and down 15% y-o-y. While the wafer area sold and sales prices remained nearly stable compared to the previous quarter, the product mix had a slightly negative impact. The gross margin was 20.4% above with consensus at 14.4%. The operating results was € 36m, giving a margin of 10....

China Aviation: Airlines -- 1Q24 financial performance weaker than exp...

The three major airlines’ 1Q24 results were overall weaker than our expectation. Other than CSA which managed a turnaround in 1Q24, Air China and CEA remained in loss-making positions in 1Q24. The top six Chinese airlines’ combined fleet size is projected to grow 4.4-4.9% yoy in 2024 by our estimate; this is likely to keep the sector in an overcapacity situation for 2024. Downgrade Chinese airlines to UNDERWEIGHT on overcapacity and high gearing concerns. Top pick: Air China.

China Economics: PMI -- Apr 24 PMI – Second month of expansion

Manufacturing PMI came in better than expected at 50.4% (-0.4ppt) and stayed in the expansionary zone for the second month. It was mainly supported by production and new orders as employment remained a drag, dropping 0.1ppt to 48.0%. Nonmanufacturing hit a three-month low of 51.2%, dragged by moderation in new orders and business expectations. We expect policy support to continue and the July Politburo may see new measures being rolled out.

INVEST SECURITIES - QIAGEN : Publication sans surprise, rendez-vous le...

High Yield Bonds Daily

Foxway, IPF, ADDvise, Øyfjellet and Transocean

TF1 : Q1 in line - Outlook for the full year still solid

>Solid Q1 advertising trend driven by the success of TF1+ - On Tuesday, TF1 published its Q1 2024 results, which were followed by a conference call. They were in line with our forecasts for EBITA at € 37.3m (our forecast was € 37.5m). The Q1 advertising trend was solid, notably with a very good performance delivered by TF1+. This was an atypical quarter and marked by an increase in costs. The comparison base was notably relatively unfavourable for programming costs an...