INFORME DIARIO 31 MARZO (ANÃLISIS BANCO SABADELL)
COMPAÑÃAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, AEDAS HOMES, EUSKALTEL, IAG, LIBERBANK, SECTOR BANCOS, SECTOR TELECOS, SECTOR HOTELES, SECTOR PROMOTOR. EUROPA: ASML, ESSILORLUXOTTICA, KERING, L’OREAL.Rebote a última hora
Fuerte volatilidad en las bolsas mundiales, que terminaron con ganancias (salvo el Ibex penalizado por su peso en Bancos) después de que D. Trump decidiese ampliar hasta el 30 de abril las medidas de cuarentena para combatir la crisis del coronavirus (vs 12 abril anterior). Con todo, los expertos esperan que la economÃa se normalice a principios de junio aunque se calcula que el coronavirus causará unas 200.000 muertes en EE.UU. Por su parte la OMS ha advertido que el confinamiento deberá ser más largo de lo inicialmente esperado para controlar el covid-19. Por el lado positivo, J&J ha anunciado que comenzará a probar una vacuna en humanos en septiembre. No se descartan nuevos paquetes de estÃmulo en el paÃs. En el Euro STOXX los mejores sectores fueron QuÃmicas y S. Financieros mientras que Bancos y Viajes&Ocio volvieron a presentar las mayores pérdidas. Por el lado macro, en España la inflación preliminar de marzo se desaceleró más de lo esperado y probablemente entre en negativo a corto plazo. Hoy el Consejo de Ministros podrÃa adoptar nuevas medidas de apoyo a la economÃa y, sobre todo, a las empresas tras la decisión de cierre de los negocios no esenciales. En la Eurozona el Ãndice de clima económico de marzo se deterioró algo menos de lo previsto mientras la confianza del consumidor de marzo confirmó el dato preliminar. La CE preferirÃa reforzar el presupuesto antes que emitir coronabonos para asà llegar a un consenso. En EE.UU. las ventas pendientes de viviendas sorprendieron repuntando de forma inesperada. En Japón la producción industrial preliminar de febrero se desaceleró menos de lo esperado. En China los PMI de marzo sorprendieron al alza al rebotar el de manufacturas hasta 52 (desde 35,7) y servicios hasta 52,3 (desde 29,6), aunque el PBoC advirtió que alcanzar el objetivo de PIB’20 de 4%/5% será difÃcil sin más estÃmulos.
Qué esperamos para hoy
Esperamos una apertura ligeramente alcista. En estos momentos, los futuros del S&P cotizan subidas del +0,75% (el S&P 500 cerró con subidas del +0,99% respecto al precio al que cotizaba al cierre de los mercados en Europa). La volatilidad en EE.UU. bajó (VIX 57,08%). Los mercados asiáticos cotizan mixtos (Japón -1,14% y Hong Kong +0,66%).
Hoy en R. Unido y España el PIB final del 4T’20. En Alemania el desempleo de marzo. En la Eurozona la inflación preliminar de marzo. En EE.UU, la confianza del consumidor de marzo. Hoy, el Tesoro italiano emitirá hasta 8.500 M euros en bonos a 5 y 10 años y flotantes a 3 años.
ESPAÑA
LIBERBANK, COMPRAR
Comunicó ayer a la CNMV que ha pospuesto para una JGA posterior (sin determina fecha) la propuesta de reparto de beneficio’19 retirando este punto del orden del dÃa de la JGA cuya primera convocatoria es hoy. Recordamos que LBK habÃa propuesto la distribución de 22 M euros (0,007 euros/acc.; yield 5%).Al ser una suspensión y no una cancelación no está obligado a reformular cuentas anuales. LBK mantienen en el orden del dÃa de la JGA la autorización para amortizar las acciones compradas en autocartera (c.2% del capital). Noticia positiva, dado que esperábamos cancelación del DPA’19LBK tiene un elevado nivel de capital y el pago del dividendo supone solo -13p.b. en el ratio de CET1, que en Dic’19 se situó en el 13%. Vemos muy probable que lo pague a partir de octubre’20, cumpliendo la directriz del BCE.
ACS Actividades de Construccion y Servicios is a holding company. Through its subsidiaries, Co.'s activities are divided into the following areas: Construction, engaged in the construction of civil works, and residential and non-residential building construction; industrial services, engaged in the development of applied engineering services, installations and the maintenance of industrial infrastructures in the energy, communications and control systems sectors; services, groups together environmental services, the outsourcing of building maintenance services, logistics and transport services; and concessions, mainly engaged in transport infrastructure concessions.
Aedas Homes is engaged in the housing development business in Spain. The company has a portfolio of approximately 1.5 million square meters of land that it develops for residential purpose. Co. develops multifamily homes for the housing market in Madrid, Catalonia, Levante and Majorca, Costa del Sol and Seville.
ASML Holding provides lithography systems for the semiconductor industry, manufacturing machines that are used in the production of integrated circuits or chips. Co. develops, produces, markets, sells and services advanced semiconductor equipment systems exclusively consisting of lithography systems. Co. sells its products to micro-processor manufacturers and Foundries, NAND-Flash memory and DRAM memory chipmakers. Co.'s products line includes the following: PAS 5000 lithography systems, which Co. no longer manufactures but continues to refurbish; PAS 5500 products; TWINSCAN DUV systems and TWINSCAN EUV systems based on a new platform utilizing the concepts of the TWINSCAN platform.
Euskaltel SA is a Spain-based company engaged in the provision of integrated telecommunication services. The Company's activities are divided into three segments: Residential, Business, as well as Wholesale and Other. The Residential segment provides fixed and mobile telecommunication services, broadband and wireless Internet, as well as digital television (TV) as a single service and in packages. The Business division primarily offers fixed and mobile telephony, as well as Internet access for enterprises. The Wholesale and Other area serves wholesale customers and is responsible for the delivery of communication services, such as infrastructure leasing, information technology (IT) outsourcing, as well as sell of installation material and electronics. The Company operates in the Basque Country, Spain.
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
Kering is engaged in the retail industry, particularly luxury fashion brands. Co.'s operations can be divided into two segments: Luxury and Sport & Lifestyle divisions. The Luxury division includes brands such as Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen, Girard-Perregaux & JeanRichard, & Stella McCartney. In addition, Co. offers Leather Goods, Shoes, Ready-to-wear, Watches, and Jewelry & Other products. The Sport & Lifestyle division designs & develops footwear, apparel & accessories and includes brands like Puma, Volcom and Electric among others.
Liberbank SA is a Spain-based company engaged in the commercial banking activities. It specializes in providing consumer loans. Furthermore, the Bank offers a range of services for entrepreneurs: savings accounts, loans, factoring, payments management, investment funds, import and export financing, guarantees, as well as commercial insurance, among others. The Bank operates through a chain of retail offices in Asturias, Cantabria, Castile La Mancha and Extremadura. It also manages such brands as Cajastur, Caja Extramadura, Caja Cantabria and CCM.
Melia Hotels International is the parent company of a group engaged in the acquisition, management and operation of hotels. Co. operates its hotel network in Germany, Argentina, Brazil, Bulgaria, Cabo Verde, Chile, China, Costa Rica, Croatia, Cuba, Egypt, Spain, United States, France, Greece, Netherlands, Indonesia, Italy, Luxembourg, Malaysia, Mexico, Panama, Peru, Portugal, Puerto Rico, United Kingdom, Dominican Republic, Singapore, Switzerland, Tunisia, Uruguay, Venezuela and Vietnam under the followings brandnames: Paradisus Resorts®, Melia Hotels & Resorts®, TRYP Hoteles® and Sol Hotels & Resorts®.
NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.
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