Fima Daily Insight 10 May 2024

Please find enclosed our daily market report.Market CommentCroatia Shareholders of Croatia's Medika approve EUR 200 dividend per share (DIVY 2.8%) Varteks' bank account blocked over unpaid wages Croatia's trade gap widens 2.2% in Q1 Croatia's industrial PPI down 2% YoY in April Slovenia NLB bank plans to double assets, revenue and profit by the end of 2030 Romania MedLife reports 56% higher net profit in Q1’24 Digi has found a new ally to launch its mobile network in Spain Sa...

ユーロ圏：今後の財政・金融政策では、何らかの妥協が必要だ

Motorola Solutions Inc: 2 directors

Two Directors at Motorola Solutions Inc sold after exercising options/sold 6,225 shares at between 354.679USD and 360.278USD. The significance rating of the trade was 71/100. 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...

Safaricom (Neutral, TP: KES17, +7%) H2 FY24: Decent semester; Strong ...

Safaricom reported a decent set of 2HFY24 results today. Performance in Kenya was strong. However, Ethiopia remained a drag to the group performance

IAG: 1Q’24 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'24 vs. 1Q'23 Results EBIT: € 68.0 M (+655.6% vs. +366.7% BS(e) and +433.3% consensus).

Technical Analysis/Bund future

The month of April ended 335bp lower at 129.94, which is confirming this year's correction. This chart and timeframe look weak and will need to improve before we see a bottom. A rise and close above the April high at 133.10 is necessary to expect a bottom.

Bogd Bank JSC: Update following rating affirmation, outlook remains st...

Our credit view of Bogd Bank JSC reflects its strong and highly liquid balance sheet, against its status as a limited domestic deposit franchise.

Union Bank Of The Philippines: 2 directors

Two Directors at Union Bank Of The Philippines bought 648,100 shares at between 39.002PHP and 39.304PHP. The significance rating of the trade was 57/100. 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 di...

Landmark Bancorp Inc: 1 director

A director at Landmark Bancorp Inc bought 1,050 shares at 18.961USD and the significance rating of the trade was 57/100. 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 c...

Montrose Environmental Group Inc: 1 director

A director at Montrose Environmental Group Inc sold 12,500 shares at 46.511USD and the significance rating of the trade was 62/100. 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 ...

European Telecoms High Yield review Setting out our key preferences

We published our Global High Yield Quarterly this week – HERE. For a European perspective, we provide a summary of our thoughts and ideas on the European HY issuers in this piece, which takes excerpts from the Global HYQ and adds to it, including asset cover and a summary of our most preferred and least preferred names.

KT Corp (Buy, TP: KRW 70,000, +93%) Q1 24 Quick Take: Better profitab...

Topline trend was better as B2B division improved while KT Cloud and KT Estate sustained double-digits growth again. While the company had earlier announced plans to expand its AI/ICT staff pool by up to 1k this year, so far labour costs remained under control as it is being offset by natural attrition of retirees.

Coffee, Croissants & Credit/EDP, Enel, Telefonica, Equinix

EDP: 1Q24 EBITDA down on lower power prices. Enel 1Q24 beats estimates on strong renewables. Telefonica reports soft 1Q24 results. Equinix reports strong 1Q24 results.

Sappi - Earnings Flash - Q2 FY 2023-24 Results - Lucror Analytics

Sappi has reported stronger results than expected for Q2/23-24. Sales fell 6.2% y-o-y but EBITDA rose 9.6% thanks to stronger volumes and lower costs, albeit the positive development was partly offset by adverse price and mix effects. FCF was soft, owing to one-offs. Net leverage increased 0.2x q-o-q to 2.2x. Sappi has guided for Q3 EBITDA to be softer sequentially. We foresee that the company will deleverage in H2, to reach c. 2x at FYE 2023-24.  . To request full and unrestricted access to Luc...

NTT (Buy, TP: ¥240, +48%) Q4 FY23 Quick Take: Strong Q4 but weak FY24...

NTT reported before close today and despite strong Q4 figures, the shares were down 3% on a weak FY24 guidance. Despite a strong Q4 which was well flagged last quarter, the mobile ARPU trend is disappointing; perhaps as DCM is starting to lose higher end customers to SoftBank’s integrated plan. Our brief takeaways below.

MELIÁ HOTELS: 1Q’24 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'24 vs. 1Q'23 Results Sales: € 437.4 M (+10.4% vs. +10.0% BS(e) and +9.1% consensus); EBITDA: € 95.3 M (+22.3% vs. +21.4% BS(e) and +19.3% consensus).

Trupanion Inc: 2 directors

Two Directors at Trupanion Inc sold/bought 23,825 shares at between 24.138USD and 25.344USD. The significance rating of the trade was 66/100. 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...