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Pakistan Bank: Credit risks manageable; preference for larger banks
Benefitting from regulatory relaxations, loan quality remains convincing with total NPLs of private banks in our universe standing at PkR300.7bn in Jun’20 (+3.3%QoQ/+7.0% since Dec’19). Overseas NPLs recorded a sharp uptick to US$634.2mn in Jun’20 vis-à-vis US$603.8mn in Dec’19, primarily attributable to classification of a single party loan in Middle East.
Most banks in our universe, following active risk management, subjectively booked loss reserve for potential weakening of loan portfolios. As a result, fre...
BRVM has closed its trading day on Thursday September 24th, 2020 lower compared to Wednesday. The market capitalization (Stocks + Bonds) decreased by 0.17% to stand at XOF 9 339.33 billion against XOF 9 354.89 billion previously.
As the world eagerly awaited Tuesday‘s “Battery Day“ event from Tesla unveiling “many exciting things“ around innovations in lithium-ion battery technology to make electric vehicles more attractive for adoption, Zinc8 Energy Solutions Inc. had its own “Happy Battery Day“ on Tuesday announcing to be a winner of the Carbon Neutrality Innovation Challenge from the New York City Department of Buildings. With almost 80% of NYC‘s greenhouse gas emissions coming from buildings, batteries play a crucial role in the City‘s world-leading Green New Deal, mandated to make New York carbon neutral by the ye...
Als die Welt am Dienstag gespannt auf den “Battery Day“-Event von Tesla wartete, an dem “viele erstaunliche Dinge“ rund um Innovationen in der Lithium-Ionen-Batterietechnologie enthüllt werden sollten, um Elektrofahrzeuge für den globalen Einsatz attraktiver zu machen, hatte Zinc8 Energy Solutions Inc. seinen eigenen “Happy Battery Day“ als der angehenden Batterieproduzent am selben Tag zum Gewinner vom Carbon Innovation Challenge des New York City Department of Buildings gekürt wurde. Da fast 80% der Treibhausgasemissionen in New York City aus Gebäuden stammen, spielen Batterien eine entschei...
Les indicateurs français et allemands de climat des affaires poursuivent globalement leur amélioration en septembre, à l’image du composite de l’INSEE, qui reprend deux points, à 92, et de l’IFO qui en gagne un, à 93. Trois ombres, non négligeables, au tableau, néanmoins. La première concerne la lenteur du rattrapage, en comparaison des mois précédents. La deuxième est relative au caractère toujours très inégal de la reprise industrielle, très concentrée dans l’automobile et l’alimentaire. La troisième, à la fois prévisible mais véritablement préoccupante, vient du retournement des perspective...
Power Grid Company of Bangladesh (PGCB) is the sole power transmission company in Bangladesh. The country’s entire transmission lines, sub-stations, load-dispatch centers, communication facilities etc. are solely owned by the Power Grid Company of Bangladesh Ltd. The company is also responsible for the co-ordination of integrated operations of regional, national and international grid systems and also provides consultancy services in power systems and execution turnkey jobs for other organizations.
We maintain ’Buy’ rating on Pakistan State Oil Limited (PSO) with a revised Target Price of Rs258. The stock offers an upside of 27%. The company trades at a FY21E P/E of 6.8x and P/B of 0.8x.
We are also revising up our earnings estimates for the company by 13% for FY21E.
Our earnings revision primarily stems from (1) decrease in short term borrowings and (2) demand pick up as economy comes out from shocks of COVID-19.
Deleveraging – Balance sheet
Payment proceeds from the issue of Pakistan Energy Sukuk 2 has enabled the company to significantly reduce its liabilities/improve liquidi...
*** Octo - Creditorial - 24 September 2020 ***
GRENKE / MACIF / LAGARDERE / PEUGEOT / CMA CGM / EUROPCAR / ORPEA
*** Octo - Creditorial - 24 Septembre 2020 ***
GRENKE / MACIF / LAGARDERE / PEUGEOT / CMA-CGM / EUROPCAR / ORPEA
TP ICAP (Europe) S.A. | Recherche Crédit | Jeudi 24 septembre 2020
Medtronic : Nouvelle émission senior unsecured
Secteur bancaire : Les PGEs protègent la qualité d’actifs du secteur jusqu’à la fin d’année
Westpac : Amende de AUD$1,3 md à cause d’une affaire de violation des lois anti-blanchiment
Peugeot (Achat) : Rachat de 10m de ses propres actions à Dongfeng Motor pour €164m
CMA CGM (Vente) : Accord pour la prise de participation de 30% de groupe Dubreuil Aéro via une augmentation de capital pour €50m
The volatility on BSE-Sofia increased significantly on Wednesday reflecting the global markets sentiment, but finally the indexes ended on the positive side as SOFIX (425.11) added 0.36%. Trace Group (T57, BGN 3.40, -3.41%) fell the most among the benchmark index members, followed by Chimimport (6C4, BGN 0.9, -2.70%) and Elana Agrocredit (0EA, BGN 0.975, -2.50%). Eurohold (4EH, BGN 1.60) and Gradus (6GR, BGN 1.40) on the other hand rebounded by 6.67% and 2.94%, respectively but the volumes of both names remained far from the average for the last 3-months. The buying interest in Sopharma (3JR, ...
US refining: An update on weekly EIA information.
European refining: An weekly update on refining margins in the European region.
Polish retail fuel prices: A weekly update on Polish retail fuel prices.
Conferences calendar … 2
Large-cap companies news … 3
Lotos: Refining production slate for August revealed
Cyfrowy Polsat: Sale of telco infrastructure as one of options under strategic review
CD Projekt: 4,650,800 shares took up by the beneficiaries of 2016-2019 motivation program
CD Projekt: Resale update; 83% of resale target achieved by Monday
Small- and mid-cap companies news … 5
AB: 4Q19/20 results released – 30% yoy EPS growth (10% above expectations) coupled with positive OCF (FY ended with net cash position)
PlayWay: Management outlook
Bloober team: Management outl...
AB: 4Q19/20 results released – 30% yoy EPS growth (10% above expectations) coupled with positive OCF (FY ended with net cash position).
Marge opérationnelle qui reste positive
Résultat Net multiplié par 3
Endettement net à zéro
Influenced by the global stock market, Viet Nam stock market also followed this trend. On HOSE, Vnindex decreased slightly by -3.92 points (-0.43%) and closed at 908.58. HNX decreased -0.93 points (-0.7%) to close at 131.71 points. However, Upcom slightly increased +0.04 points (+ 0.07%).
CTI would likely to complete its 2020 profit plan of VND 112 bn, but it will depend on whether they can complete the extended route 319 and interchange of HCMC – Long Thanh – Dau Giay project at the end of 2020. We think that revenue in 2021 could increase sharply as most of their projects could start booking revenue in 2021 such as the extended route 319 and interchange of HCMC – Long Thanh – Dau Giay.
BRVM has closed its trading day on Wednesday September 23rd, 2020 lower compared to Tuesday. The market capitalization (Stocks + Bonds) decreased by 0.09% to stand at XOF 9 354.89 billion against XOF 9 362.90 billion previously.
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