We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully r...
Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété ...
3Q'24 vs. 3Q'23 Results Sales: € 644.2 M (+10.0% vs. +9.5% BS(e) and +6.7% consensus); EBITDA: € 200.1 M (+11.2% vs. +8.7% BS(e) and +6.4% consensus); 9M'24 vs. 9M'23 Results Sales: € 1.789 Bn (+10.9% vs. +10.8% BS(e) and +9.7% consensus); EBITDA: € 498.1 M (+11.3% vs. +10.3% BS(e) and +9.4% consensus);
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANKINTER, CAIXABANK, MINOR HOTELS, SECTOR INMOBILIARIO, SECTOR SEGUROS. EUROPA: BAYER. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’24 que se publicarán en España y Europa en los próximos días. Los mercados se estabilizan En una jornada de pocos catalizadores las bolsas europeas rebotaron, compensand...
NEWS SUMMARY: BANKINTER, CAIXABANK, INSURANCE SECTOR, MINOR HOTELS, REAL ESTATE SECTOR. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’24 results to be released over the coming days in Spain. Markets stabilise In a session with few drivers, European stock markets rallied, offsetting part of the drop from the previous week. In the STOXX 600, the best-performing sectors in th...
A director at Bankinter S.A. sold 13,500 shares at 7.640EUR and the significance rating of the trade was 58/100. 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 clearly s...
We expect MINT to report a core profit of Bt2.5b in 2Q24 (+11.0% yoy). The key drivers are still from the robust hotel performance in Europe and Thailand. We should see a substantial core margin expansion as a result of cost control. We have an optimistic view ahead as MINT is continuously adapting its strategy to cope with the dynamic outlook in China and actively controlling its cost. Maintain BUY. Target price: Bt38.00.
KEY HIGHLIGHTS Strategy Impact from Trump’s Policies Foresee a robust outlook for the industrial estate and electronics sectors due to the US-China trade war. Our top picks are AMATA, BANPU, DELTA, STGT and WHA. Results PTT Global Chemical (PTTGC TB/HOLD/Bt26.25/Target: Bt24.50) 3Q24: Net loss of Bt19.3b due to huge impairment loss. Quality Houses (QH TB/HOLD/Bt1.85/Target: Bt1.82) 3Q24: In l...
GREATER CHINA Sector Internet - China Revitalising momentum evident in initial phase of 11.11 campaign. Results LINK REIT (823 HK/BUY/HK$38.05/Target: HK$45.08) 1HFY25: DPU rises 3.7% yoy, meeting expectations; enhancing resilience amid macro headwinds. Update Prudential (2378 HK/BUY/HK$65.50/Target: HK$126.00) Solid NBP growth on improved sales and margins across few mar...
3Q'24 vs. 3Q'23 Results NII: € 2.79 Bn (+2% vs. -1.2% BS(e) and +0.6% consensus); Total Revenues: € 4.09 Bn (+1.9% vs. -0.3% BS(e) and +0.9% consensus); Operating Income: € 2.56 Bn (+0.6% vs. -2.3% BS(e) and -0.9% consensus); Net Profit pre AT1: € 1.57 Bn (+3.3% vs. +1% BS(e) and 0.7% consensus). 3Q'24 vs. 2Q'24 Results NII: € 2.79 Bn (+0.1% vs. -3% BS(e) and -1.3% consensus); Total Revenues: € 4.09 Bn (-2.7% vs. -4.8% BS(e) and -3.6% consensus); Operating Income: € 2.56 Bn (-4.8% vs. -7.5% BS(...
Rdos. 3T'24 vs 3T'23: M. Intereses: 2.794 M euros (+2% vs -1,2% BS(e) y +0,6% consenso); M. Bruto: 4.092 M euros (+1,9% vs -0,3% BS(e) y +0,9% consenso); M. Neto: 2.557 M euros (+0,6% vs -2,3% BS(e) y -0,9% consenso); BDI pre AT1: 1.573 M euros (+3,3% vs +1% BS(e) y 0,7% consenso). Rdos. 3T'24 vs 2T'24: M. Intereses: 2.794 M euros (+0,1% vs -3% BS(e) y -1,3% consenso); M. Bruto: 4.092 M euros (-2,7% vs -4,8% BS(e) y -3,6% consenso); M. Neto: 2.557 M euros (-4,8% vs -7,5% BS(e) y -6,2% consenso);...
NEWS SUMMARY: BANKING/ENERGY SECTOR, CAIXABANK, EBRO FOODS, FCC, FLUIDRA, NATURGY. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’24 results to be released over the coming days in Spain. Inflation rises in October European stock markets fell, with October’s inflation data in Europe higher than expected. In the STOXX 600, all the sectors ended with drops, with Travel & Leisu...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, EBRO FOODS, FCC, FLUIDRA, NATURGY, SECTOR BANCOS, SECTOR ENERGÉTICO. EUROPA: AB INBEV, AXA, AIRBUS, DHL GROUP, ING, SIEMENS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’24 que se publicarán en España y Europa en los próximos días. La inflación repunta en octubre Caídas en los mercados euro...
>Opérationnel assez solide, logiquement drivé par l’amorce de pression sur les NII - Le T3 2024 de Bankinter est assez rassurant sur le plan opérationnel, même si le RN ressort légèrement en deçà des attentes (-2% vs css à 258 M€) avec, par ailleurs, la confirmation d’une situation bilancielle solide (capital, qualité d’actifs…). Sans surprise, le trimestre a été marqué par les 1ers signes tangibles de pression sur les NII après un point haut atteint au T2 (spread cli...
>Fairly robust operating performance, driven by the beginning of pressure on NII - Bankinter’s Q3 2024 results were fairly reassuring at the operating level even though net income fell slightly short of expectations (-2% vs consensus at € 258m) while the robust balance sheet situation was confirmed (capital, asset quality, etc.). As anticipated, the quarter was marked by the first tangible signs of pressure on NII after the peak reached in Q2 (client spread down -15bp...
3Q'24 vs. 3Q'23: NII: € 568 M (-0.4% vs. +0.6% BS(e) and +0.1% consensus); Total Revenues: € 741 M (+1.9% vs. +2.5% BS(e) and +1.8% consensus); Operating Income: € 478 M (-0.5% vs. +1.6% BS(e) and -0.6% consensus); Net Profit: € 258 M (-3.5% vs. -1.6% BS(e) and -3.3% consensus). 3Q'24 vs. 2Q'24: NII: € 568 M (-2.5% vs. -1.5% BS(e) and -2% consensus); Total Revenues: € 741 M (-1.5% vs. -0.9% BS(e) and -1.6% consensus); Operating Income: € 478 M (-5% vs. -3% BS(e) and --5.1% consensus); Net Profit...
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