Moody's Investors Service ("Moody's") has completed a periodic review of the ratings -and other ratings that are associated with the same analytical units for the rated entity(entities) listed below. The review was conducted through a portfolio review discussion held on 30 November 2023 in which Mo...
Moody's Investors Service (Moody's) has today assigned a Ba1 backed junior subordinate rating to the proposed issuance of at least €500 million deeply subordinated perpetual fixed rate resettable notes ("new hybrid notes") following an exchange offer for the first callable tranche of €1.25 billion...
Moody's Investors Service ("Moody's") has today downgraded to Caa3 from Caa1 the long-term deposit ratings of five Pakistani banks: Allied Bank Limited (ABL), Habib Bank Ltd. (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd. (UBL). Moody's has also downgraded the fi...
Moody's Investors Service ("Moody's") has today downgraded the long-term deposit ratings to Caa1 from B3 of five Pakistani banks: Allied Bank Limited (ABL), Habib Bank Ltd. (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd. (UBL). The rating agency has also downgrade...
While UBBL's 1QFY23 sales came in better than our expectation, the 410bp YoY and 440bp QoQ contraction in gross margin led to a miss of 9%/16% on forecasted EBITDA/adjusted PAT. When compared to pre-COVID levels, volumes are up by only 8% from 1QFY19 levels (14% when adjusted for the change in the Andhra Pradesh state government’s excise policy). As indicated in our note, rising commodity cost pressures for AlcoBev companies, given the lack of free pricing in a majority of states, is likely ...
Moody's Investors Service ("Moody's") has today affirmed the B3 long-term deposit ratings of five Pakistani banks: Allied Bank Limited (ABL), Habib Bank Ltd. (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd. (UBL). As part of the same rating action Moody's has chang...
The independent financial analyst theScreener just slightly lowered the general evaluation of UNITED BREWERIES (IN), active in the Brewers industry. The title has lost a star(s) at the fundamental level and now shows 3 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date October 22, 2021, the...
(UBBL IN, Mkt Cap USD5.8b, CMP INR1603, TP INR1170, 27% Downside, Sell) The Competition Commission of India (CCI) has imposed penalties of INR7.52b on United Breweries (UBBL) and INR1.22b on Carlsberg India (CIPL, unlisted). No penalty has been imposed on Anheuser-Busch InBev (AB InBev)/SABMiller as it is the whistleblower. The penalty comes on the back of a detailed probe ordered four years ago with regard to alleged cartelization and price fixing by all the three major Beer players that...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
UNITED BREWERIES: Results better than expected; path to normalcy to take longer (UBBL IN, Mkt Cap USD5.1b, CMP INR1420, TP INR1130, 20% Downside, Sell) The lockdown severely impacted 1QFY22 on-trade sales (usually around 25% of total sales) and home delivery was not permitted in some states throughout the quarter. Given these factors, results were better than expected, with sales 45% lower than 1QFY20 sales (up 121% YoY over the low base of 1QFY21). Nevertheless, in a capital-intensive bu...
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