Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
A director at Ferro S.A. bought 3,000 shares at 32.500PLN and the significance rating of the trade was 52/100. 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 sho...
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....
We maintain our ST relative rating at Overweight and keep overweighing Ferro’s equities in our monthly portfolio. The Company’s 1Q20 financial results were robust and we believe 2Q20 performance will be good as well. Though in April the demand for the Company’s products/goods fell due to the COVID-19 fallout, in May and June it started to recover. We expect Ferro to pursue an acquisition in 2H20 which, given the Company’s strong position on the existing markets, should trigger the Group’s furthe...
Polish Equities Monthly: July 2020 Worlds apart Nasdaq Composite at its all-time high (and +11.7% ytd) and S&P500 a tad in the positive territory from the ytd RoR perspective – that was the world of the stock market just a few days ago. It hardly reconciled not only with realistic, in our view, scenarios for the economic recovery (discussed in our previous Monthly research report, 6/2020/MR(59), dated May 19), but also with the mathematics of changes in the U.S. earnings expectations (the abru...
Headlines Large-cap companies news Santander BP: Preliminary FY19 results’ review – 4Q19 ahead consensus numbers, while meeting our forecasts PKN Orlen, Energa: Tender offer price is a fair one? RBI: Provisions for FX mortgage cases created Banks: 4Q19E results summary – dragged down by a new class of provisions Banks: Factoring grows at 16% pace Banks: Pengab increases Banks: Pension funds equity allocation floor to be revamped Small- and mid-cap companies news Ferro: 4Q19 financial f...
Ferro Since Ferro’s share price has advanced and approached our 12M EFV, we downgrade our LT fundamental Buy recommendation to Hold and change our ST relative rating from Overweight to Neutral. Though shareholders should be satisfied with the Company’s strategy, they have to swallow a bitter pill related to the costs of its implementation burdening ST financial results. Besides, we remind that Ferro’s 4Q18 results were quite elevated, so we expect a yoy softening on the net profit level in 4Q19...
• We are positive about stock markets. Stocks ↑ • WIG > EM > SPX > EuroStoxx • The global economic cycle is close to the inflection point. • Central banks’ policy will support risky assets. • GPW is in the ‘risk search’ phase and a wave of optimism may have a dynamic impact on multiple re-rating. • The most important topic for 2020 on the GPW will be a significant increase in the capacity of domestic investors to purchase stocks. Inflows should send valuations up. • Poland:...
Polish Equities Monthly: December 2019 2020 equity strategy At a critical junction The US equity market is, in our view, at a crossroads at the moment. Whereas some of the economic leading indicators (UST curve, industrial production, ISM manufacturing PMI, US corporate profit margins), historically doing decent job in signaling stock market peaks, explicitly imply risk of looming change in the cyclical trend in US equities, the other key ones (ISM non-manufacturing PMI, trend in initial jobl...
Headlines Large-cap companies news LPP: 3Q19 financials lower than expected at the NP line. PGNiG: CEO on potential winning of the Arbitrage with Gazprom Orange PL: Discussions regarding a new Social Agreement started PKO BP: Press on strategy Banks: Double digit growth of BFG funds? Small- and mid-cap companies news Ferro: 3Q19 financial results released Idea Bank: 3Q19 financial results released Comarch: Backlog Getin Noble: Provision for customer loans
It is worth paying attention to... FINANCIALS + PEO / BHW: We recommend going overweight on banks with high dividend, for which the current DY exceeds 6%. In the scenario of no events in the sector depleting the Bank Guarantee Fund’s funds, these banks should be beneficiaries of the change in the structure of contributions for the next year. In the long run, they may strengthen their position in the sector if the CHF risk becomes large. (Maciej Marcinowski, p. 34/26) + PZU: The Management Boa...
It is worth paying attention to... BANKS + PKO: Another quarter of very good results. Only for PKO, our annual forecast deviates positively from the consensus. The Bank will probably pay out realistically 90% dividend starting next year. Moreover, CHF-denominated loans pose less risk than indexed loans. (Maciej Marcinowski, p. 36) + BHW: We find a 6% DY in a temporarily weak year in terms of results (write-offs for Kania) attractive, especially following recent drops in bond yields. The absence...
It is worth paying attention to: BANKS + PKO: Another quarter of very good results. This year’s stock price is worse than WIG Banks and we can see the potential for reversal of this trend. The Bank wishes to leave 50% of its 2018 profit undistributed, which will enable it to increase the dividend next year. (MM, p. 36) + MIL: Good results despite the upcoming acquisition of Eurobank. Quick synergies can be achieved after the acquisition through replacing the expensive financing of Eurobank. I...
It is worth paying attention to: BANKS + PKO: Another quarter of very good results. This year’s stock price is worse than WIG Banks and we can see the potential for reversal of this trend. The Bank wishes to leave 50% of its 2018 profit undistributed, which will enable it to increase the dividend next year. (MM, p. 36) + MIL: Good results despite the upcoming acquisition of Eurobank. Quick synergies can be achieved after the acquisition through replacing the expensive financing of Eurobank. I...
• Short term: positive attitude. Shares ↑, EM>DM, WIG20WIG20 • WIG20: S-T +10%; L-T WIG20 • Our thesis is that the market is currently in an ‘unreasonably cheap’ phase and we are only just ahead of a phase of doubt, especially in the segment of small companies. • The economic cycle is already behind its peak phase. • The upcoming slowdown will be a classic recession rather than a crisis. • Poland: slowdown in growth, especially in 2H19; strong consumption maintained (although s...
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