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....
Value Is Just Getting Going The weight of the evidence remains mixed yet constructive overall and suggests pullbacks to the 4000-4040 range on the S&P 500 would be nothing more than a buying opportunity. Therefore, we continue to recommend adding exposure to cyclical value areas (Energy, Financials, Materials, Manufacturing, and Transportation) on pullbacks. Below we explain why we believe value's outperformance is in its early innings, and the basis for our overall constructive outlook. S&P 5...
CompanhÃa Siderúrgica Nacional (CSN – CSNABZ) reported a robust Q2, revised its guidance for the full year upwards and generally remained on a positive path, improving its operations and strengthening its balance sheet to levels that few thought possible little more than 18 months ago.
CompanhÃa Siderúrgica Nacional CSN (CSNABZ) reported its Q1 results last week, showing a slight yoy improvement in net revenues, EBITDA and credit metrics. The company’s results could have been better were it not for exchange rate fluctuations, the higher costs of slab (affecting the steel segment) and the non-incurring financial expense derived from its most recent bond issue.
CSN Resources, S.A., is expected to come to the market with a senior unsecured bond guaranteed by Companhia Siderurgica Nacional, the parent. The bond is expected to be rated B3/NR/B-, and have a "benchmark size" and "an intermediate tenor", which we believe could be from 7 to 10 years. The proceeds from this issue are expected to be used to finance a parallel cash tender offer for the group's 6.875% bonds due 2019 and the 6.50% bonds due 2020, as well as for general corporate purposes.
CompanhÃa Siderúrgica Nacional, or CSN (CSNABZ), remains our top pick in our Latin American credit universe, and, on 20 February, reported very strong Q4 18 and 2018 results, both operationally and financially. Moreover, during the results conference call held on 21 February, management was very positive about the outlook for 2019 and 2020. It revised down its net leverage ratio guidance for 2019, estimating even higher levels of EBITDA and additional debt repayments, new supply contracts and ...
Pension reform is the key focus for investors in Brazilian assets, with much riding on whether the proposed changes will make it through the legislature, and in what form. However, we argue that there are other variables investors should consider and that, overall, Brazilian assets could outperform LatAm assets in general.
CompanhÃa Siderúrgica Nacional, or CSN (ticker: CSNABZ) reported a relatively stable Q1 on the back of good production metrics and higher steel prices, partly offset by higher costs. Even better news, though, was the announcement on 14 May of the signing of an agreement to sell the company’s interest in its wholly owned subsidiary, CSN Steel S.L.U. (based in the US).
CompanhÃa Siderúrgica Nacional (CSN, ticker: CSNABZ) reported steady-to-strong Q4 17 and 2017 results, showing that while the company is still not out of the woods, it has found its compass and is on the path to full recovery. We reiterate our BUY recommendation on CSN bonds as we believe that the improvements (both operationally and financially) will continue throughout 2018 with a positive business environment, better balance sheet management, and potential non-core assets sales.
Credit in Focus: CSN - Extends bank debt with Banco do Brasil; reiterate Buy CompanhÃa Siderúrgica Nacional CSN (CSNABZ) formally announced on 1 February that it has successfully extended the debt amortisation schedule of debts it has with Banco do Brasil and that it is close to a similar agreement with Caixa Económica Federal (Caixa). CSN’s debts to those two banks account for c49% of its total debt. We believe the news is a very positive sign for the company’s efforts to strengthen its...
CompanhÃa Siderúrgica Nacional CSN (CSNABZ) formally announced on 1 February that it has successfully extended the debt amortisation schedule of debts it has with Banco do Brasil and that it is close to a similar agreement with Caixa Económica Federal (Caixa). CSN’s debts to those two banks account for c49% of its total debt. We believe the news is a very positive sign for the company’s efforts to strengthen its balance sheet. We reiterate our Buy recommendation on CSN’s family of bonds...
Ford Equity Research covers more than 4,000 stocks using a proprietary quantitative model that evaluates a company’s earnings strength, its relative valuation and recent price movement. Ford’s five recommendation ratings include strong buy, buy, hold, sell, strong sell. For all stocks in our coverage universe, ratings are generated each week and reflect the fundamental and price data as of the last trading day of the week.
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