reports
- Md Rashadur Rahman Ratul
Equity Note on LafargeHolcim Bangladesh Limited (LHBL)
LafargeHolcim Bangladesh Limited (LHBL), previously known as Lafarge Surma Cement Limited (LSC), a joint venture of LafargeHolcim and Cementos Molins, is the only fully integrated cement manufacturer of Bangladesh along with three grinding plants. It is engaged in manufacturing and marketing cement, clinker and clear-sized aggregates.
- Benoit Valleaux
- Fatma Agnès Hamdani
- Florent Laroche-Joubert
- Jerôme Bodin
- Manuel Martin
- CEFA
- CREA
- Sven Edelfelt
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/30/2018
A number of recent indicators in France have disappointed and the upturn in Legrand’s activity there (16% of sales) has not been as robust as hoped, prompting concerns about underlying difficulties. But we think Legrand’s business in France is in line with market trends and, importantly, the group has found alternative sources of growth. We reiterate our Buy recommendation. Cf. report published today. - - ...
- Sven Edelfelt
ODDO : Building industry in France: a challenging month of July
>Negative stock market impact - Data reflects a rise in the non-residential segment in July, but a decline in the residential segment. Whilst there was no doubt as to the slowdown in the residential segment, the fall in building permits in the non-residential segment over three months rolling is disappointing and could lead to a slowdown in 2019 if this trend is confirmed. Figures that nonetheless need to be confirmed as the Football World Cup probably had an impact o...
- Benoit Valleaux
- Fatma Agnès Hamdani
- Florent Laroche-Joubert
- Jerôme Bodin
- Manuel Martin
- CEFA
- CREA
- Sven Edelfelt
- Sven Edelfelt
ODDO : Bâtiment France : un mois de juillet difficile
>Impact boursier négatif - Chiffres en progression en juillet dans le non résidentiel, mais recul dans le résidentiel. Si le ralentissement dans le résidentiel ne faisait pas de doute, le repli des permis de construire dans le non résidentiel sur 3 mois glissants est décevant et pourrait entrainer un ralentissement en 2019 si cette tendance devait être confirmée. Des chiffres à confirmer toutefois dans la mesure où la coupe du monde de football a certainement eu un im...
- Ahmed Ben Salem
- Anis Zgaya
- Benoit Valleaux
- Bruno Cavalier
- Fatma Agnès Hamdani
- Louis Boujard
- CFA
- Pierre Tegner
- Sven Edelfelt
- Yan Derocles
SGO COMPAGNIE DE SAINT-GOBAIN SA
PROX PROXIMUS SA DE DROIT PUBLIC
NK IMERYS SA
BN DANONE SA
RNO RENAULT SA
ILD ILIAD
WEB WAREHOUSES ESTATES BELGIUM S.C.A.
ISP INTESA SANPAOLO S.P.A.
BBVACOL BBVA COLOMBIA
HEIO HEINEKEN HOLDING N.V.
AMS AMADEUS IT GROUP SA CLASS A
BPOST BPOST SA
CABK CAIXABANK SA
ECL. ENGIE ENERGIA CHILE SA
PHG. KONINKLIJKE PHILIPS
UCG UNICREDIT S.P.A.
VINCIT VINCIT GROUP OYJ
LHBL LAFARGEHOLCIM BANGLADESH
D4G DOWNING FOUR VCT GENERALIST ORD 0.1P
A2DT0B EUROFINS CEREP
- Ahmed Ben Salem
- Anis Zgaya
- Benoit Valleaux
- Bruno Cavalier
- Fatma Agnès Hamdani
- Louis Boujard
- CFA
- Pierre Tegner
- Sven Edelfelt
- Yan Derocles
SGO COMPAGNIE DE SAINT-GOBAIN SA
PROX PROXIMUS SA DE DROIT PUBLIC
NK IMERYS SA
BN DANONE SA
RNO RENAULT SA
ILD ILIAD
WEB WAREHOUSES ESTATES BELGIUM S.C.A.
ISP INTESA SANPAOLO S.P.A.
BBVACOL BBVA COLOMBIA
HEIO HEINEKEN HOLDING N.V.
AMS AMADEUS IT GROUP SA CLASS A
BPOST BPOST SA
CABK CAIXABANK SA
ECL. ENGIE ENERGIA CHILE SA
PHG. KONINKLIJKE PHILIPS
UCG UNICREDIT S.P.A.
VINCIT VINCIT GROUP OYJ
LHBL LAFARGEHOLCIM BANGLADESH
D4G DOWNING FOUR VCT GENERALIST ORD 0.1P
A2DT0B EUROFINS CEREP
- Sven Edelfelt
LafargeHolcim : Feedback from conference call: thank you Huaxin!
>Management in confident mood, except for Africa Middle East - Management displayed a certain degree of confidence on H2 and expects a continuation of the positive trends at the sales level (constant scope, +6.2% in Q2 after +3.1% in Q1). Except for the Africa Middle East zone (Algeria and Iraq), LafargeHolcim expects more positive momentum in H2 both for volumes and prices. But the price increases could be absorbed by higher energy costs, with Cemex revising its ener...
- Sven Edelfelt
LafargeHolcim : Feedback conférence téléphonique : merci Huaxin !
>Un mangement confiant sauf pour l’Afrique Moyen Orient - Le management a affiché une certaine confiance pour le S2 et table sur la poursuite des tendances positives au niveau du chiffre d’affaires (à pcc, +6.2% au T2 après +3.1% au T1). A l’exception de la zone Afrique Moyen-Orient (Algérie et Iraq), LafargeHolcim s’attend à une dynamique plus positive au S2 tant en volume qu'en prix. Attention toutefois, les hausses de prix pourraient être absorbées par la hausse de...
- Sven Edelfelt
Imerys : Cemex: unexciting Q2 results
>Q2 2018 results lower than expected - Cemex has reported its Q2 2018 results. EBITDA came out at $ 714m, i.e. 4.3% below the consensus ($ 746m) but 4% lfl higher than in Q2 2017. Sales in Q2 grew by 7% in real terms and by 7% lfl ($ 3.805bn). FCF fell by 26% in Q2 (36% in H1).Highlights - Selling prices recovered for all the divisions (no doubt to offset the effects of higher energy costs) and volumes grew in all the regions. Volumes enjoyed a catch-...
- Ahmed Ben Salem
- Anis Zgaya
- Antoine Boivin-Champeaux
- Baptiste Lebacq
- Benoit Valleaux
- Delphine Brault
- Emira Sagaama
- Fatma Agnès Hamdani
- Johanna Jourdain
- Louis Boujard
- CFA
- Matthias Desmarais
- Nicolas David
- Olfa Taamallah
- Oussema Denguir
- Philippe Ourpatian
- Pierre Tegner
- Roland Pfaender
- MBA
- CFA
- CCRA
- Salma Bouraoui
- Sven Edelfelt
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2018
Which stocks should be picked over the summer? We have sought to answer this question by screening the Stoxx 600 using simple criteria: buy stocks with positive 1m, 3m and 6m EPS revision and that are not expensive (maximum premium of 20% on P/E and P/B) relative to their respective sectors. We have selected stocks on which our analysts have Buy recommendations and our chart analyst (Rémy Colombero) has a positive opinion: Ahold, Aegon, Alten, Arkema, Eiffage and Ipsen. Applying a sym...
O2D TELEFONICA DEUTSCHLAND HOLDING AG
DG VINCI SA
CA CARREFOUR SA
RDSA ROYAL DUTCH SHELL PLC CLASS A
NK IMERYS SA
SU SCHNEIDER ELECTRIC SE
CNP CNP ASSURANCES SA
SEV SUEZ SA
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
VCT VICAT-CIMENTS VICAT SA
SCR SCOR SE
CPG COMPASS GROUP PLC
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
TEP TELEPERFORMANCE SE
KER KERING SA
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
REP REPSOL SA
CRH. CRH MEDICAL
FCMC SOCIETE FERMIERE DU CASINO MUNICIPAL DE CANNES S.A.
EC TOTAL GABON
GAS NATURGY ENERGY GROUP S.A.
PUM PUMA EXPLORATION INC.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ITKA ANHEUSER-BUSCH INBEV N.V. ADS
ENBR3 EDP - ENERGIAS DO BRASIL S.A.
TEC TECHNIPFMC PLC
AIR AIRBUS GROUP SE
DCX. DAIMLER AG CEDEAR
FERG FERGUSON PLC
BVINV BUREAU VERITAS REGISTRE INTERNATIONAL DE CLASSIFICATION DE NAVIRES ET D'AERONEFS
000028 CHINA NATIONAL ACCORD MEDICINES CORPORATION LTD CLASS A
L'OREAL PRIME FIDEL 2020
GSK. GLAXOSMITHKLINE PLC CEDEAR
DEO.. DIAGEO PLC
LHBL LAFARGEHOLCIM BANGLADESH
- Sven Edelfelt
Imerys : Cemex : résultats T2 sans saveur
>Résultats T2 2018 en dessous des attentes - Cemex a publié ses résultats du T2 2018. L’EBITDA ressort à 714 M$, soit 4,3% en dessous du consensus (746 M$) mais en progression de 4% à pcc par rapport au T2 2017. Sur le T2, le CA augmente de 7% en réel et de 7% à pcc (3 805 M$). Le FCF recule de 26 % sur le T2 (36% sur le S1).A retenir - Redressement des prix de vente dans toutes les divisions (sans doute pour compenser les effets de la hausse des coût...
- Sven Edelfelt
LafargeHolcim : Q2 2018 sales slightly better than expected
>Q2 2018 EBITDA slightly better (1%) - EBITDA came to CHF 1.784bn (+1.5% l-f-l), 1.0% better than the consensus and our forecasts (CHF 1.76bne). Relative to our estimates, EBITDA was lower in Latin America (2%), Africa (15%) and North America (7%). In contrast, Europe and Asia Pacific came in higher, by 6% and 16% respectively. In Asia Pacific, these trends seem to be due to China, while Nigeria looks to have turned in a good performance. Sales came to CHF 7.442bn (6....
- Ahmed Ben Salem
- Anis Zgaya
- Antoine Boivin-Champeaux
- Baptiste Lebacq
- Benoit Valleaux
- Delphine Brault
- Emira Sagaama
- Fatma Agnès Hamdani
- Johanna Jourdain
- Louis Boujard
- CFA
- Matthias Desmarais
- Nicolas David
- Olfa Taamallah
- Oussema Denguir
- Philippe Ourpatian
- Pierre Tegner
- Salma Bouraoui
- Sven Edelfelt
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2018
Quels titres favoriser pour l’été ? Nous avons tenté de répondre à cette question en criblant sur des critères simples le Stoxx 600 : acheter les titres qui connaissent une dynamique de révision de BPA positive à 1m, 3m et 6m et qui ne sont pas « chers » (prime maximale de 20% en P/E et P/B) par rapport à leurs secteurs de rattachement respectifs. Nous retenons les titres recommandés à l’Achat par nos analystes et pour lesquels notre chartiste (R. Colombero) a une opinion po...
O2D TELEFONICA DEUTSCHLAND HOLDING AG
DG VINCI SA
CA CARREFOUR SA
RDSA ROYAL DUTCH SHELL PLC CLASS A
NK IMERYS SA
SU SCHNEIDER ELECTRIC SE
CNP CNP ASSURANCES SA
SEV SUEZ SA
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
VCT VICAT-CIMENTS VICAT SA
CPG COMPASS GROUP PLC
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
TEP TELEPERFORMANCE SE
KER KERING SA
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
REP REPSOL SA
CRH. CRH MEDICAL
EC TOTAL GABON
GAS NATURGY ENERGY GROUP S.A.
PUM PUMA EXPLORATION INC.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ITKA ANHEUSER-BUSCH INBEV N.V. ADS
ENBR3 EDP - ENERGIAS DO BRASIL S.A.
TEC TECHNIPFMC PLC
AIR AIRBUS GROUP SE
DCX. DAIMLER AG CEDEAR
FERG FERGUSON PLC
BVINV BUREAU VERITAS REGISTRE INTERNATIONAL DE CLASSIFICATION DE NAVIRES ET D'AERONEFS
000028 CHINA NATIONAL ACCORD MEDICINES CORPORATION LTD CLASS A
L'OREAL PRIME FIDEL 2020
GSK. GLAXOSMITHKLINE PLC CEDEAR
DEO.. DIAGEO PLC
LHBL LAFARGEHOLCIM BANGLADESH
- Sven Edelfelt
LafargeHolcim : T2 2018 légèrement au-dessus des attentes
>EBITDA T2 2018 légèrement au-dessus (1%) - L’EBITDA ressort à 1 784 MCHF (+1,5% à pcc), 1,0% au-dessus du consensus et nos attentes (1760 MCHFe). Par rapport à nos estimations, l’EBITDA est inférieur en Amérique latine (2%), Afrique (15%) et Amérique du Nord (7%). A l’inverse, l’Europe et l’Asie-Pacifique ressortent au-dessus de respectivement 6 et 16%. En Asie Pacifique, ces tendances semblent s’expliquer par la Chine, alors que le Nigeria semble avoir réalisé une b...
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