reports
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Guan An Tan
- Jack Lai Yuan Khai
- Jonathan Koh
- Roy Chen Chengzhi
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, March 13, 2025
GREATER CHINA Results Cathay Pacific Airways (293 HK/HOLD/HK$10.90/Target: HK$11.20) 2024: Results slightly miss our forecast but a solid beat of consensus estimates. Yields to moderate further in 2025. Maintain HOLD. INDONESIA Small/Mid Cap Highlights Rukun Raharja (RAJA IJ/NOT RATED/Rp2,260) Leveraging stability in oil & gas business. MALAYSIA Results Bermaz Auto (BAUTO MK/HOLD/RM1.04/Target: RM1.00) 9MFY25: Results below e...
TISCO TISCO FINANCIAL GROUP
RAJA RUKUN RAHARJA
KBANK KASIKORNBANK PUBLIC CO. LTD.
6493 TTBIO
BBL BHP GROUP PLC
BAUTO BERMAZ AUTO BHD
KTB KONTOOR BRANDS
SCI SCI E&C
SCB SCB X PUBLIC COMPANY LIMITED
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
BCOW 1895 BANCORP OF WISCONSIN INC
AKA A.K.A. BRANDS HOLDINGS
- Sumeet Singh
BHP Woodside distribution Placement
BHP shareholders received US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. As a part of the distribution, some shares belonging to ineligible and other small shareholders are being sold by the sales agent, JPM, in a US$823m block. In this note, we will look at the possible deal dynamics and run the deal through our ECM framework.
- Sumeet Singh
BHP Woodside distribution
BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. As a part of the distribution, some shares belonging to ineligible and other small shareholders will have to be sold by the sales agent, JPM. Such shares could add up to US$1.5bn in stock sales which will be done in early June. In this note, we will look at the possible deal dynamics and the overall background of the deal.
- Martial Descoutures
- Michael B. Schäfer
ENGI ENGIE SA.
ZURN ZURICH INSURANCE GROUP LTD
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
EURN EURONAV NV
WHA WERELDHAVE N.V.
RAND RANDSTAD NV
SDF K+S AG
BAMNB KONINKLIJKE BAM GROEP NV
CAP CAPGEMINI SE
KWS KWS SAAT SE & CO KGAA
STMN STRAUMANN HOLDING AG
NN NN GROUP N.V.
DKG DEUTSCHE KONSUM REIT-AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
BHP BHP GROUP PLC
JDEP JDE PEET'S NV
- Martial Descoutures
- Michael B. Schäfer
ENGI ENGIE SA.
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
EURN EURONAV NV
WHA WERELDHAVE N.V.
RAND RANDSTAD NV
SDF K+S AG
BAMNB KONINKLIJKE BAM GROEP NV
CAP CAPGEMINI SE
KWS KWS SAAT SE & CO KGAA
STMN STRAUMANN HOLDING AG
NN NN GROUP N.V.
DKG DEUTSCHE KONSUM REIT-AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
BHP BHP GROUP PLC
JDEP JDE PEET'S NV
BHP Group Plc : H1 2021-22 results in line with our expectations. Mana...
>H1 2021-22 results overall in line with expectations - BHP Group Plc reported its H1 2021-22 results (FY ending in June), with underlying EBITDA of $ 18.5bn (i.e. 64% of sales) in line with our expectations (ODDO BHF: $ 18.3bn) and the consensus (Vuma: $ 18.3bn). This represents a +33% y-o-y increase ($ 14.7bn EBITDA in H1 2021), attributable notably to higher average realised prices for all major commodities (+$ 6.2bn) and favourable FX (+$ 0.6bn), which more than o...
BHP Group Plc : H1 2021-22 results in line with our expectations. Mana...
>H1 2021-22 results overall in line with expectations - BHP Group Plc reported its H1 2021-22 results (FY ending in June), with underlying EBITDA of $ 18.5bn (i.e. 64% of sales) in line with our expectations (ODDO BHF: $ 18.3bn) and the consensus (Vuma: $ 18.3bn). This represents a +33% y-o-y increase ($ 14.7bn EBITDA in H1 2021), attributable notably to higher average realised prices for all major commodities (+$ 6.2bn) and favourable FX (+$ 0.6bn), which more than o...
- Jean-Baptiste Rouphael
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/01/2022
Nous inversons notre arbitrage en faveur de Publicis (opinion relevée à Surperformance vs Neutre) vs WPP (Neutre vs Surperformance). Nous estimons que Publicis constitue un investissement attractif pour 2022 et visons un potentiel de près de 20%. Le groupe pourrait surprendre positivement au T4 2021 et surperformer opérationnellement WPP en 2022. 2021 a été favorable à WPP, nous tablons sur l’inverse en 2022. - ...
- Fehmi Ben Naamane
ADS ADIDAS AG
PUM PUMA SE
WTB WHITBREAD PLC
ALO ALSTOM SA
SHA SCHAEFFLER AG
CCL CARNIVAL PLC
SHOT SCANDIC HOTELS GROUP
ATL ATLANTIA S.P.A
ALVDM VOYAGEURS DU MONDE SA
BBED BETER BED HOLDING N.V.
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
BHP BHP GROUP PLC
IHG INTERCONTINENTAL HOTELS GROUP PLC
ENR SIEMENS ENERGY AG
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/01/2022
Nous reprenons la couverture de Bouygues avec une recommandation Neutre (OC 34 €). La mutation du groupe – recentré sur des métiers moins risqués et davantage générateurs de cash – n’est certes pas valorisée mais ceci est parfaitement justifié par les enjeux auxquels le groupe doit faire face : outre les risques liés à l’intégration d’Equans, Bouygues doit restaurer sa profitabilité dans la construction (Colas, Immobilier) alors que son carnet de commandes est moins rempli que celui d...
- Nicolas David
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/01/2022
Nous avons réactualisé notre modèle d’évolution à 6 mois de la prime de risque (ERP) bâti en fonction de la dynamique des BPA 12m, de la progression des rendements du Bund et de celle des PMI. En y injectant nos attentes pour 2022, notre modèle affiche un potentiel de détente additionnel de l’ERP de 30 pb environ. Si nos attentes, et notamment nos anticipations de croissance macroéconomique et de BPA, se révèlent correctes ceci signifie qu’il convient à court terme de privilégier les ...
BHP Group Plc : Q2 2021-22 production prints on the low side but overa...
>Q2 2021-22 production comes in on the low side - BHP’s Q2 2021-22 production report (FY ending June) came in below our expectations. Group copper equivalent production decreased 4% y-o-y in Q2 2021-22 largely due to lower copper and metallurgical coal volumes. Production at the copper division (23% of FY 2020-21 EBITDA) fell 15% y-o-y to 365.5 kt (ODDO BHF: 429.6 kt; Q1 2021-22: 377 kt) on the back of lower volumes at Olympic Dam due to smelter maintenance, while Es...
ODDO : Only when the tide goes out do you discover who’s been swimming...
This year was marked by strong growth in demand for commodities. The year 2022 should see a return to normal more or less accelerated depending on the segment. We still favour Stainless steel (Aperam, Acerinox, Outokumpu) while carbon steel is expected to be resilient (ArcelorMittal, SSAB). The fate of diversified mining groups is hanging on to the resumption of demand in China. Anglo American is our favourite value in this segment. We take an Underperform rating (vs Neutral) on ...
ODDO : Quand la mer se retire…
Cette année aura été marquée par une forte croissance de la demande de commodités. L’année 2022 devrait voir un retour à la normale plus ou moins accéléré suivant le segment. L’acier inoxydable garde notre faveur (Aperam, Acerinox, Outokumpu) tandis que l’acier au carbone devrait se montrer résilient (ArcelorMittal, SSAB). Le sort des groupes miniers diversifiés est suspendu au redémarrage de la demande en Chine. Anglo American est notre valeur favorite sur ce segment. Nous adopt...
ODDO : Only when the tide goes out do you discover who’s been swimming...
This year was marked by strong growth in demand for commodities. The year 2022 should see a return to normal more or less accelerated depending on the segment. We still favour Stainless steel (Aperam, Acerinox, Outokumpu) while carbon steel is expected to be resilient (ArcelorMittal, SSAB). The fate of diversified mining groups is hanging on to the resumption of demand in China. Anglo American is our favourite value in this segment. We take an Underperform rating (vs Neutral) on ...
ODDO : Quand la mer se retire…
Cette année aura été marquée par une forte croissance de la demande de commodités. L’année 2022 devrait voir un retour à la normale plus ou moins accéléré suivant le segment. L’acier inoxydable garde notre faveur (Aperam, Acerinox, Outokumpu) tandis que l’acier au carbone devrait se montrer résilient (ArcelorMittal, SSAB). Le sort des groupes miniers diversifiés est suspendu au redémarrage de la demande en Chine. Anglo American est notre valeur favorite sur ce segment. Nous adopt...
- Jay Turner
- Sean Sexton
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