Please continue overleaf.
|
|
- Rafe Bradford
- 8 years ago
- Views:
Transcription
1 AXIA Research Greece-Daily Note 28 August 2015 Headlines Athens General Index Macroeconomic News President of the Supreme Court Vassiliki Thanou was sworn in yesterday as transitional Prime Minister. The caretaker cabinet will be sworn in today to guide Greece to general elections on September 20. According to a poll by Pro-Rata for a local newspaper (Efimerida ton Syntakton), Syriza claims 23% of the vote, new Democracy 19.5%, while the undecided vote stood at 25.5%. According to the same poll, 8 parties in total come above the 3.0% limit to enter the parliament, while the former junior coalition partner - Independent Greeks - gets 2.0% of the votes. Corporate News OPAP released a strong set of 2Q:15 results, at the higher end of market expectations, driven by slightly higher-than-expected revenues - Management to propose an interim dividend for FY:15 of EUR 0.17/share (gross). The cutoff date is September 11, OPAP will hold a conference call today at 16:00 local time (14:00 UK Time). PPC posted a satisfactory set of 1H:15 results, coming broadly in line with our and market estimates. Performance was driven by lower OPEX and higher demand. On the contrary, the increase of provisions for bad debts (as expected) had a negative impact. Note that the company launched a new tariff policy, offering discounts to medium and low voltage clients in an effort to support its market share and unpaid bill formation. The impact is estimated according to the management at EUR18m for 2015 and at EUR80m on a FY basis for According to our preliminary estimates, this points to an EPS reduction of c30% in 2015 and c50% in Hellenic Petroleum released a strong set of 2Q:15 results that came in above market expectations, with adj. EBITDA coming 7.5% above consensus. ELPE posted adj. net profits of EUR 39m (vs. losses of EUR 54m in 2Q:14). Folli Follie reported 1H:15 top and bottom line numbers that were at the higher end of expectations, but the EBITDA margin was pressured. Management is working towards its target of double digit top line and EBITDA growth for the year although it cautioned that there is still low visibility on the outlook. Lamda Development reported a satisfactory set of 1H:15 results, posting a 7.0% increase in retail EBITDA to EUR 19.9m. Still reported EBITDA was pressured due to revaluation losses. Additional Headlines Bank of Greece announced that total household and corporate deposits fell by EUR 1.4bn m-o-m to EUR 120.8bn in July despite the imposition of capital controls, attributed to the heightened concerns of depositors. Note that since end-december 2014 total deposit outflows stand at EUR 39.5bn. Bank of Greece announced that the annual growth rate of total credit extended to the domestic private sector stood at -1.5% in July against -1.7% in the previous month. The monthly net flow of total credit to the domestic private sector was negative at EUR 607mn, against a positive net flow of EUR 430mn in the previous month. NBG announced that the Board of Directors approved the appointment of Ioannis Kyriakopoulos as CFO, effective September 4. Ioannis Kyriakopoulos, a mathematician by training, served as deputy CFO of NBG between 2009 and 2011, and was CFO at Greece's bank bailout fund (HFSF) from 2012 until last May. Note that the CFO position at NBG has been vacant since Paula Hatzisotiriou resigned in May this year. Motor Oil management, in the conference call following a strong set of 2Q:15 results, was optimistic on the short-to-medium term outlook of the company, given the prevailing market trends. Market performance during the quarter was characterized by significant volatility both in crude prices, FX rates and product prices. Going forward, demand is seen remaining strong in the Med region, with the nominal capacity being lower than the actual available and thus resulting in strong demand growth for exports. In respect of the dividend policy, management refrained from providing specific comments, but the normalization of the political landscape that should come after the elections period should weigh positively on any decisions. Piraeus Port Authority announced its 1H:15 results, with revenues down just 2.9% to EUR 50.2m despite the significant reduction in the work of the Container Terminal. On the positive side revenues from passenger shipping, cruise and COSCO concession increased by 8%, 6% and 12.7% respectively. Total operating expenses declined by 7.34% mainly due to a 5.0% reduction in wages. Given the profitability improvements, net income jumped to EUR 7.6m for 1H:15 vs. EUR 3.3m in the same period last year, while cash and equivalent increased to EUR 62.5m (vs. EUR 44.5m in end Jun-2014) Jul 03 Aug 10 Aug 17 Aug 24 Aug close daily % Y-t-d % Athens General % % Market Turnover (EURm) % Market Cap (EURbn) Market Cap / GDP* * % ASE Indices & Sectors close daily % Y-t-d % FTSE % -30.3% FTSE % -4.0% FTSE % -29.3% ASE - Banks % -78.8% ASE - Telecoms % -6.6% ASE - Industrial % -3.1% ASE - Construction % -7.1% FTSE ASE Ratios* General Index Large Cap 2015f 2016f 2015f 2016f P/E (x) P/BV (x) EV/EBITDA (x) EV/Sales (x) Dividend yield (%) FTSE ASE movers (last trading day) TOP Forthnet S.A. 20.0% Folli Follie S.A. 5.3% Jumbo S.A. 5.1% BOTTOM Eurobank Ergasias SA -7.1% Piraeus Bank S.A. -4.3% Terna Energy S.A. -4.0% Thessaloniki Port Authority released its 1H:15 results posting revenues of EUR 26.6m vs. EUR 26.3m in 1H:14. EBITDA during the 6- month period of 2015 amounted to EUR 14.6m against EUR 14.0m in 2014 (+3.88% y-o-y). After-tax results amounted to EUR 9.95m vs. EUR 10.4 in 2014 (-4.94% y-o-y). Athens Water announced its 1H:15 results posting practically flat revenues of EUR 151.7m (-0.1% y-o-y) with billed water consumption decreasing by 0.5% in volume terms. Operating costs declined by 4.4% y-o-y, supporting an increase in EBITDA 22.7% y-o-y, amounting to EUR 40m, whereas EBITDA margin settled at 26.3% from 21.5% previously. Earnings after taxes amounted to EUR 17.1m vs. EUR 15.6m in the first half of 2014, posting an increase of 9.3%. Net cash position of the company stood at EUR 230m vs. EUR 233m in end Dec Please continue overleaf. Weekly calendar Friday, Aug. 28th : 2Q:15 GDP provisional estimates, STOXX indices review announcement (effective Sep. 21st) Athens Water, Thessaloniki Water - Release of Q2:15 Results Axia Ventures Group - 4 Vas. Sofias Ave., Athens Greece, Tel: , Fax: , Web: Please refer to the last page for disclosures and analyst certification
2 Greek Politics General Elections Fact: President of the Supreme Court Vassiliki Thanou was sworn in yesterday as transitional Prime Minister. The caretaker cabinet will be sworn in today to guide Greece to general elections on September 20. According to a poll by Pro-Rata for a local newspaper (Efimerida ton Syntakton), Syriza claims 23% of the vote, new Democracy 19.5%, while the undecided vote stood at 25.5%. According to the same poll, 8 parties in total come above the 3.0% limit to enter the parliament, while the former junior coalition partner - Independent Greeks - gets 2.0% of the votes. Assessment: Vassiliki Thanou was sworn in last night after President Prokopis Pavlopoulos called all the party leaders individually on Thursday afternoon and established that there was no prospect of a government being formed from the current administration. Note that outgoing Prime Minister Alexis Tsipras, coalition partner Panos Kammenos, Golden Dawn leader Nikos Michaloliakos and Communist Party chief Dimitris Koutsoubas all declined the opportunity to take part in the face-to-face discussion, leading Prokopis Pavlopoulos to abandon the process. Note that the caretaker cabinet is due to be sworn in at noon today. Note also that a key member of Greece s negotiating team for the third bailout, Giorgos Houliarakis, is expected to be made finance minister. AXIA Research Page 2
3 Closing Price (EUR) 7.00 Market Cap (EUR m) Aug 14 Oct 14 Nov 14 Dec 14 Feb 15 Mar 15 May 15 Jun 15 Jul 15 Greek Organisation of Football Prognostics SA OPAP Cons. Est.* f 2016f EV/EBITDA P/E P/B EPS (EUR) OPAP Reuters / Bloomberg: OPAr.AT / OPAP GA Gaming / Greece Fact: OPAP released a strong set of 2Q:15 results, at the higher end of market expectations, driven by slightly higher-than-expected revenues - Management to propose an interim dividend for FY:15 of EUR 0.17/share (gross). The cutoff date is September 11, OPAP will hold a conference call today at 16:00 local time (14:00 UK Time). Assessment: 2Q:15 turnover came higher than the market (and we) had expected, reaching EUR bn or (+10.1% y-o-y). Stihima sales declined, as was anticipated (note that the game had benefited last year by the World Cup games in Brazil booking revenues of ceur110m). Still the drop was slightly lower than what we had forecasted. In addition, positive surprise was seen from the performance of Kino that grew by 3.2% y-o-y in 2Q:15. The increase reflects the fading impact of the cannibalization from the scratch ticket. Revenues from the Hellenic Lotteries settled at EUR 113.4m in 2Q:15 with the scratch ticket sales settling at EUR 76.2m, confirming the normalization levels of EUR 70-80m (in 1Q:15 it recorded revenues of EUR 72.8m). Joker sales in 2Q:15 increased by a strong 95% y-o-y assisted by rollovers. On the other hand Lotto sales decreased for the period (-41.8% y-o-y) due to lack of rollovers. Gross gaming revenues (GGR) in 2Q:15 increased 15.1% y-o-y to EUR 340.8m as the payout for the decreased from 69% in 2Q:14 to 67% in 2Q:15. Stihima payout settled at 67.7% for the quarter vs. 67.8% the same period last year. EBITDA in 2Q:15 increased by 35.9% reaching EUR 93.2m, mainly due to successful cost control. To this end adjusted (for Payzone and revenue based costs) cost of services came c7.2% higher y-o-y. Net profit in 2Q:15 reached EUR 51.9m or 232.3% higher y-o-y. Note that last year net income was impacted by tax obligations, while this period s effective tax rate includes also an adjustment that leads to a higher effective corporate tax rate for the year (from 26% to 29%). The company s cash position is at ceur 218m while it raised EUR 105m in debt during the quarter. Overall, OPAP reported a strong set of results, assisted by the healthy performance of its flagship games of Stihima and Kino, the first-time contribution of Hellenic Lotteries (including the scratch ticket) and the strong revenues (and profitability) from Joker. Still the focus will be on management comments on the performance of the company during the capital controls but also on any developments on the rollout of the VLTs (the company announced the suspension of the launch of VLTs in early July due to regulatory issues). EUR m Q2:14 Q2:15 y-o-y H1:14 H1:15 y-o-y Stihima % % Kino % % Hellenic Lotteries Total Revenues % % Gross Gaming Revenues % % EBITDA % % EBITDA margin on GGR 23.2% 27.4% 23.5% 26.7% Net Income % % Source: The Company, AXIA VG Research Action: Overall, OPAP reported a strong set of results, assisted by the healthy performance of its flagship games of Stihima and Kino, the first-time contribution of Hellenic Lotteries (including the scratch ticket) and the strong revenues (and profitability) from Joker. Still the focus will be on management comments on the performance of the company during the capital controls but also on any developments on the rollout of the VLTs (the company announced the suspension of the launch of VLTs in early July due to regulatory issues). AXIA Research Page 3
4 Closing Price (EUR) 4.08 Market Cap (EUR m) Aug 14 Oct 14 Nov 14 Dec 14 Feb 15 Mar 15 May 15 Jun 15 Jul 15 Public Power Corporation S.A. ATHEX Composite (Rebased) Cons. Est.* f 2016f EV/EBITDA P/E P/B EPS (EUR) Public Power Corporation S.A. Reuters / Bloomberg: DEHr.AT / PPC GA Electricity / Greece Fact: PPC posted a satisfactory set of 1H:15 results, coming broadly in line with our and market estimates. Performance was driven by lower OPEX and higher demand. On the contrary, the increase of provisions for bad debts (as expected) had a negative impact. Note that the company launched a new tariff policy, offering discounts to medium and low voltage clients in an effort to support its market share and unpaid bill formation. The impact is estimated according to the management at EUR 18m for 2015 and at EUR 80mn on a FY basis for According to our preliminary estimates, this points to an EPS reduction of c30% in 2015 and c50% in Assessment: Total electricity demand increased by 4.7% in 1H:15 to 28,216 GWh versus 26,951 GWh in 1H:14, with the first quarter of the year posting the higher increase (+8.6% y-o-y in 1Q:15 due to very low temperatures). In this context, revenues from energy sales increased by 3.0% y-o-y in 1H:15 to EUR 2.828bn, while total turnover increased by 2.8% y-o-y to EUR 2.913bn in 1H:15. PPC s electricity generation and imports covered 61.2% of total demand in 1H:15 (vs. 68.8% in 1H:14), due to lower lignitefired generation by 22.5% and lower gas-fired generation by 36.5% as well as due to the doubling of imports from third parties (mainly from Balkans at favorable pricing vs. local SMP). Hydro generation in 1H:15 increased by 88.9% due to exceptional hydrological conditions. The decrease in liquid fuel expense by 18.6%, from EUR 344.3m in 1H:14 to EUR 280.4m in 1H:15, is attributed to the reduction of heavy fuel oil and diesel prices. Natural gas expense decreased by 38.4% y-o-y, from EUR 173.5m in 1H:14 to EUR 106.9m in 1H:15, due to lower gas-fired generation (-36.5% y-o-y). With respect to natural gas prices, there is a reduction of 1.4% in 1H:15, following the reduction of natural gas prices in 2Q:15. The positive impact from the reduction of oil price in 1H:15 is expected to drive natural gas prices down starting from 2H:15. Energy purchases expense from the System and the Network increased by 6.5% mainly stemming from third party imports. Expenses for CO2 emission rights amounted to EUR 107.2m, translating to a EUR 2.4mn increase compared to 1H:14. The increased average price for CO2 emissions rights by approximately 30% was mitigated by lower volumes due to lower lignite production: CO2 emissions in volume terms decreased by 21.5% in 1H:15 compared to 1H:14 settling at 15.5 mln tonnes. The total reduction between the two periods in payroll cost stood at 4.0% to EUR 483m at 1H:15. On the provision front, provisions for bad debt amounted to EUR 307.9m in 1H:15 compared to EUR 204m in 1H:14, an increase of EUR 103.9m (50.9%). If there were no reversals of provisions, the relevant figures would be EUR 313.7m and EUR 272.3m respectively, that is an increase of EUR 41.4 m or 15.2%. This shows a significant slowdown in reversals in H1:15. But things are expected to deteriorate further: PPC CEO commented that the Company has already implemented actions for the improvement of overdues collection, however, the imposition of capital controls has hindered the effectiveness of such actions in July and made it more difficult for our customers to pay their electricity bills, thus leading to a further increase in overdues.. In this context management revised upwards its 2015 provision guidance to EUR 600m vs. EUR 450m previously. PPC announced a new tariff policy, offering discounts to certain customer segments (mainly low voltage and medium voltage, commercial clients). The said scheme is regarded as an effort to (i) avoid mitigation of customers to alternative suppliers in front of the enhanced competition through energy auctions and (ii) provide support to unpaid bill formation that has deteriorated following the capital controls period. Management estimates the impact of the scheme at ceur 18m for the remaining of 2015 and at EUR 80m for FY We note that commercial and residential clients represent the higher margin segments of PPC s clientele. In this context and considering the enhanced competition through NOME energy auction that should be agreed by October 2015 according to the MoU provisions, PPC is trying to prevent cherry-picking of its most profitable clients. Additionally note that as per the MoU provisions, PPC must abolish the 20% discount on High Voltage clients established in 2014 and use tariffs based on marginal generation costs. Finally, management noted that any decisions regarding NOME implementation and up to a certain level tariff policy are up to the government policy. Considering the above mentioned, as well as the prevailing crude oil price levels and USD rates, management updated its guidance for FY:2015, with total sale at EUR 5.8bn (vs. EUR 5.9bn previously) and EBITDA at ceur 1.16bn (vs. EUR 1.25bn previously). In respect of IPTO privatization, PPC has submitted an updated business plan that foresees the assets of IPTO remaining within PPC, while the operation passes to an independent entity controlled by the State and Independent investors. Further decisions on this are expected by October. 2Q:14 2Q:15 y-o-y 1H:14 1H:15 y-o-y Reuters cons 1H:15 Revenues 1, , % 2, , % 2, ,8 Payroll % % 43 Oil % % 26 Natural Gas % % 10 Energy Purchases % % 72 Provisions % % 32 Total Opex 1, , % 2, , % 2,2 EBITDA % % EBITDA margin 18.5% 18.5% 19.3% 21.8% 21 Net Income % % *Reuters Source: AXIA VG Research Action: Given the above (higher provisions, tariff discounts) we estimate a downward revision of 2015 EPS by c30% to ceur 0.6 vs. ceur 0.9 previously, while for 2016 we estimate a c50% reduction in our EPS estimates to ceur 0.3. Note that the impact of the tariff reductions is partially mitigated by the current low levels of commodity prices and thus lower generation costs. Given the limited visibility at this point over the outlook of the electricity market and the potential impacts on PPC we remain cautious on PPC. We will revert with updated estimates and valuation. AXIA Research Page 4
5 Closing Price (EUR) 4.17 Market Cap (EUR m) Aug 14 Oct 14 Nov 14 Dec 14 Feb 15 Mar 15 May 15 Jun 15 Jul 15 Hellenic Petroleum SA ATHEX Composite (Rebased) Cons. Est.* f 2016f EV/EBITDA P/E P/B EPS (EUR) Hellenic Petroleum SA Reuters / Bloomberg: HEPr.AT / ELPE GA Refinery / Greece Fact: Hellenic Petroleum released a strong set of 2Q:15 results that came in above market expectations, with adj. EBITDA coming 7.5% above consensus. ELPE posted adj. net profits of EUR 39m (vs. losses of EUR 54m in 2Q:14). Assessment: Performance was driven by refining, which despite the scheduled maintenance period, was strongly driven by refining margins and favorable USD rates. Refining: Benchmark margins in 2Q:15 more than doubled vs. the same period last year driven mainly by strong gasoline cracks. At the same time demand in the domestic market increased by 6.0% y-o-y in 2Q:15 maintaining the positive trend of 1Q:15 (+22.0% y-o-y mainly due to heating oil demand). Adjusted EBITDA for 2Q:15 stood at EUR 77m vs. EUR 9.0m in 2Q:14. It is worth noting that the scheduled shutdown of Aspropyrgos unit impacted by ceur 80m the quarterly EBITDA performance, with utilization rates of ELPE system declining to 63% for 2Q:15 vs. 103% in 1Q:15 and 104% in 4Q:14. Petrochemicals: Sales volume decline by 14% y-o-y in 2Q:15 due to the refinery shutdown period, but this was partially mitigated by stronger PP margins. The division contributed EUR 23m on adj. EBITDA or 21% higher y- o-y. Marketing: In the domestic market, higher sales volume (+15% y-o-y in 2Q:15) and improved performance in Aviation & Bunkering (+30% y-o-y in 2Q:15) during the early months of the tourism season led EBITDA to EUR 13m vs. EUR 10m in 2Q:14. It is also worth noting that retail sales increased by 11% y-o-y during the quarter. On the international markets, volumes also improved by 12% y-o-y, driving EBITDA higher by 16% in 2Q:15 standing at EUR 15m. On a group level, adj. EBITDA for 2Q:15 stood at EUR 130m vs. EUR 49m in 2Q:14, while on a reported level EBITDA stood at EUR 144m. Net income on an adjusted basis settled at EUR 39m vs. losses of EUR 54m in 2Q:14, with reported earning reaching EUR 49m. The company generated adjusted FCF (adj. EBITDA less capex) of EUR 256m during the 6-month period of 2015, with net debt at end-july 2015 standing at EUR 1.115bn vs. EUR 1.140bn in end-december 2015, affected though by WC capital decline. We note that cash and equivalent at the end of the period stood at EUR 2.210bn. On the conference call management was optimistic for the environment during 3Q:15, pointing to a very strong performance, given the full operation off all units. In regards to its cooperation with Iran, management noted that they will seek to source crude from Iran as the refinery is set up for this type of crude, while they will seek for a mutually beneficial settlement of their liabilities. In respect of financing, the company has initiated preliminary talks vis-à-vis the 2016 maturing bond which are expected to evolve as the market conditions normalize. EUR m 2Q:14 2Q:15 y-o-y 1H:14 1H:15 y-o-y 1H:15 cons.* Reported EBITDA % % adj. EBITDA % % Refining % % Domestic marketing % % International % % Petchems % % Other % % Reported Net % % 47.0 adj. Net % % 72.8 *Reuters Source: AXIA VG Research Action: ELPE posted a very good set of results, despite the downtime period. We recognize a number of positive trends (namely gasoline demand, export volumes, domestic demand, operational streamlining, USD rates) during the 1H:15 that are expected to continue in the second half of 2015 and will result in a very strong performance. Further to that, the availability of Iran crude late in 2015 or by early 2016 will further enhance sourcing optionality and thus profitability. It is worth noting that the refiners adjusted LTM EBITDA has reached the historical highs of EUR 650m. We are positive on the prospects of the company in the prevailing refining landscape and we believe that the removal of domestic political uncertainties will help overcome any headwinds. AXIA Research Page 5
6 Closing Price (EUR) 19 Market Cap (EUR m) Aug 14 Oct 14 Nov 14 Dec 14 Feb 15 Mar 15 May 15 Jun 15 Jul 15 Folli Follie S.A. ATHEX Composite (Rebased) Cons. Est.* f 2016f EV/EBITDA P/E P/B EPS (EUR) Folli Follie S.A. Reuters / Bloomberg: HDFr.AT / FFGRP GA Retail / Greece Fact: Folli Follie reported 1H:15 top and bottom line numbers that were at the higher end of expectations, but the EBITDA margin was pressured. Management is working towards its target of double digit top line and EBITDA growth for the year although it cautioned that there is still low visibility on the outlook. Assessment: Folli Follie posted revenues of EUR 594.3m at 1H:15, 24.1% higher y-o-y benefiting by increased demand and favorable fx fluctuations. Specifically, the Jewellery, Watches and Accessories (JWA) division posted sales of EUR 437.3m, in 1H:15, up 23.4% y-o-y, The growth is associated strong sales in Asia but also fx. Margins though of the division significantly declined (EBITDA margin down 260bps y-o-y in H1) reflecting seasonality due to the change in mix (more franchises). Management said that this will improve over the coming quarters and from 26.8% EBITDA margin in 1H:15, for the year the target is set to reach 28% (30% going forward). The group reported strong revenue growth from Department stores (+16.3%) assisted by the new Attica in Thessaloniki but also increased sales in Greece. Like-for-like revenues were up 6.2% y-o-y. The EBITDA margin of the division remained relatively flat. The Wholesale/retail division revenues grew by 37.3% driven by the expansion of European Juicy Couture but also increased demand in Greece and the Balkans. In a like-for-like basis the performance of the division was also strong growing 22% y-o-y. The EBITDA margin of the division dropped to 6.1% from 12.5% reflecting the impact of Juicy Couture and a higher discounting market environment. Group EBITDA margin deteriorated by 270bps to 21.57% impacted mainly by the JWA division. EBITDA reached EUR 128.2m in 1H:15 or 10.1% higher y-o-y. Net profits for the period settled at EUR 73.3m or 11.1% higher y-o-y. Operating cash flow reached ceur 60m vs EUR-1.7 the same period last year. Management noted that performance in Greece in July (following the implantation of capital controls) was flat, while August is strong as the group is gaining market share. In respect of China management said that it has not seen negative impact in business as its target group (middle class) is least affected by developments, while the devaluation has a positive impact on costs. In China the aim is for a retail and franchises network (in respect of sales and POS) guided for double digit growth of sales and EBITDA for FY15, boosted by positive fx. EUR m H1:14 H1:15 y-o-y Sales % EBITDA % EBITDA margin 24.3% 21.6% Net Income % Source: The Company, AVG Research Action: Folli Follie produced a solid set of results, although we note the positive fx impact in the numbers. We also highlight the improvement in the cash flow, a positive trend that started last year. Still we highlight the drop in margins in JWA that we will monitor. The company continues with its expansion plans including the rollout of the Links of London in Asia. The prospects remain positive for the JWA division as demand from mainland China continues strong while the group expands in the region both organically and through franchisees. We remain concerned about the prospects of the Greek operations (22% of the total and the bulk of revenues from the retail and the department stores divisions) but we note that the company continues to gain market share as competition (especially high street) is weakening. AXIA Research Page 6
7 Closing Price (EUR) 4.13 Market Cap (EUR m) Aug 14 Oct 14 Nov 14 Dec 14 Feb 15 Mar 15 May 15 Jun 15 Jul 15 LAMDA Development S.A. ATHEX Composite (Rebased) LAMDA Development S.A. Reuters / Bloomberg: LMDr.AT / LAMDA GA Real Estate / Greece Fact: Lamda Development reported a satisfactory set of 1H:15 results, posting a 7.0% increase in retail EBITDA to EUR 19.9m. Still reported EBITDA was pressured due to revaluation losses. Assessment: The retail performance in 1H:15 showed significant growth with retail EBITDA up 7% y-o-y, settling in at EUR 19.9m following an increase of total retail revenues of 3.5% y-o-y to EUR26.5m. Lamda s 3 mall shopkeeper sales for the period were up 5.2% y-o-y as consumer visits increased 1.1% y-o-y and average per capita spending increased by 4.1% y-o-y. Lamda s shopping centers occupancy remains high at 98%. Retail EBITDA increased by 5% y-o-y, while total EBITDA increased 7.6% y-o-y standing at EUR 8.5m. The company reported net profits of EUR 1.36m in 1Q:15 compared to net profits of EUR 0.67m at 1Q:14. The net debt-to-investment portfolio (proportional method) stands at 39.2%, whereas the net debt-to-nav reached 55.3% and Net Debt/Book Equity at 61.5%. Still, the losses from asset revaluations (EUR 20.5m) impacted the P&L negatively in 1H:15. Note the revaluation losses by the end of 1H:14 were EUR 7.2m. The main revaluation adjustments were related to the group s land bank in SEE and retail (malls). The company reported losses at an EBITDA level of EUR 3.575m vs. profits of EUR 0.867m the same period last year, while reported net losses for the period amounted to EUR 14.3m in 1H:15 from losses of EUR 6.75m in 1H:14. The NAV at the end of June 2015 settled EUR 410m, while NAV/share stands at EUR 5.21 from EUR 5.46/share at March 31, Net debt settled at EUR 152.7m (equity method) or EUR 276.5m on a proportional method) with Net debt / Investment Portfolio at 27.7% on an equity method (40.4% on a proportional method). In the conference call following the release of the results, management noted that despite the capital controls and the increased uncertainty over the recent period there is no reversal of the positive trends in the company s malls as they continue to gain market share. Specifically management said that in the first 2 weeks of capital controls there was a drop in sales but gradually this was reversed and sales in August continue to grow. EUR m H1:14 H1:15 y-o-y Revenues % Operating profit Net Income Source: The Company, AXIA VG Research Action: 1H:15 results depict the strong position of Lamda in Greek retail that was further enhanced by the stabilization/growth of the Greek economy during the first half of the year. We note the increased difficulties in the second half of the year given the impact of the capital controls, additional austerity and increased uncertainty (new elections) but the company is well positioned to weather the headwinds. Hellinikon remains a transformational catalyst for the group but more developments (that could allow us to quantify the positive impact) should be expected in the coming quarters. AXIA Research Page 7
8 Corporate & Macro Calendar Macros Event For the month of Release date Quarterly national Accounts (prov.) 2Q:15 28/8/2015 Turnover Index in Retail Trade Jun-15 31/8/2015 2Q:15 Earnings Announcements Athens Water 28/8/2015 Thessaloniki Water 28/8/2015 Fourlis 31/8/2015 Ellaktor 31/8/2015 Aegean Airlines 31/8/2015 Gek Terna 31/8/2015 AXIA Research Page 8
9 Disclosures General information This research report was prepared by AXIA Ventures Group Limited, a company incorporated under the laws of Cyprus (referred to herein, together with its subsidiary companies and affiliates, collectively, as AXIA ) which is authorised and regulated by the Cyprus Securities and Exchange Commission (authorisation number 086/07). AXIA is authorized to provide investment services in the United Kingdom, Greece and in Portugal pursuant to its permissions under the Markets in Financial Instruments Directive and may also provide similar services in other countries, inside or outside of the European Union, subject to the applicable provisions. AXIA Ventures Group Limited is not a registered broker-dealer in the United States (U.S.), and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. In the U.S., this research report is intended solely for persons who meet the definition of major U.S. institutional investors in Rule 15a-6 under the U.S. Securities and Exchange Act, as amended, or persons listed under Rule 15a-6(4)) and is meant to be disseminated only through Axia Capital Markets LLC, a wholly owned subsidiary of AXIA Ventures Group Limited and associated US registered broker-dealer in accordance with Rule 15a-6 of the US Securities and Exchange Act. Content of the report The persons in charge of the preparation of this report, the names of whom are disclosed below, certify that the views and opinions expressed on the subject security, issuer, companies or businesses covered by this research report (each a Subject Company and, collectively, the Subject Companies ) are their personal opinions and that no part of their compensation was, is or will be directly or indirectly related to the specific recommendations or views contained in this research report. Whilst all substantial sources of information for the research are indicated in this report, including, without limitation, bases of valuation applied to any security or derivative security, such information has not been disclosed to the Subject Companies for their comments and no such information is hereby certified. All information contained herein is subject to change at any time without notice. No member of AXIA has an obligation to update, modify or amend this research report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate, or if research on the Subject Company is withdrawn. Further, past performance is not indicative of future results. Persons responsible for this report: Constantinos Zouzoulas (analyst). Key Definitions AXIA Research 12-month rating* Buy The stock to generate total return** of and above 10% within the next 12-months The stock to generate total return**between -10% and 10% within the next 12- Neutral months Sell The stock to generate total return** of and below -10% within the next 12 months Under Review Stock s target price or rating is subject to possible change Applicable Laws / Regulation and AXIA Ventures Group Limited policies might Restricted restrict certain types of communication and investment recommendations Not Rated There is no rating for the company by AXIA Ventures Group Limited * Exceptions to the bands may be granted by the Investment Review Committee of AXIA taking into account specific characteristics of the Subject Company **Total return: % price appreciation equals percentage change in share price from current price to projected target price plus projected dividend yield. AXIA Ventures Group Limited Rating Distribution as of today Coverage Universe Count Percent Buy 3 30% Neutral Sell Restricted Not Rated Under Review 7 70% Of which Investment Banking Relationships Count Percent
10 Independence and objectivity, conflicts of interest management None of the analysts in charge of this report are involved in activities within AXIA where such involvement is inconsistent with the maintenance of that analyst s independence or objectivity. None of them has received or purchased shares in any Subject Company prior to any private or public offering of those shares. However, the analysts responsible for the preparation of this report may interact with trading desks or sales personnel for the purpose of gathering and interpreting market information with regard to the Subject Companies. As an investment services provider engaging in a wide range of businesses, AXIA is active in the field of activities which may include the provision of services to issuers of securities, with respect to underwriting or placing of financial instruments or with respect to advice on capital structure, industrial strategy and related matters ( investment banking services ). The nature of such activities, in conjunction with the activity of production and issuance of research reports, may be considered as leading to situations of conflict of interests when the research reports cover an issuer with whom AXIA has an ongoing or has recently had a business relationship for the provision of investment banking services. AXIA has all the necessary internal structures and arrangements in order to identify and avoid or, should avoidance be impossible, to manage such situations in a manner consistent with the highest standards, in accordance with its internal conflicts of interest policy. In compliance with such arrangements, analysts and other staff who are involved in the preparation and dissemination of research (including, without limitation, this report) operate independently of management and the reporting line is separate from AXIA s investment banking business. Chinese Wall procedures (procedures separating the availability of information of any Subject Company) are in place between the investment banking and research businesses to ensure that any confidential and/or price sensitive information is handled appropriately. In all cases when, at the time of preparation or issuance of a report, an issuer covered by such report is in a business relationship with AXIA for the provision of investment banking services, Axia includes a note in the report, drawing the attention of the recipients to such fact. The same note is included when such business relationship has been terminated less than 12 months before the issuance of the report. However, it cannot be fully precluded that issuers covered by a report may be in discussions with AXIA s investment banking department for a potential future cooperation in investment banking matters, even though a business relationship does not already exist. In such cases AXIA may not be able to announce the fact of such discussions in the reports even if such reports cover the specific issuer. Therefore, even if this research report does not mention any existing or recent business relationship with an issuer whose securities are covered by the report, such issuer may be a potential future customer of AXIA in the field of investment banking services. It is noted that, even in such case, the persons in charge of this report do not participate in any such discussion and their remuneration is not determined based on the proceeds of the department providing investment banking services and that such situation is not reasonably expected to impair the independence or objectivity of AXIA s reports. Investment decisions Investors should make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives when investing. Investors should consult their independent advisors if they have any doubts as to the applicability to their business or investment objectives of the information and the strategies discussed herein. Investments involve risks and recipients should exercise prudence and their own independent judgment in making their investment decisions. Therefore, this research report should not be regarded by recipients as a substitute for the exercise of their own judgment. This research report has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient, even if sent only to a single recipient. This research report is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to in this research report. It is published solely for information purposes. This research report is being furnished to certain persons as permitted by applicable law, and accordingly may not be reproduced or circulated to any other person without the prior written consent of a member of AXIA. This research report may not be relied upon by any retail customers or persons to whom this research report may not be provided by law. It does not constitute a factual representation, a financial promotion or other advertisement, is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments in any jurisdiction and may not be relied on in any manner by any recipient. Unauthorized use or disclosure of this research report is strictly prohibited. Investing in any non-u.s. securities or related financial instruments (including ADRs) discussed in this research report may present certain risks. The securities of non-u.s. issuers may not be registered with, or be subject to the regulations of, the U.S. Securities and Exchange Commission. Information on such non-u.s. securities or related financial instruments may be limited. Non-U.S. companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the United States. No liability Neither AXIA nor any of its directors, officers, employees or agents shall have any liability, however arising, for any error, inaccuracy or incompleteness of fact or opinion in this research report or lack of care in this research report s preparation or publication, or any losses or damages which may arise from the use of this research report. AXIA does not represent or warrant that any investments will increase in value or generate profits. Any responsibility or liability for any information contained herein is expressly disclaimed. Any opinions or information contained herein is subject to change at any time without notice and may differ from other opinions expressed professionally by persons within AXIA. This material should not be construed as a solicitation or recommendation to use AXIA to effect transactions in any security mentioned herein or as an attempt to induce securities transactions by such recipients in any manner whatsoever. AXIA is not providing this research report pursuant to any express or implied understanding that the recipients will direct commission income to AXIA.
11 Recipients In the countries of the European Union, this report is communicated by AXIA to persons who are classified as eligible counterparties or professional clients and is only available to such persons. In any other country outside the European Union, this report is addressed exclusively to persons entitled to receive research reports from foreign Investment Firms according to the applicable legal and regulatory provisions. The information contained in this research report is not addressed to and does not apply to any other categories of investors than those specified above. AXIA in relation to its research complies with the applicable requirements and laws concerning disclosures and these are indicated on this legend or in the research report where applicable. By accepting this research report, you agree to be bound by the foregoing limitations. This material is not intended for the use of private investors. Axia Ventures Group 10 G. Kranidiotis, Suite 102 4, Vas. Sofias Ave., 3 rd Floor 645 Fifth Avenue, Suite 903 Berkeley Sq. House, Berkeley Sq. Avenida da Liberdade 240, 4th floor 1065 Nicosia, Cyprus Athens, Greece New York, NY 10022, US London, W1J 6BD, UK Lisbon, Portugal Tel: Tel: Tel: Tel: Tel: Fax: Fax: Fax: Fax: Fax: Research Constantinos Zouzoulas constantinos.zouzoulas@axiavg.com Louis Nikolopoulos Louis.nikolopoulos@axiavg.com Argyrios Gkonis argyrios.gkonis@axiavg.com Maria Almaça maria.almaca@axiavg.com Equity Capital Markets Thanos Adamantopoulos thanos.adamantopoulos@axiavg.com Equity Sales / Trading Stavros Agrotis stavros.agrotis@axiavg.com +357(22) Constantinos Koufopoulos constantinos.koufopoulos@axiavg.com Harry Smyrnopoulos harry.smyrnopoulos@axiavg.con Maria Mitsouli maria.mitsouli@axiavg.com Elias Calfoglou elias.calfoglou@axiavg.com Athanasia Markidi athanasia.markidi@axiavg.com Ioanna Georgiou Ioanna.georgiou@axiavg.com George Baroumis george.baroumis@axiavg.com
2011 Interim Results Presentation. Athens, 31 August 2011
2011 Interim Results Presentation Athens, 31 August 2011 AGENDA Results Highlights Business Units Performance Financial Results Q&A 1 RESULTS HIGHLIGHTS INDUSTRY ENVIRONMENT: Conditions remain difficult
More informationBUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value
UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):
More informationGujarat State Petronet Ltd. INR 135
Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Oil & Gas RESULT UPDATE Gujarat State Petronet Ltd. INR 135 Growth in volumes to propel earnings Accumulate Gujarat
More informationThe Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY
The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight
More informationBright Smart (1428 HK)
Equity Research Financials Bright Smart (1428 ) Hold (initiation) Target price: $1.70 Local broker with high ROE; initiate at Hold Local broker with expansion ambition Bright Smart is a securities, commodities
More informationGraphite Electrodes. Imposition of antidumping duty augurs well. Sector Update. ICICI Securities Ltd Retail Equity Research.
Sector Update Rating matrix Target price Company Old New CMP Potential Upside HEG 225 275 238 19% Graphite India 85 15 91 18% Target period 12-15 months Price performance (%) Return % 1M 3M 6M 12M HEG
More informationSBERBANK GROUP S IFRS RESULTS. March 2015
SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB
More informationSecond Quarter 2015 Trading Update. 28 September 2015
Second Quarter 2015 Trading Update 28 September 2015 Disclaimer This communication and the information contained herein has been approved by the Board of Directors of Eurobank Ergasias S.A. ( Eurobank
More informationEuropean Freight Forwarding Index
European Freight Forwarding Index 14 January 13 Erik Bergöö erbe@danskebank.dk +45 45 12 36 Søren Toft stof@danskebank.dk +45 45 12 53 Important disclosures and certifications are contained from page 12
More informationKingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3.
Equity Research Information Technology Aug 2, 21 Kingdee (28 HK) Buy (maintained) Target price: HK$.8 Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$.8 Lower-than-expected
More informationKhambatta Securities Ltd.
Attractive Valuation Strong Buy Sector : Bank Private Target Price : Rs 284 Current Market Price : Rs 230 Market Cap : Rs 1,337 bn 52-week High/Low : Rs 393/216 Daily Avg. Volume : 13.88 mn Shares in issue
More informationGAIL (India) Ltd. INR 346
Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 India Equity Institutional Research Oil & Gas RESULT UPDATE GAIL (India) Ltd. INR 346 Good performance; Near term outlook looks stable BUY GAIL reported
More informationBackground information. Changes in the shareholder structure and balance sheet. Contract with Google prolonged for two years
A cc or # $T ypcap$ 1628 1 0 4 2 Page 1/5 Equity flash Newsflow Telecommunication HOLD (HOLD) Target EUR 4.00 (EUR 4.00) Price (last closing price) : EUR 2.84 Upside : 40 % Est. change 2015e 2016e EPS
More informationSberbank Group s IFRS Results for 6 Months 2013. August 2013
Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB
More informationINVESTMENT CASE FULLY INTACT
Leifheit AG Q2 results due out on 12/08/2015 07/08/2015 INVESTMENT CASE FULLY INTACT Buy 60.00 EUR Close (06/08/2015) 47.68 EUR Bloomberg: LEI WKN: 646450 Sector Share price performance Consumer 52 week
More informationMaster Limited Partnerships (MLPs)
1Q 2016 Master Limited Partnerships (MLPs) Distinct Focus on Yield VanEck Vectors TM High Income Infrastructure MLP ETF (YMLI) VanEck Vectors TM High Income MLP ETF (YMLP) ETF disclosure This material
More informationLongfor (960 HK) Unrated Real Estate Development Industry
20 Septemper 2012 Equity Focus Key Data Share price (HK$) 11.78 52Wk H/L(HK$) 13.5/6.5 Issued shares (mn) 5,167.3 Market cap (HK$mn) 60,974 30-day avg vol (HK$mn) 137.14 Auditors Deloitte Major shareholder:
More informationCinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold
Equity Research Financials Cinda (111 HK) Hold (Initiation) Target price: HK$1.55 Facing intense competition from Chinese brokers in HK; initiate at Hold China Cinda s international business platform Cinda
More informationPetrel Energy Ltd. This report is intended for CCMInternalDistribution@clarksons.com. Unauthorized redistribution of this report is prohibited.
Exploration and Production Equity Research July 30, 2013 Crikey! Aussie Microcap Exploring Unconventional Resources on 3 Continents The smallest of our coverage companies, with exploration assets in Uruguay,
More informationPI Industries. 2QFY16 Result Review HOLD. Custom synthesis restricted 2Q revenue growth ; maintain HOLD. Sector: AGRI
$Com panyname$ Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 2QFY16 Result Review (Wholly owned subsidiary of Bank of Baroda) HOLD PI Industries Ltd. Custom synthesis
More informationRAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS. Earnings Presentation Q2 FY16
RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS Earnings Presentation Q2 FY16 Company Overview COMPANY OVERVIEW Rajesh Exports Ltd. (REL) was incorporated in 1989. Currently REL is a leader
More informationQ4.14 Financial Results. March 23, 2015
Q4.14 Financial Results March 23, 2015 Table of Contents 1 Results overview 2 Liquidity 3 Profitability 4 Asset quality 5 Capital 6 Appendix Results overview 1 4Q14 results: key take-aways Liquidity Group
More informationFlexituff International Ltd. (FIL)
s $CompanyN ame$ Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 (Wholly owned subsidiary of Bank of Baroda) Q2FY16 Result Review BUY Flexituff International Ltd. (FIL)
More informationCEWE Stiftung & Co. KGaA
CEWE Stiftung & Co. KGaA Solid development - on track to reaching targets 12/05/2015 Hold 60.00 EUR Close (11/05/2015) 57.81 EUR Bloomberg: CWC WKN: 540390 Sector Share price performance Consumer 52 week
More informationYear-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14
This research is intended for UK institutional investors only and market professionals. It is not intended for retail customers and any retail customer should seek professional, independent advice before
More informationeuromicron AG Corrections to financial statements Hold 14.00 EUR
euromicron AG Corrections to financial statements 24/03/2015 Hold 14.00 EUR Close (23/03/2015) Bloomberg: EUCA Sector Share price performance 14.15 EUR WKN: A1K030 Technology 52 week high 14.18 52 week
More informationRussia: Where to find new growth drivers?
Russia: Where to find new growth drivers? Sanna Kurronen Economist +38 4 68 369 sanna.kurronen@danskebank.com 14 February 213 Important disclosures and certifications are contained from page of this report.
More informationH1 2014 IFRS Results. August 2014
H 4 IFRS Results August 4 Important Notice By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following limitations and notifications and represent
More informationCIO Flash Revisions to our 2016 global outlook Jan 25, 2016
CIO Flash Revisions to our global outlook Jan 25, +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH The global macro picture:
More informationSAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013
SAF-HOLLAND Annual Financial Statements 212 Detlef Borghardt, CEO Wilfried Trepels, CFO March 14, 213 Executive Summary business volume successfully expanded in 212 1 Group sales increased yoy by 3.4%
More informationIncreasing estimates and PT on expectation of solid earnings momentum. Growth momentum and turnaround of insurance business
A cc or # $T ypcap$ 1628 1 0 4 2 Equity flash Trading Update Financial Services Hypoport AG BUY (BUY) Target 21.00 EUR (17.00 EUR) Price (last closing price) : 18.49 EUR Upside : 14% Est. change 2015e
More information2013 Third Quarter Review October 25, 2013 1
October 25, 213 1 Panalpina Group October 25, 213 213 Third Quarter Review October 25, 213 2 Highlights and key figures Operating and financial review Outlook Growth in profitability and margins in the
More informationCommodities. Precious metals as an asset class. April 2011. What qualifies as an asset class? What makes commodities an asset class?
Commodities Precious metals as an asset class April 2011 What qualifies as an asset class? Broadly speaking, an asset class is simply a grouping of assets that possess similar characteristics. Defining
More informationGlobal Investments Limited. FY2014 Financial Results
Global Investments Limited FY2014 Financial Results DISCLAIMER Information contained in this presentation is intended solely for your personal reference and is strictly confidential. Such information is
More informationISBANK EARNINGS PRESENTATION 2016 Q1
ISBANK EARNINGS PRESENTATION 2016 Q1 2016 Q1 Recent Developments in the Economy Binler Global Outlook Main Indicators of Turkey US EA Moderate expansion in the US economy Solid labor market data Still
More informationMangalam Cement Weak volumes marred performance
CMP* (Rs) 206 Market Cap. (Rs bn) 5.5 Free Float (%) 72 Shares O/S (mn) 26.7 Mangalam Cement Weak volumes marred performance Mangalam Cement (MCL) delivered a weak performance in 2Q but was marginally
More informationSUPPLEMENTARY PROSPECTUS
BANK OF CYPRUS PUBLIC COMPANY LIMITED (The Company was founded in Cyprus under the Cyprus Companies Law, Cap. 113) (Company Registration no: ΗΕ165) SUPPLEMENTARY PROSPECTUS DATE: 2 June 2011 In compliance
More informationChina Property Sector Expecting lower policy risk due to stabilizing home prices
19 September 2012 Equity Focus Key Data Average FY12E PE (x) 5.69 Average FY12E PB (x) 1.14, ABCI Securities HSCIPC performance (%) Absolute Relative* 1-mth 6.3 3.8 3-mth 10.3 4.5 6-mth 6.2 7.7 *Relative
More informationQuant Picks United Breweries
October 6, 2015 Quant Picks United Breweries Research Analyst Amit Gupta amit.gup@icicisecurities.com Raj Deepak Singh rajdeepak.singh@icicisecurities.com Azeem Ahmad azeem.ahmad@icicisecurities.com i
More informationCanadian Life Insurance Industry
A.M. Best Company s 9 th Annual Insurance Market Briefing Canada Canadian Life Insurance Industry Edward Kohlberg, CPA, FLMI Senior Financial Analyst Richard McMillan Senior Financial Analyst September
More informationCompany Report. New China Life (1336 HK) Hold Life & Health Insurance Industry 2013E target price: HK$34.30 (from HK$24.
New China Life Company Report New China Life (1336 HK) Hold Life & Health Insurance Industry 2013E target price: HK$34.30 (from HK$24.85 previously) Key data H-share price (HK$) 31.45 Target price (HK$)
More informationCompany Overview. Financial Performance
Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 SPS Finquest Ltd CMP: 84.60 January 13, 2015 Stock Details BSE code 538402 BSE ID SPS Face value ( ) 10 No of shares
More informationS&P 500 outlook: Close to peak for 2015
S&P 500 outlook: Close to peak for 2015 August 12, 2015 Markets and Products Analysis INVESTMENT PORTOFOLIO ANALYSIS DIVISION Important Disclaimer in page 2 1 Disclaimer Disclaimer: The information herein
More informationPrivate drilling fluid technology service leader
21 March 2012 Equity Research Report Company Research Petroleum & Petrochemical Sichuan Renzhi Oilfield Technology Services (002629) Investment value analysis report Private drilling fluid technology service
More informationCyprus - Weekly Review August 04, 2016
Corporate news Macro/Political Cyprus - Weekly Review August 04, 2016 News Flow Moody s Investors Service has changed Cypriot banking system outlook to positive from negative. This comes as a result of
More informationDATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015
BANKHAUS LAMPE // 1 DATRON AG Investor day supports our positive view 17/09/2015 Buy (Buy) 12.50 EUR (12.50 EUR ) Close 15/09/2015 9.75 EUR Bloomberg: DAR GY WKN: A0V9LA Sector Engineering Share price
More informationAnalysts and Investors conference call Q1 2014 results 15 May 2014
Analysts and Investors conference call Q1 2014 results 15 May 2014 DISCLAIMER This presentation has been prepared by Air Berlin PLC. No representation, warranty or undertaking, express or implied, is made
More informationRating Action: Moody's assigns Aaa.br rating to Duke's BRL479 million debentures; outlook stable
Rating Action: Moody's assigns Aaa.br rating to Duke's BRL479 million debentures; outlook stable Global Credit Research - 11 Apr 2014 Approximately BRL1.1 billion of debt instruments affected Sao Paulo,
More informationFocus on fleet customers SAF-HOLLAND Annual Financial Statements 2013
Focus on fleet customers SAF-HOLLAND Annual Financial Statements 213 Detlef Borghardt, CEO Wilfried Trepels, CFO March 13, 214 Agenda 1 Financials 3 2 Appendix 21 2 Executive Summary 1 2 3 Group sales
More informationWhy ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group
Atul Lele alele@deltecinv.com +1 242 302 4135 David Munoz dmunoz@deltecinv.com +1 242 302 4106 David Frazer dfrazer@deltecinv.com +1 242 302 4156 Why ECB QE is Negative for Commodities Recent ECB Quantitative
More informationResearch US Fed on hold: uncertainty set to keep Fed sidelined
Investment Research General Market Conditions 11 February 2016 Research US Fed on hold: uncertainty set to keep Fed sidelined In our view, the uncertainty in financial markets and rising risk of a systemic
More informationCorporate and Corporate Bond Rating MITEC Automotive AG Germany, Automotive suppliers
MITEC Automotive AG Germany, Automotive suppliers www.scoperatings.com Corporate profile Founded in 1990, MITEC Automotive AG ( MITEC ) is a German auto supplier specialising in automobile propulsion technology,
More informationThird quarter results as of December 31, 2014. Investor presentation
Third quarter results as of December 31, 2014 Investor presentation February, 26 th 2015 Disclaimer Certain statements included or incorporated by reference within this presentation may constitute forwardlooking
More informationShare Capital Increase
Share Capital Increase Additional Information Pack Part 2 July 2014 Table of contents Margins and profitability - Interest earning assets decomposition 3 Asset quality - Recovery analysis 4 Capital - Q2
More informationExhibit 1: Financial summary of First Tractor in 1H12-1H14 1H12 2H12 1H13 2H13 1H14 (% YoY)
Capital Goods Manufacturing ector August 29, 214 Company Report Rating: HOLD TP: HK$ 4.8 H-hare price (HK$) 5.17 Est. share price return (7.16%) Est. dividend yield 1.39% Est. total return (5.77%) First
More information2 September 2015 YOC AG. FIRST BERLIN Equity Research
FIRST ERLIN Equity Research RATING Germany / Advertising Primary exchange: Frankfurt, Xetra Q2/15 Results PRICE TARGET 2.80 loomberg: YOC GR Return Potential 29.6% ISIN: DE0005932735 Risk Rating High SALES
More informationThird Quarter 2014 Earnings Conference Call. 13 August 2014
Third Quarter 2014 Earnings Conference Call 13 August 2014 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning the
More informationRenminbi Depreciation and the Hong Kong Economy
Thomas Shik Acting Chief Economist thomasshik@hangseng.com Renminbi Depreciation and the Hong Kong Economy If the recent weakness of the renminbi persists, it is likely to have a positive direct impact
More informationIn line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK
28 Jan 15 28 Apr 15 28 Jul 15 28 Oct 15 DUBAI ISLAMIC BANK In line performance Results update 4Q2015 Banks UAE 28 January 2016 Dubai Islamic Bank s (DIB) reported net profit of AED865mn, in-line with our
More informationQ3 2014 IFRS Results. November 2014
Q3 4 IFRS Results November 4 Important Notice By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following limitations and notifications and
More informationSundaram Finance. Target price (INR) 452 Momentum in loans sustains, upgrade to Hold
HOLD Target price (INR) 452 Momentum in loans sustains, upgrade to Hold India Equity Research Financials January 30, 2013 Rating The higher than expected growth in the NII was driven by an improvement
More informationprice target of 7.40. We reiterate our Buy rating. Figure 1: Reported figures versus forecasts Source: First Berlin Equity Research, SFC Energy AG
FIRST ERLIN Equity Research RATING Germany / Energy Primary exchange: Frankfurt Q3 figures PRICE TARGET 7.40 loomberg: F3C GR Return Potential 38.1% ISIN: DE0007568578 Risk Rating High PROJECT DELAYS URDEN
More informationHow To Understand The Turkish Economy
BRSA Bank Only Macro Outlook Q1 GDP growth at 3.2%, mostly backed by net exports. Budget deficit was TRY 6.7 billion in H1 12, one third of Latest GDP figure is supportive of the soft landing the government
More informationNatalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77
New Environment for Refinancing in Russia Natalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77 Excessive sterilization depressed liquidity Banking crisis stemmed from a decline
More informationUpdate Presentation with Larry Holzenthaler. January 2016
Update Presentation with Larry Holzenthaler January 2016 Reminder Loans Have First Priority Loans have priority over Bonds, Preferred Shares, Common Equity Most senior tranche of the capital structure
More informationBritannia Industries
Rally in Input costs near term drag, Maintain BUY June 20, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs2,641
More information2014 FULL YEAR RESULTS
2014 FULL YEAR RESULTS -3% -8% Financial and Operational Highlights Operational Revenue mntl (1) Ancillary Revenue/Pax Load Factor 29% 16% 13% 22% TRY mn 2.38 4,7 TRY mn 3.08 1,7 TRYm n 569,3 TRYm n 661,9
More informationSUPREME INDUSTRIES LTD Plastic Products HOLD RETAIL EQUITY RESEARCH
Q2FY16 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH SUPREME INDUSTRIES LTD Plastic Products BSE CODE:509930 NSE CODE: SUPREMEIND Bloomberg CODE: SIL IN SENSEX: 24,470 HOLD CMP Rs725
More informationJuly 30 th, 2015 2015 HALF-YEAR RESULTS
Disclaimer Confidential IMPORTANT NOTICE: By attending the meeting where this presentation is given, or by reading the presentation slides, you agree to be bound by the following limitations and qualifications:
More informationNo Signs of Cannibalization
Tony Wible, CFA 908-470-3160 twible@janney.com Media and Entertainment Price: $84.98 Fair Value Estimate: $100.00 52-Week Range: $60.80 - $88.25 Market Cap (MM): $70,075 Shr.O/S-Diluted (mm): 824.6 Average
More informationHCC BUY. Infrastructure January 29, 2016
Jan-15 Mar-15 Apr-15 May-15 Jul-15 Aug-15 Sep-15 Nov-15 Dec-15 Jan-16 India Research Infrastructure January 29, 2016 QUARTERLY REVIEW Bloomberg: IN Reuters: HCNS.BO BUY Better margins drive earnings s
More information2013 Second Quarter Review July 26, 2013 1
213 Second Quarter Review July 26, 213 1 Panalpina Group Basel, July 26, 213 213 Second Quarter Review 213 Second Quarter Review July 26, 213 2 Highlights and key figures Operating and financial review
More informationAoyuan (3883 HK) Site visit to Guangzhou: Key takeaways
China Real Estates March 10, 2014 Company Report Rating: BUY TP: HK$ 2.20 Ke Share price (HK$) 1.48 Est. share price return 48.6% Est. dividend yield 4.3% Est. total return 52.9% Previous Rating &TP Key
More informationHong Kong. abc. *Employed by a non-us affiliate of HSBC Securities (USA) Inc, and is not registered/qualified pursuant to FINRA regulations
July 212 Steven Sun* Equity Strategist The Hongkong and Shanghai Banking Corporation Limited +852 2822 4298 stevensun@hsbc.com.hk Roger Xie* Equity Strategist The Hongkong and Shanghai Banking Corporation
More informationPresentation on Results for the 2nd Quarter FY 2015. Idemitsu Kosan Co.,Ltd. November 4, 2015
Presentation on Results for the 2nd Quarter FY 2015 Idemitsu Kosan Co.,Ltd. November 4, 2015 Table of Contents 1. 2 nd Quarter FY 2015 Financials (1) Overview (2) Segment Information (3) Streamlining 2.
More informationMawer Canadian Bond Fund. Interim Management Report of Fund Performance
Interim Management Report of Fund Performance For the Period Ended June 30, 2015 This interim management report of fund performance contains financial highlights but does not contain either interim or
More informationMacroeconomic Research Brazil External Sector
Macroeconomic Research Brazil External Sector 22 September 2015 August Balance Of Payments Declining current account deficit but dwindling resources as well Bernardo Mota bernardo.mota@btgpactual.com +55
More informationBROOKFIELD RENEWABLE ANNOUNCES 7% DISTRIBUTION INCREASE AND FOURTH QUARTER RESULTS Distribution increased from $1.66 to $1.
PRESS RELEASE BROOKFIELD RENEWABLE ANNOUNCES 7% DISTRIBUTION INCREASE AND FOURTH QUARTER RESULTS Distribution increased from $1.66 to $1.78 per share BROOKFIELD, News, February 4, 2016 Brookfield Renewable
More informationRating Research Services
Rating Research Services Media Release: Ratings On Taiwan Mobile Co. Ltd. Affirmed On Sustainable Market Position; Outlook Stable Primary Credit Analyst: Anne Kuo, CFA; (886) 2 8722-5829; anne.kuo@taiwanratings.com.tw
More informationBotswana Insurance Holdings Ltd
Stockbrokers Botswana Research Botswana Insurance Holdings Ltd Botswana Insurance Holdings Limited published their final results for the year to March 2004. Overall the results were in line with our expectations
More informationSOHO China (410) Buy Nov 20, 2009. Company update. 4 Acquisitions within 6 Months. Samson Man, CFA (852)-2532-1539 samson.man@firstshanghai.com.
SOHO China (410) Company update Buy Nov 20, 2009 4 Acquisitions within 6 Months Purchase Nexus Centre in Beijing. SOHO China announced to acquire Nexus Centre in Beijing. Total GFA is 103,340 sqm. Total
More informationEstimated Going Concern Enterprise Valuation
UBS Securities LLC 299 Park Avenue New York NY 10171 www.ubs.com September 12, 2005 VARIG, S.A. (VIAÇÃO AÉREA RIO-GRANDENSE) Em Recuperação Judicial Brazilian Bankruptcy Court in Rio de Janeiro, Brazil
More informationQ1 2010 Results Analyst Presentation Henk van Dalen, CFO 3 May 2010
Q1 2010 Results Analyst Presentation Henk van Dalen, CFO 3 May 2010 Overall trading conditions continue to improve GROUP Operating income 251 million ( 163 million in Q1 20); quarter benefited from four
More informationO KEY GROUP ANNOUNCES AUDITED FINANCIAL RESULTS FOR 2014
Press Release 19 March 2015 O KEY GROUP ANNOUNCES AUDITED FINANCIAL RESULTS FOR 2014 O KEY Group S.A (LSE: OKEY), a leading food retailer in Russia, today released audited consolidated financial results
More informationHMS Group 3 months 2015 IFRS Results Conference call presentation. 16 June 2015
HMS Group 3 months 2015 IFRS Results Conference call presentation 16 June 2015 Financial results Business & Outlook Appendix Financial Highlights Financial highlights, Rub mn 3m 2015 3m 2014 chg, yoy Revenue
More informationDO WE NEED MORE STORAGE IN EUROPE?
DO WE NEED MORE STORAGE IN EUROPE? 25-26 April 212 Dr Thierry Bros Phone: 33 ()1 58 98 11 7 Important Notice: The circumstances in which this publication has been produced are such that it is not appropriate
More informationQ1/2015 Results VTG AG Connecting worlds. Dr. Heiko Fischer, CEO Dr. Kai Kleeberg, CFO May 21, 2015
Q1/2015 Results VTG AG Connecting worlds Dr. Heiko Fischer, CEO Dr. Kai Kleeberg, CFO May 21, 2015 Table of content 1 Discussion of Q1/2015 2 Outlook FY 2015 3 Questions & Answers 4 Financial Calendar
More informationFebruary 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP]
February 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP] Company Name: Idemitsu Kosan Co.,Ltd. (URL http://www.idemitsu.com)
More informationAccumulate. Exide Industries Ltd(EIL) Automobile Ancillaries RETAIL EQUITY RESEARCH
Q3FY16 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH Exide Industries Ltd(EIL) Automobile Ancillaries BSE CODE: 500086 NSE CODE: EXIDEIND Bloomberg CODE: EXID IN SENSEX: 23,759 Accumulate
More informationNEUTRAL. Weak FY14, but positive outlook thereafter. June 5 th, 2015
EQUITY RESEARCH FY14 Update June 5 th, 2015 Weak FY14, but positive outlook thereafter NEUTRAL Current Share Price ( ): 3.4 Target Price ( ): 3.8 Enertronica 1Y Performance 120 Weak FY2014 figures, due
More informationSAP Debt Investor Presentation Second Quarter 2014 Update Call Walldorf, Germany Thursday, July 24, 2014
SAP Debt Investor Presentation Second Quarter 2014 Update Call Walldorf, Germany Thursday, July 24, 2014 Safe Harbor Statement Any statements contained in this document that are not historical facts are
More informationRESULTS FIRST QUARTER 2015
0 April 27, 2015 RESULTS FIRST QUARTER 2015 An integrated energy player focused on exploration and production DISCLAIMER 1 RCA figures except otherwise noted. By attending or reading this presentation,
More informationEuropean Freight Forwarding Index
European Freight Forwarding Index Volume development in January 14 Erik Bergöö erbe@danskebank.dk +45 45 12 36 Philip Levin phle@danskebank.dk +45 26 19 26 17 Important disclosures and certifications are
More informationOPAP S.A. Interim Consolidated Financial Results for the Three Months ended March 31st, 2010
OPAP S.A. Interim Consolidated Financial Results for the Three Months ended March 31st, 2010 Revenue down 6.2% to 1,372.4m (Q1 2009: 1,462.7m) EBITDA down 11.8% to 261.8m (Q1 2009: 296.9m) Net profit down
More informationTupras OUTPERFORM (M) 15 February 2010. Strong 2009 results on refining side...
Equity / Large Cap. / Petroleum and Energy 15 February 2010 Bloomberg: TUPRS TI Strong 2009 results on refining side... Reuters: TUPRS IS released its 2009 year end tax purpose financials. The main differences
More informationROBECO MULTI MARKET BOND JUL 03/13, USD
Benchmark: ATTRACTIVE YIELD IN COMBINATION WITH A SOLID FOUNDATION T HE PRO D UC T IN BRIEF : Issuer: Rabobank Nederland Currency: US dollars Nominal value: USD 1,000 Issue price: 100% Issue date: 15 July
More informationH1/2014 Results VTG AG Growing together. Dr. Heiko Fischer, CEO Dr. Kai Kleeberg, CFO August 21, 2014
H1/2014 Results VTG AG Growing together Dr. Heiko Fischer, CEO Dr. Kai Kleeberg, CFO August 21, 2014 Table of content 1 Discussion of H1/2014 2 Outlook FY 2014 3 Questions & Answers 4 Financial Calendar
More informationGlaxoSmithKline Consumer Healthcare
Strong pricing power, Attractive valuations "BUY" February 09, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs5,837
More information22 December 2015 YOC AG. FIRST BERLIN Equity Research
FIRST ERLIN Equity Research RATING Germany / Advertising Primary exchange: Frankfurt, Xetra 9M/15 Results PRICE TARGET 3.00 loomberg: YOC GR Return Potential 53.3% ISIN: DE0005932735 Risk Rating High Q3
More information