ODDO BHF Small & MIDCAP MORNING NEWS - 12/06/2019

Hornbach Holding, a leading DIY and garden centre operator in Germany and Europe, has the qualities of a well-managed family business with tremendous resilience. Thanks to all-organic growth and an omni-channel (online and offline) strategy, the group still has untapped potential. We are maintaining our Buy recommendation on the stock and lifting our target price to € 66 from € 62. - ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/06/2019

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/12/2019

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ODDO : Top 5 car market Europe: towards a stable market in 2019 (+0.1%e)

>An increase of 3.7% in November, i.e. -0.2% YTD - Car registrations for the Top 5 Europe (> 70% of EU+EFTA volumes) were up 3.7% in November (on an October 2018 base down 7.3% in November) and are almost stable YTD (-0.2%). All of the markets were up or virtually stable: Germany (+9.7%), Spain (+2.3%), Italy (+2.2%) and France (+0.7%) barring the UK (-1.3%). For 2019, we are forecasting an increase in the German (+3.8%) and French markets (+0.5%), a stabil...

ODDO : Marché VP Top 5 Europe : vers un marché stable en 2019 (+0.1%e)

>Hausse de 3.7% en novembre soit -0.2% YTD - Les immatriculations sur le Top 5 (> 70% des volumes EU+EFTA) sont en hausse de 3.7% en novembre (sur une base en retrait de 7.3% en novembre 2018) et sont quasi-stables YTD (-0.2%). Tous les marchés sont en hausse ou quasi-stables : Allemagne (+9.7%), Espagne (+2.3%), Italie (+2.2%) et France (+0.7%) à l’exception du RU (-1.3%). Pour 2019, nous anticipons une hausse des marchés allemand (+3.8%) et français (+0.5...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2019

We have downgraded our recommendation to Reduce (vs Neutral) with a target price lowered to € 2.30 (vs € 2.40). Intesa Sanpaolo is still a quality stock thanks to its operating efficiency and robust balance sheet. Yet the main driver of its investment case, the dividend, is increasingly under fire due to the deterioration in the operating environment (interest rates, the Italian economy, etc.) in tandem with regulatory constraints (credit risk in particular). The justification of the ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2019

Nous dégradons le titre à Alléger (vs Neutre) avec un OC ramené à 2.30 € (vs 2.40 €). Si ISP reste une valeur de qualité au sein du secteur pour son efficience opérationnelle et sa robustesse bilancielle, son principal catalyseur d’investissement, le dividende, semble de plus en plus challengé par la détérioration du contexte opérationnel (taux, macro Italie…) couplé aux contraintes réglementaires (risque crédit notamment). La prime dont il bénéficie face au secteur parait de plus en ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/14/2019

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/10/2019

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/26/2019

The market is holding up, but its apparent resilience is resting on very shaky foundations, in our view. For the time being, the results season has not delivered any unpleasant surprises thus far, but has not invalidated the downward trend in EPS growth. The erosion of PMI continues apace In this context, dependency on monetary policy increases. Lastly, our integration indicators for US-China trade tensions underscore, in the US as in Europe, in the wake of the post-G20 truce, the ret...

Nissan Motor Co., Ltd.

Nissan Motor Co., Ltd.

NISSAN MOTOR CO.LTD. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of NISSAN MOTOR CO.LTD. (JP), a company active in the Automobiles industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 20, 2019, the closing price was JPY 709.30 and its potential was estimated at JPY 778.31.

Nissan Motor Co

Nissan Motor Co

PSA Autos: US Auto Sales Stabilise in May on Lower Interest Rates, Backlog Demand

US Auto sales recovered slightly MoM on lower interest rates and backlog demand. Analyst Julie Boote discusses the performance of the Japanese OEMs.

PSA Autos: Japanese Assemblers at the Geneva Motor Show – Impressions

Analyst Julie Boote returns from the Geneva Auto Show and provides her impressions and photos of what is on offer by the Japanese.

PSA Autos: Carlos Ghosn Arrested – Concern Over Future of Alliance. Implications for Nissan Motors (7201 JT) and Mitsubishi Motors (7211 JT)

Summary With the arrest of Carlos Ghosn, Julie Boote discusses the future of Renault's alliance with Nissan Motors (7201 JT) and Mitsubishi Motors (7211 JT)

PSA Autos: US Auto Sales August – SAAR Falls to One-Year Low

US auto sales fell 0.2% YoY to 1.48mil units in August, with SAAR reaching 16.69mil units, which is the lowest level since Aug 2017 when hurricane Harvey disrupted sales. Given that both the base of comparison was quite low, and the number of sales days was the same as in August last year, this was a mediocre performance overall. Some automakers are trying to rein in incentives, which hurts demand; according to auto data provider ALG, average incentives rose by only 0.7% YoY. The move away from passenger cars towards light trucks is ongoing, with August passenger car sales down as much as 19% ...

PSA Autos: June 2018 US Auto Sales: Japan Automakers All Record Sales Gains

US auto sales increased 5% YoY to 1.54 mil vehicles in June, with SAAR reaching 17.47mil units, the highest level since March. June 2018 had one more selling day than June 2017, indicating that DSR-adjusted sales would have risen by 1% YoY. Sales in CY18 1H finished 1.8% YoY higher – better than expected by market observers, and by PSA. Analyst Julie Boote comments on the outlook for 2H 2018 and the performance of the Japanese OEMs.