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1 director sold

A director at Jumbo Sa sold 8,190 shares at 15.113EUR and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board member...

Mark Taylor

Morningstar | No-Moat Monadelphous Reports 1H EBITDA Decline to Likely Nadir. No Change to AUD 10.50 FVE.

Our AUD 10.50 fair value estimate for no-moat Monadelphous stands. The company reported an 18% decline in first-half fiscal 2019 NPAT to AUD 31.0 million, close to our AUD 32.0 million expectation. Revenue of AUD 830.5 million was slightly higher than anticipated, down 5% on first-half fiscal 2018. But EBITDA margin was softer than expected, down to 6.5% from 7.0%. There was a significant increase in maintenance revenue, up 25% on the previous corresponding period, or pcp, to AUD 503 million as on- and off-shore oil and gas maintenance contracts ramped-up; and margins on maintenance are often ...

Moody's - Global sovereign sukuk issuance to recover in 2019

Various sovereigns' commitment to sukuk market development combined with our expectations of higher gross financing needs will lead to higher sukuk issuance in 2019-20.

SK E&S Co. Ltd.: Update following outlook revision to negative

Our credit view of SK E&S Co. Ltd., reflecting the diversification of its utility business portfolio, its cost advantages and its weakening financial buffer and visibility into deleveraging.

Mark Taylor

No-Moat Monadelphous Reports 1H EBITDA Decline to Likely Nadir. No Change to AUD 10.50 FVE.

Our AUD 10.50 fair value estimate for no-moat Monadelphous stands. The company reported an 18% decline in first-half fiscal 2019 NPAT to AUD 31.0 million, close to our AUD 32.0 million expectation. Revenue of AUD 830.5 million was slightly higher than anticipated, down 5% on first-half fiscal 2018. But EBITDA margin was softer than expected, down to 6.5% from 7.0%. There was a significant increase in maintenance revenue, up 25% on the previous corresponding period, or pcp, to AUD 503 million as ...

Andrew Lane

Morningstar | Although Sensient's Growth Has Stalled in Recent Years, We Forecast Modest Margin Expansion Ahead

Having updated Sensient Technologies' valuation model after the company's fourth-quarter earnings release, our $74 fair value estimate and narrow-moat rating are unchanged. With Sensient's sizable restructuring program having ended in mid-2017, we were disappointed by the company's 2018 performance. Revenue and profits had decreased in recent years as management pruned the company's asset base. However, we had anticipated that 2018 would represent a return to more robust growth. In the end, sales grew only 1.8% and adjusted EBITDA fell 2.9% year on year. Sensient's results were negatively imp...

Andrew Lane

Morningstar | Although Sensient's Growth Has Stalled in Recent Years, We Forecast Modest Margin Expansion Ahead. See Updated Analyst Note from 18 Feb 2019

Having updated Sensient Technologies' valuation model after the company's fourth-quarter earnings release, our $74 fair value estimate and narrow-moat rating are unchanged. With Sensient's sizable restructuring program having ended in mid-2017, we were disappointed by the company's 2018 performance. Revenue and profits had decreased in recent years as management pruned the company's asset base. However, we had anticipated that 2018 would represent a return to more robust growth. In the end, sales grew only 1.8% and adjusted EBITDA fell 2.9% year on year. Sensient's results were negatively imp...

Moody's revises outlook on SK E&S' Baa2 rating to negative (Korean Translation)

한국어 보도자료는 영문 보도자료의 번역본입니다 한국어와 영문 보도자료. 간에 상이한 점이 있을 경우 영어 원문이 우선합니다. 우선주 신용등급의 등급전망을 종전의 안정적 에서.

Moody's revises outlook on SK E&S' Baa2 rating to negative

Rating Action: Moody's revises outlook on SK E&S' Baa2 rating to negative. Global Credit Research- 15 Feb 2019. Hong Kong, February 15, 2019-- Moody's Investors Service has revised to negative from stable the outlook on the Baa2 issuer and Ba1 preferred stock ratings of SK E&S Co. Ltd..

Andrew Lane

Although Sensient's Growth Has Stalled in Recent Years, We Forecast Modest Margin Expansion Ahead

Having updated Sensient Technologies' valuation model after the company's fourth-quarter earnings release, our $74 fair value estimate and narrow-moat rating are unchanged. With Sensient's sizable restructuring program having ended in mid-2017, we were disappointed by the company's 2018 performance. Revenue and profits had decreased in recent years as management pruned the company's asset base. However, we had anticipated that 2018 would represent a return to more robust growth. In the end, sale...

Sovereigns - Global: Sovereign sukuk issuance to recover amid moderate oil prices and higher refinancing needs

Various sovereigns' commitment to sukuk market development combined with our expectations of higher financing needs will lead to higher sukuk issuance in 2019-20.

Matthew Dolgin

Morningstar | Windstream's Trial Loss Marginally Increases Its Bankruptcy Risk and Has Implications for Uniti

On Feb. 15, 2019, District Court Judge Jesse Furman issued his ruling in favor of Aurelius in its trial against Windstream. He found that Windstream violated debt covenants when it spun off Uniti; Windstream did not legitimately issue new bonds with its attempt to negate the default; and Aurelius is entitled to a money judgment of over $300 million. We expect Windstream to appeal the decision, so we don't believe any repercussions are imminent. However, although we expected an appeal regardless of the outcome and therefore see this as an intermediate step rather than a conclusion, we believe W...

Matthew Dolgin

Morningstar | Windstream's Trial Loss Marginally Increases Its Bankruptcy Risk and Has Implications for Uniti

On Feb. 15, 2019, District Court Judge Jesse Furman issued his ruling in favor of Aurelius in its trial against Windstream. He found that Windstream violated debt covenants when it spun off Uniti; Windstream did not legitimately issue new bonds with its attempt to negate the default; and Aurelius is entitled to a money judgment of over $300 million. We expect Windstream to appeal the decision, so we don't believe any repercussions are imminent. However, although we expected an appeal regardless of the outcome and therefore see this as an intermediate step rather than a conclusion, we believe W...

Moody's assigns A1 rating to SHKP's USD MTN drawdown

Rating Action: Moody's assigns A1 rating to SHKP's USD MTN drawdown. Global Credit Research- 19 Feb 2019. Hong Kong, February 19, 2019-- Moody's Investors Service has assigned an A1 rating to the proposed USD senior unsecured notes due 2029 to be issued by Sun Hung Kai Properties Limited under its USD7 billion Medium-Term Note Program, rated A1.

Team Research

MOSL: Morning India (19/February/19): 1. India Strategy (3QFY19 Earnings Review – In-line quarter; domestic cyclicals led by financials stage a solid comeback); 2. Ambuja Cement; 3. Kaveri Seed Co.; 4. Metals W

MOrning India (19/February/19): 1. India Strategy (3QFY19 Earnings Review – In-line quarter; domestic cyclicals led by financials stage a solid comeback); 2. Ambuja Cement; 3. Kaveri Seed Co.; 4. Metals Weekly   Today’s top research theme 3QFY19 Earnings Review: In-line quarter; domestic cyclicals led by financials stage a solid comeback The December corporate earnings-report season for both Nifty and MOSL Universe was in line with our expectations, with domestic cyclicals led by financials picking up the baton from global cyclicals as the driver of earnings growth. Corporate Banks, IT a...

Gautam Duggad

MOSL: INDIA STRATEGY | 3QFY19 Earnings Review – In-line quarter-domestic cyclicals led by financials stage a solid comeback

INDIA STRATEGY | 3QFY19 Earnings Review – In-line quarter; domestic cyclicals led by financials stage a solid comeback   Key takeaways from 3QFY19 earnings season The December corporate earnings-report season for both Nifty and MOSL Universe was in line with our expectations, with domestic cyclicals led by financials picking up the baton from global cyclicals as the driver of earnings growth. Corporate Banks, IT and Consumer delivered a strong performance, while Autos and Cement disappointed. Top-line growth for MOSL Universe and Nifty was at a multi-quarter high. However, this failed t...

Sumant Kumar

MOSL: KAVERI SEED CO. (Buy)-Maize was bitter – a miss on all fronts-Firm crop prices a silver lining for upcoming season

Kaveri Seed Co.: Maize was bitter – a miss on all fronts; Firm crop prices a silver lining for upcoming season (KSCL IN, Mkt Cap USD0.4b, CMP INR468, TP INR582, 24% Upside, Buy)   Disappointment at operating level: Revenue declined 5% YoY to INR672m (our estimate: INR714m) in 3QFY19. EBITDA fell 99% YoY to INR1m (our estimate: INR89m), with the margin shrinking to 0.2% from 13.8% in the year-ago period. Adj. PAT was down 33% YoY at INR36m (our estimate: INR47m). For 9MFY19, revenue and adj. PAT declined 1% YoY, with the margin down 250bp YoY to 29.2%. Maize disappoints; rice biz robust:...

Pradnya Ganar

MOSL: AMBUJA CEMENT (Neutral)-Cracks seen in the form of higher cost/t, lower realization

Ambuja cement: Cracks seen in the form of higher cost/t, lower realization (ACEM IN, Mkt Cap USD5.5b, CMP INR198, TP INR194, 2% Downside, Neutral)   Volumes, realizations below estimate: Volumes grew 4.4% YoY to 6.13mt (our estimate: 6.22mt) in 4QCY18. Realizations declined 2.4% QoQ to INR4,671/t (our estimate: INR4,818), led by weaker prices in core markets. Revenue increased 7% YoY to INR28.63b (our estimate: INR29.9b). Margins shrink due to cost push: Cost/t increased 8% YoY (-3% QoQ) to INR4,012 (our estimate: INR3,918), led by higher raw material cost/t and power & fuel cost/t. EBIT...

Sanjay Jain

MOSL: METALS WEEKLY-Iron ore and pellet prices move up-Indian steel prices also higher

METALS WEEKLY: Iron ore and pellet prices move up; Indian steel prices also higher   Indian steel: Long product (TMT Mumbai) prices increased 1% WoW. Sponge iron prices ended the week unchanged, while scrap prices decreased ~3% WoW. Iron ore prices at private miners were higher. Pellet prices were up ~18% WoW. Domestic HRC prices were up ~2% WoW. Import price offers were higher, while export offers were largely unchanged. Raw materials: Iron ore prices (China CFR) were up 4% WoW. Thermal coal prices were unchanged. Coking coal prices increased 1% WoW. China's pellet import prices increase...

Nidec Corporation: Update to credit analysis

Our credit view of Nidec Corporation, reflecting its well-diversified electric motor business portfolio, with a substantial market presence.

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