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Roland Pfaender

Hannover Re : Q1 2019 results should reflect the quarterly run-rate for the year

>We forecast Q1 2019 net income of € 275m, up 0.4% y-o-y - Hannover Re is due to report its Q1 2019 results on Tuesday, 7 May. We forecast net income attributable to shareholders at € 275m, up 0.4% y-o-y. We estimate € 425 group EBIT which sits slightly below the € 433m consensus estimate. Our annualised ROE estimate stands at 12.2% (down 0.8pp y-o-y). We forecast BVPS of € 76.4 at end-Q1 2019.Major claims in P&C reinsurance most likely within budgeted le...

Tian Hou

T. H. Data Flash - JD.com, Inc. – March & 1Q19: Expect No Negative Surprises For JD’s 1Q19 Earnings; Be Aware Of New Underlying Trends In Ecommerce

JD provided low 1Q19 revenue guidance at 18% - 22% Y/Y growth (RMB 118B - RMB 122B), which was lower than the growth of 22.4% Y/Y in 4Q18 and 25.1% Y/Y in 3Q18. Based on our data and model, we believe JD’s topline is likely to be in-line with or slightly better than consensus at RMB 120.03B in 1Q19. Also, as the company didn’t have additional spending beside JD logistics, we believe JD is unlikely to have a problem accomplishing at least 1% non-GAAP net margin.

Tian Hou

T. H. Data Flash - Huya Inc. – March & 1Q19: Better Performance of Underlying Operational Metrics Lead to Better 1Q19

We are positive on HUYA into its 1Q19 earnings. Based on our data and model, we believe Huya’s revenue is likely to be higher than consensus at RMB1,548M, the high end of the guidance range of RMB1,510M – RMB1,550M, and our model at RMB1,539M.

Moody's Fully Supported Municipal & IRB Deals

Announcement: Moody's Fully Supported Municipal& IRB Deals. Global Credit Research- 17 Apr 2019. New York, April 17, 2019-- ASSIGNMENTS:.

Charles Louis Planade ...
  • Gilbert Ferrand

LATECOERE - Turnover Q1 2019 (+) Strong start 2019.

LATECOERE - Turnover Q1 2019 (+) Strong start 2019.

Charles Louis Planade

DELTA PLUS - Net Results 2018 (=) Great as always.

DELTA PLUS - Net Results 2018 (=) Great as always.

1 director sold

A director at Sino Hua-An International Berhad sold 50,000,000 shares at 0.240MYR and the significance rating of the trade was 80/100. 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....

Adrian Atkins

Morningstar | Near-Term Water Woes Immaterial to Mercury's Intrinsic Value; Shares Fairly Valued

Following January's 50 Gigawatt hour, or GWh, cut in fiscal 2019 hydroelectric volume guidance to 4,150 GWh, continuing dry weather in Mercury's Taupo catchment has the firm again lowering hydro generation guidance. The new expectation of 4,000 GWh is in line with historical averages. We have lowered our near-term forecasts for the firm, but the change is immaterial to our unchanged fair value estimate of NZD 3.70 per share. Our long-term thesis remains intact. We expect Mercury to continue generating strong returns on capital as it utilises the low-cost, high-quality generation assets which u...

Adrian Atkins

Morningstar | Near-Term Water Woes Immaterial to Mercury's Intrinsic Value; Shares Fairly Valued

Following January's 50 Gigawatt hour, or GWh, cut in fiscal 2019 hydroelectric volume guidance to 4,150 GWh, continuing dry weather in Mercury's Taupo catchment has the firm again lowering hydro generation guidance. The new expectation of 4,000 GWh is in line with historical averages. We have lowered our near-term forecasts for the firm, but the change is immaterial to our unchanged fair value estimate of NZD 3.70 per share. Our long-term thesis remains intact. We expect Mercury to continue generating strong returns on capital as it utilises the low-cost, high-quality generation assets which u...

Tomi Railo

Wärtsilä (Hold, TP: EUR14.00) - Sluggish orders in Q1

We will focus on orders, the outlook and profitability in the Q1 report, due on 25 April at 08:30 EET. We expect flat orders YOY, dragged down by Energy, where preannounced orders have been sluggish and comparables are tough. We expect sales growth, especially in Marine, but flattish profitability in Q1 YOY. The Q1 report will be based on the new structure, Marine and Energy, which includes their service activities. HOLD and EUR14 target price reiterated.

Tomi Railo

Cargotec (Buy, TP: EUR46.00) - All eyes on order intake

We will focus on order intake in the Q1 report (due on 25 April at 14:00 EET) and expect growth across the board here, with the strongest performance likely to be in MacGregor, followed by Kalmar. Our order intake estimate is above consensus (Vara), while our clean EBIT estimate of EUR61m is close to consensus of EUR60m. We reiterate our BUY recommendation and EUR46 target price.

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