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Pakistan Economy: Growth remains on track
Based on provisional PBS data for 8MFY18, the GoP expects GDP growth for FY18E to settle at 5.8%YoY crossing the 11 year high-watermark for growth vs 5.4%YoY (revised upwards) in FY17A. Key catalysts for growth remain ongoing implementation of early harvest infrastructure projects under the ambit of CPEC, net energy supply growth (net generated uni...
Pakistan Banks_1QCY18 Result Previews
Commencing this week, the AKD Banking Universe is scheduled to declare its 1QCY18F results; first up being UBL (Apr 18'18). We expect the B-6 banks to post combined NPAT of PkR21.2bn, down 12%YoY. Significant decline in NFI is likely to be a key factor leading...
Structured Finance Short-Term Rating Transitions and Defaults: 1983-2017 - Excel Data Supplement
This Special Comment presents Moody’s biannual report of global structured finance short-term rating transitions and defaults.
No-Moat Santos Continues to Impress, Breezing Through 1Q PNG LNG Interruptions
Santos reported a strong first quarter in 2018, PNG earthquakes notwithstanding. A precautionary temporary shutdown of PNG LNG infrastructure did crimp group equity output by appro...
Daily Insider Ratings Report: Apr 19, 2018
InsiderInsights Ratings of Companies with Open-Market Form 4 Purchases; Sales Filed at the SEC on the date above. We separate the real investment intelligence from the noise. Saving you time, and improving your research process
Central China Real Estate Limited: Covenant Quality Post-Sale Snapshot: US$300m 6.875% Senior Notes due 2020
Central China Real Estate Limited’s (“Company”) covenant package provides lower-tier moderate protection, reflecting an overall score of 3.21.
Vietnam Prosperity Jt. Stk. Commercial Bank: Update following rating affirmation, outlook revised to stable(m)
Our credit view of VP Bank, reflecting its strong profitability metrics and improved capitalization amid persisting asset-quality weaknesses.
Gardner Denver, Inc.: Update following upgrade to B1, outlook positive
Gardner Denver is expected to continue to benefit from positive end-market fundamentals, positive global growth and healthy free cash flow generation.
Raising Volkswagen FVE to EUR 230 ($57) from EUR 221 ($49)
After rolling our model to the next fiscal year on no-moat-rated Volkswagen, we are raising our fair value estimate to EUR 230 from EUR 221 (ADRs to $57 from $49 at a USD/EUR exchange rate of $1.2324). Most of the increase (EUR 5) was attributable to the time ...
Xcel's investment growth plan still has upside
We are reaffirming our fair value estimates and moat and moat trend ratings for all the U.S. utilities we cover after a three-month pullback that we think now offers buying opportunities.
On a median basis, U.S. utilities now trade in line with our fair value ...
Moody's Upgrades One and Affirms One Class of JPMCC 2004-C3
Moody's Investors Service, ("Moody's") has upgraded the rating on one class and affirmed the rating on one class in J.P. Morgan Chase Commercial Mortgage Securities Corp. 2004-C3, Commercial Mortgage Pass-Through Certificates, Series 2004-C3 as follows: Cl. H, Upgraded to Caa2...
TEAM: Value In Steady Growth
Please find attached our research note following TEAM's earnings.
MOSL: Morning India (20/April/18): 1. Metals; 2. Ashok Leyland; 3. Aviation Monthly; 4. 4QFY18 RESULTS UPDATE: (a. TCS; b. IndusInd Bank; c. ACC; d. Cyient) 5. Mahindra CIE - Flash
MOrning India (20/April/18): 1. Metals; 2. Ashok Leyland; 3. Aviation Monthly; 4. 4QFY18 RESULTS UPDATE: (a. TCS; b. IndusInd Bank; c. ACC; d. Cyient) 5. Mahindra CIE - Flash
Today’s top research idea
TCS – In-line quarter; Green shoots in North America BFS; Margin execution is imperative for an upside
TCS’ 4Q revenue of USD4,972m grew 12% ...
MOSL: CYIENT (Buy)-Investing for the future-without deterring profitability
Cyient: Investing for the future; without deterring profitability
(CYL IN, Mkt Cap USD1.1b, CMP INR648, TP INR750, 16% Upside, Buy)
Upward momentum…: In-line growth of 8.3% ...
MOSL: INDUSIND BANK (Buy)-In-line performance-divergence higher, but already dealt with
Indusind Bank: In-line performance; divergence higher, but already dealt with
(IIB IN, Mkt Cap USD17.1b, CMP INR1834, TP INR2150, 17% Upside, Buy)
IndusInd Bank’s (IIB) 4QFY...
MOSL: ACC (Neutral)-Margin beat led by realization improvement
ACC: Margin beat led by realization improvement
(ACC IN, Mkt Cap USD4.4b, CMP INR1574, TP INR1747, 11% Upside, Neutral)
Volume growth coupled with realization improvement: 1QCY18 volumes increased 8% YoY to 7.11mt (v/s our estimate of 7.06mt), led by ramp-u...
MOSL: TCS (Neutral)-In-line quarter-Green shoots in North America BFS-Margin execution is imperative for an upside
TCS: In-line quarter; Green shoots in North America BFS; Margin execution is imperative for an upside
(TCS IN, Mkt Cap USD92.9b, CMP INR3191, TP INR3000, 6% Downside, Neutral)
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