Cyrrus (Cyrrus)
Markets  |  November 08, 2012 10:27:31

Joint Stock breakfast 11.08 - USA, China, Greece, results, macro


Overview of the main events for Thursday, the 8th November 2012

 

USA

Second worst election day since 1940

ASIA

Communist Party Congress begins in China

EUROPE

Greece approved savings

SUPERSPAD

Power companies

COMMODITIES

Upcoming Events

13:45 ECB rates
14:30 application

10:30 Spain bonds in 2015, 2018, 2032
Molycorp after market

USA

Yesterday greatest declines in June

  • It was the second worst election day since 1940
  • The worst was the day after the elections in 2008, the Dow fell by 5% (-10% in 2 days)

Yesterday's trading

Met with several factors, which together contributed to declines

  • U.S. election result - I do not think it was the most important reasonrenewed debate on fiscal cliff (about however has been known for a long time)
  • Revision growth released by the European Commission
  • Comment Draghi notably the impact of the crisis on Germany
  • Nervousness before the vote in Greece
  • Nervousness before Congress Communist Party of China

ASIA

Japan

  • Deliveries of new aircraft (August, MoM) -3.3% -2.3% estimate

China

  • Today begins the Communist Party Congress in China
  • Will change her boss - this has to be the current vice-president
  • The current president said that China must double GDP per capita in 2020

EUROPE

Germany

  • Exports fell the most since April

Greece

  • Yesterday general strike
  • Prime enforced savings package in parliament (153 for, 128 against, 18 abstained, 1 absent)
  • Savings would be about 11 billion
  • It was a necessary, but not sufficient condition for further bailout tranche
  • Agreed to reduce pensions, salaries and benefits
  • Another point is the budget approval

SUPERSPAD

ČEZ

  • OK revenues, operating profit and net profit of CZK 2 billion lower
  • The reason mainly Albania, which showed a further loss of 1.5 billion CZK, although the half-year results said that in the second half was no loss expected, while maybe get some money back
  • Again also reduced the full-year target of electricity generation, which is the third time this year - it's a fact so ripe that the CEZ management loses credibility among investors, because this year has repeatedly said something that did not apply for 3 months
  • Reduce annual guidance for Albania: EBITDA vs. 85 billion CZK. CZK 87.9 billion, net profit of CZK 40.0 billion vs. CZK 41 billion
  • Reducing guidance on the market certainly was not counted, all numbered with the fact that despite the problems in Albania can meet the original objectives, especially because he did a solid lead in the 1H and helping them to other things such as revaluation MOL (in 3Q positive again)
  • Overall, clearly negative, perhaps with a positive hope that Albania is a temporary issue that might solve it as soon as possible

KB

  • The results are slightly weaker in operating income, good cost risks and operating costs
  • Net profit slightly below market estimates
  • The relatively large decline in deposits, mainly from companies (due to the poor state of the economy), loans grew solidly contrast = pressure on interest income primarily from interest margins on deposits
  • For investors, the top-line now essential, decrease in interest income and fees will discuss a lot of CC, it looks fairly large vs. what is the KB habit in recent quarters
  • Due to lower operating income results are slightly negatively

Fortuna 3Q

  • Slightly higher staked with a stronger segment of sports betting
  • Gross win but below the market and my expectations. From the selected bets accordingly in winnings paid off more than expected
  • Below expectations then the revenues and EBITDA
  • The positive is that the losses from the lottery does not increase dizzyingly 3Q. Only about 0.5 million € to 3.5 M € 9M
  • Year outlook of the company, which counts the loss of lottery in EBITDA in the range 4-5 M € will probably fulfilled
  • Completed and an overall analysis of the lottery, continue to plan to get into the lottery during 1H profit next year
  • Published also achieved gross winnings from betting exchange rate for October. They were higher by 47.6% yoy (it was a lot of surprising sports results)
  • Negatively are low level achieved EBITDA, the CC is perhaps also expresses how looks a net profit (due to the dividend). Outlook is positive

EADS

  • They are on track to meet the targets for 2012
  • EBIT of EUR 537 miles vs est 492 million
  • Sales of EUR 12.3 billion vs est 12.1bn
  • Better

Deutsche Post

  • Sales of EUR 13.8 billion vs est 13.7 billion
  • EBIT of EUR 604 miles vs est 641 million
  • EPS € 0.31 vs est. € 0.3
  • Confirms outlook for 2012
  • Do not feel the slowdown in Europe
  • But in the next 6-12M await difficult conditions
  • +0.4% Premarket

Adidas

  • In Q3 grew by 4%
  • This year and next year will have record sales and profits
  • However, the profit outlook of EUR 780 million fell short of estimates of 801 million EUR
  • 3Q sales in line
  • 3Q profit of EUR 344 miles vs est 327 million EUR
  • In particular, emerging markets to help them
  • Confirms earnings guidance for 2012, but reduced sales outlook
  • -1.4% Premarket


Deutsche Telekom

  • EBITDA 4.78 billion vs est 4.69 billion
  • Revenue was slightly better than estimates
  • Written off 7.4 billion € for the T-Mobile USA
  • FCF of EUR 2.34 bln vs est 1.64 billion
  • T-Mobile USA lost 492 thousand. contract customers for 3Q (est -450 thousand).
  • Confirmed the outlook for 2012 and the dividend for 2012 (€ 0.7)
  • +1.3% Premarket

HeidelbergCement

  • Confirm the views of 08/11/2012
  • 3Q sales of EUR 3.94 billion vs est 3.92 billion
  • Profit of EUR 323 miles vs est 316 million
  • Expect growth everywhere except in some European countries
  • Overspending they are doing to their savings plan
  • Reduced debt by nearly 10%
  • +0.8% Premarket

RHK

  • Confirmed the outlook for 2012 as it published 2 days ago

Commerzbank

  • Gains vs EUR 78 miles 83 miles est. EUR
  • Interest profit 1.38 bln vs est EUR 1.3 billion
  • EBIT of EUR 216 miles 158 miles vs est EUR
  • They grow in Q4 risk reserves
  • EBIT falls in 4Q
  • Repays the loan tranche from 1.LTRO 1Q2013
  • -0.5% Premarket

Siemens

  • Propose a dividend 3EUR
  • By 2014, they want to save 6 billion euros, because they fall in 2013 profit
  • Contracts grow slightly in 2013
  • Profit of EUR 1.48 billion vs est 1.41 billion EUR
  • Revenues slightly above expectations
  • +0.7% Premarket
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Akciová snídaně 8.11. - USA, Čína, Řecko, výsledky, makro

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