Diciembre Parte 2

http://emojinating.dei.
uc.pt/png-tweemoji- 1.4 Letter

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uc.pt/png-tweemoji- 4.1 sports
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uc.pt/png-tweemoji- 5.2 astronomy
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uc.pt/png-tweemoji- 5.3 faces: yellow
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uc.pt/png-tweemoji- 1.1 geometric
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uc.pt/png-tweemoji- 4.3 faces yellow
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uc.pt/png-tweemoji- 4.3 cloting accessories
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1 TIEMPO DE ENVÍO WORK MODE: 3 MINUTOS
Find number Find the Phone
2 Busine Name Link of locations Number
IGLESIA
CRISTIANA
CUEVA DE
3 ADULAM 1 979-693-7761
CONDADO DE
LOVE INC-
4 MARION 1 740-382-3340
A CITY
SUBURBAN
5 SERVICE, INC (773) 254-1960
ASTORIA SDA
6 CHURCH 1 718-932-5390
REDEEMER
REFORMED
PRESBYTERIA 1 518-798-
7 N CHURCH 9794
CERRONE
8 BUILDERS 518-480-7750
FOOTHILLS
9 ACADEMY (606) 387-4673
FRANCES
WILLIAMS -
OFICIAL DE
PRÉSTAMO
10 HIPOTECARIO 1 954-658-9058
IGLESIA
CRISTIANA
CUEVA DE
11 ADULAM 1 979-693-7761
MOELLER
12 GENE OIL CO (515) 576-4751
13 VALLIVUE SD no (208) 454-0445
DELEVAN
BAPTIST
14 CHURCH NO
https:
//mapquest.
com/us/illinois/a
A CITY -city-suburban-
SUBURBAN service-
15 SERVICE, INC. 365344126/ (773) 254-1960
16 Alas de senor 1 904-375-0746
ALBANY-
COLONIE
REGIONAL
CHAMBER OF
17 COMMERCE (518) 431-140
VAUGHAN OIL
18 COMPANY INC 1 731-658-5554
ASTORIA SDA
19 CHURCH 718-932-5390
ASTORIA SDA
20 IGLESIA 1 718-932-5390
AUTO PLUS
21 CONYERS 1 770-761-8745
https:
//mapquest.
com/us/alabam
a/ave-maria-
AVE MARIA grotto-
22 GROTTO 371938847/ (256) 734-4110
Batidor de
23 frutas 1 949-218-4900
BELL ROAD
CHURCH OF
24 CHRIST NO (615) 833-4444
BIRCHFIELD
25 DALE A REV 1 304-252-4726
BOYS & GIRLS
CLUB OF LA
26 HABRA 1 562-691-2413
BOYS & GIRLS
CLUB OF LA
27 HABRA yes buscar
C & C STEEL
28 ERECTORS 1 479-637-5002
CHRIST THE
29 REDEEMER no buscar
CHURCH
30 BUILDERS 1 209-663-0131
CHURCH
IGLESIA
31 EUANGELICA (575) 628-0309
CLARKS
GREEN
UNITED
METHODIST
32 CHURCH (570) 586-8946
COASTAL
CARE
MEDICAL
TRANSPORT
33 LLC 1 386-944-9110
COATING
ATOMIZATION
TECHNOLOGI
34 ES LLC 303-438-5707
CULLMAN
FIRST CHR-
THE
35 NAZARENE 1 256-734-8937
CULLMAN
FIRST CHR-
THE
36 NAZARENE 1 256-734-8937
DELEVAN http:
BAPTIST //delevanbaptist
37 CHURCH church.com/ NO 1 716-492-2880
DELEVAN
BAPTIST
38 CHURCH NO 716-492-2880
DELEVAN
BAPTIST
39 CHURCH no 1 716-492-2880
DYSFUNCTION
40 AL VETERANS 1 603-903-0398
FIRST
BAPTIST
CHURCH -
41 SEYMOUR, IN 812-522-1909
FIRST
REFORMED
CHURCH OF
42 PORTAGE no 1 269-327-3694
https://www.
newvista.
org/sites/default
/files/Comparati
veReports/Foot
FOOTHILLS hills%
43 ACADEMY 20Academy.pdf (606) 387-4673
FRANCES
WILLIAMS -
MORTGAGE
LOAN
44 OFFICER 1 954-658-9058
GOOD HOPE
45 HOSPITAL (910) 897-6151
HALLETTSVILL
E COMMUNITY
46 CHURCH 1 361-772-5961
47 HANAN LLC (860) 854-6501
https:
//mapquest.
com/us/pennsyl
vania/harmony-
HARMONY grove-
GROVE community-
COMMUNITY church-
48 CHURCH 303179590/ 1 717-292-3659
NO (en la
HUG http: pagina salen 3
CHIROPRACTI //birminghamchi pero me corrigo
49 C CLINIC ropractor.net/ no) Buscar
HUG
CHIROPRACTI
50 C CLINIC no 205-967-0280
HUG
CHIROPRACTI NO
51 C CLINIC CORREGIDA (205) 967-0280
HUG
CHIROPRACTI
52 C CLINIC no 205-967-0280
HUG http:
CHIROPRACTI //birminghamchi
53 C CLINIC ropractor.net/ 205-967-0280
IGLESIA
BAUTISTA
54 DELEVAN no 1 716-492-2880
IGLESIA DE
BAUTISTA DE
GROUST
55 GROVE unfair unfair unfair
IGLESIA SIN
56 CARGO 1 855-968-7180
IMG SPORTS
57 RADIO (601) 336-9289
IMMACULATE
58 EMPIRE LLC 1 786-597-1987
INDO-
AMERICAN
CHAMBER OF
COMMERCE
OF GREATER
HOUSTON
59 (IACCGH) 1 713-624-7131
IOWA
BEHAVIORAL
HEALTH
60 ASSOCIATION 1 515-223-6211
JAMES RIVER
61 TOTERS (405) 235-5814
JC
62 FOUNDATION (908) 444-8907
JEFFERSON
AND
JEFFERSON
63 LLC. 704-340-6584
JUST COME
AWAY
MINISTRIES
64 INC (614) 875-8710
KENDRA
65 SCOTT 1 469-795-0988
KENNEWICK
SEVENTH-DAY
ADVENTIST®
66 CHURCH NO BUSCAR
LAKE MURRAY
BAPTIST
67 CHURCH no (803) 359-1556
https:
//yellowpages.
com/lake-wales-
fl/mip/lake-
LAKE PIERCE pierce-baptist-
BAPTIST church-
68 CHURCH 2139139/ 863-438-9111
Libros de
69 calidad
LOANMAX
70 TITLE LOANS 1 913-534-8310
LOCUST
GROVE
BAPTIST
71 CHURCH NO (336)-656-3056
LOVE INC-
MARION
72 COUNTY 1 740-382-3340
MACEDONIA
NEW LIFE
73 CHURCH no buscar
MACEDONIA
NEW LIFE
74 CHURCH no 1 919.832.2784
MACEDONIA
NEW LIFE
75 CHURCH no 1 919-832-2784
MACEDONIA
NEW LIFE
76 CHURCH 0 1 919-832-2784
77 MAJE 1 561-366-8313
78 MAJE 1 561-366-8313
MOELLER
79 GENE OIL CO yes 515-576-4751
MYANMAR
CHRISTIAN 1-(918) 949-
80 CHURCH NO 9844
ONE TOUCH
81 MINISTRIES 1 319-728-5720
ONE TOUCH
82 MINISTRIES 1 319-728-5720
ONE TOUCH
83 MINISTRIES 319-728-5720
ONEEIGHTY
84 CHURCH 1 855-968-7180
PENTECOSTA
L RESCUE
MISSION
85 COGIC 1 860-442-3905
PLEASANT
GROVE
COMMUNITY
BAPTIST
86 CHURCH no 1 214-381-1490
PRACTICESUI
87 TE, INC (510) 745-9622
https:
//mapquest.
com/us/californi
a/quality-
QUALITY yearbooks-
88 YEARBOOKS 366127774/ 1 323-258-8628
https://www.
mapquest.
com/us/californi
a/quality-
QUALITY yearbooks-
89 YEARBOOKS 366127774 (323) 258-8628
https://www.
mapquest.
com/us/californi
a/quality-
QUALITY yearbooks-
90 YEARBOOKS 366127774 (323) 258-8628
https://www.
mapquest.
com/us/californi
a/quality-
QUALITY yearbooks-
91 YEARBOOKS 366127774 1 323-258-8628
REVESTIMIEN
TOS
ATOMIZATION
TECHNOLOGI
92 ES LLC 1 303-438-5707
https://www.
mapquest.
com/us/connecti
RICH’S OIL cut/richs-oil-
93 SERVICE service-557797 1 860-763-2015
SAINT JOHN
ORTHODOX
94 CHURCH (901) 274-4119
SECURE
MEDICAL
95 TRANSPORT no (816) 350-1800
https://yelp.
com/biz/senor-
wings-orange-
96 SENOR WINGS park/ (904) 375-0746
SERVICE
97 ABSTRACT CO ( 319) 399-1746
SERVICE
98 ABSTRACT CO (319) 399-1746
SHAW-
MATTOCKS
99 PARTNERS 1 202-363-4090
SHILOH ROAD
CHURCH OF
100 CHRIST 1 903-561-7992
SMASHBURGE
101 R 949-218-4900
TEXAS
CREDIT UNION
SERVICE
102 CENTER 281-242-3244
TEXAS
CREDIT UNION
SERVICECENT
103 ER yes 1 281-242-3244
TRUST ONE
104 TEMPLE 1 313-565-9314
TRUST ONE
105 TEMPLE (313) 565-9314
VENU AT
GALLERIA
CONDOMINIU
106 M RENTALS (916) 745-8542
WAYFARING http://www.
MINISTRIES wayfaringministr
107 INC iesinc.org/ no
WAYFARING
MINISTRIES
108 INC no 203-248-2729
WBIB RADIO
109 EEO NO 1 205-926-6286
https://yelp.
com/biz/wes-
WES BURTON burton-
PERFORMANC performance-
110 E kannapolis/ 1 704-224-3278
WEST
PORTLAND
UNITED
METHODIST
111 CHURCH (503) 246-4343
WEST
PORTLAND
UNITED
METHODIST
112 CHURCH NO 1 503-246-4343
WEST
PORTLAND
UNITED
METHODIST
113 CHURCH 1 (503) 246-4343
WEST
PORTLAND
UNITED
METHODIST
114 CHURCH no 503-246-4343
BELL ROAD http:
CHURCH OF //bellroadchurch
115 CHRIST ofchrist.org/ 1 615-833-4444
https:
//mapquest.
com/us/iowa/bu
siness-west-
des-
moines/iowa-
IOWA behavioral-
BEHAVIORAL health-
HEALTH association-
116 ASSOCIATION 271387361/ 1 515-223-6211
https://www.
yellowpages.
com/newark-
ca/mip/practices
PRACTICESUI uite-inc-
117 TE, INC 464564624/ (510) 745-9622
https://yelp.
com/biz/boys-
BOYS & GIRLS and-girls-club-
CLUB OF LA of-la-habra-la-
118 HABRA habra/ (562) 691-2413
https:
//mapquest.
com/us/tenness
ee/saint-john-
SAINT JOHN orthodox-
ORTHODOX church-
119 CHURCH 5211004/ (901) 274-4119
HUG
CHIROPRACTI
120 C CLINIC no 205-967-0280
https:
//mapquest.
com/us/iowa/ser
SERVICE vice-abstract-
121 ABSTRACT CO co-279135646/ (319) 399-1746
ELITE COALS
122 INC
https:
//yellowpages.
com/dearborn-
mi/mip/trust-
TRUST ONE one-temple-
123 TEMPLE 10916413/ (313) 565-9314
https://fconline.
foundationcente
r.org/fdo-
THE ORTNER grantmaker-
FAMILY profile/?
124 FOUNDATION key=3693034 (202) 251-4183
https:
//glassdoor.
com/Overview/
Working-at-
Mimecast-
EI_IE221309.
125 MIMECAST 11,19.htm
https://www.
ASTORIA SDA facebook.
126 CHURCH com/Astoriasda/ #ERROR!
DELEVAN http: DELEVAN
BAPTIST //delevanbaptist BAPTIST
127 CHURCH church.com/ CHURCH
https://www.
mapquest.
com/us/connecti
RICH’S OIL cut/richs-oil-
128 SERVICE service-557797 (860) 763-2015
https:
//mapquest.
com/us/texas/cr
CROSS VIEW ossview-baptist-
BAPTIST church-
129 CHURCH 416320741/ (903) 794-6066
SECURE
MEDICAL
130 TRANSPORT
131 P9 (718) 291-8500
BOYS & GIRLS
CLUB OF LA
132 HABRA (562) 691-2413
ST PETERS
MISSIONARY
BAPTIST
133 CHURCH (601) 366-9479
TRUST ONE
134 TEMPLE (313) 565-9314
PLEASANT
GROVE
COMMUNITY
BAPTIST
135 CHURCH No 214-381-1490
DYSFUNCTION
136 AL VETERANS (603) 903-0398
PENTECOSTA
L RESCUE
MISSION
137 COGIC 1 860-442-3905
The Ortner
Family
138 Foundation 1 202-251-4183
Pleasant Grove
Community
139 Baptist Church 214-381-1490
https:
//mapquest.
com/us/wiscons
in/the-darboy-
140 DARBOY CLUB club-7069014/ (920) 734-7010
SHERMAN https:
TECHNOLOGI //shermantechn
141 ES, LLC ologies.com/ 1 907-313-8100
https:
//yellowpages.
com/glencoe-
TWIN CITIES & mn/mip/twin-
WESTERN cities-western-
RAILROAD railroad-
142 COMP 12186990/ (320) 864-7200
https://www.
mapquest.
com/us/new-
mexico/church-
CHURCH iglesia-
IGLESIA euangelica-
143 EUANGELICA 363969105 no (575) 628-0309
http:
CROSSROADS //crossroadspca
144 PCA .net/ no 703) 794-9431
https://www.
yellowpages.
com/keene-
nh/mip/dysfuncti
DYSFUNCTION onal-veterans-
145 AL VETERANS 497106436/ no 603) 903-0398
https://www.
facebook.
com/Pentecosta
l-Rescue-
PENTECOSTA Mission-
L RESCUE COGIC-
MISSION 1155096051389
146 COGIC 54/ no 1 860-442-3905
https://www.
yelp.
com/biz/boys-
BOYS & GIRLS and-girls-club-
CLUB OF LA of-la-habra-la-
147 HABRA habra no 562) 691-2413
https://www.
yellowpages.
com/tomball-
NORTHWEST tx/mip/northwes
148 EMS t-ems-7295479/ no (281) 351-8269
https://www.
mapquest.
com/us/iowa/bu
siness-west-
des-
moines/iowa-
IOWA behavioral-
BEHAVIORAL health-
HEALTH association-
149 ASSOCIATION 271387361 515) 223-6211
https://www.
mapquest.
com/us/new-
york/p-9-
150 P9 1490985 no (718) 291-8500
https://yelp.
com/biz/venu-
VENU AT at-galleria-
GALLERIA condominium-
CONDOMINIU rentals-
151 M RENTALS roseville/ no 916) 745-8542
https://www.
yelp.com/biz/c-
and-c-steel-
C & C STEEL erectors-
152 ERECTORS waldron no 479) 637-5002
https://church.
org/churches/ar
HOLIDAY kansas/72067/h
HILLS oliday-hills-
METHODIST methodist-
153 CHURCH church/ no 501-825-7301
https://www.
SHILOH ROAD facebook.
CHURCH OF com/shilohroad
154 CHRIST coc/ 1 903-561-7992
https://www.
mapquest.
com/us/kansas/l
oanmax-title-
LOANMAX loans-
155 TITLE LOANS 365925348 913) 534-8310
https://www.
NORTHERN yelp.
HILLS es/biz/northern-
CHRISTIAN hills-christian-
156 CHURCH church-brighton no 1-720-685-1717
https://www.
yellowpages.
com/albany-
ny/mip/albany-
ALBANY- colonie-
COLONIE regional-
REGIONAL chamber-of-
CHAMBER OF commerce-
157 COMMERCE 462930228/ 518) 431-1400
FIRST
REFORMED http:
CHURCH OF //frcportage.
158 PORTAGE org/wordpress/ no 1 269-327-3694
http:
VALLEY //valleybrookout
BROOK reach.org/
OUTREACH
BAPTIST
159 CHURCH 864) 243-9305 no 864) 243-9305
DEXTER USD https://www.
160 #471 usd471.org/ 620-876-5415
FOX VALLEY
ELECTRICAL
CONSTRUCTI
161 ON 1 630-336-3415
GREEN
VALLEY
BAPTIST
162 CHURCH (702) 850-3737
AGAPE
CREATIVE
163 ACADEMY (910) 425-1243
MAUMEE
VALLEY
164 CHURCH no 1 419-867-9339
SEAFORD
PUBLIC
165 LIBRARY 1 516-221-1334
HUGHES
NETWORK
166 SYSTEMS (717) 972-1291
SEAFORD
PUBLIC
167 LIBRARY 1 516-221-1334
WHISPERING
PINES
WORSHIP
168 CENTER 231-853-8530
MARSHALL
PRAYER ME CORRIGIO
169 FORCE yes
SOONERS
170 FOR CHRIST 2 1 405-321-4474
WESTNEDGE
SHELL FOOD
171 MART INC 1 269-321-3600
PERFORMANC
E
CHIROPRACTI
172 C no 1 775-853-0250
UNITED
METHODIST
CHURCH
173 (corrección) no 1 334-585-0722
http:
//copperlinepart
COPPERLINE ners.
174 PARTNERS com/contact-us/ 1 203-406-1300
https://porch.
com/garner-
nc/decking-
contractors/dec
DECKS & TRIM ks-and-trim-
175 LLC llc/pp/ No #ERROR!
https://www.
yelp.
com/biz/shirleys
SHIRLEY’S -wax-bar-key-
176 WAX BAR west (703) 944-5553
COSTAFREDA
TRANSPORT
177 INC 786-554-7531
WAYNE S
SANDERS CPA
- CARR RIGGS
178 & INGRAM #ERROR!
179 QQPC (718) 853-8898
BED BUG
180 MASTERS (718) 232-5691
https://npino.
com/behavioral-
OAK TREE health/1548684
COUNSELING 004-oak-tree-
181 LLC counseling-llc/ #ERROR!
YUM YUM
EXPRESS
CHINESE
182 RESTAURANT #ERROR!
B GATE
183 BARBER SHOP #ERROR!
TRI COUNTY
184 PORK #ERROR!
BOOTH
185 CLARMON #ERROR!
HILLSIDE
186 HIDEAWAY #ERROR!
BURNS
JANITORIAL
187 SERVICE INC #ERROR!
JEFF CHEN,
188 MD #ERROR!
DR VIDA
TARASSOLY
189 LAW OFFICES 818-426-9567
PRIDE
PRODUCTION
190 S, INC. #ERROR!
THE LAKE LIFE
191 REALTY TEAM UNFAIR UNFAIR UNFAIR
https:
//mapquest.
com/us/texas/si
SIMS LAW, ms-law-pllc-
192 PLLC 380900833/ #ERROR!
https:
//mapquest.
com/us/north-
carolina/q2-
solutions-
193 Q² SOLUTIONS 369019316/ 1 919-998-7000
194 RED DOT COM #ERROR!
DISCOUNT
TIRES AND
195 ALIGNMENT #ERROR!
REEVES
HOWARD L
196 DGN DO #ERROR!
PEACEFUL
REST
FUNERAL
197 HOME INC #ERROR!
G WILLIAM
SNIPES BILL
ATTORNEY AT
198 LAW #ERROR!
TRU
PRECISION
199 CORP #ERROR!
HOUSTON
PROFESSIONA
L
CONTRACTOR
200 S #ERROR!
EN’CYNK
201 BUILDERS #ERROR!
DR. DARIUS K
202 JOSHI, MD No
https:
//mapquest.
com/us/californi
SULLY-MILLER a/sully-miller-
CONTRACTIN contracting-co-
203 G CO. 278272887/ #ERROR!
SERVICE
GIANT
204 PLUMBING no #ERROR!
INNOVATIVE
THERAPIES
205 GROUP INC. 3 #ERROR! TRUE
VISUAL
DISCOVERY,
206 INC. #ERROR!
MEADOWOOD
207 APARTMENTS no #ERROR!
HIGH DESERT
208 KIDNEY HOPE #ERROR!
209 CAG #ERROR!
https://www.
vitals.
com/doctors/Dr
DR. JOSEPH W _Joseph_W_He
HENDERSON nderson/office-
210 IV locations #ERROR!
PROGRESSIV
211 E INSURANCE no #ERROR!
DAVID,
JACQUELINE
212 DO #ERROR!
DAVID,
JACQUELINE
213 DO #ERROR!
DR. JOSEPH W
HENDERSON
214 IV #ERROR!
SAG WORLD
215 WIDE LLC no #ERROR!
CUZD
216 INDUSTRIES no #ERROR! TRUE
https:
//quicktransport
solutions.
com/truckingco
mpany/texas/lta
-express-
trucking-inc-
LTA EXPRESS usdot-3041794.
217 TRUCKING INC php #ERROR!
INTERNATION
AL LINK
218 TOURS #ERROR! TRUE
CARRIZO
SPRINGS http:
FAMILY //carrizosmiles.
219 DENTISTRY com/ #ERROR!
APPLIANCE
220 RECOVERY no no #ERROR!
221 IKRA #ERROR!
222 ENSURE #ERROR!
NEUTRAL
ZONE
SPORTSCARD
223 S Yes( no carga)
NAILSPA
224 EXPOSE Yes (no carga)
BIM
CREATIVES,
225 LLC no no #ERROR!
YARBROUGH,
226 SYDNEY E #ERROR!
HANDY
HELPER &
HELPING
227 HANDS #ERROR!
RESTORATION
228 BISTRO bi #ERROR!
https://yelp.
com/biz/garner-
pipe-and-
supply-
229 weatherford/ #ERROR!
NORTH
FLORIDA
ORAL &
FACIAL
230 SURGERY no no #ERROR!
https:
//yellowpages.
com/miami-
gardens-
fl/mip/progressi
PROGRESSIV ve-insurance-
231 E INSURANCE 494874677/ #ERROR!
https://www.
yelp.
HIGHER com/biz/higher-
GROUNDS grounds-coffee-
COFFEE house-and-
HOUSE & bakery-
232 BAKERY lawrenceville no #ERROR!
https:
//mapquest.
com/us/missouri
/godfrey-and-
GODFREY & associates-cpa-
233 ASSOCIATES 304758980/ (314) 772-2883
https:
//superpages.
com/bp/plantati
on-fl/david-
DAVID, jacqueline-do-
JACQUELINE L2604930033.
234 DO htm 954-370-4479
TRAILHEAD
COFFEE &
235 CYCLE no #ERROR!
https:
APPLIANCE //appliancereco
236 RECOVERY very.com/ #ERROR!
https:
//facebook.
com/pages/Meli
MELISSA ssa-Paynter-
PAYNTER Retail/1037216
237 RETAIL 746335016/ #ERROR!
https:
MEADOWOOD //meadowood-
238 APARTMENTS wi.com/ (262) 552-9080
DAVE B.
HOWELL &
ASSOCIATES,
239 LLC no no #ERROR!
https:
//mapquest.
com/us/north-
carolina/q2-
solutions-
240 Q² SOLUTIONS 369019316/ (919) 998-7000
SKD
241 SERVICES no no #ERROR!
LINE OF SIGHT
242 LLC #ERROR!
https://www.
mapquest.
com/places/arc
hetype-saint-
helena-ca-
243 ARCHETYPE 282788888 no #ERROR!
JGA AUTO
244 CENTER INC. #ERROR!
KIDNEY &
HYPERTENSIO
N
CONSULTANT
245 S #ERROR!
https:
//mapquest.
com/us/californi
CASTILLO a/castillo-
CONSTRUCTI construction-co-
246 ON COMPANY 11316678/ #ERROR!
BILL'S FAMILY
247 DENTISTRY #ERROR!
JGA AUTO
248 CENTER INC. #ERROR!
STERN
249 BLOOM MEDIA #ERROR!
HORN LAW
250 FIRM #ERROR!
IGLESIA
CRISTIANA
CUEVA DE
251 ADULAM 1 979-693-7761
COATING
ATOMIZATION
TECHNOLOGI
252 ES LLC 1-303-438-5707
FIRST
BAPTIST
CHURCH
253 WEST POINT 1 502-922-9940
NORTHWEST
254 EMS 1 281-351-8269
SAINT JOHN
ORTHODOX
255 CHURCH (901) 274-4119
256 P 9 yes (718) 291-8500
SACRED
257 HEART FRIAR 1 973-778-1915
VELOCITY
PRUDENT,
258 INC. 1 832-699-9965
HOLIDAY
HILLS
METHODIST
259 CHURCH 501-825-7301
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TIEMPO DE ENVIO: 40 SEGUNDOS

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1 TIEMPO DE ENVÍO: 11 SEGUNDOS
Lo que se les
2 Texto Respuesta va a resaltar
Key downside risks include:( 1) material delays on in progress

projects ;( 2) disruptions to existing operations, resulting in
lower throughput or yield growth ;( 3) a slowdown in GDP or
trade growth, causing a weakened outlook ;( 4) P/E
compression from downgrades of growth forecasts( as
occurred in 2008) ;( 5) adverse FX movements ; and( 6) higher
3 than expected startup costs from new port launches. neutral
The company did not update the multi year guide, but both the
near term and longterm guidance has a natural upward bias
based on current well performance. While NFX is also
increasing FY'17 capex guidance by $ 100M, or 10%, to $ 1.10
B, this was driven by: 1) increased activity associated with
efficiency gains and enhanced completion optimization that
drive improved capital efficiency ; 2) improved cash flow
associated with higher price realizations and strong cost
controls ; and 3) incremental testing in the" SCORE"(
Sycamore Osage Resource Expansion) and other sections of
their portfolio that could materially increase their NAV over
time. Important to note, while management was clear to
indicate that they have both a significant cash balance and
hedges to insulate their operating plan from a reduction in
commodity prices, should WTI weaken materially they have
4 embedded flexibility to reduce activity and preserve liquidity. positive
Meituan Dianping posted a solid 2Q beat( its third consecutive
quarterly beat) across all its business segments, with its first
group net profit of Rmb1.5bn( vs. prior GSe/BBG of - Rmb0.
6bn) driven by food delivery positive seasonality, economies of
scale, and sizable loss narrowing in new initiatives. We believe
the company is solidifying its leading position in China ’s local
services market, with a clear path to profitability in 2020 given
5 further monetization through online marketing services. positive
Margins in consumer and foodservice were also helped by
good control of operating expenses. Benefits from a higher
commodity prices and a relatively stable farmgate milk price
saw Australian ingredients EBIT improve from - $ 27m in 1H16
to $ 16m in 1H17. Product mix problems should start to unwind
in FY18 as new major nutritional supply agreements for
6 Darnum ramp up, including Beingmate and Bellamy's. positive
We forecast MTX to generate $ 130m, or $ 3.65/share, in free
cash flow in 2018 and $ 150-155m, or $ 4.30/share, in 2019,
reflecting free cash flow yields of 5.3% and 6.2%, respectively.
We are establishing a December 2019 price target of $ 73
based on a target multiple of 9x 2019E EV/EBITDA( adjusted
for after tax pension liabilities) and equivalent to a 6% free cash
flow yield. Our previous December 2018 price target was $ 80
7 based on a similar 2019 target multiple. neutral
Mando announced a DPS of KRW 500 for 2018 which translate
into a 20.5% payout ratio and guided for KRW 250bn in capex
8 for 2019.
However, Lala states that Brazil's EBITDA was inflated by a
one off gain on the sale of Itambe. Management is not
disclosing the size of this gain, but it has stated to us that its
recurring EBITDA for Brazil( excluding this, as well as some
other one off effects) would have reflected a margin of 7.9%(
implying an EBITDA of 185 mln, 18% below our estimate).
However, some line items suggest that the one off effects may
9 have an even greater magnitude.
We expect net pricing deterioration from 2019, but think rising
volumes from existing markets and future potential label
expansion will support continued sales growth. We forecast
FY3/19 Core OP will rise 5% Yo Y to ¥ 283.3bn( guidance: ¥
270bn), but look for an 8% Yo Y decline to ¥ 260.6bn in
FY3/20, owing to expiration of the Vesicare patent. Enfortumab
Phase 2 results are crucial( Feb–Mar) The focus is on Phase 2
top line results of urothelial cancer treatment enfortumab
vedotin( Feb Mar) after Phase 1 trials confirmed positive
10 response rates. neutri
The EPS guidance reflects revenue of $ 25.1-$25.6BB, which
compares to our forecast of $ 25.4BB ; a 5% increase from
2016. Internationally, revenues are robust, growing 4% in the
quarter with strength in the Asia Pacific( + 14%) and Europe( +
17%), offset by some slowdown in the Middle East( - 5%) in
Q2. Missile Systems has led to growth in the Asia Pacific
11 region.
FY17 profit alert with net profit up 10-30%: Net profit should
grow 10-30% to Rmb447-528m for full year 2017, in light of 1)
substantial increase in the domestic wind tower order ; and 2)
more earnings contribution from wind farm. The company is
confident of increasing sales volume in the domestic market
thanks to market share gains as well as China's more
consolidated tower tube market, although China's total new
wind installation is likely to fall in 2017. Its overseas sales
12 volume should remain stable given Titan's capacity constraints.
We derive our 6-12 month target price of Y18,200 from a
dividend discount model. Risks include sharp forex movement,
economic change, a lull in technological innovation, changes in
environmental regulations, and an over reliance on the current
13 president
The trend in AJ Networks Co Ltd's market and book values,
allow investors to gauge how the market values the company's
growth. Comparing the two most recent quarters with the
previous two, we see that book values have increased by 1.2%
while the company's market value has increased by 8.04%.
14 Moreover, the gap between the two widened in the last month
The company continues to be the market leader( 26%) in a
growing industry. Credit line secured for Site B, strong EBITDA
should also be supportive Bloomberry Resorts and Hotels Inc.(
BRHI, 100% BLOOM owned) ended FY18 with a D/E of 1.5x.
BRHI is the Philippine gaming license holder and is under the
regulator set limit of 2.3x D/E. BRHI has also secured a
PHP40bn omnibus loan and security agreement with seven
local banks which can be used to fund the Site B expansion as
15 needed
Shareholder returns: FY3/18 DPS was ¥ 150, an increase
16 versus guidance of ¥ 125. Positive
Broad based slowdown, unfavorable mix, and inventory wind
down weigh on outlook. MPS has finally been affected by the
downturn, as it observed a significant slowdown in bookings in
late 4Q given the uncertainty from the trade war and a
17 slowdown in China
NIM Expansion. The reported NIM expanded 66 bps to 4.21%
and came above Street forecast of 3.87% and our forecast of
3.97%. Core NIM( ex. PAA) expanded + 38 bps to 3.74%, in
18 line with our forecast of 3.74%. Positive
Upside/Downside scenarios 14 November 2018 2 Barclays |
Kellogg Co. What to do with the stock Though K largely
reaffirmed our preliminary 2019 expectations, we have lowered
our 2019 EBIT growth estimate to flat YOY from + 0.6% YOY in
light of the additional commentary at yesterday ’s Investor Day.
With this in mind – and accounting for a potential YOY tax rate
headwind – we now look for 2019 EPS of $ 4.24( vs. $ 4.38
previously), well below current Consensus of $ 4.43. Frankly,
19 we would expect Street estimates to likely move lower as well. Negative
Gross Margin Continues to Improve BEST ’s gross margin has
turned to positive in 2Q17 and the Company expects it to
continue improving, driven by economies of scale, automation
in sorting hubs/centres and cloud OFCs, and cost reductions
from long haul transportation( i.e., deployment of swap body
trucks, routing optimization, improving truck utilization). We
estimate BEST ’s gross margin to be 2.1%, 6.1%, and 10.4% in
20 2017-2019, respectively. Positive
growth, overseas earnings are likely to become a key driver of
overall earnings growth from 2017. AP is still in the early stage
of penetration, so we think it will generate a 30% earnings
CAGR from its operations in China over 2016-19. AP is
21 currently trading at NTM P/E of 29x, Positive
Our PT of $ 46( up from $ 44) is based on a P/E of 18x(
unchanged) our 2020 EPS estimate of $ 3.76( up from $ 3.75),
discounted by 14%( down from 15%) for three years. We are
now using a slightly lower discount rate to better reflect the
lower commercial risk associated with the overall business
given the acceleration in prescription volume demand in the
22 wake of the Trokendi XR label expansion. Neutral
creo que ésta
no es TQ,
EBITDA by ~ $ 50mn 60mn. Also expected to include a one alguien que lo
time write off of LAUR's asset carrying value( ~ $ 600-$850mn confirme si lee
23 incl. ~ $ 110mn reduction to net cash). Neutral ésta nota
The trend in ADMA Biologics Inc's market and book values,
previous two, we see that book values have decreased by
285.4% while the company's market value has decreased by
24 58.38%. Neutral
Botulinum toxin( BTX) revenue increased by 112% Yo Y while
HA filler revenue grew by 48% Yo Y, thanks to favourable
seasonality, market share gains in Korea and a rise in exports.
Hugel was ranked No.1( 44% market share) in the Korea BTX
market in 2016, vs. No.2( 34%) in 2015. We expect EPS
growth of 39% Yo Y in 2017, mainly on a rise in export
25 revenue. Positive
With approximately 5% global market share, Adecco is a joint
global leader in staffing market Most end markets are
extremely fragmented It is number 1 or 2 in most large
recruitment market Key competitors are Randstad and
Manpower Competitive advantage Breadth and depth of office
network provides access to a broader range of clients and
candidates Brand recognition draws candidates to its network
on both an online and offline basis Economies of scale for
administrative functions – Adecco has the highest EBITA
margins in most regions Strong balance sheet allows Adecco
26 to fund growth( working capital costs) Positive
Share price decline two years ago not likely to be repeated In
August 2015 the company announced guidance that was below
consensus due to a slowdown in China's auto market and the
27 sharp drop in the share price in the following month is still Negative
Implied EV/EBITDA operating multiple just 1.8x An extension of
the previous analysis is to back out what the market valuation
for the group implies for the EV/EBITDA multiple that is
effectively implied to the operating assets, using the reported
fair value of the property portfolio. EVT ’s market cap is A$2.2
bn, and the sale proceeds of the German cinema chain would
roughly neutralise the net debt position, making the pro forma
EV also around A$2.2bn. The company owns a large amount
of its own property, mostly in hotels, and this has a disclosed
28 fair value of A$2.0bn. Positive
Net Interest Margin: We are modeling the NIM to increase 2
bps sequentially to 3.27%. On the company ’s 4Q17
conference call, management noted that the yield on the loan
29 pipeline is 4.49% and continues to exceed the portfolio rate. Positivo
The stock has not attracted a premium valuation as the market
discounts it for relatively low core capital, low profitability & lack
of catalysts. We note that if mgt was able to deliver further
incremental action on revenue optimization, cost elimination
and asset quality improvement, this could result in a significant
upside for the stock. In order to outline the potential, we
present a blue sky scenario and boost our 2018/19E NIM by
10/15bp, reduce Op Ex growth to + 4%/+3%, and decrease Co
R to 100/90bp to arrive at a 2018 FV of TL8.1, implying a 98%
30 potential upside from current levels. Positive
We are not making any changes to our local currency
forecasts. In local currency, our estimates assume EPS growth
of 8% for 2018 and 61% for 2019. In terms of ROE, we expect
31 15% for 2018 and 20% in 2019. Positive
The interest bearing debt amounted to Bt3.6bn( down from Bt3.
8bn as of the end of 2016). Meanwhile, shareholders ’ equity
stood at Bt12.0bn( BVPS = t9.59) and retained earnings
amounted to Bt10.1bn. Note that GFPT announced a DPS of
Bt0.30 for the 2017 performance, implying a dividend yield of
2.4% p.a. The stock will o XD on 13 Mar 18 and the dividend
32 payments will be made on 25 Apr 18. Positive
The closest competitor, Sun Coke Energy Partners LP, has a
similarity index of 75% and a market share of 0.34% compared
to Steel Partners Holdings market share of 0.34%( See Table
33 1). 2
We forecast 4% core EPS CAGR for Wharf in 2017-2019E
taking into consideration of the below earnings drivers: HK IP –
The worse may be over: Although the HK retail market faces
ongoing challenges( e.g., the middle class mainland Chinese
traveling further abroad, competition from Macau and other
destinations), there are signs of stabilization after two years of
decline in retail sales. We model flat rent growth in 2017E for
Wharf ’s HK retail portfolio, except for Times Square where we
34 assume a 3% rental decline. 3
Accordingly, it appears that it will be difficult to judge the
success of the white label partnership before July of 2019. The
uncertainty increases questions about our NIM and fee
35 expectations, which we view as a drag on valuation. 3
Our price target remains unchanged at $ 23 and is based on ~
36 14x our FY19 unlevered FCF of ~ $ 563M( previously $ 586M). 2
Here again our prior example of Vitabiotics is useful( charts
below). As the business has gained scale over prior years, the
company has seen considerable margin leverage at the EBIT
level, but interestingly not at the gross level. In fact, the
company was operating with solid gross margins even at
37 limited scale. Positive
Data & IP: revenue and EBITDA declines also to accelerate
due to competition We expect Data & IP revenue and EBITDA
declines to accelerate as businesses migrate from ISDN to IP
based products, hastened by the NBN migration and increased
competition from smaller operators. While we estimate ISDN
ARPU to continue to decline in the low single digits, we
estimate IP Access pricing to decline by 10% annually for the
38 foreseeable future due to increased competition. Negative
CORE Equity Research | Instant Insights 14 May 2019 Julian
Mitchell Lee Sandquist Jason Makishi + 1 212 526 1661 + 1
212 526 3717 + 1 212 526 5335 julian.mitchell@barclays.com
BCI, US lee.sandquist@barclays.com BCI, US jason.
makishi@barclays.com BCI, US U.S. Multi Industry Gas
Turbine Demand / Market Share Update – Order growth ; Too
early to call an upturn Summary According to Mc Coy data,
global gas turbine orders in Q1 19 reached ~ 12 GWe(
representing a ~ 20% increase y o y). This orders growth
marks an interruption in the overall market downturn( which is
the longest on record in recent decades), though we are
hesitant to call a trend from a single quarter ; the data was
particularly strong( in terms of ordered capacity) for large units(
over 300Mwe in capacity), as they comprised ~ 75% of
quarterly ordered capacity. For Ordered Capacity( MWe), Q1
39 19 represented the strongest Q1 since 2016. Neutral
4Q GAAP net profit came in at RMB6mn, within the company
guidance of no more than RMB2mn loss( or - RMB145mn in
FY18), above our forecast of RMB3mn. Non GAAP net profit of
RMB307mn, up 50.8% Yo Y was better than our forecast of
40 RMB241mn. Estimates( Dec) Positive
Total acquisition cost of Kairos through the three tranches
purchased in 2013, 2016 and 2018 is CHF477m. However,
given amortisation we think the carrying value is now lower. If
the company is sold for more or less than the carrying value,
our capital calculation needs to be increased or decreased for
41 the difference. Negative
The Blue Sky scenario has near term earnings 5% higher than
existing forecasts and terminal margins 200bp higher. We
increase the 12m FWD PER from 11x to 13x( 1sd above the M
T mean) and decrease the FCF Yield from 7.5% to 6%. This
42 gives a 12m FWD valuation of 5,500p. positive
We argue, however, that if our estimates are correct, the
derating would be fast: the 2020E P/E multiple would decline to
below 25x, while EV/EBITDA to below 15x, not far from the
multiple of the Audionova acquisition( 14.4x). As a matter of
fact, Amplifon is one of the stocks with the highest net profit
CAGR among covered Italian quality mid cap names operating
in the industrial/consumer space( IMA is the only one with a
higher value). If we plot expected earnings growth against
2018E P/E multiples at our TP, Amplifon ’s valuation fits well,
43 also in light of reference market cyclicality. Positive
Unchanged outlook VIG still targets to at least double its PBT
to up to EUR400m in 2016. It strives to maintain its market
leadership in AT, CZ and SK and targets a market share of at
least 10% in HR, HU, PL and RS. It plans to improve its
combined ratio to 95% and to distribute at least 30% of its net
44 profit after minorities. Neutral
STI ’s maximum exposure to loss related to these investments
is comprised of its equity investments in these partnerships and
any additional unfunded equity commitments. At 4Q18, the
carrying value of its Renewable Energy Partnerships was $
86mn( $ 68mn at 3Q18) and the maximum exposure to loss
related to investments was $ 138mn( $ 165mn at 3Q18). CDS:
As part of STI's trading businesses, STI enters into contracts
that are, in form or substance, written guarantees ; specifically,
45 CDS, risk participations, and TRS. Neutral
The former captures completed disposals( ~ 0.5bn of RWAa),
the sale of two NPL portfolios( ~ 0.6bn of RWAs), the sale of
SEE operations( 1.2bn RWAs, including Romania, Bulgaria
and Albania) along with additional de risking actions( ~ 0.6bn
RWAs). The details of the planned issuance have not been
disclosed and are subject to market demand. n Asset quality:
NPL sales pending, formation trends mixed. The group ’s NPE
stock fell by 0.6bn in 1Q driven by NPE formation( - 0.3bn) and
46 write offs. neutral
Barclays Research estimates for G4S and Securitas. Share
47 price as of 8th March 2017close FCF Yield
Our grey sky valuation of $ 6 is based on an downside scenario
where the industry realizes repair and remodel demand below
our expectation for the year, while margins constract as a result
of continued inflation pressure and more limited pricing power.
Should that be the case, FBM could trade at ~ 5.8x our NTM
48 estimated downside EBITDA. 3
This has led to a substantial improvement in EBIT margin at
49 18.4% vs 13.6% in 1Q18. Net D/E was maintained at 65%.
On the external front, we have assumed no acquisition volume
50 in' 18 or' 19. We have assumed a 1.5x EV multiple contraction. Neutral
Valuation & Key risks: Our 12 month price target is derived
from an equal weighting of 18x CY19 EV/u FCF( 20x prior) and
a DCF analysis( 8% WACC), on slightly lower confidence in
outsized beats going forward. Key downside risks include
concentrated ownership, dynamic competitive environment,
dependence on on premises IT, indebtedness, and global
51 macro. Negative
Valuation: Our 30.50, 12 month price target is DCF driven and
equates to a 16.5x FY21E EV/EBIT multiple( 23x P/E). We are
52 Buy rated. 2
Electronic chemicals: Major increase in volumes, primarily for
53 etching gas, with start of full scale production of 3D NAND. 1
4Q GAAP net profit came in at RMB6mn, within the company
guidance of no more than RMB2mn loss( or - RMB145mn in
FY18), above our forecast of RMB3mn. Non GAAP net profit of
RMB307mn, up 50.8% Yo Y was better than our forecast of
54 RMB241mn. Estimates( Dec) 1
We forecast 10% Ro IC in 2019-20. Following large scale water
supply/WWT project adds per quarter since 4Q18, we expect
GDI to be able to add more EPS accretive projects each
quarter going forward & be able to sustain 10% or higher DPS
CAGR. EPS rise to sustain yield of 4-4.9% + water project
M&A We estimate( 1) GDI will book > HK$4 bn property sales
net profit over ’ 19-23 ;( 2) Guizhou WWT project profit to start
55 from 4Q19 ; and( 3) 2-3% HK water tariff CAGR in ’ 21-23. 1
he 2019 NIMs at 4.3%( 3.6% YTD) to be driven by lowered Co
F. The targeted 75% NPLs coverage( 45% YTD) would be
realized via NPLs sale and improved asset quality. Total loan
growth and subsidized mortgage growth at 14-15% and 11-
56 12%, respectively, stay unchanged. pos
Following the disposal of Oil & Gas( Drillmec, Petreven) the
plan points to refocus on the core special foundation business(
Trevi, Soilmec) with the target to restore pre crisis margins.
The capital increase worth EUR130m and a debt to equity
swap up to EUR310m with a ratio 4.5:1( calculated at the new
share issue price, which implies EUR69m of converted equity)
has been approved. FSI( CDP) and Polaris should increase
57 their stakes. pos
The following table contains Galp ’s EBITDA and Net Income
sensitivities to changes in key macro and operational drivers.
Fig 31 Earnings sensitivities to key macro and operational
58 drivers neu
Broad based slowdown, unfavorable mix, and inventory wind
down weigh on outlook. MPS has finally been affected by the
downturn, as it observed a significant slowdown in bookings in
late 4Q given the uncertainty from the trade war and a
slowdown in China. Accordingly, customers in 4Q were
hesitant to ramp new products for Automotive, Industrial, and
Computing markets while legacy Communications saw a strong
4Q driven by home router/gateway products, leading to a 50
59 bps q/q decline in gross margin. neg
The bank is well covered in these sectors, particularly in the
consumer and other categories. We note the bank has
prudently taken significant provisions in the consumer loans &
credit cards businesses, potentially indicating the bank sees
asset quality deterioration in these business lines amidst a
more difficult consumer backdrop. Chart 44: Highest sector
NPL ratios see in building and construction, communications
and manufacturing categories 10,000.0 15,000.0 20,000.0
25,000.0 30,000.0 5,000.0 0.0% 0.5% 1.0% 1.5% 2.0% 2.5%
3.0% 3.5% 4.0% 4.5% 5.0% Chart 45: SAMBA ’s NPLs have
been provided for in most sectors, with shortfall in
60 manufacturing. Negative
Total unit cost came down from US$31.8/bbl in 4Q16 to
US$27.5/bbl in 1Q17 mainly on lower unit depreciation.
Petrochemical and refinery divisions Although EBITDA EBITDA
61 Please refer to our comments on PTTGC, Thai Oil, and IRPC. 2
We maintain our Neutral rating on TTCL with a sharply lower
target price of Bt10.00 from Bt19.40 to reflect our downward
earnings revision on the subdued EPC business and the IPO
plan for its subsidiary, TTPHD. Our target price comprises Bt3.
8 from the construction business and Bt6.2 from its
investments and is derived from a 2019 PER of 11.45x EPS for
the construction business, implies 2.0SD below its 12m forward
consensus PER mean and 1.66x the diluted book value of its
62 investments.
Aquí se les va a
Cost advantage: Due to its technological excellence, Semcorp marcar
managed to cut cost by improving production processes, yield "economies of
63 rates and economies of scale. 1 scale"
Our comparative valuation, based on 2016-17FYE EV/EBITDA
and P/E of Kernel ’s developed and emerging market peers,
yields a fair value of $ 25.11/share or 63% above the stock ’s
64 current market price.
Consolidated: Free cash flow was negative at - US$145mn
mostly due to the weaker operating performance. Copec
65 reported capex at $ 466mn( - 4% Qo Q ; - 8% Yo Y).
- BLDC importance gets more pronounced in the x EV world as
the absence of engine sounds makes noise level an important
factor and also frictionless BLDC will lead to better efficiency
66 and durability
Given SYN008 already completed a BE study in Australia,
CSPC is planning a Ph3 H2H clinical trial targeting asthma.
However, though a key composition patent of Xolair expired in
2018, it still has syringe formulation patents to expire in 2021
and 2024. It is unclear when a Xolair biosimilar can start
67 marketing. neu
Only recently, it started pricing ahead of current 6% claims
inflation. On a positive note there did not seem to be any hint to
potentially revising claims inflation further up with management
believing now this is the peak. As a result of this management
expects underlying profitability in Norway to continue to
68 deteriorate from here, reaching an inflection point in 1H19. 1
Strong top line growth of + 45% to £ 358m ahead of MSe £
346m( css £ 337m), while EBITDA came in line at £ 82.7m( css
£ 82.5m), raising FY guidance to £ 740770m from £ 660-700m(
+ 38% growth at mid point, implying + 32% H2). This was
widely expected with css already at £ 721m( MSe £ 732m) ; we
69 expect an upgrade accordingly. positive
Financial position and NP margin to improve on capex cut We
70 expect CU's capex in the next three years neu
While we think polymer earnings will fall because of rising
materials prices, fine chemicals and inks should grow
substantially, providing an offset and enabling overall OP to
71 climb 19.1% to ¥ 65.5bn. ROE should also hold in 2 digits. positive
We revise our FY12/18-22 forecasts based on 3Q FY12/18
results and industry conditions. We reflect losses related to the
Taiwan project cancellation in our FY12/18 forecasts and
72 increase our FY12/22 capex estimate to Y3.9bn( prev Y2.4bn). negative
Data & IP: revenue and EBITDA declines also to accelerate
due to competition We expect Data & IP revenue and EBITDA
declines to accelerate as businesses migrate from ISDN to IP
based products, hastened by the NBN migration and increased
competition from smaller operators. While we estimate ISDN
ARPU to continue to decline in the low single digits, we
estimate IP Access pricing to decline by 10% annually for the
73 foreseeable future due to increased competition. negative
Risk: Risks to our 4.28 target price and Underperform rating
include:( i) continuous improvement on the asset quality side ;(
ii) delivery of revenue uplift ; and( iii) a better than expected
macroeconomic scenario - which would have an impact on
volumes and asset quality. We also flag potential M&A appeal
74 as a risk to the upside. postive
The Blue Sky scenario has near term earnings 5% higher than
existing forecasts and terminal margins 200bp higher. We
increase the 12m FWD PER from 11x to 13x( 1sd above the M
T mean) and decrease the FCF Yield from 7.5% to 6%. This
75 gives a 12m FWD valuation of 5,500p. positive
We believe the main player ’s EBIT margins should further
increase and have identified some actors with potential of more
than 700bps. The main drivers include premiumisation,
regional mix, economies of scale and efficiencies through IT(
Net revenue management, precise marketing, HR, Sales
forecasting). Scale ad efficiencies driven margin gains should
be more back end loaded as groups invest at the same time in
76 brand building, innovation and capacities. 2
Internal inflation + 250 bps implies SSS in excess of inflation +
77 1.8%, accelerating from the prior 4Q average + 1.1% neutral
Private placement to raise Rmb9.0bn and acquire Shengmu's(
SM) 37% equity The private placement( 587mn new shares @
Rmb15.33/shr) and the acquisition of SM( 37% equity @
HK$2.25/shr implying 9x EV/EBITDA ; total consideration at
Rmb4.6bn), which are not mutually conditioned, are in our
view: 1) critical for the long term stability of Yili's core
management and thus shareholder value ; and 2) the
beginning of Yili's M&A growth, though earlier than planned.
We expect both deals could close in H117, assuming i) the
private placement is approved by the shareholders' meeting( >
2/3" yes" votes) and SEC ; and ii) after buying SM's 37% equity
( over 30%), Yili would tender a general offer to all
shareholders at a price not less than HK$2.25/shr. Company
mgmt. indicates the A share and H share listed platforms could
78 see better synergies once the acquisition is completed. 1
We expect ’ 18 semi capex to be up ~ 8%. Given that this
would be the third consecutive year of semi capex growth, we
do not count on a substantial increase vs. our forecast.
Comparing VAT with European peer ASML and using
Bloomberg consensus, if we exclude the increase in ASML
revenue due to additional next gen EUV tools, consensus has
79 ASML ’ 18 sales declining slightly. neutral
Core net margin( proportionated) expanded 1.1ppt Yo Y to
15.4% despite gross profit margin( proportionated) dropped by
1.6ppt to 34.4% offset by an increase in other gains and
80 finance costs reduction. positive
• Raflatac, Specialty Papers and Plywood were able to largely
81 offset cost inflation with higher deliveries and price increases. positive
N40 billion rights issue receives shareholder approval:
Guinness received shareholder approval for its planned N40
billion rights issue( Rights) at its extraordinary general meeting
on 24 January. Noting debt to equity ratio of 140%, proceeds of
the Rights are expected to be “ used to repay the Company ’s
various outstanding loan obligations ”, according to
management. Management has guided a six - to seven month
window for the conclusion of the Rights subject to regulatory
82 approvals.
Following the FY17 results, we lower our FY18-19E Sugar
EBIT by c.10% to reflect the lower EU sugar price, and lower
our c FX Primark revenue growth forecast by 300bp to + 9% p.
a.( FY18-22E), assuming a return to cannibalisation in Europe
and a slowdown in space growth( + 8% from + 10%). This
reduces our FY18-19E EPS by 2-5% and our 12 month SOTP
83 based price target to 3,400p( from 3,585p).
This makeup offers a stable if not outstanding level of NP
growth and helps keep down volatility in core operating cash
84 flow( the key indicator of cash generation capacit neutral
EBITDA was above Barc./Cons. ; 2) + 33.5% Vistar EBITDA
growth ; 3) Jan. was strong in the independent channel, albeit
helped by weather compares. Negatives: 1) Independent case
growth slowed to 4.3% ; 2) Foodservice EBITDA of $ 104M
missed consensus by $ 3M ; 3) despite 2Q upside, FY19
guidance was not raised. Link to Barclays Live for interactive
charting On PFGC ’s definition, we are raising our FY19 EPS
85 from $ 1.76 to $ 1.78 due to the 2Q beat. Negative
However, its 5 year lending target appears to imply an c.3 fold
increase in lending from £ 4.6bn in FY17 to c.£15bn in FY22E.
Assuming earnings are linear to lending( a simplifying
assumption) suggests EBIT upside potential of £ 100-150m.
Similarly, its target to have a portfolio of 60,000 mortgages by
2022E also suggests a profit opportunity of a similar
86 magnitude. Positive
Key downside risks include:( 1) material delays on in progress
projects :sob: 2) disruptions to existing operations, resulting in
lower throughput or yield growth :sob: 3) a slowdown in GDP or
trade growth, causing a weakened outlook :sob: 4) P/E
compression from downgrades of growth forecasts( as
occurred in 2008) :sob: 5) adverse FX movements ; and( 6)
87 higher than expected startup costs from new port launches. neutral
While NFX is also increasing FY'17 capex guidance by $
100M, or 10%, to $ 1.10B, this was driven by: 1) increased
activity associated with efficiency gains and enhanced
completion optimization that drive improved capital efficiency ;
2) improved cash flow associated with higher price realizations
and strong cost controls ; and 3) incremental testing in the"
SCORE"( Sycamore Osage Resource Expansion) and other
sections of their portfolio that could materially increase their
88 NAV over time. positivo
Meituan Dianping posted a solid 2Q beat( its third consecutive
quarterly beat) across all its business segments, with its first
group net profit of Rmb1.5bn( vs. prior GSe/BBG of - Rmb0.
6bn) driven by food delivery positive seasonality, economies of
89 scale, and sizable loss narrowing in new initiatives. positivo
Benefits from a higher commodity prices and a relatively stable
farmgate milk price saw Australian ingredients EBIT improve
90 from - $ 27m in 1H16 to $ 16m in 1H17. positivo
We are establishing a December 2019 price target of $ 73
based on a target multiple of 9x 2019E EV/EBITDA( adjusted
for after tax pension liabilities) and equivalent to a 6% free cash
91 flow yield. neutral
Company's net debt to equity ratio( treat PCS as equity)
92 increase slightly to 51% from 49% as of December 2016. 3
Currently, SIMP trades at 10x consensus PER while IFAR's
offer price would be at 8.5x PER and 0.35x book value. If we
value INDF's agribusiness using the market value of IFAR( and
its small direct stakes in SIMP and LSIP), it accounts for 6% of
INDF's market cap. If we use SIMP's market cap to calculate
INDF's attributable value for its agribusiness, it would be about
5% higher( or 3% assuming 30% holdco discount) and this
calculation excludes any value for IFAR's international
businesses. Stock reaction: While the unwinding of multiple
listed entities should ideally cap the widening holding company
discount INDF has been attracting, the stock is unlikely to see
the benefit in the near term given weak CPO trends and recent
93 unexpected land acquisitions by the Group. 2
This has helped total NAV return reach 16.3% in FY15, 9.7% in
FY16 and 16.4% in FY17. With further expansion into Ireland
and continued investment in long let, dominant Primary Care
asset underpinned by government income justifies PHP
gearing the balance sheet up to a level > 50% whilst income
will increasingly provide an inflation hedge for dividend growth(
94 Irish assets linked to inflation). 1
Yes. We forecast that the expense build in FY18E FY20E will
dampen operating margins to 28.8% this year, but thereafter
the operating margin will settle above 30% driven by higher
asset growth than expense inflation and the resultant
95 operational gearing that. 4
Modest ARPU Beat ; Stabilization on the Horizon? Postpaid
ARPU of $ 47.30 was modestly ahead of expectations( JEFe $
96 46.95), decreasing 8.2% y/y and flat sequentially. 2
industry performance. Our price methodology with a 10%
discount rate. target is based on a DCF based First Read:
Fortescue Metals Group Ltd 14 May 2019 4Required
97 Disclosures
stabilization in i OS and traction with Android users – Probable
Check, given the 4MM DAU Adds in Q1. 2) Unlocking of long
standing monetization upside – Probable Check given the 39%
Y/Y ARPU growth in Q1. 3) Growing appreciation of product
differentiation – Possible Check…waiting on Games and
Original impact to sink in … 4) Positive takeaways from Snap
98 Partner Summit – Check.
28.8x base case 2018e EPS OP loss in overseas operations
reduces: Robust sales growth in both domestic and overseas
markets in 2018, up 9% in Korea and 12% overseas. Overall
99 OPM of 10.6% with moderate revenue growth.
Q: How did the results compare vs. expectations? A: According
to Longi's 2017 results, net profit was within the guided range.
2017 net profit grew 130% Yo Y to Rmb3.56bn and Q417 net
profit came to Rmb1.32bn, up 195% Yo Y, outpacing Jan Sept
100 2017's growth of 104%.
We also benchmark Techtronic to its power tool peers, which
are trading at 15.7x forward PE on average. However,
Techtronic has stronger earnings growth momentum, at 19-
21CL EPS Cagr of 18.5% versus 10.3% for peers. Our target
101 price implies a PE/G of 1.4x, lower than peers ’ 2.0x. 1
Q1 EBITDA of c89m 6% ahead of consensus. EBITDA of 89m
was higher vs. consensus of 84.4m, due to a c2% revenues
beat and lower operating expenses ex D&A of 63m( vs.
102 consensus of 65.7m), reflecting the impact of IFRS 16. 1
CORE Equity Research Retail | Canadian Retail & Consumer
24 January 2019 Metro Inc. Focusing on the Bread and Butter
Maintaining Equal Weight rating, raising PT to $ 50 from $ 48.
Consumer Staples have been back in favour since Q4 2018 as
cost pressures moved into the rear view mirror, food inflation
picked up, and growing consumer spending concerns pushed
funds out of discretionaries. Despite an already healthy
valuation, Metro shares fully participated in this swing, which
has lifted the P/E to 17.1x and EV/EBITDA to 10.8x, nearing all
103 time peaks. 1
104 approvals. 2
This is driven by ~ 15% higher 2018-20 net inflows than
guidance as well as cost/income nearer 50% than the cap of
53%. As such, we forecast EPS CAGR in 2017-20 of ~ 10% vs.
AMUN ’s implied growth of 7%. Our PO falls to EUR78.0( from
105 EUR80.0) on lower earnings and rolling valuation to 2019. 1
Price catalyst 12 month price target: US$6.00 based on a PER
methodology. Catalyst: The stock has historically reacted
postively to consumer credit growth but negatively to any
106 deterioration in cost structure and asset quality. 2
The bright spot is a stronger rental income on the opening of
107 CDIFS Mall( Sep 17) and CSIFS Mall( 2Q18). 1
Valuation Our risk adjusted, relative value model comps EVHC
vs the S&P 500 on the basis of EPS growth, earnings quality,
reimbursement risk, UFCF ROAA & B/S leverage. Our risk
adjusted relative value model derives a 2019E target P/E of
12x, which applied to our 2019 estimate yields our $ 47 price
108 target( an implied 2019E EV/EBITDA of 9.5x). 2
At our target, the stock would trade at 5.9x 2019E EV/Sales.
Key Risks for LINX include( 1) Macroeconomic slowdown,( 2)
lower government support and tax benefits and( 3) execution
109 risks associated with potential M&A. 2
We attribute that to: 1) the Virginia Medicaid MLR is finally
starting to decline ; and 2) the PBM business did not lose any
customers unlike some peers ; in fact it picked up a Fortune
100 Employer account. These updates instill more confidence
that net margins can expand to 2% + over 2-3 years,
representing EPS power of $ 6 + or $ 7.50 + including capital
110 deployment. 1
So far, a large part of the capex plan has been executed, but
111 there are c14bn pending capex in the period 2018-38. 1
We think the company will be able to reduce interest bearing
debt by improving cash flows from investment activities as it
scales back new investments and sells real estate in Japan
and abroad. We revise our end 20/3 D/E ratio and
shareholder's equity to total assets forecasts to 4.7x and 17%,
112 respectively, from 6.2x and 13%. 2
The 2019 NIMs at 4.3%( 3.6% YTD) to be driven by lowered
Co F. The targeted 75% NPLs coverage( 45% YTD) would be
realized via NPLs sale and improved asset quality. Total loan
growth and subsidized mortgage growth at 14-15% and 11-
113 12%, respectively, stay unchanged. 1
Whilst there was a sequential slowdown from 19% in 1H to c.
10% in 2H, this seems more like timing/phasing than anything
more sinister. Whilst Andexxa is clearly having some impact
and the decline in warfarin continues unabated, our FY19-22E
forecast of 10% CAGR assumes a persistent degree of off
label usage. Kcentra loses orphan drug exclusivity from 2H20
and whilst, at this stage, it appears that key competitor
Octapharma is not willing/able to compete at scale in the US,
114 we will need to closely monitor this through coming periods. 3
For 2018 guidance, management issued FCF guidance of ~ $
475 million including contributions from the combination of IP ’s
N.A. Consumer Packaging business. On a pro forma basis(
combination completed in early January), GPK is expected to
generate $ 6 billion in sales, and roughly $ 1 billion in EBITDA(
115 $ 225$235 million in 1Q). 2
Average of SOP and DCF points to fair value of EUR47 While
our SOP valuation of EUR52 suggests some modest upside,
our DCF valuation of EUR42 points to some clear downside. At
our TP of EUR47 and accounting for the sale of Ledvance, the
shares would trade at 17x P/E, 9.7x EV/EBITA and 6.7x
116 EV/EBITDA for 2017E. Neutral
Notes: EPS calculated using term end shares o/s( i.e.,
excluding treasury shares) ; free cash flow is the sum of net en la task se
profits and depreciation costs less capex ; historical valuations resalta "free
use term end share price, forward valuations based on 10 cash flow" en
117 January 2017 closing price neutral ésta TQ
Inflationary pressure from new EBAs called out. Store
operating model efficiency was identified by MYR as a key area
118 of opportunity for cost improvement in 2H19.
Consumers traded down during 2008 to early 2010 when
disposable incomes came under pressure. In light of this we
believe discounters such as B&M could benefit from a more
inflationary environment making their discounted proposition
more attractive to consumers. At the same time the variety of
products and flexibility in range that the discounters have(
including c.50% of the product assortment being food) means
that discounters can alter their assortment to avoid the worst of
119 inflation.
( Internet ads: 20x, games: 13x. Use DCF method for media &
120 other businesses.
121 and durability positive
Book Value Increases, Leverage Lower: Book value increased
modestly to $ 16.51 p/s, compared to $ 16.45 p/s in 4Q16, and
$ 16.50 in the previous year – the increase was primarily the
result of the accretive issuance of equity in the ACAS
acquisition. Leverage decreased to 0.65x D / E, compared to
0.75x D/E in the previous quarter and down from 0.77x in the
prior year. The decline was driven by ACAS purchase
122 accounting and asset dispositions. Positive
That said, the firm has commented that the next medium term
plan is slated to explicitly call for further reinforcement of the
balance sheet in light of changes in the financial market
environment such as rising US interest rates. While we forecast
that the target of bringing the net D/E ratio( net IBD / total
equity) down to around 0.8x at end FY3/21 will be achieved a
year early, it is difficult to read when the process of reinforcing
the balance sheet will be complete since factors such as the
timing of repayment of hybrid financing and the net D/E ratio
that the firm considers appropriate are unknown. We advise
monitoring how capital is allocated in addition to measures to
123 reinforce the earnings foundation. 2
As a result, we lower our 2019/20/21E EPS by 7%/8%/9%. We
cut our 2019E SOTP based target price to W325k( previous
W340k), largely reflecting our downward earnings revisions,
with our core chemical ’s target price calculation multiple of 3.5
124 X EV/EBITDA unchanged. negative
• Piper Jaffray will be acquiring 100% of Sandler O ’Neill for $
485M( including $ 100M of tangible book value), which consists
of an upfront cash payment of $ 350M and $ 135M of restricted
consideration( primarily PJC restricted stock, and to a lesser
degree cash). An additional $ 115M of long term retention
incentives are being awarded to employees of Sandler(
primarily PJC restricted stock, and to a lesser degree cash),
which will vest over various terms up to five years based on
125 continued employment. 2
The trend in Icraft Co Ltd's market and book values, allow
investors to gauge how the market values the company's
126 growth. positive
Becat: peak sales of EUR140m and c. 20% market share by
2022E Rovi ’s biosimilar of enoxaparin, Becat, is the key short
term driver in terms of sales and EBITDA growth( 30% of group
sales in 2020-21E). The group has vast experience and a good
track record in this field, as has been proven with its Bemiparin,
127 Hibor. 1
Performance & Valuation n Logan( + 31%) and CMSK( + 12%)
were the strongest share price performers in the past week
among our offshore and onshore coverage. n Our offshore
coverage now trades at average 22% discount to end 2018E
NAV and 1.5X 2018E P/B vs. 2H2010-1H2011 slowdown
phase averages of 34% and 1.7X. Our onshore coverage is
trading at average 10% discount and 2.1X 2018E P/B vs.
2H2010-1H2011 slowdown phase averages of 53% and 2.2X.
n Top pick( CL Buy): Shimao with 12m TP of HK$23.0. n Risks
for top pick: Weaker than expected sales, deteriorating balance
sheet on aggressive land acquisitions and/or macro hard
128 landing. 2
Exhibit 14: Today's stock price implies a 7.5x 2019 EV/EBITDA
… but this stock price will potentially fall significantly if handset Aquí se marca
129 subsidies to not reduce and the multiple it maintained 2 "EV/EBITDA"
After another strong margin beat in 4Q16, we are incrementally
comfortable that FIX can deliver a stable margin performance
in 2017. Our 2017 EPS estimate reflects resilient margins on
an anticipated mix that is similar to 2016, and our 2018 EPS
estimate reflects 30 bps of operating margin expansion to
reflect a more service/maintenance driven top line growth
outlook, as well as the BCH acquisition amortization rolling off.
Strong FCF and Balance Sheet Could Drive Upside to
Estimates - We view FIX ’s strong FCF outlook and clean
130 balance sheet as providing a cushion to our organic outlook. positive
However, the incremental costs for the countermeasures of the
missing permits will stay in place. We therefore expect the
EBIT increase from the 0.5mn tonnes higher volume to be EUR
70m. The company highlighted that the total impact of the 0.9
mn tonnes lower volume in 2016 was up to EUR 200m, and
131 most of this lack of earnings will reverse in 2017. positive
132 and durability Positive
133 and durability positive
Increasing coverage across asset classes: Today, MSCI
provides ESG ratings and research on some 14k entities,
which translates into more than 90% of the global market value
for equities and fixed income. While this percentage is higher
for equities, management pointed to areas of fixed income,
such as high yield( < 80% coverage) and munis( no coverage)
134 that it plans to increase coverage on. positive
We expect investment in performance/quality initiatives to
support favourable changes in product mix( i.e., proportion of
fish meeting Ora standard) and fish performance over time.
However, we are also cautious elevated capex might be
signaling the phase NZK is currently at in its capex cycle and/or
135 the need for increased asset intensity at high flow sites. negative
This would mean that 1H should deliver 174-184mn, which is
136 already ~ 58% of the full year guidance. Neutral
The traditional valuation of companies based on market price
multiples depicted in chart C10 shows that Barnes Group Inc
has appreciated in the last quarter. However, because the
various multiples are based on different metrics, we
standardize and combine them into a synthetic multiple( SMK)
137 depicted in chart C11. positive
There is also some cannabis oversupply in Western US
markets and we see risks to disruptions in earnings, volume,
price or outlook, which could push the shares lower in the
coming months. Scotts is currently trading at 14.8x EV/EBITDA
based on 2018E and 12.2x EV/EBITDA based on 2019E, and
we think Scotts is fairly valued at these levels. We rate Scotts
138 Underweight. neutral
Consolidated: Free cash flow was negative at - US$145mn
mostly due to the weaker operating performance. Copec
139 reported capex at $ 466mn( - 4% Qo Q ; - 8% Yo Y). 3
140 approvals. NEUTRAL
Investors should consult their own tax advisors before investing
in MLP units. Mentioned Stocks( Ticker, Date, Price) Bimbo(
BIMBOA.MX, 24 Oct 2018, MXN 36.38), Equal Weight/Neutral,
CD/J Valuation Methodology: Our price target of P$44 is based
on a DCF to firm value( WACC of 7.5%) until 2024. Our WACC
assumption includes a levered beta of 1.1, a risk free rate of
3.5%, country risk of 1.6%, equity risk premium of 5%, debt
141 rate of 6.2%, and a tax rate of 38%. NEUTRAL
Asset Quality: We are modeling a loan loss provision of $ 250k,
which is above the linked quarter ’s reading and should
142 comfortably cover net charge offs. POSITIVE
Initial take – FDEF's Q4 operating EPS of $ 0.56 matched
KBWe and beat consensus by a penny as a lower provision,
better spread income and lower expenses worked to offset
weaker fee income. Both loan and deposit growth of 14% and
15% LQA, respectively, beat expectations, and NIM of 4.02%
143 expanded 2bps q/q and was 4bps better than expected. POSITIVE
The trend in Land Mark Optoelectronics Corp's market and
book values, allow investors to gauge how the market values
the company's growth. Comparing the two most recent
quarters with the previous two, we see that book values have
increased by 12.8% while the company's market value has
increased by 22.07%. Moreover, the gap between the two
144 widened in the last month. Positive
The closest competitor, Corporacion Financiera Alba SA, has a
similarity index of 83.3% and a market share of 0.93%
compared to Risanamento market share of 0.93%( See Table
145 1). Neutral
In spite of this, the company has held to its progressive
dividend policy increasing DPS from 13cps( 70% FCF payout)
to 16.9cps( 92%). Its target payout ratio is less than 90% and it
146 continues to run its discounted DRP. Positive
28.8x base case 2018e EPS OP loss in overseas operations
reduces: Robust sales growth in both domestic and overseas
markets in 2018, up 9% in Korea and 12% overseas. Overall
147 OPM of 10.6% with moderate revenue growth. Neutral
The co. expects to have 7-8 generic drug approval and one
innovative drug approval on average each year. However, we
believe CSPC ’s pipeline needs to deliver drug candidates with
sales potential like NBP or Xuanning, considering NBP patent
expiration in 2022/2023 and mounting pricing pressure to its
generic drug business. However, after reviewing CSPC
innovative drug pipeline, we do not think there will be a new
blockbuster drug( peak sales of RMB 1B or more) to be
148 approved in the next 3 years. Neutral
Our DCF model derives a TP of NT$300/sh for PChome. The
149 model uses a terminal growth rate of 3% and WACC of 9.3%. Neutral
While top line trended lower, the shift in mix away from
services and better cost management kept EBIT guidance
unchanged( Midpoint: $ 116M), while EPS guidance ticks
slightly higher to $ 1.36-1.42 from $ 1.35-$1.41 and inline with
consensus( $ 1.39). Management trimmed the FCF outlook to
$ 100-115M from $ 115-135M due to lower services billings,
150 reduction in ARR and higher cloud investments. negative
Margin continues to be under pressure Despite gross margin
improving to 71.2% in 1Q due to discontinuation of low margin
Kao business, the opex to sales ratio rose to 62.6% on
organizational restructuring, investment on channel shift to
cosmetics store and increased brand building. The introduction
of lower margin Pien Tze Huang and Tomme Tippee could
further dampen SJ ’s net margin. We now expect net margins
to reach 8%/10%/11% in 2017/18/19, which are still far from
the historical peak of 17.9% in 2013, and below the global
151 peers ’ average of 13-15%. negative
However, it expects overall profits to rise only 2% because of
hits of ¥ 2.3bn from higher personnel costs and ¥ 0.2bn from
higher shareholder perk costs. Company lowers medium term
profit growth line for 18/12 onwards The medium term business
plan that Skylark published in February 2017 called for
operating profit CAGR of 6-8% from operating margin
improvements stemming from the opening of 450 new
restaurants from 2017 through 2019. However, it has now
revised its plans and looks to have lowered its medium term
growth line on the expectation that the operating margin will fall
as it aims for stable growth in sales and profits via a stable
opening program of 100 restaurants a year and quality
152 improvements at existing restaurants. neutral
Pfizer ’s filing of its Rituxan biosimilar( PF 05280586) was
accepted for FDA review in September 2018, with a decision
expected in Q3 2019. We note that the US Patent and
Trademark Office ruled in Pfizer ’s favour on October 31, 2018,
finding claims in one of the Rituxan patents to be unpatentable(
this patent had been asserted in the Celltrion/Teva and Sandoz
litigations). Novartis announced that the company abandoned
plans for US approval of its Rituxan biosimilar in early
November( ROG/NOVN: A tastier kind of BAP( 05/11/18)) ; the
153 company had received a CRL from the FDA in May 2018. neutral
154 reduction in ARR and higher cloud investments. negative
Valuation We value HKEx at HKD309.9, using a dividend
discount model to derive our valuation( methodology
155 unchanged). Neutral
Greenbrier reported adjusted fiscal 4Q EPS of $ 1.06, below
our estimate of $ 1.17 and consensus of $ 1.14. While the
company provided initial FY17 financial guidance, investors
focused on FY17 unit delivery guidance of 14k to 16k units and
the cancellation of 1,200 sand cars in the backlog. The
negative reaction in shares would imply investors were
surprised by the slowing delivery run rate, whereas we view
156 this news as within the scope of our model and thesis. Negative
We expect the company would report solid growth at EBITDA
level despite the events related to the Genoa bridge occurred
in the quarter. On the other hand we expect that EBIT and net
profit would be negatively affected by EUR 0.3bn provisions
related to the possible reconstruction of the bridge and to the
costs of the emergency in the Genoa area. We expect that net
debt at the end of September would remain almost in line with
157 end 2017 despite dividend payment in the period. Negative
If it proves accurate, however, our impression is that this would
158 have positive implications for Panasonic's battery business. Neutral
Our $ 46 per share price target contemplates a 115% multiple
of our expected one year forward( 1Q18) book value of $
40.16. This is a discounted valuation relative to its personal
lines peer group trading at an average of 178% of book value
but reflects KMPR ’s relatively low return on equity( we
anticipate it to deliver a return on equity of 0.3% in 2016, 4.8%
in 2017 and 5.6% in 2018.) KMPR is trading at 113% of 4Q16
reported book value of $ 38.52 and 22.7x our 2017 EPS
estimate of $ 1.90. This compares to KMPR's 5 year average
price to book multiple of 91% and 5 year average P/E multiple
159 of 16.2x. NEUTRAL
1) Average EBITDA 2010 to 2015 is around 320m, which is not
enough to get a truly compelling structural valuation argument -
assuming 150m long term capex, 30m interest cost and 30
percent tax this could give annual FCF of around 100m which
prices the stock an around a 3 percent long term FCF yield –
160 this is hardly in itself a compelling long term valuation case 2
In 2015, CATL entered into a license agreement with ATL,
securing the licenses for related traction battery intellectual
property and technologies as well as the use right of 502
patents( including patent applications) and non patent know
161 hows. NEUTRAL
The company's closest competitor, Members Co Ltd, has a
similarity index of 89.47% and a market share of 0.18%
compared to the company's market share of 0.19%( see table
T2). This similarity index is enough to consider this competitor
162 fully relevant for comparable analysis. 2
Non IFRS operating profit grew + 47% y/y to RMB366m, with
margin expanding significantly to 23.0%( vs. 18.9% a year
ago). This reflects its strategic focus on ‘ monetization ’ and ‘
profitable growth ’, which manifested in impressive OPEX
control( e.g., Sales & Marketing ; Table 1) and big jump in MPU
163 ( as opposed to MAU), as well as economies of scale. pos
We fine tune our PT from NT$85 to NT$82 and stay OW.
Valuation looks cheap to us at 10.0x 2020e EPS vs. historical
average of ~ 13x. We think that the Huawei impact should be
priced in after 20% decline( vs. flattish TAIEX) since the trade
talks, and the recent correction offers a good entry point for
Chipbond's TDDI( touch display driver integration) and COF(
chip on film) penetration story among other China
164 smartphones. 2
• At the aftermarket price of ~ $ 89/share, New Relic trades at
7.2x EV/CY20E revenue, while our $ 105 price target implies
an 8.6x multiple, a premium to the peer group we feel is
justified given New Relic's market leadership position and
165 better balance of growth and profitability. positive
166 deterioration in cost structure and asset quality. negative
Pathology earnings stagnant Pathology revenue grew 5.0%
167 during FY18, but EBIT grew 1
5) Consolidation of industrial bases may be slower than
expected, causing gross margin to be below expectation. 6) A
potential increase of labour and rent costs could make the net
margin of the retail business drop. 7) The relocation process
could be slower than expected, leading to lower than expected
168 2017/18 revenue growth. negative
This is causing Inmarsat to leak value. Although it's picking up
c.60% market share in VSAT, this is( 1) less than the share it
currently enjoys in the mid market( c.80% RBCe), and( 2) all
the new VSAT customers are typically leaving the top of the
Fleet Broadband stack( at a retail price of c.$1,200 p / m) to
join the bottom of the VSAT stack( at a wholesale price of
c.$1,500 + p/m). Unfortunately the impact of competition
means the volume effect of this migration is outweighing the
169 price( ARPU) effect Neutral
FY17 profit alert with net profit up 10-30%: Net profit should
grow 10-30% to Rmb447-528m for full year 2017, in light of 1)
substantial increase in the domestic wind tower order ; and 2)
more earnings contribution from wind farm. The company is
confident of increasing sales volume in the domestic market
thanks to market share gains as well as China's more
consolidated tower tube market, although China's total new
wind installation is likely to fall in 2017. Its overseas sales
170 volume should remain stable given Titan's capacity constraints. 1
Barclays Research estimates for G4S and Securitas. Share
171 price as of 8th March 2017close FCF Yield neutral
172 response rates Neutral
( 2) Headline licence growth - 11% Yo Y( 5.06m), with the US
impacted by unbundling and revised sales model. EMEA was
impacted by the removal of a low ARPU ME contract( ~ 110k
licences) and challenging UK market conditions( government
funding cuts, competition). ( 3) Operating cost control the
feature( - 2% Yo Y, with headcount stable), driving + 380bp Yo
173 Y ebitda margin expansion to 34.2% Negative
The stock is trading at 2.5 times book value, with a declining
trend. The trend in Capital Asset Planning Inc's market and
174 decreased by 44.56% neutral
Valuation Our June 18 target price of 200p is DCF based( DCF
out to FY34). We apply a WACC of 9.5 $ and a terminal growth
175 rate of + 1.5%) Neutral
6. EBITDA CAGR is expected at 4% and EPS at 3%, despite a
RAB CAGR of 4.2%, due to the gradual expiry of input based
incentives( currently at around 135 mn) and the Work In
progress( WIP) effect, which should grow from around 650 mn
in 2018 to 1.5bn in 2023, implying a delay in the return on
176 investment of approx 1.5-2 years ; neutral
The US payment processor peer group trades at a 2017e
median P/E of 19.4x, EV/EBITDA of 13.9x and FCFF yield of
177 4.1%. neu
The expansions are at Buckingham, QC( 5kt increase to 135kt)
and Valdosta, GA( 11kt increase to 111kt). Capex will be $
27M, spent over 2019E/20E( though 2019 capex guidance was
178 unchanged). Neutral
Based on ad revenues and average MAU, Weibo ’s current
quarterly ARPU( average revenue per user) is about $
0.5-$0.6. At the same time, we noted that Facebook ’s and
Twitter ’s global average quarterly ARPUs are as high as $ 4.7
and $ 1.5. By excluding the higher contribution from the US
market, Facebook ’s quarterly ARPU in the Asia area is still
high at $ 2.1, while Twitter international ARPU is about $ 1.0,
179 still much higher than Weibo ’s $ 0.6. 1
CORE Equity Research | Instant Insights 1 May 2019 Steve
Valiquette Andrew Mok, CFA Jonathan Yong Morgan Mc
Carthy + 1 212 526 5496 + 1 212 526 2687 + 1 212 526 3647
steve.valiquette@barclays.com Andrew. Mok@barclays.com
jonathan.yong@barclays.com BCI, US BCI, US BCI, US + 1
212 526 1168 morgan.mccarthy@barclays.com BCI, US
Completed: 01 May 19, 14:34 GMT Released: 01 May 19, 14:
34 GMT Humana HUM: Quick Takes: Our Thoughts on the
2020 EPS Commentary( Seemingly Not New News) Stock
Rating/Industry View: Overweight/Neutral Price Target: USD
327.00 Price( 30 Apr 2019): USD 255.41 Potential
Upside/Downside: 28% Tickers: HUM Not New News: 2020
EPS Growth Expected to be below Long term Target Growth of
11-15% After delivering strong 1Q earnings and 2019 full year
guidance raise this morning, mgmt noted that while they do
expect to grow EPS “ reasonably ” in 2020 off of the initial EPS
guidance midpoint of $ 17.25, 2020 EPS growth will be below
the company ’s long term EPS growth rate of 11-15% due to
the return of the Health Insurance Fee( HIF) in 2020. For
reference, current consensus 2020 EPS of $ 19.20 represents
11% growth off of the initial 2019 EPS midpoint of $ 17.25(
180 midpoint now $ 17.38). Negative
• Free Cash Flow Guidance Up( Again). On the 2Q call, BAX
management raised its FCF guidance to “ greater than $ 500M
” from its original guidance of ~ $ 500M—earlier this morning
on its 3Q call, FCF guidance was raised to ~ $ 650M, a 30%
increase over the original expectation and driven by strong
execution in cost savings initiatives from both an operating and
capital expense perspective and also with a focus on reducing
working capital. The magnitude of the improvement in
operating margin( and operating cash flow) was a positive
surprise to us and we believe it will enable BAX to move
forward with capital deployment in a more aggressive on both
181 M&A and via buybacks. Positive
~ $ 750M in EBITDA and ~ $ 700M in CFO cumulative over
four years, $ 40M-$60M capex per year, $ 500M in share
repurchases cumulative from 2016-2019( not updated), and
182 mid teens ROIC from 2016-2019. We are particularly 2
Robust growth cooling off in 2H17 CIMB ’s 3Q17 net profit of
RM1.13bn grew by 10.7% yoy, but only 2.7% qoq. 9M17 net
183 earnings were in line with our and consensus estimates. Positive
Key catalyst in our view: Deleveraging and USD debt
refinancing. As of 9M16, PCOR is sitting on a net USD
denominated financial liability of US$1.2bn. Adjusted net D/E
ratio remained elevated at 4.1x in 9M16, but slightly better than
FY15 ’s 4.5x. While PCOR does hedge its FX exposure, we
think successful partial refinancing of its USD liability and
184 meaningful deleveraging are key catalysts for the stock. 1o4
Compared to peers, USFD has better e commerce penetration,
value added assortment, margin accretive private label
opportunity, lower exposure to wage increases, and increasing
employee optimism. During the difficult period, we have greater
confidence in EBIT expectations thanks to amortization
expense rolloff. The Company is embarking on a significant
productivity plan, which we believe will generate strong P&L
185 leverage and adjusted EBIT growth ahead of peers. 1
In FY3/18 forecasts we reflect greater FEBURIC sales growth
than we previously envisaged, as well as reductions in upfront
costs indicated in management's revised guidance. However,
we have revised down for FY3/19 and FY3/20 to reflect rising
pipeline enhancement expenses ahead of FEBURIC's patent
expiry in 2019. Pharmaceuticals We estimate that 3Q
pharmaceuticals OP climbed about 25%, driven by higher
186 FEBURIC sales. 2o3
In 2015, CATL entered into a license agreement with ATL,
securing the licenses for related traction battery intellectual
property and technologies as well as the use right of 502
patents( including patent applications) and non patent know
187 hows. 2
Thus, with a rapidly growing secular business and a turnaround
in the cyclical business insight, we think the current risk/reward
profile is attractive. Delivering on EV battery promises: We
believe LG Chem's EV battery business is well positioned to
reap the benefits of rapidly rising EV adoption. Moreover, given
our view that the EV pendulum is swinging in favor of select EV
battery makers( vs global OEMs) and that a stabilization of raw
material prices is providing cost relief, we expect LG Chem's
EV battery business to finally turn profitable in 2019, with
quarterly operating margin reaching the break even point as
188 early as 4Q18. Positive
Chart 1: Net debt to Equity kept at a manageable 0.82x Net
189 Debt To Equity positive/neutral
We anticipate the Bank Mobile spin off being completed in mid
2Q18, which should allow the efficiency ratio in 2H18 and 2019
to drift back down into the low to mid 40% range versus the 55-
65% range near term with Bank Mobile. Our FY NIM
assumptions in 2019 is 2.73%, which is just a couple bps more
conservative than management's targeted 2.75% as we think
some funding pressure could weigh on the margin, although it
should not be anything too material. Our 2019E assumes an
190 83bps ROAA and 11-12% ROTCE depending on capital levels. neutral
stabilization in i OS and traction with Android users – Probable
Check, given the 4MM DAU Adds in Q1. 2) Unlocking of long
standing monetization upside – Probable Check given the 39%
Y/Y ARPU growth in Q1. 3) Growing appreciation of product
differentiation – Possible Check…waiting on Games and
Original impact to sink in … 4) Positive takeaways from Snap
191 Partner Summit – Check. positive
The trend in AJ Networks Co Ltd's market and book values,
while the company's market value has increased by 8.04%.
192 Moreover, the gap between the two widened in the last month 1
CONCLUSION TDOC committed to 20-30% organic revenue
growth, positive FCF in CY19, and inched up CY18 guidance
on greater revenue/client. Management highlighted their strong
competitive moat based on global reach and a comprehensive
193 set of services. positive
We have a positive view of this as the value of the transaction
of USD850mn( ~ Bt26.5bn) is 40% higher than EGCO ’s
purchase price in mid 2016. With the amount of cash received,
we expect net D/E to decline from 1.1x in 2017 to 0.6x this
year, which would create room for the company to seek debt
for further investments. As EGCO has operational assets in five
countries and aims for continual expansion, we believe it will be
more aggressive in acquiring new assets or entering into new
194 investments, thus creating potential long term upside. 1
We keep our valuation methodology unchanged but simply roll
it out to 2018 for our SOTP, target multiple method and DCF.
The first two benefit from marking to market multiples but
mostly from Nexans' 8% growth in Adj EBIT from 2017 to 2018
and as we add two additional years to our DCF forecasts, now
forecasting to 2021e. As a result, the average of the three
195 methodologies lift up our PT to 51. neutral
Key catalyst in our view: Deleveraging and USD debt
refinancing. As of 9M16, PCOR is sitting on a net USD
denominated financial liability of US$1.2bn. Adjusted net D/E
ratio remained elevated at 4.1x in 9M16, but slightly better than
FY15 ’s 4.5x. While PCOR does hedge its FX exposure, we
think successful partial refinancing of its USD liability and
196 meaningful deleveraging are key catalysts for the stock. positive
We flag that Datalogic enjoys a low( c. 21%) tax rate, by virtue
197 of its geographical diversification. 2
we are modeling improved operational leverage throughout
2019 and 2020 and break even FCF by the end of 2020, we
198 are modeling a cash burn of $ 28mm through the end of 2020. 2
Small size in the context of the European market Low free float
199 and liquidity Low ARPU ´s and GDP per capita Market maturity negativo
Also, on an Enterprise Value/EBITDA( TTM) basis Macquarie ’
s shares looks overvalued compared to its industry with
respective tallies of 18.0x and 12.1x for the past month.
Notably, the company is currently trading close to the highest
Enterprise Value/EBITDA( TTM) multiple during the same time
200 frame. This makes us cautious towards the stock. pos
AOS reported another solid quarter as impressive growth in NA
and China was partially mitigated by ROW margin pressures.
Underlying demand remains healthy, and China and NA price
increases should provide commodity inflation relief, supporting
improved 2H margin performance. 2017 guidance was raised
modestly, bands expectations, and 2H upside potential
remains. We remain long term holders given a differentiated(
and defensive) growth profile, upside to ROW margins over
time, pristine balance sheet, and a strong management team,
201 though recognize valuation likely tempers outperformance. 1
Cut sales outlook on long mfg slump amid trade war, stronger
yen Expansion not offsetting mfg slump in VONA business
either Lower TP from Y2,500 to Y2,100 ; maintain 2 Neutral
202 rating Negative
The trends in SOFTBRAIN Co., market and book values(
shown in Chart 14), allow investors to gauge how markets
value the company's growth. Comparing the two most recent
203 decreased by 8.5%. Positive
High medical inflation should remain the major top line driver.
Medical inflation in Brazil typically runs at 2-3x overall inflation.
Health premiums tend to move in line with medical inflation and
204 Qualicorp revenues are a percentage of it. Negative
In FY3/18 forecasts we reflect greater FEBURIC sales growth
than we previously envisaged, as well as reductions in upfront
costs indicated in management's revised guidance. However,
we have revised down for FY3/19 and FY3/20 to reflect rising
pipeline enhancement expenses ahead of FEBURIC's patent
expiry in 2019. Pharmaceuticals We estimate that 3Q
pharmaceuticals OP climbed about 25%, driven by higher
205 FEBURIC sales. Neutral
Meanwhile, buys/sells are skewed 42% / 11%, a high for a
stock that ’s notoriously had a higher amount of detractors on
the buy side than sell side. Down 40% from its Dec 2017 high
vs. ~ 8% for the S&P, we ’d contend that URI is finally
historically cheap( ~ 4.2x EBITDA today vs. 6.5x in Dec 2017
or 4-6x normalized range), its cash flow is a strong investment
case asset( FCF yield is mid - to high teens), and concerns on
rate are likely overblown, at least into 2019. What keeps us
from getting positive is the length of the construction cycle, that
’s far more mature on the private side than public
206 nonresidential. Unknow
Our comparative valuation, based on 2016-17FYE EV/EBITDA
and P/E of Kernel ’s developed and emerging market peers,
yields a fair value of $ 25.11/share or 63% above the stock ’s
207 current market price. Positive
Chart 5: China consumer peers - 2017 PE versus 2017-19 EPS
growth 10 15 20 25 30 35 0 5 4% 6% 8% 10% Source: Bof A
Merrill Lynch Global Research estimates 12% 14% 16%
603288 CH 600519 CH 3331 HK 002304 CH 1044 HK 000895
CN 288 HK 3799 HK 600887 CH Chart 6: Wilmar China –
estimated PBT( US$mn), 2016-19 12% CAGR 100 200 300
400 500 600 700 800 900 - 200 - 100 2016 2017 2018 Oilseed
& grain manufacturing Consumer Tropical oils Source: Bof A
Merrill Lynch Global Research estimates Capital management
could also follow the China listing We estimate WIL can raise ~
US$0.9bn from the issue of 10% new shares in Wilmar China.
We expect WIL can comfortably fund future capex
requirements through operating cash flow and still de lever its
net debt to equity even without the Wilmar China proceeds.
This leaves open scope for WIL to return the funds raised to
WIL shareholders through capital management including higher
208 dividends or a buyback. Positive
We believe KAI's earnings growth potential is not fully priced in.
It is trading at 21x 2017E PE against a 2016-18E EPS CAGR
of 23% and a 20-56x historical one year forward PE range
209 since its 2011 listing. more Neutral
Additionally, they can be quickly derived without reference to
the manager ’s financial performance. However, we note a
weakness of this approach is that value or EV/FUM ratios do
not take into account differing fee structures, economies of
210 scale, and profitably of the manager/management contract. Neutral
We model Altice US video revenues ex growth with falling
margins We forecast Altice US video revenues flat in
perpetuity. This is cautious, in our view, compared to the 3%
2012-16 video revenue CAGR of Altice ’s US cable peers and
our US colleagues ’ forecasts of 2%-4% CAGR for these
211 businesses 2016-20. negative
Valuation: Buy( unchanged) 380p( was 325p) DCF derived
price target Moving to a 9% from 10% discount rate in our DCF
given our increased confidence in the strategic strength of
Sophos' endpoint portfolio( post Invincia), and evidence of
continued market share gains in the Q4 update, lifts our price
target to 380p from 325p. We retain a Buy rating and highlight
212 a CY18E equity FCF yield of 6.1% today. Positive
213 response rates. 2
Q: How did the results compare vs. expectations? A: According
to Longi's 2017 results, net profit was within the guided range.
2017 net profit grew 130% Yo Y to Rmb3.56bn and Q417 net
profit came to Rmb1.32bn, up 195% Yo Y, outpacing Jan Sept
214 2017's growth of 104%. Neutral
We are revising our price target to reflect our estimate
changes. Our revised $ 142( 12 month) price target is based on
a blended average of EV / EBITDA multiples and our DCF
analysis. From an EV / EBITDA perspective, assuming the
stock trades at roughly 14.5x( in line with its 1 year avg) our
215 NTM EBITDA estimate( 12 months from now) gets us to $ 140. Neutral
The average loan yield declined 1 bps Q/Q while the securities
216 yield increased 2 bps sequentially. Negative
While we expect EV to continue to generate among best in
class organic growth, we think this is reflected in EV's relatively
premium valuation and given the moderate total return to our
217 price target, we are comfortable with our Market Perform rating. Positive
We have reduced our EBIT estimates by around 7% for 2017
218 and 2018 in order reflect these earnings. 2
Valuation: Buy( unchanged) 380p( was 325p) DCF derived
price target Moving to a 9% from 10% discount rate in our DCF
given our increased confidence in the strategic strength of
Sophos' endpoint portfolio( post Invincia), and evidence of
continued market share gains in the Q4 update, lifts our price
target to 380p from 325p. We retain a Buy rating and highlight
219 a CY18E equity FCF yield of 6.1% today positivo
plan for its subsidiary, TTPHD. Our target price comprises Bt3.
8 from the construction business and Bt6.2 from its
investments and is derived from a 2019 PER of 11.45x EPS for
the construction business, implies 2.0SD below its 12m forward
consensus PER mean and 1.66x the diluted book value of its
220 investments. 304
Overview We expect performance of Alps Electric Co., Ltd.(
hereinafter “ Alps Electric ”) to expand by more than offsetting
increase in fixed costs resulting from a high level of capital
investments by sales expansion of products for smartphones.
In our view, Alps Electric will be successful in maintaining a
high level of market share for the time being because of
technology for mass production of products with fewer
variances by using automatic machines, its competitive
221 advantage. positive
We have cut our 2018-20 EPS estimates by 4-6%, but still
222 remain 3-9% above the Street 2
As partial offsets, B benefited from about $ 0.15 of non
recurring or one time tax benefits during 2017. We rate B
shares NEUTRAL with a $ 63 PT, which represents an
EV/EBITDA multiple of 10.9x our 2019 EBITDA estimate or
18.7x P/E based on our 2019E. Success With Portfolio
Reshaping Earlier This Decade Has Enhanced Barnes ’s
223 Longer term Organic Growth, Profitability Profile. neutral
Consumers traded down during 2008 to early 2010 when
disposable incomes came under pressure. In light of this we
believe discounters such as B&M could benefit from a more
inflationary environment making their discounted proposition
more attractive to consumers. At the same time the variety of
products and flexibility in range that the discounters have(
including c.50% of the product assortment being food) means
that discounters can alter their assortment to avoid the worst of
224 inflation. 1
We believe that these positives will likely negate potential
margin pressure that could result from price cuts in the voice
segment by competitors due to the removal of the rate floor as
well as possible tax increased by the government. As a result,
we maintain our TRADING BUY recommendation as we expect
DIAL to trade at a 1Yr FWD EV/EBITDA multiple of 3.7x( a
significant 42% discount to the regional peer average of 5.29x),
which derives a fair value of LKR 15.28 with a c. 7.6% upside
225 to CMP( LKR 14.20). 1
The first project, Finsch has ramped up well and the second
asset Cullinan is now delivering. This increase of production on
a broadly same costs base and the decrease in capex from
2018 could allow PDL to inflect FCF in 2018. Net debt has
peaked at US$685.9 mn at the end of the quarter and reduced
226 to US$622 mn. 2
What we recommend: We reiterate our 2( Outperform) rating
and set our 12 month target price at Y1,100, which is
equivalent to about 14X our FY17 EPS estimate and 1.3X our
estimated end FY17 book value. We see upside potential from
current trading levels, given prospects for double digit ROE and
227 record profits in FY17. 1
Jonjee released its 2018 preliminary results: sales were
reported at Rmb 4,167mn, EBIT at Rmb 798mn, and net profit
at Rmb 607mn, growing at 15%, 31% and 34%, respectively.
This implies 4Q revenue, EBIT, and net income growth yoy of
228 14%, 11%, and 23%, respectively, largely in line with GSe. 1
1) Average EBITDA 2010 to 2015 is around 320m, which is not
enough to get a truly compelling structural valuation argument -
assuming 150m long term capex, 30m interest cost and 30
percent tax this could give annual FCF of around 100m which
prices the stock an around a 3 percent long term FCF yield –
229 this is hardly in itself a compelling long term valuation case 2
It implies EV/EBITDA of 14x / 11x our 2017/2018 estimates.
The stock is currently trading at 12 month forward EV/EBITDA
of 11x on our estimates, which we do not think is expensive
given that regional peers trade at 12-14x in Macau and 11-12x
in ASEAN on 2017-18 MS estimates, and because it is below
Paradise's 10 year historical EV/EBITDA average of 13x. Risks
to our view includes heavy junket commission, intensifying
230 competition, geopolitical tensions and failure of Paradise City. Negative
Supported by better economies of scale in gross premiums and
product mix improvement, Zhong An ’s overall Co R looks set
to decline substantially, in our view, due to the following
231 reasons. positive
Dr. Peng's gross profit margin, operating profit margin, and
normalized net margin narrowed 480bps, 150bps, and 80bps
Yo Y, respectively in 3Q16. This led to normalized profit growth
of only 2% Yo Y. China Mobile's monthly run rate in broadband
net adds remains at 2-3mn, with broadband ARPU of only ~
Rmb30( vs. Dr. Peng at Rmb49 in 1H16) and aggressive
mobile/fixed line bundling offering. We also note China
232 Telecom's active broadband/IPTV bundling. 2
233 deterioration in cost structure and asset quality. Neutral
CAPEX: Capex in F2017 is expected to be $ 200 million,
roughly flat vs. F2016, and includes investments in the China
plant and various capacity expansion projects for value added
234 product lines. Neutral
235 other businesses. neutral
We are also publishing our preliminary merger model herein.
1Q19 outlook( vs. 4Q18 ; unchanged from 4Q18 EPS call): 1)
NIM: stable ; 2) Expenses: up $ 60-75mn on 401( K), FICA( ex
$ 60mn pension charge in 4Q18) ; 3) Asset quality: NCOs 0.25-
0.30%( 0.26% in 4Q18) and reserve/loan ratio to stabilize
resulting in a provision( 0.23% in 4Q18) modestly above NCOs,
given loan growth( implies at $ 0.02 + drag from higher
provision). ASC Topic 842( lease accounting) expected to add
236 $ 1.2bn( 6bps of CET1) assets in 1Q19. Neutral
The trend in Chesapeake Gold Corp's market and book values,
previous two, we see that book values have decreased by
0.6% while the company's market value has decreased by
39.58%. Moreover, the gap between the two narrowed in the
237 last month Negative
We are raising our 2018 EPS estimate to reflect stronger than
expected revenue and earnings in 3Q, but lowering our 2019
estimate to reflect greater currency and commodity headwinds.
Checking in where we stand with regard to 3Q18 auto parts
supplier earnings: With 10 of 14 suppliers having reported
calendar 3Q results thus far( ALV, APTV, BWA, DAN, GNTX,
LEA, TEN, THRM, TOWR, and VC + ADNT ’s pre
announcement), revenue has on average tracked - 0.1% below
consensus, and EBIT - 2.9% below. Despite the softer results,
the average auto parts supplier stock has traded up + 2.8% on
earnings day vs. the S&P + 0.3%( + 250 bps better than the
238 market, on average, on earnings day) 3
Positively, a lack of leverage leaves the balance sheet poised
for acquisitions if AIP was so inclined, but planned expansion
of the portfolio will likely be done using internally generated
cash, according to management. We update our model and roll
239 forward our DCF to derive a Sep 20 TP of R66.5/share 2
Downside risks to our investment thesis include: 1) regulatory
risk, particularly a change in the excise tax structure, which
could dampen demand and reduce the company's ability to
raise prices ; 2) stronger competition in the beer business ; 3)
synergy between Fraser & Neave and Thai Beverage failing to
materialise ; 4) if the corporate structuring deal is made in a
way that does not favour minority shareholders( ie, the price
does not reflect the market price or if there is a cash payment
that does not reflect the interest of shareholders, but only the
interest of the parent company, TCC Holding) ; 5) overpaying
for an acquisition that may not be accretive over the long term ;
6) failed efforts to expand overseas, leaving Thai Beverage
with only a mature domestic market ; 7) inability to service its
elevated debt levels, leading to possible equity issuance, which
would be dilutive to shareholders ; and 8) a lack of synergy with
Sabeco or the acquisition creates problems that depress Thai
240 Bev's earnings. Negative
There is therefore still quite a contrast between the
241 performances of the different product groups. Neutral
Target price/base case We base our $ 65 price target on a five
year DCF model that utilizes a discount rate of 8.0% for
existing cash flows, an 8.5% discount rate for future cash flows,
and a terminal year FCF multiple of 12.5x. In our base case,
we assume 2016-2018E revenue and adjusted EBITDA CAGR
of 13% and 14%, resulting in AFFO/sh growth of 11% though
242 2018E. Neutral
We assume a risk free rate of 0.0%, a company specific risk
premium of 2.82%( beta: 0.43, equity risk premium: 6.59%),
243 and a target expected growth rate of - 0.48%( see page 3). Neutral
but we think that EPS and DPS growth in 2018 and 2019 is
244 quite aggressive Positive
CAPEX: Capex in F2017 is expected to be $ 200 million,
roughly flat vs. F2016, and includes investments in the China
plant and various capacity expansion projects for value added
245 product lines. Neutral
GPM should also increase to ~ 14% in 2Q19, up from 13.5% in
1Q19, but slightly lower from 14.8% in 2Q18. However, due to
higher contribution from its JVs, net margin is expected to
improve to 7.3%, compared to 5.2% in 2Q18. Mc Key should
continue to post a higher profit contribution as its new capacity
continues to ramp up while GFN should be able to break even
246 compared to contribution losses in 2Q18 and 1Q19 Positive
We assume improvement in the US ATM business( FCTI) from
FY3/18 and factor this into our consolidated NP growth
estimates of + 2.8% in FY3/17, + 6.2% in FY3/18, + 3.8% in
FY3/19, + 5.1% in FY3/20, and + 5.3% in FY3/21. Based on
247 this, we calculate potential CAGR of 5% over this period. Positivo
Average portfolio yield ticked slightly higher qtr/qtr to 9.2% from
9.1% in 2Q18, offset by an increase in the average cost of
funds of 10bps to 4.2%. Leverage fell to 1.1x D/E from 1.2x in
2Q18 and remains reasonably conservative – D/E is likely to
increase into the 1.3-1.5x range over the longer term as the
portfolio mix continues to shift more weight to first mortgage
loans, indicating significant EPS support ahead, in our view.
During the quarter, ARI entered into privately negotiated
agreements with holders of the company ’s 5.50% Convertible
Senior Notes due 2019 to exchange approximately $ 206.2M of
aggregate principal for ~ 10M newly issued common shares
248 and roughly $ 39.3M in cash Negative
The trend in W V S Financial Corp's market and book values,
249 while the company's market value has increased by 11.28%. neutral
Detsky Mir ’s debt repayment schedule is spread out between
250 2017-19e at RUB13.9bn neutral
We are also publishing our preliminary merger model herein.
1Q19 outlook( vs. 4Q18 ; unchanged from 4Q18 EPS call): 1)
NIM: stable ; 2) Expenses: up $ 60-75mn on 401( K), FICA( ex
$ 60mn pension charge in 4Q18) ; 3) Asset quality: NCOs 0.25-
0.30%( 0.26% in 4Q18) and reserve/loan ratio to stabilize
resulting in a provision( 0.23% in 4Q18) modestly above NCOs,
given loan growth( implies at $ 0.02 + drag from higher
provision). ASC Topic 842( lease accounting) expected to add
251 $ 1.2bn( 6bps of CET1) assets in 1Q19. Neutral
However, since 2015 the growth in Americas has been more
lacklustre. In our upside case we use 2018 figures to estimate
EBIT for Americas given this division is still almost entirely non
autos business, making current figures still a good proxy for
industrial lubricant facilities in the region. We think this is
conservative with some of the grease products going to the
252 autos sector in the US over time. neutral
Valuation model We value Fraport based on a SOP valuation in
which airports in different countries are valued based on
individual DCF models. We value Frankfurt Airport at EUR71
253 per share and external activities at EUR34 per share Neutral
growth, overseas earnings are likely to become a key driver of
overall earnings growth from 2017. AP is still in the early stage
of penetration, so we think it will generate a 30% earnings
CAGR from its operations in China over 2016-19. AP is
254 currently trading at NTM P/E of 29x, 1
PPo P missed partly due to Rp675bn of one off tax costs. The
larger issue is slow GDP impeding credit demand and the pace
of asset quality resolution. Hence, we do not expect positive
revisions for 2018( the Street expects 25% y/y EPS growth
255 next year). Negative
These events underline the mispricing of the REIT ’s equity,
which trades at a significant spread on an implied cap rate
basis to its cost of debt capital and European peers. The
market is giving no credit, in our view, to improvements in DRG
’s balance sheet, asset quality and earnings growth track
record. The resulting return to target is amongst the highest in
256 our coverage universe Negative
In the next chart we show our DPS estimates and the implied
percentage of FMC profits. We estimate 6% growth DPS
growth for FY18 which drives a 14% increase in our DPS to
257 28.6p( from 25p). Positive
The bank is well covered in these sectors, particularly in the
consumer and other categories. We note the bank has
prudently taken significant provisions in the consumer loans &
credit cards businesses, potentially indicating the bank sees
asset quality deterioration in these business lines amidst a
more difficult consumer backdrop. Chart 44: Highest sector
NPL ratios see in building and construction, communications
and manufacturing categories 10,000.0 15,000.0 20,000.0
25,000.0 30,000.0 5,000.0 0.0% 0.5% 1.0% 1.5% 2.0% 2.5%
3.0% 3.5% 4.0% 4.5% 5.0% Chart 45: SAMBA ’s NPLs have
been provided for in most sectors, with shortfall in
258 manufacturing. negative
We derive our 6-12 month target price of Y18,200 from a
dividend discount model. Risks include sharp forex movement,
economic change, a lull in technological innovation, changes in
environmental regulations, and an over reliance on the current
259 president. Neutral
SGP paid for the land upfront as part of the Lensworth
acquisition in 2004 and has been capitalizing interest on the
project since. SGP's book value is ~ $ 250m and it represents
10% of SGP ’s residential net funds employed and 7% of its
book value. SGP expects ~ 500-600 lot sales per annum at the
estate and we calculate it to be a below average margin
260 project. 2
This has led to a substantial improvement in EBIT margin at
261 18.4% vs 13.6% in 1Q18. Net D/E was maintained at 65%. positivo
Lower revenue on completion of major projects Sun Con
reported net profit of RM123.5m in 2016 was close to our
forecast of RM124.7m and consensus estimates of RM127.3m.
Revenue fell 7% yoy to RM1.79bn due to the completion of
KVMRT Line 1 Package V4 and LRT Package B( Kelana Jaya
Line extension) in 2016. New projects secured including
KVMRT Line 2 Package V201 are at preliminary stages and did
262 not contribute significantly in 2016. 3
The calendar 2Q NIM ticked up 14 bps to 2.98%( reported non
FTE) due primarily to $ 800k in interest income( 19 bps) from
two larger sized loans classified as impaired that paid in full
during the quarter. The margin returned to more core levels of
263 2.79% in calendar 3Q. Neutral
264 reduction in ARR and higher cloud investments. 3
Mando announced a DPS of KRW 500 for 2018 which translate
into a 20.5% payout ratio and guided for KRW 250bn in capex
265 for 2019. 2
As telco and satellite improve the speed of their lower priced, if
inferior, services that value offer could make it difficult for Cable
One to raise price substantially further without impacting
subscriber trends. Furthermore, similarly weak demographics
in the acquired New Wave markets will make it a challenge for
Cable One to migrate those customers to higher speed tiers to
capture the ~ 25% ARPU difference between New Wave ’s
customers and those at legacy Cable One. Given Cable One ’s
declining video subs and slow broadband growth, as well as
the decline in sector multiples, we view Cable One ’s shares to
be fully priced at 10.0x 2018 EBITDA vs current trading
266 multiples of 9.7x for Charter and 8.0x for Altice USA today Negative
267 other businesses. neutral
The key element of Indivior's story remains the timing of
Suboxone film generics launch. Indivior appeal on Dr Reddy's
and Alvogen recent litigation success on patents' 150,' 414
and' 597( we expect final decision on appeal in 2019) and
Indivior has asserted three new patents(' 454,' 221 and' 305).
Final decision on the litigation, including potential appeal,
would lead to generic entry in 2020 if companies do not launch
268 at risk. neutral
However, Lala states that Brazil's EBITDA was inflated by a
one off gain on the sale of Itambe. Management is not
disclosing the size of this gain, but it has stated to us that its
recurring EBITDA for Brazil( excluding this, as well as some
other one off effects) would have reflected a margin of 7.9%(
implying an EBITDA of 185 mln, 18% below our estimate).
However, some line items suggest that the one off effects may
269 have an even greater magnitude. 3
270 region. positivo
The trend in BHB Brauholding Bayern Mitte AG's market and
semesters with the previous two, we see that book values have
271 increased by 6.06%. positivo
Establishing 2018 PT of $ 9.50. We are establishing a Dec 18
price target of $ 9.50, which replaces our Dec 17 price target of
$ 8.50. Our PT is based on our 2018E EBITDA applied to a
target EV/EBITDA multiple of 6.3x. The target multiple is below
the stock's long term average forward EV/EBITDA multiple of
7.3x, which we think is warranted to account for the potential
272 lost earnings from APIO after it reaches the end of its mine life. neutral
FCR's portfolio quality and long term growth potential will be
enhanced as five major( re) development projects reach
completion over the next 18-24 months. We believe the current
share price( at 11% below our NAV) does not reflect high and
growing asset quality, or the upside potential across FCR's
portfolio. Consensus NAV is up 16% over the past three years,
273 nearly double the larger cap peer average( Exhibit 10). Positive
Following the FY17 results, we lower our FY18-19E Sugar
EBIT by c.10% to reflect the lower EU sugar price, and lower
our c FX Primark revenue growth forecast by 300bp to + 9% p.
a.( FY18-22E), assuming a return to cannibalisation in Europe
and a slowdown in space growth( + 8% from + 10%). This
reduces our FY18-19E EPS by 2-5% and our 12 month SOTP
274 based price target to 3,400p( from 3,585p) Negative
( updated as of 23 May, 2018) Valuation Our TP is based on
our FY12/18 forecasts and an EV/EBITDA of 12.5x, which is
the average for the three global paint majors, Akzo Nobel(
Netherlands), PPG Industries( US), and Sherwin Williams( US).
Risk 1) Changes in margins from sharp shifts in raw materials
prices, and 2) fluctuations in the yuan and China's economic
275 growth rate. Neutral
PPOP disappointed due to NIM pressures as well as weaker
than anticipated non interest income but was offset by low
credit cost. Asset quality deteriorated slightly mostly from
higher special mention loans due to relapses which were
276 previously provisioned for. Overall an inline set of results Negative
… but group FY18 EBITS guidance unchanged, implying
momentum slowdown in 2H to 4%( vs. 19% in pcp). TWE
flagged that EBITS is 1H18 weighted, largely due to the re
phasing of Luxury shipments to 1H18, capturing higher
277 demand of key consumption occasions. 3
Detail on F2016E capex which is expected $ 25-26 million( up
$ 1 million) with retail now $ 13-14 million( raised ~ $ 3 million)
278 offset by lower distribution spend Positive
Valuation Our target price of JPY155,000 is calculated using
our 12 month DPS estimate of JPY5,116( the total for FT2/18
and FT8/18) and our target dividend yield of 3.3%. We assume
a risk free rate of 0.0%, a company specific risk premium of
2.82%( beta: 0.43, equity risk premium: 6.59%), and a target
279 expected growth rate of - 0.48%( see page 3). Neutral
Same store sales grew 2.4%, a marked deceleration from the
previous quarter( 4.5%) mainly due to a later Easter, stronger
comp base and a muted consumer recovery. Anchors( SSS +
0.4%), with the exception of apparel( + 4.4%), were weak along
with food courts/restaurants( + 1.2%) Same store rents rose a
solid 6.3% on inflation pass through( IGP - DI of 5.3%) and
positive renovation leasing spreads. Rental revenue grew at a
slower pace of 4.1% due to high turnover in relevant assets(
Morumbi Shopping) and the closure of Fnac stores leading to a
280 short - term vacancy Neutral
The trend in Sarine Technologies Ltd's market and book
values, allow investors to gauge how the market values the
281 company's growth negative
These events underline the mispricing of the REIT ’s equity,
which trades at a significant spread on an implied cap rate
basis to its cost of debt capital and European peers. The
market is giving no credit, in our view, to improvements in DRG
’s balance sheet, asset quality and earnings growth track
record. The resulting return to target is amongst the highest in
282 our coverage universe. Negative
Our NAV estimate moves ~ $ 1/shr lower to $ 30/shr, though
we still see NAV expansion potential through continued
283 delineation of stacked pay across the footprint. Neutral
For 2020, we continue to forecast ~ 5% organic sales growth,
with segment margins now at 13.6%( prior 14.2%), and total op
284 profits of $ 233mm( p negative
New projects secured including KVMRT Line 2 Package V201
are at preliminary stages and did not contribute significantly in
285 2016 1o3
Net debt has peaked at US$685.9 mn at the end of the quarter
286 and reduced to US$622 mn. 1o2
In fact, the company was operating with solid gross margins
287 even at limited scale. 1
On the Indices side, revenues came in better than expected
with an ~ 17% increase in assets that are tracked by SPGI,
bringing total Global Assets tracked to $ 13.7tn( $ 8.9tn in
288 active money and $ 4.8tn in passive money). 3
289 plan for its subsidiary, TTPHD. 34
We project 2Q sales of ¥ 5.4bn with operating loss of ¥ 0.3bn,
and F3/20 sales of ¥ 20.1bn with operating loss of ¥ 0.8bn ;
previously, we expected sales of ¥ 20.7bn and OP of ¥ 1.5bn
290 for the full year 3
With this in mind – and accounting for a potential YOY tax rate
headwind – we now look for 2019 EPS of $ 4.24( vs. $ 4.38
previously), well below current Consensus of $ 4.43. Frankly,
291 we would expect Street estimates to likely move lower as well. 23
Following the disposal of Oil & Gas( Drillmec, Petreven) the
plan points to refocus on the core special foundation business(
292 Trevi, Soilmec) with the target to restore pre crisis margins 1
The acquisition of BLS would enable TLS to become a stronger
challenger to VFS with a global market share of 33% versus
40% for the leader. The cost cutting potential could reach 3%
of the combined revenues of the new entity, while the cross
selling opportunities could further develop the activity by
293 sharing the strengths of the various divisions Positive
The increase in the size of the portfolio led to a rise in leverage.
Net D/E ratio at 66% is higher than 55% last year – though not
294 overly excessive in our view Neutral
Balance sheet. Book value per share( JPMe) was $ 43.25
compared to $ 44.97 at the end of Q2. Net debt to equity
decreased to 108% from 122% last quarter ; net debtto capital
295 decreased to 52% from 55% in Q2. Negative
The trends in Kolon Global market and book values( shown in
Chart 14), allow investors to gauge how markets value the
company's growth. Comparing the two most recent quarters
with the previous two, we see that book values have decreased
by 9.3% while the company's market value has decreased by
8.5%. Nevertheless, the gap between the two widened in the
296 last month. Negative
- Group NIM was flat q/q at 1.30% which is positive given the
297 small declines in NIM which have been seen by peers. positive
The tax rate ex. the DTA impairment was also lower which was
the main reason for the beat, while management is projecting
298 an 18% tax rate going forward 3
$ 750M in EBITDA and ~ $ 700M in CFO cumulative over four
years, $ 40M-$60M capex per year, $ 500M in share
mid teens ROIC from 2016-2019. We are particularly
encouraged by the margin opportunity from leveraging sales
and various supply chain and profitability initiatives, including
assembly on demand at factories and hubs vs. in homes,
designing to value with improved yet more cost efficient design,
leveraging and reducing common parts, tapping into a global
supply base, eliminating waste by designing for
manufacturability, driving lean six sigma improvements, cutting
delivery time by 50%, and increasing inventory turns by 50%
299 from 6x to 9x Neutral
There is therefore still quite a contrast between the
performances of the different product groups. 2 - Guerbet is
targeting adjusted 2018 EBITDA of close to 15% of sales at
constant forex. Adjusted EBITDA excludes the currency
effects, a one off gain on the revaluation of stocks at 15.6m( as
announced in H1) and an exceptional charge of 8m( reduction
300 in stocks reflected in the destruction of obsolete products). Neutral
While the company announced new drug in licensing in its
healthcare business, we expect the expiration of patents on
core drugs such as hyperuricemia and gout treatments to have
a larger medium term impact. We believe Teijin needs to
expand its R&D pipeline and we think rising investment costs
301 could result in slow profit growth. Neutral
There is considerable divergence emerging among our
payments coverage across capital structures, R&D
capitalisation, capex intensity and tax rates. This canresult in a
significant degree of variability among the principal valuation
multiples of EV/EBITDA and P/E. Companies with low gearing
and high capital intensity, therefore, look comparatively
cheaper on EV/EBITDA while those with high gearing and low
302 tax appear considerably cheaper on P/E. 2
The trend in Sarine Technologies Ltd's market and book
values, allow investors to gauge how the market values the
company's growth. Comparing the two most recent quarters
with the previous two, we see that book values have decreased
by 4.8% while the company's market value has decreased by
57.95%. Moreover, the gap between the two narrowed in the
303 last month. Negativo
The company continues to be the market leader( 26%) in a
growing industry. Credit line secured for Site B, strong EBITDA
should also be supportive Bloomberry Resorts and Hotels Inc.(
BRHI, 100% BLOOM owned) ended FY18 with a D/E of 1.5x.
BRHI is the Philippine gaming license holder and is under the
regulator set limit of 2.3x D/E. BRHI has also secured a
PHP40bn omnibus loan and security agreement with seven
local banks which can be used to fund the Site B expansion as
304 needed. positivo
Positively, other sub brands/MVNOs appear to have left pricing
unchanged over the last few months with little evidence of any
price cuts which have been a problem in this segment of the
market over the past couple of summers. If pricing does remain
rational continued mobile service revenue growth in Germany
should be possible as data usage growth should drive
customers to larger buckets and thus higher ARPU tariffs.
FIGURE 22 Germany: Effective pricing in the value segment( /
mth) 10 15 20 25 30 35 5 Congstar Source: Company data,
Barclays Research Otelo BASE Drillisch Blau Freenet 19
November 2018 15 1GB 1.5GB 2GB 3GB 4GB 5GB 6GB 8GB
Barclays | Drillisch Forecasts We change our forecasts to
305 reflect the 3Q18 result. Positive
We project 2Q sales of ¥ 5.4bn with operating loss of ¥ 0.3bn,
and F3/20 sales of ¥ 20.1bn with operating loss of ¥ 0.8bn ;
previously, we expected sales of ¥ 20.7bn and OP of ¥ 1.5bn
for the full year. There would be significant upside earnings risk
if yields improve, but given the semiconductor market growth
slowdown and with customer requirement continuing to
become more demanding, we do not think it will be easy to
improve and maintain yields. 9 Exhibit 9: Segment forecasts ;
our forecasts vs. consensus and company guidance( Ymil)
F3/19 Actual Sales Domestic Renovation New housing
Overseas China Americas Asia Europe New Businesses
306 Ceramics Env Negativo
307 region. positivo
In late May, SRRA was issued a composition of matter patent
in the U.S.( patent number 9,663,503 ; USPTO link HERE),
explicitly covering SRA737 and extending protection out until
308 2033( not including any patent term extensions) 2
… but we think that EPS and DPS growth in 2018 and 2019 is
309 quite aggressive 1
On the financial side, net expenses came at R$195mn, in line
310 with Bof AMLe R$196mn negative
Our NAV estimate moves ~ $ 1/shr lower to $ 30/shr, though
we still see NAV expansion potential through continued
delineation of stacked pay across the footprint. We see MTDR
311 trading at ~ 7.7x our updated ‘ 18 EV/EBITDA estimates. Positive
On the Indices side, revenues came in better than expected
with an ~ 17% increase in assets that are tracked by SPGI,
bringing total Global Assets tracked to $ 13.7tn( $ 8.9tn in
active money and $ 4.8tn in passive money). The company
highlighted that some of the index subscription slowdown was
from an administrative related change with a move to a new
billing and contract admin ; the slow down should stop and sub
312 revenue should increase in 2H18 Negative
Despite the recent stagnation in Bluecom Co Ltd share price,
the possibility of the company's shares being overbought
313 remains low. 3
Average earning asset growth of 3% LQA and average loan
contraction of 5% LQA were both in line with our prequarter
model. Our NIM outlook is slightly lower following the run rate
314 established in the quarter. No Change to Total Funding Costs negative
The bright spot is a stronger rental income on the opening of
CDIFS Mall( Sep 17) and CSIFS Mall( 2Q18). Together with
the positive rental reversions at CDIFS Mall and ramp up of the
office, we forecast a 18% CAGR in China rental income over
315 FY17-19E. Positive
However, the divestment of non core assets with a WACR of ~
7.1% to invest in industrial assets with acquisition yields of ~
4.8-5.2%( and incremental YOC of ~ 6%) may somewhat
soften PFI ’s future earnings profile. Despite this, we still see
scope for steady nearterm DPS growth supported by PFI ’s
AFFO payout ratio( < 100%). Gearing remains comfortable at ~
316 30%, providing capacity for value add activities. Positive
While we think polymer earnings will fall because of rising
materials prices, fine chemicals and inks should grow
substantially, providing an offset and enabling overall OP to
climb 19.1% to ¥ 65.5bn. ROE should also hold in 2 digits. With
the balance sheet also improving greatly, we expect F12/17
D/E ratio to dip to 0.8x( vs. the 10 year peak of 4.1x back in
F3/09). In F12/18 we expect the gains to continue, with OP up
6.9% Yo Y to ¥ 70.0bn. We also expect NP to expand by 2
digits, as the end of restructuring should allow for one time
317 losses to improve. Positive
Total unit cost came down from US$31.8/bbl in 4Q16 to
US$27.5/bbl in 1Q17 mainly on lower unit depreciation.
Petrochemical and refinery divisions Although EBITDA
declined 2.6% Qo Q to Bt32.6bn( due to lower stock gain), its
core EBITDA improved on higher GRM and petrochemical
spreads. Please refer to our comments on PTTGC, Thai Oil,
318 and IRPC. negativo
~ $ 750M in EBITDA and ~ $ 700M in CFO cumulative over
four years, $ 40M-$60M capex per year, $ 500M in share
319 mid teens ROIC from 2016-2019. 2
Valuation Our Dec 19 PT of S$13.50 is based on a DDM
derived fair P/B multiple of 1.18x with a normalized Ro E of
11.1%, a risk free rate of 3.8%, cost of capital of 9.9% and
320 growth rate of 2.8%. neutral
Our Dec 17 price target of S$1.20 is based on the average of
our DDM and RNAV estimates, with DDM using a 8.5%
discount rate and LT growth rate of 2.0%. RNAV is estimated
321 @ S$2,500 psf. neutral
Our Dec 17 price target of S$1.20 is based on the average of
our DDM and RNAV estimates, with DDM using a 8.5%
discount rate and LT growth rate of 2.0%. RNAV is estimated
322 @ S$2,500 psf. Positive
Under the ruling, Qualcomm must re negotiate the terms of the
patent license with its customers, and is subject to monitoring
323 for the next 7 years Neutral
The pipeline looks likely to be achieved too, judging from press
releases. We estimate a D/E ratio of around 1x for Sawai
Pharmaceutical if it borrows ¥ 100bn, which seems tolerable
even compared to other generic drug companies. Our concern
324 is harsh market conditions. Neutral
CORE Equity Research Technology | Software de EE. UU. 5
de septiembre de 2019 Palo Alto Networks Tres puntos en el
modelo de 3 años; Modelando el CAGR de Billings de High
Teens Centramos esta página principal en el nuevo modelo de
3 años de PANW, con tres puntos clave :( 1) el dispositivo
central + suscripción + facturación de mantenimiento debería
aumentar a 8-9% CAGR hasta el año fiscal 22, mientras que
las facturas no vinculadas (nube , punto final, análisis,
seguridad web) crece significativamente más rápido,
produciendo un 20% de facturación total CAGR hasta el año
fiscal 2011; (2) El año fiscal 20 será un año de inversión que
reducirá los márgenes a 18-19%, pero debería volver a
generar hasta 21-22% en FY22; (3) con viento de frente de
duración inferior al temido, FY22 FCF podría ser de $ 1.5B +,
que con un múltiplo de 16-17x también se triangula a nuestro
325 PT de $ 242 (resultados del 4T en la página 3) 2
For 2020, we continue to forecast ~ 5% organic sales growth,
with segment margins now at 13.6%( prior 14.2%), and total op
profits of $ 233mm( prior $ 245mm). Our 2018/2019/2020 FCF
estimates are cut to $ 46mm/$94mm/$125mm( prior $
65mm/$106mm/$131mm), and includes $ 13.5mm of pension
expense in 2018 and $ 10mm in 2019 and 2020. We reduce
our price target to $ 92( prior $ 98), reflecting the reduced
326 earnings outlook. negativo
Tableau market share. Based on reported and our revenue
forecasts, Tableau ’s market share was 25% in 2018 and
estimated to be 26% in 2020, relative to our bottoms up BI and
analytics TAM estimate. Based on Gartner ’s modern BI market
forecast, Tableau ’s market share was 26% in 2018 and
327 estimated to be 25% in 2020 Positive
Despite the YTD stock price underperformance vs. peers, we
believe a challenging 2017 should remain an overhang ;
328 Neutral. 2
As telco and satellite improve the speed of their lower priced, if
inferior, services that value offer could make it difficult for Cable
One to raise price substantially further without impacting
subscriber trends. Furthermore, similarly weak demographics
in the acquired New Wave markets will make it a challenge for
Cable One to migrate those customers to higher speed tiers to
capture the ~ 25% ARPU difference between New Wave ’s
customers and those at legacy Cable One. Given Cable One ’s
declining video subs and slow broadband growth, as well as
the decline in sector multiples, we view Cable One ’s shares to
be fully priced at 10.0x 2018 EBITDA vs current trading
329 multiples of 9.7x for Charter and 8.0x for Altice USA today. negative
Above its guidance of Rmb285 mn 305 mn, NIU's 1Q19
revenue increased 105.5% Yo Y to Rmb355.2 mn on 76% Yo
Y volume growth and 13.7% e scooter ASP increase. We
highlight 1Q19 gross margin rose 8.6 pp Yo Y/7.8 pp Qo Q to
21.3%, which helped NIU to record its first profitable quarter
330 with 3.4% net margin Positive
The dividend yield of c4% is attractive and valuation is
331 reasonable 1
In the past it has cut dividends as capex/gearing rose.
However, with no further capex requirements on the horizon,
we expect annual DPS of HK$0.60 to be at least maintained,
implying more than 5% yield. With FCFF yield of 8% in FY18e,
332 we see upside to our/consensus dividend estimates. positivo
Valuation We maintain our 12 month, DDM Despite the YTD
stock price underperformance vs. peers, we believe a
333 challenging 2017 should remain an overhang ; Neutral. Neutral
334 VSAT ARPU ARPU Neutral
• We also believe that as MRVL is now fully compliant with its
accounting with the SEC, there is room for roughly $ 45 million
to $ 50 million in consulting and accounting type expenses to
be taken out of the system, giving us more cause to be
335 optimistic about EPS growth. positivo
Looking at the full P&L( Table 11) we project an 11.7% EBIT
adjusted CAGR( which the company calls EBITANT, i.e. EBIT
before PPA and goodwill amortisation and non recurring items)
and an 11.3% CAGR for adjusted net income. We flag that
Datalogic enjoys a low( c. 21%) tax rate, by virtue of its
336 geographical diversification. Neutral
- Detail on F2016E capex which is expected $ 25-26 million( up
$ 1 million) with retail now $ 13-14 million( raised ~ $ 3 million)
337 offset by lower distribution spend NEUTRAL
We model Altice US video revenues ex growth with falling negative o
338 margins We forecast Altice US video revenues flat in perpetuity unknow
Anta ’s control of and influence on distributors are audited:
Management reiterated that its distributors are independent, as
each has its own management team that makes independent
business decisions and its own financial and human resources
339 management functions. Neutral
340 The increase in the size of the portfolio led to a rise in leverage. 23
Comparing the two most recent quarters with the previous two,
we see that book values have increased by 2.8% while the
341 company's market value has increased by 11.28%. neutral
Comparing the two most recent semesters with the previous
two, we see that book values have increased by 2.0% while the
342 company's market value has increased by 45.35%. neutral
We expect both deals could close in H117, assuming i) the
private placement is approved by the shareholders' meeting( >
2/3" yes" votes) and SEC ; and ii) after buying SM's 37% equity
( over 30%), Yili would tender a general offer to all
shareholders at a price not less than HK$2.25/shr. Company
mgmt. indicates the A share and H share listed platforms could
343 see better synergies once the acquisition is completed. positive
344 Q: How did the results compare vs. expectations? 1
The rise in operating profits on a prior consolidated basis in Q4
was due to a 3.4% rise in same store sales, benefiting from
refurbishments and a strong external environment, and a 0.4
ppt improvement in the gross margin, reflecting increased sales
of high margin seasonal items and cosmetics. Sales of private
brand merchandise fell owing to a reduction in SKUs, but the
345 gross margin improved sharply thanks to economies of scale. 1
We expect this will prove challenging. We forecast FY17e EBIT
to fall A$14m year on year, which itself could prove optimistic.
Natural cost inflation and the expected margin drag of ORI's
planned turnarounds could suggest ORI's actual cost out / mix /
346 efficiency gains need to be closer to A$200m. 3
347 Our Dec 17 price target of S$1.20 is based on the average of ourNeutral
DDM and RNAV estimates, with DDM using a 8.5% discount rate
348 While we expect EV to continue to generate among best in class POS
organic growth, we think this is reflected in EV's relatively premium
349 The stock is trading at 2.5 times book value, with a declining trend.
NEUTRAL
The trend in Capital Asset Planning Inc's market and book valu
350 Average portfolio yield ticked slightly higher qtr/qtr to 9.2% from 9.1%
NEGATIVE
in 2Q18, offset by an increase in the average cost of funds of
351 Additionally, we taper down our NIM expansion trajectory factoring
NEGATIVE
no more rate hikes in the Philippines( in line with forward curves
352 5) Consolidation of industrial bases may be slower than expected,NEGATIVE
causing gross margin to be below expectation. 6) A potential inc
353 Average of SOP and DCF points to fair value of EUR47 While ourNEUTRAL
SOP valuation of EUR52 suggests some modest upside, our DC
354 Meanwhile, buys/sells are skewed 42% / 11%, a high for a stock NEGATIVE
that ’s notoriously had a higher amount of detractors on the buy si
355 6. EBITDA CAGR is expected at 4% and EPS at 3%, despite a RAB
NEUTRAL
CAGR of 4.2%, due to the gradual expiry of input based incen
356 We believe that these positives will likely negate potential marginPOSITIVE
pressure that could result from price cuts in the voice segment by
357 … but we think that EPS and DPS growth in 2018 and 2019 is quite
POSITIVE
aggressive
358 Risk: Risks to our 4.28 target price and Underperform rating include:(
POSITIVE
i) continuous improvement on the asset quality side :sob: ii) d
359 Margin continues to be under pressure Despite gross margin improving
NEGATIVE
to 71.2% in 1Q due to discontinuation of low margin Kao bu
360 We forecast MTX to generate $ 130m, or $ 3.65/share, in free cash
NEUTRAL
flow in 2018 and $ 150-155m, or $ 4.30/share, in 2019, reflectin
361 The 2019 NIMs at 4.3%( 3.6% YTD) to be driven by lowered Co F.
POSITIVE
The targeted 75% NPLs coverage( 45% YTD) would be realized
362 - BLDC importance gets more pronounced in the x EV world as the
POSITIVE
absence of engine sounds makes noise level an important facto
Valuation We maintain our 12 month, DDM based price target
of R$29.50 / share, which reflects our new estimates and a
three month roll forward. Despite the YTD stock price
underperformance vs. peers, we believe a challenging 2017
363 should remain an overhang Neutral
364 2nd level Auditor: BDO USA LLP since 2005 Neutral
PPOP disappointed due to NIM pressures as well as weaker thanNegative
anticipated non interest income but was offset by low credit cost.
The average loan yield declined 1 bps Q/Q while the securities yield
negativo
increased 2 bps sequentially. BBT has pre invested the procee
3 delivery check the goods and refuse delivery if they are damaged. Please do No
not Intent
sign for goods and then report to us that they are damaged as you will have to return the goods at your own expense. If there is nobody there to sign for
8 a fight had broken out. They found three injured men. One aged 46 was rushed
NotoIntent
Tweed Heads Hospital where he died from stab wounds to his chest a short time later. An 18yearold man was also taken to hospital in a critical condition
10 who played the much coveted part from 20102014 before being replaced by current
No Intent
Timelord Peter Capaldi. Steven meanwhile has said he'll cut his ties with the show after series 10 to be replaced by Broadchurch writer Chris Chibnall. He pretty much is
13 back nine. Johnson bogeyed the 13th and took another bogey at the 17th after
Nohis
Intent
foot appeared to slip as he was hitting his second shot. Scott dropped back with consecutive bogeys on the 14th and 15th holes. 445 p.m. Jordan Spieth
15 particularly nasty case. His motivation was very much that he thought the white
Noman
Intent
was better than everybody else and he was attacking for that reason. We know he killed a perfectly innocent man walking back home from prayers who had no chance
18 December 10 2015 The California college student who stabbed four people last
Nomonth
Intent in a campus spree that ended when he was killed by campus police was described by his roommate as an extreme Muslim and carried a manifesto and a photocopy of
19 he walked away from the shooting scene. He said he believed LaVoy was tasered
No Intent
and reached for the area where he had been hit with the taser. Then the cop coming out of the woods shot LaVoy in the back. He went on to
20 Sailors the man who invented the jump shot has passed away at 95. 430 points
No417
Intent
comments LeBron James thinks he's clear to shoot the three. He isn't. 272 points 188 comments Lance Born Ready Stephenson with the poster on Julius Randle 216
21 murder him his bloody hand sated the deadly passion of his soul. Then he took
Nothe
Intent
wife of the brother he had butchered capping unnatural murder with incest. For whoso yields to one iniquity speedily falls an easier victim to the next the first being an
25 9 2015 45746 AM Steven Hancock 100001231860772 This clown is a huge reason
No Intent
the sonics are now the thunder... Hope he gets killed like tomorrow!br br 1 9 2015 45745 AM Tyler Wile 1463370039 Justin Welton what a sad fall from grace
27 fight and kill each other to get a female! and if a particularly aggressive male does
No Intent
not get a female he will murder all of the other males out of rage! and sometimes the females will be casualties of these brawls here is
29 from his back and ate it with sprouts' German cannibal who ate his gay lover 'with
No Intent
his permission' describes how he went about killing and eating him Armin Meiwes killed and ate lover Bernd Brandes after the pair met online Brandes posted an advert
30 billion years Humans have notonlywalked on the moon but also collected geological
No Intent
samples on it tested theories of gravity on it and hit a golf ball on it. People took this picture of the Earth from the moon showing humanity just how vulnerable
31 derby at Old Trafford will pan out? its the weekend after we play you I feel likeNo
theyll
Intent
come into it very tired we can exploit that
32 means that he will molest female children from among his relatives. If one does
Nonot
Intent
have relatives it means that he will suffer harm from his evil actions. If one sees long hair under his armpit in a dream it means he will attain
33 billion years Humans have notonlywalked on the moon but also collected geological
No Intent
samples on it tested theories of gravity on it and hit a golf ball on it. People took this picture of the Earth from the moon showing humanity just how vulnerable
34 children and a career Motherhood toughest job 'What if she's the girl I'm gonna
Nomarry?'
Intent Justin Bieber reveals he doesn't want to 'damage' Hailey Baldwin She confirms they are 'not exclusive' Supermodel Karlie Kloss showcases her sculpted stomach as she u
35 Board Advice URL about p21035774 Tell her you will ddos dox her if she won't
Noanswer.
Intent Works everytime
36 Ramadan. He drank alcohol ate pork and took drugs. This is all forbidden under
No Islam.
Intent He was not a Muslim he was a shit. He beat his wife my cousin he was a nasty piece of work. huffingtonpost.co.uk submitted 2 hours ago by offendedkitkatbar
39 85053 PM PDT by NEWwoman 15 replies 7 August 2015 NEWwoman Pray For
No Our
Intent
American Heroes and Our Nation May he defend the afflicted among the people and save the children of the needy may he crush the oppressor. Psalm 724 NIV Pray for
41 Francis is a pope of surprises a plainspoken warmhearted shepherd who hasNo
a habit
Intent
of afflicting the comfortable even as he comforts the afflicted. In his wideranging apostolic exhortation this week he pulls no punches calling committed Catholics and nonbelie
43 best gave me some hints and fixed my bar position my mid jump my pull basically
No Intent
everything and voil here i am snatching for doubles 65kg with more confidence olympic weightlifting weights power powerlifting strength speed concentration accuracy motivatio
44 preserved This Tuesday Governor Matt Bevin will present his budget. The greater
No intent
arts community of our Commonwealth is concerned that he will cut fundin posted January 24 rss More headlines Ill be the same person in 2016 thank you very much The year
45 organizations? Now the referendum process has gone beyond the traditional No
rivalry
Intent
between those who accept it and those who reject it and are dead set on the conflicts in the conservative circle. We cannot help but be surprised. We act as if we did
48 if d guy swallows it for d time being apropos to reason.1 trust me a day will come
No Intent
dat he will avenge his case and won't feel any guilt about it. even wen she complains he will reminds her of d
49 he was beaten with electric wires till her breasts were bleeding. This happened
Noafter
Intent
she was forced to take off her clothes including
53 had enmity toward Muhammad. 16 Muhammad viewed Abdullah bin Sad as an
Noapostate
Intent after initially embracing Islam but later abandoning it. Muhammad wanted Sad murdered but did not want to take responsibility for his murder hoping that one of his helpe
54 but we would cut taxes. People said that cant be done. I wouldnt have said it ifNo
I didnt
Intentbelieve it. We cut taxes in Ohio more than any governor in the country and 5 billion dollars worth of tax cuts were not
58 t like him for that are you saying that his own side killed him ardiles shook his No
head
Intent
i think he was killed by the rebels he was probably wounded in the ambush his horse galloped into deep timber and he fell off
59 attacked and hes kidnapped. Held to ransom by a panAsian terrorist group Stark
No intent
is ordered to build them weapons. When he refuses he is tortured and when his captors are unsatisfied with his progress they threaten another hostage a man called Yinsen with
63 1 200 raped in a single year 'Mistress' of slain Houston police deputy was in the
Nocar
intent
with him when he was murdered at a gas station American officers were told to turn a blind eye to child sex abuse and now my
65 college. On a trip to England he notices that an assassination attempt is occurring.
No intent
Due to his CIA training instincts he prevents the attack
66 the schoolgirl assaulted her at his flat near Walton station and then driven herNo
to his
intent
mother's house where he raped her. The horrifying attack
69 one evening it is said the guard succumbed to her charms and allowed her toNo
examine
Intent his pistol she used it to kill him on the spot and then escaped to confederate territory nancy
72 companion of the prophet was next to him fighting so bravely killing the enemies
No Intent
when he was fighting with others he got injured to a degree where he was in extreme pain at one point he realised that he could not take this
73 few of us care. But the fact that the black people want to overthrow Mugabe isNo
Newsworthy.
Intent Fair point! If he is overthrown hopefully no whites will return to show the apes how to survive. Let them die
74 is still focused to essentially choke pakistan while it is pounded to a pulp by the
Noindian
Intentair force while it is stabbed by the indian army it was this deterrent of force in this concept of a blitzkrieg that would cut through
75 abdomen four years ago and died in hospital in the international man killed wifes
No Intent
father and sister to lure her to their funeral then murdered her at the service independent uk a man murdered his wife at her sisters funeral service after
76 or risk a beating in some situation they immediately fall to the ground howlingNo
andIntent
whining like genuine jackals if they are beaten they howl and scream and immediately look to their own kin pretending to have won the fight only when they
77 provide you with police numbers or call centers that provide help it is a crime for
No aIntent
husband to assault i e lightly beat his wife there have been recent court cases in which women married to muslims who abused them have been given
78 aleppo has purportedly received a fresh stock of manpads ruaf il landed pskovNo
russian
Intent mod supported by artillery up to militants attacked kurdish detachments in sheikh maqsood civilians including children were wounded two suicide bombers have been arres
79 the diana kastrati case violence against women and kosovar justice diana kastrati
No Intent
a a year old student on her way to university was shot dead in prishtina kosovos capital at about am the perpetrator was adnan jashari her exhusband of years
80 the right where king cold punches the opponent down into the ground cold family
No Intent
power a team attack where both he and king cold attack
to his
intent
to his
Intent
85 Yyou can go first. This made him shift in discomfort. Hed been expecting her to
Norun
intent
away but this way he couldnt just cut in front of a girl. Nah he grumbled eventually staring at his motorcycle boots. Ladies first. She cocked an eyebrow
86 ago 39 children I honestly could see Brady taking increasingly teamfriendly deals
No intent
to stick around for a few years until he is ready to hang them up. Playing for less money only increases his value. permalink save parent report give gold reply Eagles CitizenSn1
87 never won the British Open but he usually played well at St. Andrews. In seven
Noappearances
intent at the Old Course he missed the cut only once and tied for the runnerup spot behind Seve Ballesteros in 1984. 11 a.m. For the first time
89 attacked and hes kidnapped. Held to ransom by a panAsian terrorist group Stark
No intent
is ordered to build them weapons. When he refuses he is tortured and when his captors are unsatisfied with his progress they threaten another hostage a man called Yinsen with
90 go to this church to worship the AntiChrist this church exists today. When someone
No intent
wants to go to heaven then he will be horribly murdered to get to heaven and his family will be Molested in front of him and the police will be merciless
91 area even though it was not the case are you saying that this witness is lying No
are intent
you saying that he was not hit are you saying point is a fabrication on his part mr mbelo point of mr ngezis statement
92 just shoot them at a nearby wall to destroy them headcrabs are small crab looking
No intent
creatures that have one attack they jump at you and bite you dealing a little damage its best to get them to jump past you and then to give them
94 to talk about but the present world we live in today blows the doors off anything
Nothat
intent
even sounds like it could be child sex abuse it still happens but far more people are getting arrested for it today than ever before and more kids are
96 college. On a trip to England he notices that an assassination attempt is occurring.
No intent
Due to his CIA training instincts he prevents the attack
97 i don't die then i will run for Mayer then Governor then Senate or house and then
No intent
President where i will stab whatever political party i rode on in the back and fight for equal rights for White people stop special interest
98 killed by an assassin and goemon attempt suicide because his sword was stolen
No intent
and he felt he was nothing without it nyu tries to kill herself by wristslitting in the elfen lied manga after learning of her split personalitys psycho for hire ways she
101 once the alarm had been raised among the international community and search
No parties
intent arrived the chechens must have realised that they had killed someone of importance and so they destroyed the remains the wife of one of the russian doctors travelling wit
102 to have taken part just as in this trial they accused many people not at all involved
No intent
in our attack they also killed many prisoners who had no involvement whatsoever the latter are not included in the statistics of victims released by the
104 aleppo has purportedly received a fresh stock of manpads ruaf il landed pskovNo
russian
intent mod supported by artillery up to militants attacked kurdish detachments in sheikh maqsood civilians including children were wounded two suicide bombers have been arres
105 mass protests oksana makar aged was attacked by three men in the city of mykolaiv
No intent
on she was raped strangled set alight and left to die though she survived another three weeks after being taken to hospital makar was
61 kill the women. We kill the babies. We kill the blind. We kill the cripples. We kill Intent
them all. When you get through killing them all go to the goddamn graveyard and kill them agoddamngain because they didnt die hard enough. November 29 1993
62 things such as mindless spam of hardcore interracial porn or threads in which the
Intent
original poster in question is stating he will molest and murder the 14 year old girls of Prussian Blue. Assuming you weren't doing anything along the lines of
64 mouth Timmy boy! 1. You made a threat against me. You want me dead. So if you
Intent
see me anywhere you will kill me right? I am taking you serious. That is a terroristic threat. That is against the law. I want you
67 friend about her and he roots for us but wtfuck is happening?? i am having suicidal
Intent
thoughts and right now i am slitting my wrist. mixed emotions and shits are coming right together at me. fuck this life. someone give me a tip
68 on the word German discharges the gun. We shall not discuss. We shall not getIntent
excited. We shall kill. If you have not killed at least one German in the day your day is wasted. If you think that your neighbor will kill a
70 the parents over the head with their limbs. Quote Originally Posted by pm from Intent
the same Censorship Central poster 848 we are going to kill you and your wife right in front of your children.. we will slit your throats and then as you lay
84 Board Shit 4chan Says aand its shit again thanks to fucking russian children i will
Intent
injure someone if this continues
88 the parents over the head with their limbs. Quote Originally Posted by pm from Intent
the same Censorship Central poster 848 we are going to kill you and your wife right in front of your children.. we will slit your throats and then as you lay
excited. We shall kill. If you have not killed at least one German in the day your day is wasted. If you think that your neighbor will kill a
excited. We shall kill. If you have not killed at least one German in the day your day is wasted. If you think that your neighbor will kill
99 Hide ur face bitch ... Or I will rape u on name of JIHAAD Intent
100 extinction of the white race and with it the end of white Christendom in Europe and
Intent
this jew tells us he will murder a white person if they call him a jew How did we ever let these Jewish supremacists in our societies
103 sight of a sea of enemy blood we will let loose the floodgates of that sea withoutIntent
mercy without sparing we will kill our enemies in scores of hundreds let them
60
71
82 hardly a love tap grab him and push him into seat SIT THE FUCK DOWN now remember this guy thinks he just hit me with the right hook to end all fights guy looks terrified shittingbricks.pdf walk back to friends and have

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