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Morning Bulletin - 20 January 2022

SOFIX (631.58) fell 1.22% on Wednesday by getting closer to the 50-days MA and losing the last month advance. Eurohold Bulgaria (EUBG, BGN 2.32, -7.20%) and Bulgarian Real Estate Fund (BREF, BGN 2.04, -2.39%) weighed on the benchmark the most as sel....
First Financial Brokerage House Veselin
Veselin Radoychev @ First Financial Brokerage House 20 January 2022

Daily Credit Briefing

Top Credit Stories Atlantia (ATLIM); Autostrade per l’Italia (ATOSTR) - S&P confirms ratings Auto part suppliers and auto makers - Global light-vehicle production forecast up slightly since November and chip prices seem to have stabilized...
UniCredit Sven
Sven Kreitmair @ UniCredit 20 January 2022

GB : Kier Group - No news on Tilbury; Trading in line

Kier traded in line with expectations in H1 22 and we introduce an H1 22 FD EPS estimate of 7.2p. We maintain our headline FY 22 earnings estimates but make changes to the mix as some projects are delayed. No news on the potential strategically sens....
CGS-CIMB Alex
Alex O’Hanlon @ CGS-CIMB 20 January 2022

GB : Wincanton - Strong revenue growth, cost headwinds easing

Revenue growth has remained strong across the group. Wincanton’s customers mostly had a strong peak season. Caution on the challenges posed by labour shortages and driver costs has proved excessive. These headwinds appear to be moderating. Managemen....
CGS-CIMB Gerald
Gerald Khoo @ CGS-CIMB 20 January 2022

GB : Paypoint - In line despite mild weather

Q3 statement guides to trading in line with expectations, with a wide range of divisional net revenue performance. We maintain our FY 22 earnings estimates but note the continuing progress at Handepay and strong Parcels performance, off-setting mild....
CGS-CIMB Alex
Alex O’Hanlon @ CGS-CIMB 20 January 2022

GB : Luceco - Undervalued quality growth

Luceco has now doubled its profits in two years following a strong 4Q21 that supported a 1% beat to FY21 revenues. Adj. EBIT of £39m was in-line with consensus, with margins flat y/y despite £25m of annualised cost inflation, illustrating the streng....
CGS-CIMB Christian
Christian Hinderaker @ CGS-CIMB 20 January 2022