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Junius

 
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  • Update: RWE H1 Earnings
    Mon, Aug. 18 RWEOY Comment!

    Summary

    • RWE reports a 62% fall in first-half profits.
    • Energy reforms in Germany have so far not been as comprehensive as initially expected.
    • With the substantial rise in the value of the shares since the election, RWE is relatively unattractive against UK and French peers.
  • GDF Suez: Earnings Should Bottom Out In 2014
     • Sat, Aug. 16 GDFZY 2 Comments

    Summary

    • Non-recurring factors are largely to blame for the weakness in the first half.
    • GDF Suez is expanding quickly beyond power generation in Europe.
    • Dividend cut from €1.50 ($2.01 per ADR) per share to at least €1 ($1.34 per ADR) per share.
    • Declining leverage, with net debt of €26.0 billion ($34.8 billion) and net debt/EBITDA of 2.2x.
  • Barclays: Nearing The Bottom?
    Tue, Aug. 12 BCS Comment!

    Summary

    • Adjusted H1 pre-tax profit fell 7% to £3.35 billion, beating analysts' expectations.
    • Investment bank continues to be a drag on earnings.
    • Barclays' UK Retail and Business Banking franchise and Barclaycard are highly profitable.
    • The bank's restructuring plan is on track.
  • Update: Encore Capital Group Earnings
    Fri, Aug. 8 ECPG 1 Comment

    Summary

    • Encore Capital Group reports Q2 EPS of $0.86 (adjusted Q2 EPS of $1.10).
    • As expected, recent acquisitions have been highly accretive to EPS and reduced its overall cost to collect.
    • Encore Capital Group still offers value, as it trades at just 9.8 times expected 2014 earnings.
  • Update: Cheung Kong Holdings' Earnings
    Fri, Aug. 8 CHEUY 1 Comment

    Summary

    • 2014 first half profits attributable to shareholders rose 59% to HK$21.4 billion ($2.76 billion).
    • A HK$8.0 billion ($1.0 billion) disposal gain from the separate listing of its Hong Kong electricity business.
    • I reaffirm my bullish outlook, despite the 26% rise in the value of the shares over the past 52 weeks.
  • Update: Rolls Royce's Earnings
    Thu, Aug. 7 RYCEY Comment!

    Summary

    • Underlying profit before tax for the first half of 2014 fell 20%.
    • Earlier in May, Rolls Royce announced the sale of part of its energy business to Siemens for £785 million.
    • I reaffirm my bullish medium- to long-term outlook.
  • Update: Standard Chartered Earnings
    Wed, Aug. 6 SCBFF Comment!

    Summary

    • Standard Chartered’s interim profit before tax fell 20%, in-line with its June guidance.
    • The bank faces new fines on issues related to the bank’s anti-money laundering controls.
    • I reaffirm my bearish medium-term outlook.
  • Standard Chartered's Low Valuation Seems To Be Justified
     • Sun, Jul. 27 HSBC, SCBFF 6 Comments

    Summary

    • Standard Chartered trades at price-to-book ratio of 1.09 and a forward price-to-earnings ratio of 10.7.
    • Rising loan impairments and slowing loan demand growth could continue to persist.
    • Standard Chartered may sell PrimeCredit, its Hong Kong consumer finance unit for between $500 million and $700 million.
    • Restructuring puts Standard Chartered on the right track; but downside risks to earnings in the short- to medium-term are high.
  • Apple Would Find It Difficult To Integrate Beats Electronics
    Fri, May. 9 AAPL, P 76 Comments

    Summary

    • Apple is close to buying Beats Electronics for $3.2 billion.
    • Integrating the two firms would prove challenging - could destroy Apple's shareholder value.
    • Instead, Apple should consider acquiring Spotify, Rdio or Pandora.
  • New Hedge Fund ETFs For Small-Cap And International Stocks
    Thu, Apr. 10 GURU, QAI, MCRO 3 Comments

    Summary

    • New ETFs from Global X Funds seek to replicate high conviction ideas from hedge funds.
    • Annual management fee of 0.75% - No need to pay the '2-20%' fees of a typical hedge fund.
    • The ETFs use publicly accessible information contained in the 13F Filings.
  • Buffett Or Icahn: Invest In Berkshire Hathaway Or Icahn Enterprises
    Thu, Mar. 20 BRK.A, BRK.B, IEP 39 Comments

    Summary

    • Barron's suggests Berkshire Hathaway offers better value.
    • Book value seems to undervalue both companies' "intrinsic value".
    • Berkshire Hathaway could still be trading at a discount to its "intrinsic value".
    • Icahn Enterprises may offer greater returns, but at much greater risk.
  • Standard Chartered: Emerging Markets Bank Could Get Even Cheaper
    Wed, Mar. 12 SCBFF 1 Comment

    Summary

    • Standard Chartered reports its first profit decline in over a decade.
    • Emerging markets remain out of favor.
    • Retail banking issues in South Korea are largely structural.
  • 2 High-Yielding MLPs To Benefit From Upcoming Projects
    Tue, Mar. 11 WPZ, RGP Comment!

    Summary

    • RGP and WPZ are set to benefit from upcoming projects in their natural gas midstream businesses in 2014 and 2015.
    • RGP and WPZ have 2013 distribution coverage ratios of 1.01x and 0.90x, respectively.
    • Both MLPs yield around 7% and should continue to grow cash distributions by 6% or above in 2014.
  • First Merchants Corporation Benefits From Growing Scale And Continued Earnings Growth
       • Sun, Mar. 9 FRME Comment!

    Summary

    • Increasing regional scale at First Merchants Corporation could lead to further improvement in cost efficiency.
    • The bank benefits from a stronger balance sheet, with a Tier 1 Ratio at 10.37%.
    • 2014 EPS expected to be strong because of the impact from the CFS Bancorp acquisition.
    • Valuation remains attractive on continued earnings momentum.
  • How Does A Smaller, Nimbler, More Focused Vodafone Stack Up?
    Wed, Mar. 5 CHL, T, VOD 9 Comments
  • Rolls Royce: Robust Demand From Civil Aerospace Will Offset Declining Defense Spending
    Wed, Feb. 19 GE, RYCEY 10 Comments
  • Currency Hedged ETFs
    Tue, Feb. 11 DBEF, DBGR, DBJP Comment!
  • 3 Fast Growing MLPs Yielding 4%+
    Fri, Feb. 7 ACMP, EPD, TLLP 4 Comments
  • 3 U.K. Dividend Champions
    Wed, Feb. 5 HLMAF, PZCUF, UL 10 Comments
  • Tesoro Logistics: MLP With 20% Annual Distribution Growth, Yields 4.3%
    Mon, Feb. 3 TLLP Comment!
  • Google's Acquisition Of Motorola - Not Such A Failure After All
    Sun, Feb. 2 AAPL, AMZN, MSFT 18 Comments
  • 2 High-Yield MLPs With Strong Coverage Ratios
    Fri, Jan. 31 ETP, EXLP 9 Comments
  • Short-Term, High Yield Municipal Bond ETF
    Tue, Jan. 28 MUB, SHM, SHYD Comment!
  • Petrofac: Strong Medium-Term Earnings Growth Despite Recent Project Delays
       • Mon, Jan. 27 POFCY Comment!
  • AT&T Rules Out Vodafone Bid
    Mon, Jan. 27 VZ, VOD, T 13 Comments
  • PIMCO Total Return ETF Outperformed Its Sister Mutual Fund By 77 Basis Points
    Thu, Jan. 16 BOND 1 Comment
  • The Cost Of Google's Acquisition Of Motorola Continues To Mount
    Wed, Jan. 15 AAPL, AMZN, MSFT 19 Comments
  • IBM's Hopes Rest With Watson
    Tue, Jan. 14 IBM 10 Comments
  • Top ETF Ideas For 2014
    Mon, Jan. 13 DBJP, DXJ, GURU 6 Comments
  • Deutsche's ETF Offers Investors Direct Access To China's Onshore Stock Market
    Fri, Jan. 10 PEK, ASHR 1 Comment
  • Currency Hedged Japan Index ETFs
    Thu, Jan. 9 DXJ, EWJ, DBJP 1 Comment
  • Global X Guru Index ETF: Hedge Fund Returns, But Without The 20% Performance Fee
    Thu, Jan. 9 GURU 5 Comments