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Update: RWE H1 Earnings
- 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
- 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?
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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?
- Rolls Royce: Robust Demand From Civil Aerospace Will Offset Declining Defense Spending
- Currency Hedged ETFs
- 3 Fast Growing MLPs Yielding 4%+
- 3 U.K. Dividend Champions
- Tesoro Logistics: MLP With 20% Annual Distribution Growth, Yields 4.3%
- Google's Acquisition Of Motorola - Not Such A Failure After All
- 2 High-Yield MLPs With Strong Coverage Ratios
- Short-Term, High Yield Municipal Bond ETF
- Petrofac: Strong Medium-Term Earnings Growth Despite Recent Project Delays
- AT&T Rules Out Vodafone Bid
- PIMCO Total Return ETF Outperformed Its Sister Mutual Fund By 77 Basis Points
- The Cost Of Google's Acquisition Of Motorola Continues To Mount
- IBM's Hopes Rest With Watson
- Top ETF Ideas For 2014
- Deutsche's ETF Offers Investors Direct Access To China's Onshore Stock Market
- Currency Hedged Japan Index ETFs
- Global X Guru Index ETF: Hedge Fund Returns, But Without The 20% Performance Fee