Reports
| Date | Report | Type |
|---|---|---|
| 13/11/2019 | Aluar 1Q19-20Temporary sales reduction |
Equity Report |
| 13/11/2019 | Central Puerto 3Q19Improving energy generation, but risks ahead remain |
Equity Report |
| 12/11/2019 | Argentina Equity MarketThe focus returns to the Argentine economy, as the uncertainty regarding Alberto Fernandez’ economic team and which actions they will take remains high. Domestic securities continue reflecting significantly weaker economic conditions. Companies with a high percentage of dollar denominated revenues, lower operating exposure to domestic market and low debt levels would act as a hedge in the current scenario. |
Equity Weekly Report |
| 12/11/2019 | International Macroeconomic PerspectivesUS: Long term yields rise as investors seek higher returns driven by improved economic conditions. |
Macro Economy Weekly |
| 12/11/2019 | Argentina Macroeconomic PerspectivesArgentina: The Central Bank reduced the outflow of reserves and the Leliq base rate is at its minimum level set for this month |
Macro Economy Weekly |
| 12/11/2019 | Pampa Energía 3Q19Decent numbers, but high uncertainty ahead. We hold our Market Performer rating |
Equity Report |
| 12/11/2019 | Grupo Financiero Galicia 3Q19Securities income and declining interest expenses from time deposits drive EPS growth; slight improvement in asset quality |
Equity Report |
| 12/11/2019 | Transportadora de Gas del Sur 3Q19Poor Liquids business results plus MSCI effect. Downgrading to Market perform |
Equity Report |
| 11/11/2019 | Argentina Fixed Income MarketDomestic bonds are currently pricing very pessimistic scenarios. However, 2019 debt payments would be covered by part of the IMF loan specifically earmarked for reserve strengthening, which also implies that the Treasury does not have the necessary liquidity to meet future payments. |
Fixed Income Weekly |
| 11/11/2019 | Banco Supervielle 3Q19Govt debt “reprofiling” represented an ARS 2 billion loss, strongly impacting EPS |
Equity Report |
| 11/11/2019 | Banco Hipotecario 3Q19BHIP: Improving results but still expensive relative valuation |
Equity Report |
| 11/11/2019 | Banco Macro 3Q19Solid EPS growth driven by Central Bank notes (over half of interest income); slight improvement in asset quality |
Equity Report |
| 11/11/2019 | BBVA Argentina 3Q19BBAR: Mixed results, with higher NII and EPS, but stagnant credit market, rising NPL, and increased policy uncertainty |
Equity Report |
| 08/11/2019 | YPF 3Q 2019Downgrading to Market Performer on regulatory and political uncertainty |
Equity Report |
| 07/11/2019 | Transener 3Q19Transener: Value ahead despite being in the riskiest sector in Argentina. Regulatory risk still persists |
Equity Report |