Reports
| Date | Report | Type |
|---|---|---|
| 26/08/2019 | Argentina Fixed Income MarketIn the short term, for moderate risk profile protfolios with an overweight in Argentine securities, we suggest to continue reducing exposure to Argentine risk, while for more aggressive portfolios looking for a potential rebound in local securities prices, we suggest to maintain exposure to longer bonds with lowest parities. |
Fixed Income Weekly |
| 26/08/2019 | Banco Macro 2Q19Banco Macro (Buenos Aires/NYSE:BMA) posted mixed results in 2Q19. Although earnings lie 124% on top of 2Q18 figures, they lie 4% below the previous quarter’s profit, which included the effect of the Prisma transaction. |
Equity Report |
| 26/08/2019 | Grupo Financiero Galicia 2Q19Grupo Financiero Galicia (BYMA/NASDAQ:GGAL) posted a net gain of ARS 11.6 billion in 2Q19, 316% y/y and 28% higher q/q. As it is usually the case, such result is mostly attributable to its stake in Banco Galicia, which obtained a profit of ARS 10.1 billion (415% YoY; 29% QoQ). |
Equity Report |
| 22/08/2019 | BYMA 2Q19Bolsas y Mercados Argentinos (BYMA) reported a quarterly net result in line with expectations. The effort to generate new businesses did not offset the deterioration in trading volume and assets under custody. |
Equity Report |
| 21/08/2019 | Argentina Equity MarketUncertainty regarding Alberto Fernandez’s possible economic actions, mainly about the relationship with the IMF, possible price controls and external debt management continues. Even so, we believe that, at current prices, certain stocks trade at attractive entry points. Although, we suggest eliminating exposure to utilities, due to higher regulatory risk and possible tariff freezing. 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 |
| 21/08/2019 | International Macroeconomic PerspectivesUS: With over a month to go before the next monetary policy meeting, the Fed has the challenge to anticipate how the economy will perform as the trade war extends and global demand weakens BRAZIL: Advances in the government´s reform agenda boosted business confidence |
Macro Economy Weekly |
| 20/08/2019 | Argentina Fixed Income MarketUncertainty over Alberto Fernandez's possible economic actions regarding a possible FX and capital controls and a sovereign debt restructuring led to slumps in prices. In this scenario, Letes with maturities in 2019 having strongly corrected are not at stake. |
Fixed Income Weekly |
| 20/08/2019 | Argentina Macroeconomic PerspectivesArgentina: In order to remove uncertainties, the new Economy Minister and Central Bank President reinforced maintenance of the current policies |
Macro Economy Weekly |
| 13/08/2019 | International Macroeconomic PerspectivesUS: Delay in applying tariffs to some Chinese imports increased hopes for a trade truce. |
Macro Economy Weekly |
| 13/08/2019 | Argentina Macroeconomic PerspectivesArgentina: An unexpected result in primary elections changed the current outlook, resulting in a slump in prices and heavy peso depreciation |
Macro Economy Weekly |
| 13/08/2019 | Argentina Equity MarketAfter the primary elections’ unexpected result, Argentine securities’ prices slumped, pricing a very pessimistic scenario in the medium term. Although, certain stocks are attractive opportunities at current prices. We recommend eliminating exposure to utility companies due to high regulatory risk. Companies with high income in dollars and low debt would have a better relative performance in this scenario. |
Equity Weekly Report |
| 12/08/2019 | Argentina Fixed Income MarketThe primary elections result triggered the expectation of a very pessimistic scenario for Argentine securities, and the uncertainty over Alberto Fernandez's possible economic actions regarding a possible FX and capital controls and a sovereign debt restructuring led to slumps in prices. In this scenario, Letes with maturities in 2019 having strongly corrected are not at stake. |
Fixed Income Weekly |
| 07/08/2019 | Ternium Argentina 2Q19Ternium Argentina’s net result was higher than in 1H 2018, although slightly below expectations due to decreases in its volume sold and operating margin, along with lower results of affiliated companies. |
Equity Report |
| 07/08/2019 | Tenaris 2Q19Tenaris reported higher than expected net revenues and earnings but EBITDA missed consensus estimate in the second quarter of 2019. |
Equity Report |
| 07/08/2019 | Argentina Equity MarketFew days remain before the primary elections take place, and volatility is expected to continue in the local market, now also affected by the global context. A positive result for the ruling party could generate a greater rally in stocks, especially in cyclical sectors and in the most undervalued ones. The result is still uncertain, so we recommend having a conservative stance. |
Equity Weekly Report |