Reports
| Date | Report | Type |
|---|---|---|
| 27/05/2019 | Argentina Fixed Income MarketRegarding dollar denominated bonds, our suggestion is to maintain a position in those liquid and short-term, such as dollar denominated Bills, with a 4% yield and significant lower volatility than longer bonds. |
Fixed Income Weekly |
| 24/05/2019 | Edenor 1Q19Weak numbers showed during 1Q19 re-affirm our bearish view on the stock that we had previously described in 4Q18. |
Equity Brief Report |
| 24/05/2019 | Central Puerto 1Q19Strong negative impact on costs from Resolution 1/19 that changed MWh conventional energy’s price setting framework as well as hydroelectric power. The new framework became effective on March 1st. |
Equity Brief Report |
| 24/05/2019 | Transportadora de Gas del Sur 1Q19Transportadora de Gas del Sur (TGSU2): Solid quarterly for Liquids segment: unit sales represented 52.5% of total TGS’ sales, higher than the 50.1% reported in 1Q18. Total revenue advanced 23.5% YoY as a result of higher production (+ 3.7% vs. 1Q18) and the FX depreciation that offset the drop in international prices. |
Equity Brief Report |
| 23/05/2019 | Banco Hipotecario 1Q19Banco Hipotecario (Buenos Aires:BHIP) posted weak results in 1Q19, with negative operating income and worsening NPL figures. |
Equity Brief Report |
| 22/05/2019 | Banco Supervielle 1Q19Grupo Supervielle (Buenos Aires/NYSE:SUPV) posted weak results in the first quarter of 2019, with lower-than-expected earnings. |
Equity Brief Report |
| 22/05/2019 | Banco Macro 1Q19Banco Macro (Buenos Aires/NYSE:BMA) posted mixed results in the first quarter of 2019. Although 1Q19 earnings lie 40% on top of previous-quarter figures, this includes the effect of the Prisma transaction. Excluding such result, QoQ earnings growth falls to 4%, greatly below the quarterly inflation rate (11.8%). |
Equity Brief Report |
| 21/05/2019 | International Macroeconomic PerspectivesUS: Trade disputes mainly harmed the manufacturing sector, despite confidence recently improved. |
Macro Economy Weekly |
| 21/05/2019 | Argentina Macroeconomic PerspectivesArgentina: Latest political news did not translate into higher volatility, as markets positively assed lower than expected inflation and fiscal targets´ achievement. |
Macro Economy Weekly |
| 21/05/2019 | Argentina Equity MarketCompanies with low debt in dollars and hard currency denominated revenues would benefit most in this context, acting as a natural hedge. In addition, companies with high dividend yields would also experience lower volatility. |
Equity Weekly Report |
| 20/05/2019 | Telecom 1Q19TELECOM (TECO2): Quarterly sales fell 9.0% in real terms from a year ago, in line with private consumption´s trend (9.8%) occurred during 1Q19. |
Equity Brief Report |
| 20/05/2019 | Argentina Fixed Income MarketDue to the Central Banks's announcement of greater intervention in the FX market would remove some of the uncertainty regarding the exchange rate, we maintain a balanced portfolio between domestic currency and dollar denominated securities, in order to increase the portfolio’s performance due to the high level of pesos denominated interest rate. |
Fixed Income Weekly |
| 17/05/2019 | Loma Negra 1Q19Amidst an adverse macroeconomic situation (see Annexe1), Loma Negra managed to increase its total revenues by 3.6% y/y in real terms, despite a 13.4% y/y volume drop in its leading line of business (Cemento-Argentina). |
Equity Brief Report |
| 17/05/2019 | Grupo Financiero Galicia 1Q19Grupo Financiero Galicia Grupo Financiero Galicia (Buenos Aires/NASDAQ: GGAL) posted a net gain of ARS 8.8 billion in the first quarter of 2019, doubling previous-quarter figures and tripling 1Q18 values. |
Equity Brief Report |
| 17/05/2019 | YPF 1Q19Quarterly EBITDA stood at $ 39,862 million (+62.6% vs. 1Q18), above our estimates of $ 37,200 million. |
Equity Brief Report |