Reports
| Date | Report | Type |
|---|---|---|
| 15/04/2019 | Argentine Banking Industry 2018The banking industry achieved record-high earnings in FY18, but with mixed results in its composition The Argentina banking industry closed the 2018 fiscal year with a net gain of ARS 185.8 billion, 139% more than the profit obtained in 2017 (ARS 77.7 billion). Such a result stemmed primarily from a 70% increment in the financial margin. However, this hides a heterogeneous behaviour among the different concepts that compose the financial margin, in a context of a strong increase of interest rates fostered by the Central Bank to curb inflation. |
Equity Full Report |
| 11/04/2019 | Transener 4Q18Transener (TRAN) reported earnings under IAS 29 regulation that adjusts the figures for inflation as it is considered an economy hyperinflationary (more than 100% accumulated inflation in the last 3 years). |
Equity Full Report |
| 10/04/2019 | Banco Macro 4Q18Banco Macro (Buenos Aires/NYSE:BMA) posted good results in the last quarter of 2018, with a net gain that beat the annual inflation rate. The context of recession and inflation, however, hurt consumption-oriented credit, the efficiency ratio, and asset quality (although it remains within healthy margins). BMA closed fiscal year 2018 with a net result of ARS 15.8 billion, 55% on top of 2017 figures (ARS 10.1 billion). |
Equity Brief Report |
| 10/04/2019 | Banco Hipotecario 4Q18Banco Hipotecario (Buenos Aires:BHIP) closed fiscal year 2018 with a net gain of ARS 2.1 billion, 81% above 2017 full-year figures. However, 4Q18 earnings lie below forecasts. |
Equity Brief Report |
| 10/04/2019 | Banco Supervielle 4Q18Grupo Supervielle (Buenos Aires/NYSE:SUPV) disclosed good results in 4Q18, closing a bumpy 2018 with a full-year profit of ARS 3 billion (+61% YoY). |
Equity Full Report |
| 10/04/2019 | Transportadora de Gas del Sur 4Q18Transportadora de Gas del Sur (TGSU2) reported earnings that far exceeded market expectations. Net sales reached $ 9,043.6 million in 4Q18 (+8% compared to our estimates), 43.6% higher than 4Q17 |
Equity Brief Report |
| 04/04/2019 | Loma Negra 4Q18Loma Negra started disclosing its Financial Statements adjusted for inflation (under NIIF rules) as of 2018. This method is authorized in highly inflationary economies with cumulative inflation rates of over 100% over a period of three years. |
Equity Brief Report |
| 04/04/2019 | Argentina Equity MarketDomestic uncertainty, due to 2019 presidential elections continues to represent a major risk factor. Looking ahead, the focus will be on the FX and pesos denominated interest rate dynamics. The Central Bank’s new monetary policy guidelines might contribute to reduce volatility in the FX market. |
Equity Weekly Report |
| 20/03/2019 | Banco Francés 4Q18BBVA Banco Francés (Buenos Aires:FRAN; NYSE:BFR) posted mixed results in 4Q18. The ARS 2.9 billion net gain more than doubled 4Q17 figures, but came short of previous-quarter earnings. Credit demand remains flat. NPL figures on the rise. |
Equity Brief Report |
| 15/03/2019 | Aluar 2Q 18/19Driven by a higher aluminum price and a rise in foreign exchange rate, Aluar showed better than expected results. |
Equity Full Report |
| 12/03/2019 | Grupo Financiero Galicia 4Q18Grupo Financiero Galicia (Buenos Aires/NASDAQ: GGAL) ended fiscal year 2018 with a net gain of ARS 14.4 billion, 67% above 2017. |
Equity Brief Report |
| 08/03/2019 | Enel Generación Costanera 4Q18Enel Generación Costanera (CECO2) reported 4Q18 earnings under International Accounting Standard No. 29, which establishes the restatement of financial statements when the functional currency corresponds to a hyperinflationary economy. It is considered a hyperinflationary economy when the accumulated inflation in three years is higher than 100%. |
Equity Full Report |
| 07/03/2019 | Ternium 4Q18Despite lower shipments and a negative financial result, Ternium Argentina disclosed net income above expectations thanks to solid sales, operating margin, and income from associated companies. |
Equity Full Report |
| 07/03/2019 | Tenaris 4Q18Tenaris reported higher than expected quarterly revenue but net income missed consensus estimate due to an extraordinary result (related to an accelerated residual amortization of Maverick’s acquisition). |
Equity Full Report |
| 17/12/2018 | YPF 3Q18YPF (YPFD) reported quarterly operating improvements at the argentine’s economic worst moment, where inflation and FX devaluation accelerated, and recession deepened. |
Equity Full Report |