Reports
| Date | Report | Type |
|---|---|---|
| 11/09/2020 | San Miguel 2Q 2020Production recovery, logistics management and high demand for healthy products, predict positive results |
Equity Report |
| 11/09/2020 | Argentine Banking Industry 1H 2020Lower activity and Leliq yields hurt the industry’s earnings. |
Equity Report |
| 09/09/2020 | Argentina Fixed Income MarketFinally, the new Argentine bonds began to trade following the exchange, showing returns around 11% and 12% and with a relatively flat curve. We estimate that this is a consequence of investors' lack of confidence in the government, deepened by the negative context of the pandemic. We believe that in order to maintain a sustainable path of low country risk, the government will need to undertake structural reforms and direct fiscal and monetary policies. |
Fixed Income Weekly |
| 08/09/2020 | Argentina Equity MarketArgentine stocks: Upside following the sovereign debt exchange? |
Equity Report |
| 04/09/2020 | Telecom 2Q 2020Better than expected quarterly results but negative outlook due to new regulation |
Equity Report |
| 02/09/2020 | Argentina Fixed Income MarketThe government disclosed the final details of the international and Argentine law restructuring, which have a settlement date as at the 4th of September. Even after having the swap practically closed, at least with the largest bondholders groups, it is striking that bonds continue to trade at an implicit 12% yield and with an inverted curve. We estimate that this is a consequence of investors' lack of confidence in the government, deepened by the negative context of the pandemic. We believe that in order to maintain a sustainable path of low country risk, the government will need to undertake structural reforms and direct fiscal and monetary policies. |
Fixed Income Weekly |
| 02/09/2020 | Argentina Equity MarketThe long-term outlook is still not clear due to the slump in economic activity in recent months and uncertain recovery. Companies with a high percentage of dollar denominated revenues, lower operating exposure to the domestic market and low debt levels would act as a hedge in the current scenario, while in case of a better than expected recovery, could outperform the Merval index. |
Equity Weekly Report |
| 01/09/2020 | BMA Banco Macro 2Q 2020Lower EPS than in 1Q20, due to lower securities (Lelliq) income and declining loan origination |
Equity Report |
| 27/08/2020 | Banco Hipotecario 2Q20BHIP returns to positive EPS after a bad first quarter |
Equity Report |
| 27/08/2020 | BBAR 2Q 2020EPS dropped again in 2Q20, after lower loan and securities income and a stagnant credit market |
Equity Report |
| 26/08/2020 | YPF 2Q20Toughest quarter ever, improvement ahead? |
Equity Report |
| 26/08/2020 | Byma 2Q 2020Financial income continued to stand out, while volume traded maintains strong growth |
Equity Report |
| 26/08/2020 | Argentina Fixed Income MarketThe government disclosed the final details of the restructurings in both international and Argentine laws, which have a settlement date at the 4th of September. Even after having the swap practically closed, at least with the large groups of bondholders, it is striking that the bonds continue to trade with an implicit rate of 12% and with an inverted curve. We estimate that this is a consequence of investors' lack of confidence in the government, deepened by the negative context of the pandemic. We believe that in order to maintain a sustainable path of low country risk, the government will need to undertake structural reforms and direct fiscal and monetary policies. |
Fixed Income Weekly |
| 26/08/2020 | Grupo Financiero Galicia 2Q 2020Decline in EPS in 2Q20, after lower securities income and higher operational expenses; slight loans recovery |
Equity Report |
| 25/08/2020 | Argentina Equity MarketTelecom: Better than expected results but with very negative outlook |
Equity Report |