Reports

Loma Negra 2Q18

During the second quarter of 2018, net revenues from sales increased 37.2% y-o-y, higher than the inflation rate during the same period (29.5%) even though sales suffered a small fall in volume terms, due to climatic factors and to the downward macroeconomic and industry activity trend.

Ternium 2Q18

Despite sales good levels, operating margin, and result of investments in associated companies, Ternium Argentina disclosed a net result below expectations, due to negative financial result.

Banco Supervielle 2Q18

Grupo Supervielle (Buenos Aires/NYSE:SUPV) obtained an EPS of ARS 1.04 in the second quarter of 2018, falling short of forecasts and greatly below previous-quarter figures. Among different factors, the bank posted a loss of more than ARS 1.5 billion in term trades.

San Miguel 2Q18

San Miguel attained a positive operating result of ARS 369 million (-ARS 18 million in 2017) during the first half, reflecting a recovery in both own production and associate producers.

Banco Francés 2Q18

BBVA Banco Francés (Buenos Aires:FRAN; NYSE:BFR) posted an EPS of ARS 1.85 in the second quarter of 2018, in line with forecasts.

FRAN posted a net gain of ARS 2.1 billion in the second quarter of 2018, climbing 113% over 2Q17 figures, and 37% on top of previous-quarter earnings.

Banco Macro 2Q18

Banco Macro (Buenos Aires/NYSE:BMA) obtained an EPS of ARS 4.7 in 2Q18, showing a good annual performance, but coming short of forecasts in quarterly terms.

Grupo Financiero Galicia 2Q18

Grupo Financiero Galicia (Buenos Aires/NASDAQ: GGAL) posted an EPS of ARS 1.96 in the second quarter of 2018, below inflation and previous-quarter figures. In spite of worsening macroeconomic variables, the level of activity showed overall good growth.

BYMA 2Q18

Bolsas y Mercados Argentinos (BYMA) obtained a quarterly net result slightly lower than expected, with a remarkable growth in investment results and income from the Caja de Valores business.

Tenaris 2Q18

Tenaris reported a flat quarter in terms of revenue and operating income. 2Q18 revenue came -4% below on a quarterly sequential basis and shipments were surprisingly -11% down QoQ (+34% YoY).

Banco Hipotecario 1Q 18

Banco Hipotecario (Buenos Aires:BHIP) posted an EPS of ARS 0.35 in the first quarter of 2018, in line with forecasts.

Banco de Valores 1Q 18

Grupo Financiero Valores (Buenos Aires:VALO) presents the potential to become one of the companies that will profit from the recent reclassification of Argentina to Emerging Markets in the MSCI index.

Strong International Support for Argentina

The IMF has granted a $50B Stand-by agreement for a 3-year period, while the WB, CAF and IDB have agreed to an extra $5.65B. This means that Argentina does not need to access voluntary capital markets till next year’s Presidential elections. It is expected that the first $15B installment will be disbursed on June the 20th, to replenish Central Bank reserves & provide assistance to the Treasury. Although the final goal is to reduce fiscal deficit -through a reduction in: infrastructure expenses, transfers to Provinces and civil servants’ salaries- the fiscal deficit reduction should foster economic activity in line with lower inflation, spending on social programs will be maintained as a percentage of GDP.

Sociedad Comercial del Plata 1Q18

Sociedad Comercial del Plata (COME) continues showing weakness in creating value for its stockholders, according to the 1Q18 earnings report.

Banco Francés 1Q18

BBVA Banco Francés (Buenos Aires:FRAN; NYSE:BFR) posted an EPS of ARS 2.5 in the first quarter of 2018, in line with forecasts.

Grupo Financiero Galicia 1Q18

Grupo Financiero Galicia (Buenos Aires/NASDAQ: GGAL) poste a solid EPS of ARS 2.10 in the first quarter of 2018, in line with forecasts.