CS
AMS -1% Apple revising orders for iPhone 8/8 Plus lower
Ashtead +1% Positive read from peer United Rentals, better Q3
Beiersdorf +1-2% CS UPGRADE to OUTPERFORM (positive skincare)
Carrefour -1-2% 3Q, France weaker, sales inline, LFL's weaker
Com Hem -1-2% CS DOWNGRADE to NEUTRAL (Risks to TV)
Danone +0.5% Names Emmanuel Faber as Chairman and CEO
Dialog Semi -1% Apple revising orders for iPhone 8/8 Plus lower
Gam +1-2% AuM at Inv Management looks good CHF78.7bn vs cons
CHF74bn
HSBC UNCH UK urged to probe banbks over possible Gupta links
Inficon -2-3% Sales $89.4m vs cons $90.6m, FY sales raised but cons
there
IWG -15-20% Profit warning - lowers guidance
L'Oreal -1-2% CS DOWNGRADE to NEUTRAL (Valuation)
LSE -1-2% Gross profit 1% ahead, CEO to leave
Mediaset Esp -1-2% 9m EBITDA +3% ahead of cons, Q4 guidance light
Miners -0.5% Copper -0.30%, Brent +0.55%, Iron Ore -0.90%, China
-0.50%
Nestle +0.5% 9m organic sales growth 2.6% vs 2.5%
Novo Nord M/P Diabetes drug Semaglutide wins positive 16-0 vote from
FDA
Panalpina -1% 3Q Ebit 30.1mln cons 31.9mln, guidance cautious
Pernod +2% 5.7% organic vs 3.4% cons, US 6.2% vs 5%, Asia 7% vs 3%
Philips Light -2% Revs 1.68bln cons 1.73bln, EBITA 176mln cons 180mln
Publicis -2% Q3 Rev EU 2.26bln est EU 2.29bln, org growth light
Rentokil -1% Organic growth +3.7%, reiterate FY guidance
Roche M/P Q3 Sales CHF 13.1bln est CHF 13.1bln. Outlook confirmed
Richemont M/P Swiss watch exports, low end weak, high end strong
SAP -1-2% Margins light, slight raise 2017 Sales outlook
Schroders M/P AUM 419.6bln CS at 413.6bln, Wealth inline
South32 -3% Q1 production report, warned on cost pressures
Stan Char UNCH UK urged to probe banbks over possible Gupta links
Swatch -0.5-1% Swiss watch exports, low end weak, high end strong
Tele2 +2-3% 3Q EBITDA SEK1.85B est SEK1.70B, Netherlands better
Telia -0.5% Q3 Rev SEK 19.6b est SEK 19.63b, small miss in sweden
Temenos +1-2% Non-IFRS revs $186.6m vs cons $179.8m, FY guidance
raised
Thales -1-2% 3Q sales and new orders light
Travis Perk +0.5% Reiterated FY guidance, cautious on the UK
Unilever -3% 3Q underlying sales up 2.6% est up 4%
Yara M/P Q3 revs 2.5% above estimates
Zooplus M/P 3Q Sales 277mln cons 280mln, outlook inline
Zurich +1% Net claims from hurricanes will be about $630m
Shore
SCHRODERS - Q3 AuM +9% £430bn...............................................+1%
RENTOKIL - rev +13.7%,Puerto Rico op's severely impacted,g'dance unch.......UNCH
RANK - Group LfL +2%,Grosvenor casino -1% on lower win margin...............UNCH
STATPRO - revs and profits continue to be in line,recurring revs +40%.......UNCH
ON THE BEACH - strong H2 rev +26%,UK +17%,one-off Monarch cost,PBT in line..+1%
TRISTEL - sales and profits exceed market expec and internal plan...........+2%
GAMES WORKSHOP - sales to date continue strongly,profits well above prior yr.+2%
UNILEVER - Q3 sales +2.6%(Est+4%).Revs 13.17b(Est13.94b).divi 0.3585euro....-3%
TRAVIS PERKINS - sales+3.5%.On track for Fy.Remains cautious on mkt outlook.+1%
LSE - Q3 rev+18%.Q3 total income +17% to 486m.Increase stake in LCH Grp.....+1%
STOBART - H1 ptp 111.6m.Divi 4.5p.Volumes for 6 months lower than expected..-2%
MARSHALLS - investor day, no change to FY expectations,next update 10 Jan...UNCH
HOMESERVE - £125m placing to fund acq of assets of Dominion Products........MKT
INTERSERVE - Q3 slowdown driven by cost pressures,profit halved from prev yr-15%
MS Pre Open Indications
* AHT LN +1% UNITED RENTALS +2% AFTER MKT; BEAT WAS EXPECTED; BUT RAISES GUIDANCE
* CA FP -1% 3Q SALES IN LINE; 2017 GUIDANCE REITERATED; FRENCH LFL -0.9% v CONS -0.5%.
* CFR VX UNCH SWISS WATCH EXPORTS +3.7% IN SEPTEMBER, BROADLY WITH YTD RUNRATE. HK CONTINUES RECOVERY; CHINA, UK SLOWS; US, JAPAN REMAIN WEAK
* COMH SS -2% COM HEM DOWMGRADED TO NEUTRAL FROM OUTPERFORM AT CS
* HO FP -2% Q3 SALES & ORDERS MISS, CO BLAMING "PHASING EFFECTS", CONFIRMS FY SALES & PROFIT GUIDANCE
* IWG LN -20-25% IWG 17 OP PROFIT NOW EXPECTED MATERIALLY BELOW ESTIMATES,17 OP PFT NOW EXPECTED IN RANGE OF £160M TO £170M VS BLOOMBERG CONS £217M
* KGX GY -6-8% KION SEES FY FREE CASH FLOW EU320-380M HAD SEEN EU370-430M,3Q REV EU1.85B VS BLOOMBERG CONS 1.99B,,SEES FY ORDER INTAKE EU7.55 -EU7.9 BLN VS PREVIOUS EU7.8-8.25 BLN
* NESN VX -1% ORG GROWTH BEATS 3.2% v CONS 2.9%; LFL GUIDANCE GIVEN 2.6% V PREVIOUSLY LOWER END OF 2-4% RANGE; EXPECT MARGINS -40-60BPS v FLAT PREVIOUSLY; TRAVELED WELL RECENTLY
* NOKIA FH +1-2% NOKIA TEAMING UP WITH AMAZON WEB SERVICES FOR IOT CONSULTATION AND DESIGN
* NOVOB DC UNCH/+1% FDA PANEL APPROVES SEMAGLUTIDE. AS EXPECTED, ALMOST ENTIRELY IN THE PRICE
* PKN PW -3% Q3 NET INCOME 18% MISS AND EBITDA 9% MISS, WEAK ACROSS ALL SEGMENTS
* PUB FP -4% 3Q WEAK ORG GROWTH (1.2% VS 1.8%) AND REVS SMALL MISS. TRADED WELL INTO NUMBERS ON US COMPS, ACCENTURE STORY
* PWTN SW -3-4% STRONG NET REVS BUT GP IN-LINE WITH CONS AND EBITMISSES; FY17 EBIT LOOKS A SIGNIFICANT STRETCH NOW.
* ROG VX +1% Q3 SALES BANG IN LINE, AVASTIN & HERCEPTIN LIGHT vs BIG BEAT FOR NEW MS DRUG OCREVUS. GUIDANCE CONF'D.
* RTO LN -1% IN-LINE STATEMENT; SLIGHTLY BEHIND ON ORG GROWTH; GUIDANCE UNCH; HURRICANE WORK WILL TAKE TIME TO COME THROUGH TO NUMBERS.
* SAP GY -2% FX HEADWINDS FOR CLOUD SUBS. MARGINS MISS. GUIDANCE NARROWED TO UPPER END OF RANGE, MATCHES CSS.
* TEL2B DC +2% EBITDA BEAT AND RAISE FY EBITDA GUIDANCE. BEAT DRIVEN BY NETHERLANDS RATHER THAN DOMESTIC
* TELIA SS -1% HEADLINE NUMBERS INLINE, DOMESTICS MISS
* TPK LN -2-3% TRAVIS PERKINS 3Q SALES +3.5%,REMAINS CAUTIOUS ON MKT OUTLOOOK,,SAYS ON TRACK TO ACHIEVE FY VIEWS
* UHR VX UNCH SWISS WATCH EXPORTS +3.7% IN SEPTEMBER, BROADLY WITH YTD RUNRATE. HK CONTINUES RECOVERY; CHINA, UK SLOWS; US, JAPAN REMAIN WEAK
* ULVR LN -2% REVS LIGHT - PERSONAL CARE CONTINUES TO DRAG - PRICING BEATS BUT VOLUMES MISS - CO. STILL EXPECT U/L SALES GROWTH IN 3-5% RANGE
exane Indications
Ashtead +2%
Carrefour +0.5%
Danone -0.5%
EI Towers -2-3%
GTT -3%
Kingfisher -1%
KION -4%
LSE -2-3%
Nestle +0.5%
Novo Nordisk +1-2%
Panalpina -5%
Pernod Ricard +2%
Publicis -2%
Rentokil -2%
Richemont +1%
Roche u/c
SAP -2%
Schroders +1%
Segro u/c
Soitec +10%
South32 -1-2%
Swatch +1%
Tele2 +4-5%
Telia -1-2%
Temenos +2%
Thales -3%
Travis Perkins +3%
Unilever -2-3%
Vilmorin -2%
Yara -1%
Macq UK Indications:
* Ashtead AHT- United Rentals Q3 beat. +1%
* Genel GENL- Kurdistan progressing as normal, Keeps Capex & Opex Guidance Unchanged.
* GoCompare GOCO- Chairman Sir Peter Wood sells 21.3 shs at 100p (Close 104.5p). -1%
* Interserve IRV- Q3 Trading slowed, realistic chance they won’t meet Banking Covenants by end Dec. -30%
* IWG- Big profits warning, Q3 not improved as expected but October being positive. -10%
* LSE- Group continues to perform well, Q3 Rev’s up 18%.Increaseing stake in LCH. Xavier Rolet to leave by Dec 2018. +1%
* Rentokil RTO- Keeps FY guidance, Q3 rev +13.7%, some impact from storms in September, been strong into the numbers. -1-2%
* Segro SGRO- Good Q3 Rental Growth, Rental growth up 3%. Net Debt £2.3bn. Unch
* South32 S32- Poor FY Coal Output, keeping guidance. -2%
* Travis Perkins TPK- Q3 Sales Growth of 3.5% ahead of est’s. UK market remains tough due to on-going uncertainty, Wickes performance ‘subdued’. -1%
* Unilever ULVR- Q3 LFL Sales +2.6% miss est’s. -2-3%