From: LCHEKROUN@makor-cm.com At: Jan 21 2016 08:56:38
To: LAURENT CHEKROUN (MAKOR SECURITIES LO)
Subject: Fwd:>>> Few Research Notes Today...UBS Media, HSBC Airlines, CS Top Picks, Exane M&A List
Subject: Fwd:>>> Few Research Notes Today...UBS Media, HSBC Airlines, CS Top Picks, Exane M&A List
UBS : Europe Media :Buy South Sell North – note attached
HSBC : European Airlines
4 Fuel costs are falling fast, but building capacity, geopolitics and economics will weigh on unit revenues. On balance earnings rise, hedge structures defining the scale by carrier4 We remain cautious towards the fragmenting European low cost sector. We review the impact of lower fuel on fleet plans and present a review of the aircraft leasing sector
4 Key Buys include Lufthansa, Air France-KLM and Wizz. We are cautious on the highest margin European airlines, maintaining Reduce on EasyJet, Hold on IAG and Ryanair
Credit Suisse : Top Picks
Exane : M&A List : In Colgate Palmolive Out Shire