BofAML EMEA Indications:
B.LAND - NAV 939, lettings 6.8% ahead.Buyback to complete by end of yr (620)+4% CLOSE BROS - Inline. Well positioned for FY.Stock been weak of late (1348)+2-3% 3I - Decent NAV, is 1% ahead of our numbers. Looks like a good half (920)...+2% SODEXO - Org growth +1.9% v +1.6%. '18 guidance of 2-4% org growth (107)..+1-2%
TELE2 - Sentiment positive. D.Tel is open to merging its Dutch unit (110).+1-2% BOUYGUES - Revs 1.5% and EBIT 7.6% ahead on better telecoms margins (41.3)..+1% SAFE - LFL rev was 3.3% and sees +ve trends. Occupancy up 130bps Y/Y (476)..+1% PREMIER OIL - FY17 prodn YTD 76.6kboe/d v 75-80kboe/d guided for FY (70.9)..+1% ROYAL MAIL - Good start to the yr. EBIT £323m is touch above cons ests (393)+1% D.TELEKOM - Senti +ve. Open to IPO/Merger with Tele2 of its Dutch unit (15).+1% MINERS - Copper -0.25%, Iron Ore fut +2% with BHP OZ -0.29%, RIO OZ +0.21%..u/c ERICSSON - Spec is nearing a sale of its Media business, SVD reports (49.8).u/c KBC - NII and fees inline not good enough for such a well owned stock (69.2)-1% NN - Underlying c5% miss but capital and capital generation both good (34.9)-1% ILIAD - Revs 0.3% below cons, mobile revs +6.4% YoY, a 1% miss v cons (209).-1% WPP - Weak U.S. Performance driven by lack of stimulus;CFO comments (1234)-1-2% QINETIQ - H117 revs of £393m & op profit of £57.5m with margins 14.6% (215).-2% PRU - Not good enough.Growth has slowed from 20% in 1H to 10% in Q3 (1815)-2-3% VIRGIN MONEY - We have trimmed NIM again by 2bps for both '18 and '19 (265).-4% GKN - CEO Designate leaving & group taking another £80-130m writedown (304).-5%
Investec UK Pre Mkt Indications
* 3I GRP-H1.Strong #'s.Continues solid perf. in specialist asset mangers....+1%
* ASSURA-H1.trading remains in line, confident outlook for FY...............+1%
* BILLITON-Aims to complete US Shale exit within 2 yrs(sector +1/2%)........+1/2%
* BR.LAND-H1.In line;strong Rev & projects on track.Usual Brexit caveat.....+1%
* COATS-Update.Sales rise,crafts strong(offset by footwear&apparel)In line.unch
* CLOSE BROS-Update.Strong start to yr. Well positioned for remained of yr..+1%
* DART GRP-H1.Sml margin squeeze but Leisure travel materially ahead......+3-5%
* EASYHOTEL-Benelux franchise developing 2 new hotels(162 rooms)...........unch
* GALIFORD-Named to lead education building framework(upto £3.1b).........+1-2%
* GENUS-Update.Vol,Rev & OpProfit growth. Sees FY18 in line with exp's......+1%
* GLAXO-Wins EU approval for Trelegy Ellipta drug..........................+1/2%
* GLENCORE-Agriculture M&A stalled amid unrealistic selling prices(B'berg).+1/2%
* GKN-Update.Further write off £80-130m. CEO leaving (+ive).................-5%
* INVESTEC-H1 Robust #'s.Asset managers performing well.Weak into stmnt...+2-3%
* JUST EAT-CMA clears JE/Hungryhouse merger.................................+2%
* KELLER-H1.Rev & Op Profit ahead of last yr. On track to meet FY exp's.....+1%
* MEDICLINIC-H1.Trading in line.No agreement with SPIRE.PUSU 20th Nov.....+2-3%
* PEARSON-Positive comments from CFO at conference in Barcelona (B'berg)....+1%
* PREMIER OIL-Q3 Prod'n i/L, expects faster debt reduction through FY18.....+2%
* PRU-Update.9m new business profit +17% to £2.47bn with Asia £1.62b........+1%
* QINETIQ-H1 i/l,relief here after ULE LN related fall......................+2%
* ROYAL MAIL-H1-Prof falls,added cost pressure in H2(inc. Labour issues)....-2%
* SAFESTORE-Q4-Slightly ahead of expect's. Confident outlook..............+2-3%
* SPIRE HC-No agreement in place with MEDICLININC...........................-3%
* SPORTECH- Capital reduction and 29p/sh spec divi..........................+2%
* TED BAKER-Q3-retail sales +4.6% E-comm' +30.5%; re-it's FY guid'.........+1%
* VIRGIN MONEY-G'ance for FY reaffirmed ahead of today's Capital Mkt days..unch
* VITEC-Update- i/l with expect's,reduced debt,strong cash generation.......+1%
* WPP-CFO 'US has been weaker than expected' Wont accept Bain tender offer..-1%
B.LAND - NAV 939, lettings 6.8% ahead.Buyback to complete by end of yr (620)+4% CLOSE BROS - Inline. Well positioned for FY.Stock been weak of late (1348)+2-3% 3I - Decent NAV, is 1% ahead of our numbers. Looks like a good half (920)...+2% SODEXO - Org growth +1.9% v +1.6%. '18 guidance of 2-4% org growth (107)..+1-2%
TELE2 - Sentiment positive. D.Tel is open to merging its Dutch unit (110).+1-2% BOUYGUES - Revs 1.5% and EBIT 7.6% ahead on better telecoms margins (41.3)..+1% SAFE - LFL rev was 3.3% and sees +ve trends. Occupancy up 130bps Y/Y (476)..+1% PREMIER OIL - FY17 prodn YTD 76.6kboe/d v 75-80kboe/d guided for FY (70.9)..+1% ROYAL MAIL - Good start to the yr. EBIT £323m is touch above cons ests (393)+1% D.TELEKOM - Senti +ve. Open to IPO/Merger with Tele2 of its Dutch unit (15).+1% MINERS - Copper -0.25%, Iron Ore fut +2% with BHP OZ -0.29%, RIO OZ +0.21%..u/c ERICSSON - Spec is nearing a sale of its Media business, SVD reports (49.8).u/c KBC - NII and fees inline not good enough for such a well owned stock (69.2)-1% NN - Underlying c5% miss but capital and capital generation both good (34.9)-1% ILIAD - Revs 0.3% below cons, mobile revs +6.4% YoY, a 1% miss v cons (209).-1% WPP - Weak U.S. Performance driven by lack of stimulus;CFO comments (1234)-1-2% QINETIQ - H117 revs of £393m & op profit of £57.5m with margins 14.6% (215).-2% PRU - Not good enough.Growth has slowed from 20% in 1H to 10% in Q3 (1815)-2-3% VIRGIN MONEY - We have trimmed NIM again by 2bps for both '18 and '19 (265).-4% GKN - CEO Designate leaving & group taking another £80-130m writedown (304).-5%
Investec UK Pre Mkt Indications
* 3I GRP-H1.Strong #'s.Continues solid perf. in specialist asset mangers....+1%
* ASSURA-H1.trading remains in line, confident outlook for FY...............+1%
* BILLITON-Aims to complete US Shale exit within 2 yrs(sector +1/2%)........+1/2%
* BR.LAND-H1.In line;strong Rev & projects on track.Usual Brexit caveat.....+1%
* COATS-Update.Sales rise,crafts strong(offset by footwear&apparel)In line.unch
* CLOSE BROS-Update.Strong start to yr. Well positioned for remained of yr..+1%
* DART GRP-H1.Sml margin squeeze but Leisure travel materially ahead......+3-5%
* EASYHOTEL-Benelux franchise developing 2 new hotels(162 rooms)...........unch
* GALIFORD-Named to lead education building framework(upto £3.1b).........+1-2%
* GENUS-Update.Vol,Rev & OpProfit growth. Sees FY18 in line with exp's......+1%
* GLAXO-Wins EU approval for Trelegy Ellipta drug..........................+1/2%
* GLENCORE-Agriculture M&A stalled amid unrealistic selling prices(B'berg).+1/2%
* GKN-Update.Further write off £80-130m. CEO leaving (+ive).................-5%
* INVESTEC-H1 Robust #'s.Asset managers performing well.Weak into stmnt...+2-3%
* JUST EAT-CMA clears JE/Hungryhouse merger.................................+2%
* KELLER-H1.Rev & Op Profit ahead of last yr. On track to meet FY exp's.....+1%
* MEDICLINIC-H1.Trading in line.No agreement with SPIRE.PUSU 20th Nov.....+2-3%
* PEARSON-Positive comments from CFO at conference in Barcelona (B'berg)....+1%
* PREMIER OIL-Q3 Prod'n i/L, expects faster debt reduction through FY18.....+2%
* PRU-Update.9m new business profit +17% to £2.47bn with Asia £1.62b........+1%
* QINETIQ-H1 i/l,relief here after ULE LN related fall......................+2%
* ROYAL MAIL-H1-Prof falls,added cost pressure in H2(inc. Labour issues)....-2%
* SAFESTORE-Q4-Slightly ahead of expect's. Confident outlook..............+2-3%
* SPIRE HC-No agreement in place with MEDICLININC...........................-3%
* SPORTECH- Capital reduction and 29p/sh spec divi..........................+2%
* TED BAKER-Q3-retail sales +4.6% E-comm' +30.5%; re-it's FY guid'.........+1%
* VIRGIN MONEY-G'ance for FY reaffirmed ahead of today's Capital Mkt days..unch
* VITEC-Update- i/l with expect's,reduced debt,strong cash generation.......+1%
* WPP-CFO 'US has been weaker than expected' Wont accept Bain tender offer..-1%