TheChek News Flow

* SAIPEM - EUR 270m, syndicate desk from rights issue, clean up trade........

BURBERRY - FT reports mystery investor had built c.5% stake, now below 5%.+5%

ESURE - PBT £134m, div light 11.5p v cons 12.4p but payout ratio only 70%.+2%

CLOSE BROS - Op profit +2%, winterfloods profitable & AM had net inflows..+1%

MENZIES - Mixed with turnover inline but PBT/EPS better. Div +4% to 16.8p.+1%

AIR FRANCE - Traffic stats inline, RPKs +5.3% YoY and ASKs +3.5% YoY....+0.5%

LINDT & SPRUNGLI - EBIT CHF 518.8m v cons 515.9, outlook org growth 6-8%+0.5%

TELEFONICA - Could IPO Telxius before July 1, inline with recent reports..u/c

WPP - Prelim Feb net sales 'well over 3%' inline. Sentiment positive......u/c

ACACIA - $20mn prepayment agreement with govt on corp tax, won't move dialu/c

JOHN LAING - Inline with PBT of £106.6m & 15% net asset value growth......-1%

RWE - Preannounced. Lignite outlook weak, npower solutions delayed........-1%

SYMRISE - EBITDA 6% below but org growth ahead, disappoints on outlook....-1%

SARAS - We INITIATE with Underperform, PO €1.1. Pure play EU oil refiner..-1%

CASINO - Muddy Waters says 2H has abnormal stretched payables to suppliers-1%

MINERS - RIO OZ -2.6%, BHP OZ -1.8% FMG -9.4% post weak Chinese trade data-2%

VONTOBEL - Asset Mgmt appoints Benkendorf as CIO, effective end of May....-2%

MERCK - EBITDA 2% ahead, EBITDA guidance of low double digits vs cons 16%.-2%

WORLDPAY - Higher OPEX & CAPEX, EBITA small miss but guidance unchanged...-2%

DIALIGHT - Revs touch weaker, op profit ahead £6.1m v bbg cons £5.8m......-3%

DIALOG SEMI - EBITDA 10% beat but Q1 guidance 8% below cons disappoints.-3-4%

ONTEX - FY15 inline, FY16 guidance cautious, could see c.5% cons d/grades.-5%

BRAMMER - FY15 revs inline, op profit a beat £33.9m vs bbg est £28.4m....-5%

CS:
BMW -1% Brilliance Feb Sales -31% yoy,

Bucher -1-2% Numbers light across the board, divi light

Burberry +5% 5% stake built, co hired advisors to defend from bid

Casino -1-2% Muddy Waters sees 'additional doubt' on Casino recovery

Close bros unch EBIT ahead, bank divis continues to grow

Dialog Semi -1-2% FY numbers fine, Q1 revs guidance looks light

Esure -1-2% Numbers fine, divi light, stock strong into numbers

Equiniti +0.5-1% Revs inline, EBITDA light, working capital good

Foxtons M/P FY inline, faalling volumes in London

Inficon M/P Q4 numbers inline, guidance looks fine

Lindt +1% FY numbers inline, magins better, confirms guidance

Merck -2-3% FY sales inline, 2016 guidance disappointing

Ontex -3-5% Numbers light, net debt better, divi light, CEO sells stock

Paddy/Bet M/P Very much inline, Betfair solid

RWE M/P Already pre-announced, detail shows a few one offs

SAS +2-3% Q1 rev inline, loss better, SI >30%

Symrise -1-2% Sales inline, EBIT light, divi light
UK Banks -1% BOE said it will offer extra liquidity around EU referendum

Valora +2-3% revs light, EBIT ahead, guidance inline

Vontobel -3-5% Rajiv Jain has resigned and will leave the firm in May

Wier unch Continued takeover speculation (daily mail)

Worldpay -1-2% Solid maiden results, expectations were high, CS broker


ShoreCap:
BURBERRY - puts bid defences up after mystery stake holder goes through 5%..+4%

FOXTONS - grp revs +4.1% £149.8m,PBT -2.6% £41m,encouraging pipeline.......UNCH

ESURE - written premiums +6.3% £550.3m,PBT +29.7% £134m,gd start to 2016....+1%

BRAMMER - sales -0.9%, oper.pft -17.7%,incurs £11m exceptional charge.......-2%

WPP - gives further trading update showing LfL rev growth over 3%..........UNCH

DIALIGHT - oper.pft -66%,scraps final divi,targets EBIT growth in 2016......-4%

WORLDPAY - rev +9%,oper.pft +34%,growth in all key segments,gd start to '16.+2%

CLOSE BROS - H1 adj op pft 111.2m.Divi +6%.Outlook in line.................UNCH

TYMAN - Fy op pft 51.4m.Revs 353.4m.2016 has started in lien with f'casts..UNCH

JOHN MENZIES - Fy ptp 18.2m.Fy divi +4% 16.8p.Confident statement...........+1%

PADDY POWER BETFAIR - says group trading in line with forecasts............UNCH

GRESHAM COMP - total revs +16%,CTC licence rev +212%,PBT +243%,well placed.UNCH

VERTU MOTORS - sees FY trading ahead of mkt expec,new vehicle LfL +6.5%.....+5%


Investec UK:
* ACACIA-Agrees to prepat Corp. taxx(sml +ve)...............................+2%

* BRAMMER-FY.PBT 5% miss.10% D/G to FY16 PBT...............................-10%

* BURBERRY-To defend against t/o after mysterious investors 5% stake(FT).+7-10%

* CLOSE BROS.-H1.#'s in line, despite tough environment.'Satisfactory' FY...+1%

* CRANWARE-H1. #'s in line.Record pipeline gives confident H2 outlook.....+2-3%

* DIALIGHT-FY.#'s ahead of our low end fcast.U/G FY16-18.Shs +10% yday....+1-3%

* ESURE-Prelims.#'s in line.+ve o/look for Go-Compare.......................+1%

* EQUINITI-FY.#'s inline with estimates.Well placed going forward...........U/C

* FOXTONS-FY: Rev/EBITDA small miss, encouraging sales pipeline............unch

* GULF KEYSTONE-Shaikan payment($15m) pos readacross to GENL/DNO..........+3-4%

* JOHN LAING-FY: PBT in-line with est';15.4% increase in NAV................+1%

* MENZIES-FY: Sales/EBITDA small miss, Gatwick issues now resolved..........+1%

* NMC HEALTH-Officially opens hospital in Khalifa City(In line).............U/C

* PADDY POWER-FY:Rev miss, PBT ahead(ex-Betfair), Betfair momentum.........unch

* PREMIER FARNELL-Appoints new Chief Exec,Jos Opdenweegh(Neovia Logistics)..+1%

* STAGECOACH-Loses £11m legal battle with HMRC over tax avoidance(FT).......-1%

* WALKER GREENBANK-Receives interim Ins. payment(£8m) for Dec. flooding....unch

Investec EU:
* AIR FRANCE-Feb passengers +6.3%,capacity +3.5%,load factor +1.4% YoY......-1%

* CASINO-Muddy Waters publishes fresh report,more doubt on accounting.......-2%

* DIALOG SEMI-Q4 u/l perf in line,Q1 rev guidance $230m-245m(est $258m).....-3%

* LINDT&SPRUENGLI-FY ebit inline,div Chf800(est Chf750), onfirms guidance...U/C

* MERCK-Q4 rev,div inline,ebitda 2% ahead. Guidance looks light,checking....-1%

* RWE-FY already preannounced, FY16 guidance reiterated, comment sent.......-1%

* SYMRISE-FY sales in line,ebit 3% light,div €0.8(est €0.9),confirms goals..+1%

* TEF-wants to speed up Telxius listing, sees €5bn valn (Expansion).........U/C


Mainfirst:
*RWE-Sales 48.6b(47.7),NI 1.13b(1.12),Reits 2016 f/casts,No Divi......-2%

*MERCK-Ebitda Ex 933.4m(912.7),Rev 3.46b(3.44),EPS 1.13(1.17).........-1%

*BUBERRY-Investor builds 5.4% stake,spec of potential t/o target......+7%

*SYMRISE-Sales 2.6b(2.6),Ebit 395.2m(408.6),Ebitda 572.2m(579.8)......-0.5%

*VONTOBEL-Rajiv Jain (CIO) leaves to pursue his own plans.............-0.5%
*TEF-To list Telxius before the 1st July says Expansion...............+0.5%
*ADP-Invited for exclusive talks on Vietnam's ACV 7.4% stake..........+0.5%

*LINDT & SPRUENGLI-Ebit 518.8m(519.6),Divi 800(750),O/G 7.1%..........+0.75%

*AIR FRANCE-Feb Traffic +6.3%,Passengers 6.3m,Transavia +10.7%... ....+0.5%

*DIALOG-Q4 Sales 397.2m(397),GM 45.6%(46),Ebit 81.3m(84.8),O/L lite...-4%

*JC DECAUX-Wins Dallas Fort Worth Airport Ad concession,no fins.......+0.25%