>>> Syngenta : Liberum & Bernstein Comments

Bernsein
SYNGENTA >> Confirmed offer from ChemChina at 480 share (incl special div CHF5), so slightly higher than the rumoured CHF470. Deal should close by year end and is unanimously supported by the management who will keep their jobs. Looks like a very clean deal with Chemchina trying to appease Swiss establishment by agreeing to RE-IPO over the coming years. Little anti-trust issues but may be looked into by the CFIUS (although little precedent), Can’t see any chance of counter offer from Monsanto given high price and all cash. Would expect shares to trade around 435 level this morning, around 10% discount to the terms: BERN
Liberum

SWITZERLAND | AGRICULTURE | SYNN VX | MARKET CAP $35.8bn | 3 February 2016

Syngenta

Recommended US$465/share ChemChina offer + dividends

Buy

Target price CHF400 | Published price CHF393

A US$465/share cash offer from ChemChina is being recommended by Syngenta's Board. The offer includes a CHF5/share special dividend to be paid on closing. Shareholders will also receive a CHF11/share ordinary dividend. The deal values Syngenta at $43bn or 26x 2015 PER. A Swiss and US tender offer will start in the coming weeks with the transaction expected to close by the end of the year, subject to regulatory approval. Syngenta's existing management will continue to run the company which will remain headquartered in Switzerland enabling minimal disruption. The company will remain focused on growth, especially in China, and the expectation is for a future IPO of the business. Syngenta has also released FY15 results, slightly ahead of expectations. We expect these announcements to be welcomed by shareholders.

Details of ChemChina offer for Syngenta

Recommended cash offer for US$465/share (equates to CHF473/share at today's exchange rate) + CHF5/share special dividend to be paid conditional upon and prior to closing.

In addition shareholders will receive the proposed ordinary CHF11/share dividend (flat yoy). 

A Swiss & US tender offer will commence in the coming weeks with the transaction expected to close by the end of the year, subject to regulatory approval.  The deal is contingent on acceptance by shareholders representin 67% of the share capital.

ChemChina has committed financing in place.  There appears to be no break fee included.  We look forward to hearing more detail on the regulatory process during the conference call. 

Rationale for the acquisition

ChemChina's acquisition should entail minimal disruption for Syngenta.  The existing Syngenta management will continue to run the business and the company will continue to be headquartered in Switzerland.  

After closing a ten member Board will be chaired by Ren Jianxin, Chairman of ChemChina with Syngenta's Chairman, Michael Demare, as Vice Chairman.  Three other of the ten Board members will be existing Syngenta Board Members.

The company will remain focused on growth with a particular focus on China and other emerging markets (where Syngenta already has a strong presence).  The expansion into China will expand Syngenta's global #1 position in crop chemicals and give significant scope for growth in seeds.  

The future intention is for an IPO of the business

Key data from FY15 results

FY15 EPS -9% to $17.8: vs. our estimate of $17.2 and consensus of $17.6

FY15 EBITDA -5% to $2777m (+16% in l.c.): vs our estimate of $2744m and consensus of $2753m

FY15 Sales -11% to $13.4bn (+1% in l.c.): vs. our estimate of $13.2bn and consensus of $13.6bn

FY15 FCF -31% to $806m: vs. our estimate of $744m as a result of a build up of receivables in Latin America. Net debt ended the year at $2586m (gearing of 31%). 

FY15 dividend flat at CHF11 vs our estimate of CHF11.5 and consensus of CHF11.8.  

No sale of Vegetable seeds: Syngenta has decided not to pursue the divestment of Vegetable Seeds and the associated share buy back.  In the future, Vegetable Seeds will be run as a separate business within the company reflecting its distinct customer and distribution base. 

Divisional detail in 4Q15

Crop Protection 4Q15 sales -16% in l.c. to $2154m vs. -9% growth in the 9M period. Drivers of the reduced sales include lower volumes and prices for glyphosate and reduced insecticide sales in Latin America due to dry weather and high industry inventories. New products Elatus and Acuron continued to grow strongly.

Seeds 4Q15 sales +32% in l.c. to $856m vs. -2% growth at the 9M period. The growth was driven by the new licensing agreement with KWS and Limagrain in corn.

Outlook statement

"In 2016 our focus will be on further improving profitability in challenging market conditions.  Progress will be underpinned by additional cost savings and by a reduction in raw material costs."  "A release in working capital will contribute to an increase in FCF for the year to over $1bn".

Conference call details

Syngenta will host a conference call at 7.30am UK time (8.30am CET).  To register in advance of the call please use the link: http://emea.directeventreg.com/registration/24244035 

Valuation summary at the ChemChina offer price

Figure 1: Syngenta valuation Summary at ChemChina's offer price of US$465/share + CHF5/share special dividend

Valuation Summary

2013

2014

2015E

2016E

2017E

PER

20.9

18.2

26.4

24.8

23.2

PER post exceptionals

22.7

20.1

32.2

27.4

24.9

EV/EBITDA

13.4

11.7

16.1

14.4

13.4

EV/EBIT

16.8

14.8

20.4

18.0

16.8

EV/Sales

2.6

2.3

3.3

3.2

3.1

FCF Yield

1.4%

3.9%

1.9%

4.7%

4.5%

Dividend Yield

2.7%

3.4%

2.3%

0.0%

0.0%

EV/CE

4.0

3.7

4.6

4.3

4.2

Total Cash Return Yield

2.7%

3.5%

3.1%

6.2%

1.8%

Profitability

 

 

 

 

 

Gross margin

45.6%

46.0%

47.1%

50.3%

51.3%

EBITDA margin

19.7%

19.3%

20.7%

22.4%

23.4%

Operating margin

15.4%

15.3%

16.3%

17.9%

18.7%

ROCE

19.7%

21.4%

18.4%

19.4%

20.1%

ROE

18.8%

20.1%

18.8%

15.9%

16.0%

Financial

 

 

 

 

 

Net Gearing

23.9%

27.3%

30.8%

-2.2%

-12.1%

Net Debt/EBITDA

0.8

0.8

0.9

-0.1

-0.5

Capex/Sales

4.3%

4.0%

4.5%

4.0%

4.0%

R&D/Sales

9.4%

9.4%

8.8%

8.9%

8.9%

Capex/Depreciation

1.8

1.6

1.3

1.2

1.2

Dividend Cover

1.9

1.8

1.6

N/A!

N/A

FCF / Net Income

32%

80%

60%

125%

112%

 

WSJ : Syngenta Agrees to $43 Billion ChemChina Takeover

Syngenta Agrees to $43 Billion ChemChina Takeover

Deal would be the largest foreign acquisition by a Chinese company

ZURICH—Syngenta AG on Wednesday said it agreed to a cash takeover offer from China National Chemical Corp. that values the Swiss seeds and pesticides company at more than $43 billion.

A purchase of the Basel-based company would be the largest attempt at buying a Western company by a Chinese firm to date.

Syngenta said the offer was equivalent to 480 Swiss francs a share. ChemChina has offered $465 for each Syngenta share in cash plus a special dividend of 5 Swiss francs.

Syngenta’s shares closed Tuesday at CHF392.3.

>>> What to look at today - 3rd of February 2016

Dow-1.80% S&P-1.87% Nasdaq-2.18% Russell-2.28%
US Market closed lower. WTI crude closed its pits session lower by 5.3% at $29.95/bbl. energy sector (-3.3%) rounded out the leaderboard while financials (-2.6%) and industrials (-2.0%) followed. On the flipside, utilities (+0.4%) and materials (-0.7%) outperformed. IBB-2.8%. Kansas City Fed President and FOMC voting member Esther George stated that "economic growth, steady job gains and modestly higher core rates of inflation will warrant further increases. volume were above average with more than 1bil shares traded. US After Hours CENT +15.6%, BOOT +13.6%, WNC +9.7%, MYGN +7.9%, OCLR +5.9%, ULTI +5.6%, CMG -8.2%, YHOO -2.0%. following earnings/guidance. Asian Markets are tracking US Sell Off, WTI continue to trade lower in electronic trading. China services PMI hit a 6-month high as economists noted that fast development of the services sector has to a large extent offset the impact of weakening manufacturing, indicating a better economic structure. PBoC loosened mortgage downpayment requirements on certain property purchases in smaller cities, and a local press report speculated about further govt policies to sell stockpiled homes. BOJ Gov Kuroda spoke extensively about last week's decision, stating that just because negative rates were adopted it does not mean the BOJ is out of ammunition to expand asset buying.

Nikkei -3.15% Hang Seng -2.57% Shanghai-0.47%

Eur$1.0921 CNH 6.6473 CNY 6.5799 JPY 119.66 GBP 1.4421 CHF 1.0179 RUB$79.285 WTI $29.82 (-0.20%)

S&P-0.21% EuroStoxx -0.75% Dax-0.66% SMI -0.06%


Macro :
- S&P Takes Rating Actions On 20 US Investment-Grade E&P Issuers ( Chevron, Apache, Devon Energy, Hess, Marathon Oil, Murphy Oil, Continental Resources, Hunt Oil, Southwestern Energy )
- Portugal Says 2016 Budget Proposal Complies with EU Rules
- China 2015 Vehicle Sales Rise 4.7% to 24.6m Units

Keep an eye on :
- ABBN VX : ABB 4Q Orders Fall on Currencies, Lower China, U.S. Demand
- CS FP : Axa to Take Exceptional EU80m Loss on Hungary Bank Unit Sale
- BNP FP : BNP Paribas Withdraws From Securities Clearing in U.S.: HFMWeek
- FER SM : British Airways says London City Airport’s GBP 2bn asking price is ‘foolish,’ threatens to cut flights if landing charges increased
- GBB FP : Bourbon 2015 Sales EU1.33b; Estimate EU1.38b (Correct)
- DELB BB : Delhaize CFO Bouchut Nets EU2.3 Mln With Stock Options
- HOME LN : J Sainsbury bid for Home Retail Group to be financed by Sainsbury's Bank using Argos’ GBP 600m loan book
- KPN NA : KPN 4Q Rev., Adj. Ebitda Below Ests.; Raises Savings Target
- LUPE SS : Lundin Petroleum 4Q Ebitda Beats Estimates; Net Misses, CEO Says May See Impact of Oil Underinvestment in 2H
- MC FP : LVMH 4Q Organic Fashion & Leather Goods Sales Beat Ests.
- NOVOB DC : Novo 4Q Net Misses Estimates; Specifies 2016 Outlook, 4Q Victoza Sales Miss Est, Gives L/T Targets
- OSR GY : Osram Posts 1Q Profit vs Year-Earlier Loss; Revenue Rises 6%
- PHIA NA : Philips Said to Face Headwinds on Sale of Lighting Business
- REP SM : Repsol Strategic Plan Sees Oil at $40 a Barrel: Confidencial
- RNO FP : Renault India Says Increasing Capacity to Make Kwid Hatchback
- ROG VX : Roche Said to Approach PACB, Talks Haven’t Advanced: Rtrs
- SYNN VX : Syngenta 2015 Ebitda, Sales In Line W/ Est.; Dividend Below BDVD
- SYNN VX : ChemChina Offer Equals CHF480 per Syngenta Share
- UL FP : Unibail-Rodamco Sees 2016 Recurring EPS EU11.00-EU11.20
- UL FP : Unibail-Rodamco’s NNNAV Rose 12.4% to EU169.90 a Share
- VK FP : Tianda Oil Pipe Says Vallourec to Buy Control for HK$846.6m
- VK FP : Vallourec Reacted Late to Its Problems, Macron Tells Figaro
- VOW3 GY : Volkswagen Submits 3.0L Recall Plan, California ARB Says
- DG FP : Vinci Signs Strasbourg Bypass Concession Contract
- UHR VX : Swatch 2015 Oper. Profit Misses Ests., Plans Share Buyback

>>> Europe : Brokers Upgrades & DOwngrades - 3rd of January 2016

>>> Up
*DEUTSCHE PFANDBRIEFBANK RAISED TO BUY VS NEUTRAL AT CITI
*ORKLA RAISED TO BUY FROM HOLD AT ARCTIC SECURITIES
*SKF RAISED TO HOLD FROM SELL AT LIBERUM; PT SEK135
*SOFTWARE AG RAISED TO HOLD VS REDUCE AT KEPLER CHEUVREUX
*WACKER CHEMIE RAISED TO NEUTRAL VS SELL AT CITI

>>> Down
*ATOS CUT TO NEUTRAL VS BUY AT ODDO
*BANKIA CUT TO REDUCE VS ADD AT ALPHAVALUE
*GIVAUDAN CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*TALKTALK CUT TO NEUTRAL VS BUY AT GOLDMAN
*UBS CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC
*UPM-KYMMENE CUT TO HOLD AT JEFFERIES

>>> PT Change


>>> Initiation
*ATRESMEDIA CORPORACION RATED NEW HOLD AT JEFFERIES
*BARRATT RATED NEW HOLD AT CANACCORD, PT 630P
*BELLWAY RATED NEW BUY AT CANACCORD, PT 3390P
*BERKELEY RATED NEW BUY AT CANACCORD, PT 4180P
*BOVIS RATED NEW BUY AT CANACCORD, PT 1150P
*CREST NICHOLSON RATED NEW BUY AT CANACCORD, PT 670P
*GO-AHEAD RESUMED AT SELL AT GOLDMAN; PT 2,400P
*ING RATED NEW UNDERPERFORM AT MACQUARIE; PT EU9
*MEDIASET RATED NEW BUY AT JEFFERIES
*MEDIASET ESPANA RATED NEW HOLD AT JEFFERIES
*METROPOLE TELEVISION SA RATED NEW HOLD AT JEFFERIES
*NATIONAL EXPRESS RESUMED AT NEUTRAL AT GOLDMAN; PT 345P
*PERSIMMON RATED NEW HOLD AT CANACCORD, PT 2080P
*PROSIEBENSAT.1 MEDIA SE RATED NEW BUY AT JEFFERIES
*REDROW RATED NEW BUY AT CANACCORD, PT 610P
*RTL GROUP RATED NEW HOLD AT JEFFERIES
*TAYLOR WIMPEY RATED NEW BUY AT CANACCORD, PT 210P
*TELEVISION FRANCAISE 1 RATED NEW UNDERPERFORM AT JEFFERIES
*TELFORD HOMES RATED NEW HOLD AT CANACCORD, PT 400P

>>> Call

>>> British Airways says London City Airport’s GBP 2bn asking price is ‘foolish,

British Airways says London City Airport’s GBP 2bn asking price is ‘foolish,’ threatens to cut flights if landing charges increased

London City Airport could lose British Airways flights if a buyer for the UK-based airport increases landing charges to help pay for the cost of a takeover, the Financial Times reported. The newspaper quoted Willie Walsh, the CEO of British Airways’ parent company International Consolidated Airlines Group [LON:IAG], who voiced worries about the GBP 2bn (EUR 2.64bn) price tag put on London City Airport by its owner Global Infrastructure Partners (GIP).

GIP began a sale process for London City Airport in August 2015 and has received a minimum of three bids, the item said. The valuation is 44 times the airport’s FY14 earnings before interest, tax, depreciation and amortisation, according to the report.

British Airways is London City Airport’s largest airline customer, accounting for about 40% of passengers using the airport annually, the article added.

Walsh said he cannot envisage a buyer being able to cover its costs or make a return on a GBP 2bn investment without significantly increasing airport charges.

The CEO went on to describe the valuation as “foolish” and said IAG would cut its flights at London City should the airport increase its landing charges.

An analyst cited by the report said the Crossrail link, due to become operational in 2018, could add to the pressure on London City, as it would reduce journey times from the London financial centre of Canary Wharf to Heathrow Airport. Close to 66% of London City Airport’s passengers use the airport for business trips, the article noted.

Global Infrastructure Partners and London City Airport refuse to comment, the report said.

As previously reportd, Global Infrastructure Partners holds a majority stake in London City Airport, while Oaktree Capital Management holds a 25% stake.

The investment bank Credit Suisse is advising on the London City Airport sale process, according to previous reports.

NY Post : Barry Diller to make another bid for Angie’s List: sources

Bary Diller’s IAC/InterActiveCorp is preparing to make another run at Angie’s List, The Post has learned.

“This will be a big run,” a source close to the situation said. “They need to redefine themselves ASAP.”

The media mogul’s conglomerate owns HomeAdvisor.com, which helps customers find home improvement professionals for free.

Subscription-based Angie’s List is one of its main rivals.

Diller first chased after Angie’s List in November, making an unsolicited $512 million, $8.75-a-share bid.

It was rejected within days.

On Tuesday, Angie’s List’s shares fell 2.9 percent, to $8.35 — just above where it traded before IAC’s bid.

Angie’s List, when rejecting Diller, said it wanted to first review the turnaround plan of new CEO Scott Durchslag before deciding whether to consider strategic alternatives.

Diller is likely waiting for Angie’s List to announce earnings later this month before making a new move, the second source said.

The pressure on Angie’s List is growing.

In December, there were reports it was negotiating with shareholder TCS Capital Management about giving it seats on the Angie’s List board. TCS has pushed for a sale.

Angie’s board nominations are due Feb. 10 through March 11. Without a deal with TCS, a proxy fight is possible.

Meanwhile, IAC reported on Tuesday disappointing profits of 75 cents a share. Wall Street expected 93 cents.

“Home Advisor is Barry’s last major asset” after spinning off the Match Group last year, a second source close to the situation said. “He has to grow it.”

An IAC spokeswoman said, “We do not comment on rumors and speculation about transactions.” Angie’s List declined comment.

NY Post : Time Warner board takes step to stymie activist shareholders

Time Warner has made it harder for an activist shareholder to storm the gates.

The media giant’s board has enacted a rule that bars any shareholder or group of shareholders from nominating a person to its board unless the person or entity “has owned 3 percent or more of [Time Warner stock] continuously for three years,” according to a regulatory filing.

The board took the action on Jan. 28, according to the late Tuesday filing with the Securities and Exchange Commission.

Several activist investors have been circling Time Warner, The Post has reported, including Nelson Peltz, Keith Meister and Dan Loeb — although not one has made any overt move.

All three men have declined comment. Time Warner shares on Tuesday fell 2.6 percent, to $70.50.

>>> Asian Update

Asian Market Update: China, Japan services PMIs recover; Australia 2015 trade deficit hits record high


**Economic Data***
- (CN) CHINA JAN CAIXIN PMI SERVICES: 52.4 V 50.2 PRIOR; 6-month high
- (HK) HONG KONG JAN PMI: 46.1 V 46.4 PRIOR (11th straight contraction)
- (JP) JAPAN JAN NIKKEI SERVICES PMI: 52.4 V 51.5 PRIOR (5-month high); COMPOSITE PMI: 52.6 V 52.2 PRIOR
- (AU) AUSTRALIA DEC TRADE BALANCE (A$): -3.54B V -2.45BE; 20th month of deficit; largest deficit in 6 months; 2015 deficit of A$32.7B, biggest on record
- (AU) AUSTRALIA DEC BUILDING APPROVALS M/M: 9.2% V 4.5%E; Y/Y: -2.5% V -7.2%E
- (AU) AUSTRALIA JAN AIG PERF OF SERVICES INDEX: 48.4 V 46.3 PRIOR; 4th month of contraction
- (NZ) NEW ZEALAND Q4 UNEMPLOYMENT RATE: 5.3% (7-year low) V 6.1%E; EMPLOYMENT CHANGE Q/Q: 0.9% V 0.8%E; Y/Y: 1.3% V 1.1%E

***Index Snapshot (as of 04:30 GMT)***
- Nikkei225 -3.0%, S&P/ASX -2.3%, Kospi -0.9%, Shanghai Composite -1.2%, Hang Seng -2.5%, Mar S&P500 -0.3% at 1,892

***Commodities/Fixed Income***
- Apr gold flat at $1,127/oz, Mar crude oil -0.3% at $29.78/brl, Mar copper +0.1% at $2.06/lb
- (US) API Petroleum Inventories: Crude: +3.8M v +11.4M prior; 3rd straight week of build
- (NZ) Fonterra Global Dairy Trade auction: Dairy Trade price index: -7.4% v -1.4% prior; largest decline in 2 1/2 months; 3rd straight decline
- SLV: iShares Silver Trust ETF daily holdings fall from 9,626 tonnes from 9,622 tonnes; multi-year low
- GLD: SPDR Gold Trust ETF daily holdings rise 4.2 tonnes to 685.6 tonnes; highest since Nov 3rd
- USD/CNY: (CN) PBOC SETS YUAN MID POINT AT 6.5521 V 6.5510 PRIOR; 18th straight firmer setting relative to Close
- (CN) PBoC to inject CNY40B in 14-day reverse repos and CNY60B in 28-day reverse repos
- (JP) BOJ offers to buy ¥450B in 5-10yr JGBs, ¥260B in 10-25yr JGBs and ¥180B in JGBs with maturity over 25-yr
- (AU) Australia MoF (AOFM) sells A$900M in 2027 Bonds; avg yield: 2.6156%; bid-to-cover: 2.44x

***Market Focal Points/FX***
Asian equity markets are shrugging a more benign set of Services PMI figures from China while tracking another outsized selloff on Wall St. Decline in the energy markets remains one of the key culprits, as Mar crude fell some 6% in US regular trading and then added to losses in electronic session after another build in API inventories. Sugar high from last week's BOJ easing to negative interest rates has also worn off and USD/JPY returned below ¥120, falling by some 60pips in Asia to 119.40s as investors fret over sustainability of BOJ Kuroda's policies. A Nikkei report today noted that JGB sales to retail investors will be cancelled next month on expectation of negative yields extending to longer-dated maturities. In other USD majors, AUD/USD was down some 30pips near 0.70 after soft Australia trade numbers. NZD got a lift from RBNZ Gov Wheeler denting expectations of more easing and strong jobs data, rising over 40pips above 0.6540 while erasing the declines after another negative Fonterra auction price print in US hours.

China services PMI hit a 6-month high as economists noted that fast development of the services sector has to a large extent offset the impact of weakening manufacturing, indicating a better economic structure. Japan services PMI at a 5-month high was due to accelerating business activity driven by solid expansion in new orders, albeit with some expectation of a fall in international demand. Hong Kong PMI contracted for the 11th month, as economists said that "renewed job shedding along with steep reductions in purchasing activity and inventories suggests that companies expect that business conditions will not improve". Also of note in China, overnight PBoC loosened mortgage downpayment requirements on certain property purchases in smaller cities, and a local press report speculated about further govt policies to sell stockpiled homes

Down under, Australia's trade was in deficit for the 20th straight month, with overall 2015 deficit of A$32.7B as the biggest on record. Large 5% export decline for Dec was most striking, with 8-month lows in shipments to China and a 6-year low in exports of iron ore. Building approvals figures were better than expected, but AUD/USD was more shaken by trade figures as it fell to session lows on the release. NZD/USD fell 30 pips as low as 0.6410 in US hours on Fonterra auction results that showed the biggest decline in 2 1/2 months, but then recovered to 0.6440s as RBNZ Gov Wheeler noted it would not be inappropriate to cut rates just because of low oil prices. 7-year low unemployment rate was also helpful to stage a Kiwi comeback.

BOJ Gov Kuroda spoke extensively about last week's decision, stating that just because negative rates were adopted it does not mean the BOJ is out of ammunition to expand asset buying. Kuroda said he is still concerned that inflation expectations will weaken in medium term, but for now saw the economy recovering moderately. Kuroda also reiterated the BOJ is prepared to push further into negative rates if necessary.

***Equities***
US equities / ADRs:
- BOOT: Reports Q3 $0.45 v $0.44e, R$193.8M v $194Me; +16.3% afterhours
- WNC: Reports Q4 $0.51 adj v $0.41e, R$544M v $505Me; approves $100M share repurchase program (13.4% of market cap); +9.7% afterhours
- EW: Reports Q4 $0.63 v $0.59e, R$671M v $643Me; +5.6% afterhours
- MMM: Raises dividend 8% to $1.11 from $1.02 (yield 3.00%); authorizes $10B share repurchase program (10% of market cap); +1.0% afterhours
- GILD: Reports Q4 $3.32 v $2.99e, R$8.51B v $8.11B; Approves $12B buyback program (10% of market cap); increases dividend 10% for Q2 to $0.47 (2.28% yield) from $0.43; +0.8% afterhours
- YHOO: Reports Q4 $0.13 v $0.12e, R$1.00B v $949Me; Announces restructuring plans: to focus on exploration of separating off Alibaba stake; confirms to layoff 15% of workforce; Sees 2017 to have modest growth, 2018 accelerating growth; -1.2% afterhours
- CMG: Reports Q4 $2.17 v $1.85e, R$998M v $1.00Be; Discloses served with a broader subpoena in California on Jan 28th; -5.8% afterhours
- MTCH: Reports Q4 $0.24 adj v $0.19e, R$267.6M v $272Me; -7.7% afterhours

- ANGI: Barry Diller and his IACI expected to make another attempt at acquisition - NYPost
- MRVL: Starboard reportedly takes a 6.7% stake in the company - financial press

Notable movers by sector:
- Consumer discretionary: Shiseido Co 4911.JP -3.2% (investment); Fast Retailing Co 9983.JP -2.0% (Jan result)
- Financials: Poly Real Estate 600048.CN +1.6% (China to ease down payment); Ping An Insurance 2318.HK -3.8%, AIA Group 1299.HK -4.5% (China to limit purchase on Hong Kong insurance); Nomura Holdings 8604.JP -10.9 % (9-month result)
- Industrials: BYD Company 1211.HK -2.2% (non-public issue)
Korean Air Lines Co 003490.KR +1.0% (FY15 result); IHI Corp 7013.JP -19.0% (9-month result)
- Technology: Lenovo 992.HK -3.7% (Q3 result); InnoLux Corp 3481.TW -2.5% (Q4 result); Denso Corp 6902.JP -6.2 % (9-month result)
- Materials: China National Building Material 3323.HK -6.0% (profit warning)
Lotte Chemical Corp 011170.KR +2.4% (Q4 result); Sojitz 2768.JP -3.5% (9-month result)
- Energy: China Shenhua Energy Co 601088.CN -2.1% (impact from tariff changes); Datang International Power Generation 601991.CN -2.2% (asset impairments); Sinopec 386.HK -3.5%, CNOOC 883.HK -3.7% (lower oil price)
- Telecom: SK Telecom 017670.KR -4.9% (Q4 result)
- Utilities: China Datang Renewable Power Co 1798.HK -3.3% (profit alert)

>>> US After Hours Summary: CENT +15.6%, BOOT +13.6%, WNC +9.7%,


After Hours Summary: CENT +15.6%, BOOT +13.6%, WNC +9.7%, MYGN +7.9%, OCLR +5.9%, ULTI +5.6%, CMG -8.2%, YHOO -2.0%. following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance:  CENT +15.6%, BOOT +13.6%, WNC +9.7%, MYGN +7.9%, OCLR +5.9%, ULTI +5.6%, EW +5.1%, VJET 4.8%, NHTC +3.9%, MANH +2.8%, VIAV +2.4%, QGEN +2.0%

Companies trading higher in after hours in reaction to news:  DRWI +3.7% (confirmed consolidation of its common shares), ZAGG +3.1% (will acquire battery case manufacturer mophie - will host a conference call Feb 2 at 6:30pm ET to discuss the proposed merger, TWO 1.6% (announced additional 50 mln share repurchase authorization).

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance:  CMG -8.2%, ILMN -3.3%, MTCH -3.2%, ATW -2.8%, YHOO -2.0%.