TheChek News Flow

inclusion rationale was that we identified multiple, near term catalysts that

would reduce GLEN’s credit risk and drive an equity re-rating. Over the

period, GLEN concluded a $0.5bn precious metal streaming sale,

refinanced its $8.5bn one-year revolving credit facility on comparable

terms to those obtained in 2015, plus increased its 2016 disposal target to

$4-5bn (from $2-3bn in Dec’15). Over the period, GLEN’s CDS has fallen

from ~1,140bps to ~530bps. We expect further catalysts in H1’16, most

significantly the disposal of a 30-49% stake in Agriculture (JPM value at

$8.0bn on 100% basis), will reduce balance sheet risk and drive further

outperformance. Therefore with our catalyst driven investment thesis well

advanced, we remove GLEN from the AFL. However we remain

Overweight - the shares are still attractively valued at ~7x EV/EBITDA in

2016 at spot commodity prices, with an ~18% FCF yield.

* 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%

* Investment Case: We disagree with the consensus bull case on TI – we doubt that a change of control at TI will transform the business- with no easy fixes on costs - and currently a buyers' market for Brazil assets. We think the 3-Wind deal probably gets approved but wonder if things can get any better for TIM mobile anyway, after a doubling of front-book prices.

* However, beyond this consensus bull case there is a more interesting and potentially more rewarding upside case emerging. The Italian fixed broadband market appears to be finally waking up, growing on rising data usage and rising availability of high speed broadband. Cord cutting is already slowing slightly in response. TI is particularly geared to broadband market growth, with more new customers available to replace churn. If the broadband market recovers to European norms of +3-4pp penetration growth per annum, TI line loss should slow, helping EBITDA to stabilise on a sustainable basis, and arguing for a share price of up to eu1.2.

* This improving line loss trend would emerge gradually over the next year or so. Meanwhile the stock has rallied 20% from the CMD with Vivendi increasing its stake to 23.8%. Consensus also remains too high, in our view, due to Brasil. We therefore maintain our Neutral rating on the TI ord (TLIT.MI) and look for a better entry point. We upgrade our rating on the TI saver (TLITn.MI) from Underperform (a rating we had for several years) to Neutral with the shares having returned to a typical discount following the cancellation of the conversion plan.

* Valuation: 2016E 6.2x proportionate EV/EBITDA vs 6.6x for the sector. 2.4% adjusted equity FCF yield, vs 5.9% for the sector.

*ADMIRAL RAISED TO BUY VS NEUTRAL AT NOMURA

Dow+0.40% S&P+0.09% Nasdaq-0.19% Russell+1.13%

US market closed mixed as heavy tech sector retreat after few days of OP. Energy+2.4% with WTI+5.5% to $37.90/bbl, WTI crude has jumped 45.5% from its 52-week low of $26.05/bbl on February 11. materials sector (+1.2%) was a distant second while countercyclical health care (+0.8%), telecom services (+0.7%), and utilities (+0.6%) followed. Commodity-sensitive materials received a boost from an overnight surge in iron ore, but also outperformed thanks to large cap . The company climbed 2.4% on news that BASF is considering a counter bid for DuPont during its pending merger with Dow Chemical. large-cap components underperformed with Facebook and Alphabet diving 2.4% apiece. Amazon and Nike plunged a respective 2.2% and 3.3%. Separately, influential Netflix plunged 6.0% after ITG Research cast doubt on the company's domestic streaming estimates. Volume were in line with average 1.1b. US After Hours XNCR +18.8%, AMID +13.8%, URBN +11.3%, ACRX -9.0%, SHAK -7.7% following earnings/guidance ILMN-1.6% on management change. Asia markets are down across the board, led by Shanghai Composite which fell after 5 straight days of gains. Soft China trade numbers exacerbated the decline but sentiment turned to risk-off from the start of the session as investors took profits across asset classes. Both copper and oil are down over 1%, gold is up slightly, and USD/JPY fell as much as 70pips below 112.80 before a slight bounce late in the day. China trade balance hit a 10-month low in CNY terms at 209.5B V 341BE and an 11-month low in USD terms which were also well below consensus at $32.6B v $51.0Be. Japan economy is confirmed to have contracted for the 2nd time in 3 quarters. GDP declines in the final prints were revised to be smaller with mixed component trends, as Capex was stronger than expected and Consumption was slightly weaker .DuPont

Nikkei -0.76% Hang Seng -0.61% Shanghai-0.79%

Eur$1.1021 CNH 6.5086 CNY 6.5068 JPY 112.99 GBP 1.4239 CHF 0.9932 RUB$71.4692 WTI$37.47(-1.13%)

S&P -0.44% EuroStoxx-0.53% Dax-0.58% SMI-0.55%

Macro :

- China’s Feb. Exports Fall 20.6% Y/y in Yuan Terms

- China Feb. Retail Auto Sales Fall 3.7% on Year: PCA

- ECB Said to Watch Liquidity at Some Italy Banks Daily: Reuters

- Visium Said to Be Probed on 2013 Credit Fund by DOJ, SEC: DJ

- Goldman Says ‘Premature’ Rally in Commodities Is Unsustainable

Keep an eye on :

- PSI- 20 : C. Amorim, Montepio, Sonae Capital Join PSI-20 Index: Euronext

- AC FP : Hilton Europe 2016 Growth Seen ‘Close Second’ to Asia, CEO Says

- AIR FP : Airbus Helicopters Fined EU30,000 Over Employee Death: AFP

- AF FP : Air France-KLM Feb. Passenger Traffic Rises 6.3%

- ATC NA : Altice-Cablevision NYC Hearings Delayed Until April 11

- BLT LN : BHP Says Iron’s 19% Surge Doesn’t Change Outlook as China Shifts

- BIFF LN : Singapore’s Keppel Said to Be Among Bidders for Biffa: Sky

- BRBY LN : Burberry seeks help to fight off potential takeover bid - FT http://on.ft.com/21hrONa --> BURBY +8.7%, Daily mail saying coach & PE are interested.

- CO FP : Muddy Waters Sees ‘Additional Doubt’ on Casino France Recovery

- DB1 GY : Deutsche Boerse Says Artisan Fund’s Managers Bought 3.21% Stake

- DLG GY : Dialog Semiconductor 1Q Revenue Outlook Below Ests.; Names CFO

- EDF FP : France’s Royal: Fessenheim Plant Should Be Ordered Shut in 2016

- EDF FP : Dong and EDF’s sale of stakes in French wind portfolio slowed - Merger Market

- FCC SM : Slim Demands 20% Margin on FCC Spain Works Contracts: Expansion

- GFT FP : Gameloft to detail strategic plan on 22 March, FY results to be publish on 21st of March

- HUBN SW : Huber & Suhner 2015 Ebit Margin 7.4% vs 9.2%; Plans Div CHF1

- KCR1V FH : Konecranes' possible cancellation of merger with Terex may not be negative - Arvopaperi

- KPN NA : KPN CEO Expects 5G to Become Commercially Available Around 2020

- RWE GY : RWE Posts 2015 Results, Confirms 2016 Forecast

- SCHP FP : Seche Environnement FY Rev. EU 440m vs EU 433m

- SY1 GY : Symrise 2015 Sales In Line, Div. Misses BDVD; Confirms M/T Goals

- SYNN VX : ChemChina Publishes Prospectus for Syngenta Offer

- TEF SM : Telefonica to List Telxius Unit Before July 1, Expansion Reports

- VIV FP : Mediaset and Vivendi look to launch European pay TV platform via joint venture - Il Sole 24 Ore

- VOW3 GY : German Prosecutors Say 17 Probed in VW-Emission Scandal: Funke

- WEIR LN : Weir rumoured to be on GE Capital's radar - Daily Mail

The cancellation of the merger between the Finnish crane equipment supplier Konecranes and the Connecticut-based Terex may not be a negative for Konecranes, according to Arvopaperi.

The Finnish-language article said that there were some analysts that think it could be better for Konecranes if the merger was cancelled.

As reported, Konecranes announced in February it had temporarily suspended merger discussions with the Terex, but the merger had not collapsed,

The publication cited a fund manager Anders Oldenburg who had said that the risk level of Konecranes would be lower if the deal was cancelled. Large fusion requires 3-4 years from the management to focus.

In addition, the merger seems strange, the paper added, in that either companies had been the driving force behind it.

Oldenburg said that Konecranes’ position in the market would be excellent if it continued to operate alone without Terex. Konecranes’ strengths of service and technical know-how will not disappear if it does not merge with Terex.

Terex’s performance is rather weak and it seems to be weakening, which means Konecranes’ may not get the synergies it was looking for from the merger, according to Arvopaperi.

Handelsbanken had previously suggested the best case scenario for Konecranes in that Chinese company Zoomlion could fund the acquisition of Terex by selling its crane equipment business to Konecranes, the item noted. There has press reports claiming Terex has ceased negotiations with Konecranes due to a rival bid from Zoomlion.

Arvopaperi

Story

Burberry, the London-listed luxury fashion house, is rumoured to be eyed for takeover by New York City-based rival Coach, The Daily Mail reported. City gossip also suggested private-equity companies are interested in Burberry, whose share price has dropped around 28% since February 2015, the market report said.

Burberry declined to make any comment on the matter, the item reported.

Daily Mail