The US bank Citigroup has raised its price target for Unicredit from 6.80 to 7.40 euros and the classification to "Buy". With its increased target price they wear the clearer view of the Italian bank account, an analyst wrote Azzurra Guelfi in a study on Monday. The Group is complex, but is likely to continue to focus on managing the restructuring. It should keep the capital position and asset quality in mind. / Ajx / MIS
Sentiment: Strong Buy
DJ Bernstein Sees UniCredit Standing to Gain After 1Q -- Market Talk 1350 GMT Bernstein says UniCredit's 1Q results indicate the bank stands to gain from improved profitability from credit cost normalization. Adds it should gain also from positive lending growth in its domestic Italian business and also is well positioned to benefit from growth in Central and Eastern Europe, mainly Poland and Czech Republic. Notes that 1Q revenue and operating expenses are in line, while profit before taxes is 7% above consensus estimates thanks to lower than expected credit costs. Asset quality trends in Italy continue to improve. Shares down 1.5% at EUR6.43.
Group order intake(1) in the quarter was #$%$ 21 billion (Q1 2014: #$%$ 21 billion), with the order book(1) value rising to #$%$ 955 billion as of 31 March 2015 (year-end 2014: #$%$ 858 billion) taking into account a positive revaluation linked to the strengthening of the US dollar. Airbus received 101 net commercial aircraft orders in the quarter (Q1 2014: 103 net orders), including 34 A330 Family aircraft. Airbus Helicopters received 86 net orders (Q1 2014: 78 units), including 49 H145s and 19 H175s, while in April the H225M Caracal was preselected by Poland for the test phase of its multi-role military helicopter tender. Order intake by value at Airbus Defence and Space rose 16 percent, with good momentum seen for military aircraft including seven light and medium transport aircraft.
Sentiment: Strong Buy
Statement by Jürgen Fitschen and Anshu Jain on 1Q2015 results
In the first quarter 2015, revenues were close to record levels, reflecting the strength of our franchise across all our core businesses. Profits were impacted by litigation expenses of EUR 1.5 billion, primarily reflecting the bank’s definitive settlement with US and UK authorities relating to interbank offered rates (IBOR) and bank levy charges of EUR 561 million.
Core Bank adjusted IBIT of EUR 3.5 billion was the best since we launched Strategy 2015+ in 2012, reflecting both revenue strength and discipline in our adjusted cost base. In CB&S, Debt Sales & Trading revenues were the best since eight quarters and Equity Sales & Trading revenues the best since 2008, driven by strong client activity, robust markets and a normalization of market volatility after recent historic lows. Both PBC and GTB overcame the challenge of persistent low interest rates to achieve near record quarterly profits. Deutsche AWM grew revenues significantly, increased pre-tax profits by 75 % year-on-year, and attracted EUR 17 billion of net new money inflows.
bought some kilo:
Targets: Target Dist to Date
Independent Research GmbH 17,00#$%$ 26,34% 14.04.15
Morgan Stanley 14,80#$%$ 9,99% 01.04.15
Citigroup Corp. 15,40#$%$ 14,45% 31.03.15
LITASKO oil trader as a wholly-owned sub of LUKOIL and Burando Maritime Services sea servicing company signed agreement on the sale of 100% in Rotterdam terminal to iCON Infrastructure Partners II, the company informed.
The value of the deal is undisclosed.The terminal is a modern special terminal located in Rotterdam. It includes two groups of fuel reservoirs of 242ths m3 in capacity. The project management is provided by JV founded by LITASKO and Burando Maritime Services at par.Still LITASKO remains a major consumer of the terminal in line with the long term exclusive contract.
The 2014 net profit moved up 1.8 fold (RAS) to reach 371.881bn rub. from 202.044bn rub.; revenues from sales being down 4% to 230.739bn rub. from 240.982bn rub.; gross profit coming to 218.495bn rub. vs. 226.195bn rub.
The 2014-net profit (US GAAP) declined 38% to $4.746bn from $7.627bn prior year; revenues from sales moved up 1.9% to $144.167bn from $68.823 prior year; pretax profit dropped 15.2% to $5.275bn from $6.217bn