9:38 am – CBA (CBAV3) reports solid results in the fourth quarter, with higher aluminum prices, assesses BBA
Analysts at the bank commented that CBA reported Ebitda 3% above the estimate of R$485 million. Ebitda in the aluminum segment reached R$412 million due to higher global producer prices (LME 44% YoY) and better volumes (3% YoY). Cash flow generation (FCF) was strong at R$389 million and leverage dropped to 1.1x (from 1.9x in 3Q21).
Itaú BBA maintains classification outperform for CBA, and a target price of R$ 17 compared to Tuesday’s (15th) quotation of R$ 19.03.
9:33 am – IEA: War will drive oil market into deficit unless OPEC+ boosts supply
9:26 am – CVC ([ativo=CVCB]): positive margin is a “surprise”, says Itaú BBA
“It was reassuring to see a positive (albeit small) number in the Ebitda line, which had not been seen since Q3 2019, reinforcing CVC’s operational leverage potential,” analysts at the bank wrote.
According to them, revenue recovery and expense control should help drive profitability going forward. Also, on the positive side, the growth in shipments shows that travelers are regaining confidence, which also alleviates concerns about the BRL 760 million pre-COVID booking backlog (the Brazilian government also extended the deadline for using the credit).
The bank maintains a neutral recommendation for CVC, and a target price of BRL 15 compared to Tuesday’s (15th) price of BRL 10.09.
9:22 am – Ore recovers from 2-week low on expectation of stimulus in China
9:15 am – Iguatemi (IGTI11) has decent Ebitda in the fourth quarter of 2021 and a good start to 2022, points out BBA
For analysts, the combination of higher revenue growth and better margins in the retail division led to a good Ebitda hit, although cash flow from operations (FFO) was hampered by a heavier financial result. . The company also released strong preliminary operating figures for the start of the year.
The company’s same store rents (SSR) (net of discounts) reached a solid 47% so far in 2M22 (vs. 2019 levels), suggesting the company is accelerating the pace of discount withdrawals.
The bank maintains rating market perform for Iguatemi, and a target price of R$ 23.80 compared to Tuesday’s (15th) price of R$ 17.57.
9:05 am – Futures Ibovespa opens up 1.45% to 111,240 points
Interest rate curve has a major downward trend. The DI rate for 2023, however, rises one basis point, to 13.09%. The yield of DIs for 2025, 2027 and 2029 fell, respectively, four, three and two points, to 12.40%, 12.21% and 12.32%.
Future dollar declines 0.39%, at R$ 5.167.
9:00 am – Volume of services in Brazil drops 0.10% in January, compared to a 0.30% high consensus
In the year, the increase was 9.50%, compared to a consensus of 9.30%.
9:00 am – Iguatemi (IGTI11) has strong results, with “the best yet to come”, says Credit Suisse
Iguatemi posted strong financial results in the fourth quarter, beating Credit Suisse’s estimates and reinforcing the quality of its portfolio and high bargaining power with tenants. As previously announced, the reduction of discounts would accelerate in early 2022, resulting in same-store rent (SSR) of 47% for January and February vs. 2019
Analysts at the bank see Iguatemi’s valuation discounted, trading at a P/FFO 2023 of 9.5x, a 10% discount on the peer average, reinforcing the positive outlook for the stock. In addition, the company is active in M&A activity, as discussed recently, which could trigger the share price.
The bank maintains rating outperform for Iguatemi, and a target price of R$ 26.60 compared to the price on Tuesday (15) of R$ 17.57.
8:57 am – Yduqs (YDUQ3) reports weak numbers in 4Q21, assesses BBI
Bradesco BBI says that Yduqs’ results were weak, with adjusted EBITDA in line with its estimates, but below the projected adjusted Ebit due to higher financial expenses.
Adjusted Ebitda dropped 3.5% due to lack of operating leverage, and some cost pressure related to distance learning (EAD) and pandemic economy in the fourth quarter (cash costs up 13% YoY vs. 2% revenues ).
The bank maintains rating outperform for Yduqs, and a target price of BRL 30 compared to Tuesday’s (15th) price of BRL 18.32.
8:50 am – SLC Agrícola (SLCE3) profits 29.4% more year-on-year in the fourth quarter, totaling BRL 192.9 million
According to the company, the increase of R$ 43.8 million compared to the same period in 2020 is a reflection of the growth of R$ 97.4 million in gross income (Ex-Biological Assets), added to the appropriation of Biological Assets (Revenue – Cost ), in the amount of R$ 158.0 million. Partially offset by the increase in administrative and financial expenses.
8:40 am – InfoMoney Radar: Petrobras (PETR4) provides clarification on the sale of TBG and TBS; AES (AESB3) wins auction, Rede D’Or (RDOR3) completes purchase and more
8:26 am – Terra Santa Agro (LAND3) reports profit of BRL 20.1 million in the fourth quarter, against BRL 1.6 million a year earlier
The difference is a reflection, according to the company, of the lease agreement for the company’s properties in September for Terra Santa Agro (controlled by SLC Agrícola).
Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) grew %, totaling R$ 37.9 million.
8:19 am – Petrobras (PETR3;PETR4) tells Justice that suspension of readjustment would bring shortages and chaos
8:13 am – CBA (CBAV3) reverses loss and has record profit of R$ 615 million in the fourth quarter
The energy crisis in Europe and China continued to impact the aluminum market, resulting in high energy prices and capacity cuts in these two regions, which resulted in a significant increase in the price of the product.
8:08 am – In the first round, Lula has 44% of voting intentions against 26% for Bolsonaro, says poll by Quaest/Genial
Still in the encouraged survey, Sérgio Moro and Ciro Gomes were both with 7%. Lula, with that, saw his advantage decrease by one percentage point compared to the last poll and Bolsonaro advanced three points.
8:05 am – Iguatemi (IGTI11) has a profit of R$82.8 million in the fourth quarter, up 1.1% year-on-year
Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) grew 14.6%, totaling R$ 185.9 million. The Ebitda margin reached 58.9% in the period, down 29.1 percentage points.
7:59 am – CSN (CSNA3) will increase prices by 12.5% on April 1st, and on the 15th by 7.5%
7:50 am – Agenda of the day: “Super Wednesday” has FOMC and Copom, data from the Brazilian service sector and US retail and balance sheets
The highlight of this Wednesday’s agenda is the decisions of the new Brazilian and American monetary policies, scheduled to come out, respectively, at 3 pm and 6 pm. Still in politics, the President of the Republic Jair Bolsonaro participates in an event at 3:30 pm.
In terms of macroeconomic data, the highlight is the publication, by the IBGE, of data on the Brazilian service sector for January, at 9 am. At 9:30 am in the US, February retail data is released.
At the corporate level, the balance sheet season continues, with Yduqs (YDUQ3) holding its conference call at 9 am, CVC (CVCB3) at 2 pm and SLC Agrícola (SLCE3) at 3 pm. After the close of trading, MRV (MRVE3), Braskem (BRKM5) and Petz (PETZ3) are some of the names that publish their documents.
The day is also marked by the expiration of options on the Ibovespa.
7:46 am – Cryptos today: Bitcoin rises 5% and threatens to skyrocket, Zuckerberg confirms NFTs on Instagram and HSBC enters the metaverse
7:42 am – US futures advance, with FOMC decision on the radar
In addition to the advances in the negotiations of the war in Eastern Europe and the recoil in the Chinese markets, the American futures also reflect the decision of the Federal Reserve today – having, therefore, a more moderate increase than those seen in the Asian and European trading sessions.
Check out the performance of the futures:
- Dow Jones Future (US), +1.09%
- S&P 500 Futures (US), +1.26%
- Nasdaq Futures (US), +1.83%
7:38 am – Europe advances, with advances in talks between Russia and Ukraine
According to agencies, Ukrainian President Volodymr Zelensky said after meetings that an agreement with Moscow began to sound more realistic, as well as the end of the war in the country. On the other hand, Sergey Lavrov, Russian Foreign Minister, came out of Tuesday’s meetings also saying that there is “some hope of reaching a compromise” in the negotiations with Ukraine.
According to the Kremlin, the possibility of a neutral Ukraine, without membership of NATO or Russia, and with its own army is a great possibility.
See the performance of European stock exchanges at the moment:
- DAX (Germany), + 3.03%
- CAC 40 (France), + 2.99%
- FTSE (UK), +1.09%
- FTSE MIB (Italy), +3.23%
- STOXXX 600 (Eurozone), + 2.43%
7:25 am – Asia closes higher, with Ukraine and advance of regulation of technology companies
According to CNBC, the Chinese government channel signaled aid to Chinese actions. There were also claims that progress had been made in the cooperation plan between the country and the US to reach an agreement on the Asian giant’s companies listed in New York, after a meeting between officials from both countries.
Hong Kong thus recorded its biggest intraday high since 2008, partially recovering from recent lows.
Check out how Asian stock markets closed
- Shanghai SE (China), +3.48%
- Nikkei (Japan), +1.64%
- Hang Seng Index (Hong Kong), +9.08%
- Kospi (South Korea), +1.44%
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