Asia
Japanese markets soared after the BoJ kept its main monetary unchanged but extended the period of its lending programs by 1 year and increased its main growth funding program to JPY 7tln. This saw the Nikkei 225 climb to test the 14900.00 level as Japanese markets were buoyed by the BoJ’s efforts to spur credit in the market. Elsewhere, Asian equity markets traded mixed with the ASX 200 closing relatively flat but did see outperformance in the Basic Materials sector after industry giant ’s earnings report beat expectations, whilst Chinese markets are the underperformers after the PBoC drained CNY 48bln via 14-day repos which was its first drain through forward repos in 8 months. Finally, the ASX 200 closed up 0.18% at 5392.82, the Nikkei 225 closed up 3.13% at 14843.24 and the KOSPI closed up 0.03% at 1946.91. (RANsquawk)
Best Performing Sectors in the Nikkei 225: Telecoms (+4.21%), Consumer Services (+3.89%), Financials (+3.55%)
Worst Performing Sectors in the Nikkei 225: Utilities (+0.53%), Oil & Gas (+1.82%), Health Care (+2.39%)
Bridgestone - 2013 group net profit JPY 202.05bln (+17.7%) with 2014 forecast of JPY 285bln (+41.1%). (RTRS)
FTSE
- Co. rev. USD 33.9bln vs. Exp. USD 34.1bln and underlying attributable profit USD 7.76bln vs. Exp. USD 6.9bln. Interim div. USD 0.59 vs. Exp. USD 0.60. Co. says production guidance for FY 2014 maintained and to reassess trajectory of div. at end of final year. Co. says iron ore, met coal positioned to meet FY output target and expects copper market to move to deficit in medium term. Co. also sees Chinese steel output growth falling below GDP in short-term. (BBG/RTRS)
- The Co.'s deal with Verizon, post-transaction is said to temporarily increase the Nasdaq index-weighting of the Co. to include the value of Verizon. (Nasdaq)
BT/BSkyB - An appeals court yesterday overruled a Competition Appeals Tribunal decision that appeared to have drawn a line under a bitter dispute between the Co.'s regarding the cost of BT carrying Sky Sports channels. (Times)
- 2013 rev. USD 1.9bln vs. Exp. USD 1.89bln and 2013 operating profit USD 668mln vs. Exp. 656mln. Co. says that in 2014 economic conditions in some markets remain uncertain, forward bookings data is encouraging and are confident to deliver another year of growth. (BBG)
OTHER UK
John - FY rev. USD 7.1bln vs. Exp. USD 7.2bln, FY pretax USD 412.8mln vs. Exp. USD 453.3mln and sees growth in subsea and pipeline. (BBG)
- Co. have formed an independent committee to consider EGFL offer terms. Co. also says resilient performance in 'tough global refining market environment' and power generation totalled 2,464mln units, down from 2,862mln units in Q3 FY2013. (BBG/RTRS)
- 2013 rev. USD 1.05bln vs. Exp. USD 1.16bln and 2013 operating profit USD 687.7mln vs. Prev. USD 790.9mln. (BBG)
â€" FY revenue USD 730.3mln vs. Exp. 730.75mln and FY EBITDA USD 221.9mln vs. Exp. USD 225.75mln. (BBG)
â€" Co. sees 2013 underlying earnings ahead of expectations, reflecting good operations and healthy spreads. (RTRS)
BROKER RECOMMENDATIONS (BBG/RTRS/DJN)
CENTRICA ADDED TO LEAST PREFERRED UTILITIES AT UBS
ROLLS ROYCE CUT TO NEUTRAL VS BUY AT CITI
ANTOFAGASTA CUT TO SECTOR PERFORM VS OUTPERFORM AT
DAX
OTHER GERMAN COMPANIES
MTU Aero Engines â€" 2013 sales EUR 3.74bln vs. Exp. EUR 3.72bln, 2013 Adj. net EUR 232.1mln vs. Exp. EUR 229.1mln and Co. says it expects stable Adj. EBIT and Adj. net income in 2014. (BBG)
BROKER RECOMMENDATIONS (BBG/RTRS/DJN)
AIXTRON RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
BILFINGER REMOVED FROM CONVICTION BUY AT GOLDMAN; STILL BUY
GERRESHEIMER CUT TO HOLD VS ADD AT COMMERZBANK
HOCHTIEF RAISED TO BUY VS NEUTRAL AT GOLDMAN
CAC
Air Liquide - Total rev. EUR 15.2bln vs. Exp. EUR 15.3bln and 2013 net income EUR 1.64bln vs. Exp. EUR 1.6bln. Div. EUR 2.55 per shr vs. Exp. EUR 2.60. Co. says confident in ability to deliver another year of net profit growth in 2014, barring degradation of business environment. (BBG)
Alstom - The French government are reported to have appointed a group of consultants several months ago to study the Co. with the possibility of the French government taking a stake in the Co. via capital increase. (Les Echos)
OTHER FRENCH COMPANIES
Peugeot - Co.'s largest shareholder, the Peugeot family approves draft Dongfeng tie-up and share sale, according to sources. The decision by FFP and EPF holdings clears path for Peugeot share issue. (RTRS) Last week, Peugeot's board was seen approving EUR 3bln to EUR 3.8bln capital hike today, with sources indicating the capital increase may be for up to EUR 4bln.
Casino Guichard - 2013 trading profit EUR 2.36bln vs. Exp. EUR 2.35bln, div. EUR 3.12 vs. Exp. EUR 3.10 and confident for prospects for growth and profitability. (BBG)
Zodiac Aerospace - Co. says it plans to carry out a five-for-one share split to increase liquidity and make the stock more accessible to individual shareholders. The share split will take place after the market closes on February 24. (RTRS)
BROKER RECOMMENDATIONS (BBG/RTRS/DJN)
LAFARGE CUT TO SELL VS NEUTRAL AT GOLDMAN
BOIRON CUT TO ADD V BUY AT GILBERT DUPONT
KERING RATED NEW BUY AT BERENBERG
Pan-European
Jan. passenger vehicle registrations for Europe. Total Europe (EU28+EFTA) rises 5.2% y/y to 0.968 mln units
- VW Group sales rise 8.2% y/y; ytd up 8.2%
- Peugeot Citroen sales rise 6.9% y/y; ytd up 6.9%
- Renault Group sales rise 13% y/y; ytd up 13%
- GM Group sales drop 5.4% y/y; ytd down 5.4%
- Ford sales rise 8.8% y/y; ytd up 8.8%
- Fiat Group sales drop 1.8% y/y; ytd down 1.8%
- BMW Group sales rise 1.2% y/y; ytd up 1.2%
- Daimler sales drop 0.3% y/y; ytd down 0.3%
- Toyota Group sales rise 15.6% y/y; ytd up 15.6%
- Nissan sales drop 4% y/y; ytd down 4%
Banco Popular - Co. is to issue 14.4mln new shares. Co. says 88.1% of shareholders took new shares as dividend. (BBG)
Telefonica/ - has placed a complaint against Telefonica with Spanish regulators over its abuse of a dominant market position in Spain to reduce competition for telecoms, internet and television services. (RTRS) This follows recent reports that the Co. may be interested in acquiring Spain's cable Co. ONO
TNT â€" Q4 revenue EUR 1.7bln vs. Exp. EUR 1.74bln, proposed final dividend of EUR 0.024, in line with dividend guidelines and Co. says 2014 trading conditions remain volatile and uncertain, with risk of continued negative FX impact. (BBG/RTRS)Â
Enagas â€" Q4 EBITDA EUR 265.8mln vs. Exp. EUR 261.1mln, Q4 revenue EUR 329.1mln vs. Exp. EUR 334.7mln and Q4 net income EUR 99.6mln vs. Exp. EUR 99.4mln. (BBG)Â
Companies paying dividend: ACS (EUR 0.446)
BROKER RECOMMENDATIONS (BBG/RTRS/DJN)
POP. MILANO RAISED TO HOLD VS SELL AT SOCGEN
UNICREDIT CUT TO HOLD VS BUY AT SOCGEN
INTESA RAISED TO BUY VS HOLD AT SOCGEN
UBI RAISED TO BUY VS HOLD AT SOCGEN
INDITEX CUT TO NEUTRAL VS BUY AT CITI
DELHAIZE RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
GRIFOLS A ADDED TO MOST PREFERRED HEALTHCARE SHRS AT BOFAML
GENERALI, PRUDENTIAL, SCOR ENTER BOFAML MOST PREFERRED INSURERS
ITALCEMENTI RAISED TO NEUTRAL VS SELL AT GOLDMAN
WIENERBERGER ADDED TO CONVICTION BUY LIST AT GOLDMAN
SMI
OTHER SWISS
Nobel Biocare - FY rev. EUR 566.8mln vs. Exp. EUR 569.8mln, FY EBIT EUR 64mln vs. Exp. EUR 65.3mln and proposed div. unchanged at CHF 0.20 vs. Exp. CHF 0.17. (BBG)
BROKER RECOMMENDATIONS (BBG/RTRS/DJN)
VONTOBEL CUT TO NEUTRAL VS BUY AT CITI
JULIUS BAER CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
HOLCIM CUT TO SELL VS NEUTRAL AT GOLDMAN
UBS RATED NEW HOLD AT JEFFERIES
Scandinavia
Pandora â€" Q4 net DKK 739mln vs. Exp. DKK 714mln, FY sales DKK 9.01bln vs. prelim. announcement DKK 9bln and Co. 2013 dividend DKK 6.5 per share vs. Exp. DKK 7.0. (BBG)
BROKER RECOMMENDATIONS (BBG/RTRS/DJN)
WILLIAM DEMANT ADDED TO BOFAML LEAST PREFERRED HEALTHCARE SHRS
GN STORE NORD EXITS MOST PREFERRED HEALTHCARE SHRS AT BOFAML
LUNDIN MINING CUT TO HOLD VS BUY AT PARETO SECURITIES
ELEKTA REMOVED FROM BOFAML LEAST PREFERRED HEALTHCARE SHRS
VONTOBEL CUT TO NEUTRAL VS BUY AT CITI
US
- Co. are to introduce iPhone 6 in the third quarter, with the phone reported to have a 4.7-inch screen. (Economic Daily)
Actavis - Co. is to buy Forest Labs for as much as USD 25bln, with the deal to be announced as early as Thursday, according to sources. (DJN)
You can now follow real-time news headlines on the move with the new RANsquawk app available to download for free at ransquawk.com/mobile_app for iPhone, and Android users. Please note the headlines can be viewed on the app between 0630GMT/0030CST to 2200GMT/1600CST Monday to Friday but does not include Asian-Pacific news.
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