European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Santander UK’s RoTE (11.1%) lags behind the group’s (16.2%) due to high cost-to-income ratio and margin pressures, but 2025 prospects are positive with expected regulatory easing and higher interest rates.</li>
<li>Barclays could acquire Santander UK for £12 billion, maintaining a 12.5% CET1 ratio by leveraging equity issuance, debt financing, and asset sales to fund the acquisition.</li>
<li>Santander is likely to prioritize cost-saving measures and risk reduction strategies to enhance profitability, as the UK remains a core market with low likelihood of divestment.</li>
</ul>


Santander UK’s RoTE (11.1%) lags behind the group’s (16.2%) due to high cost-to-income ratio and margin pressures, but 2025 prospects are positive with expected regulatory easing and higher interest rates.
Barclays could acquire Santander UK for £12 billion, maintaining a 12.5% CET1 ratio by leveraging equity issuance, debt financing, and asset sales to fund the acquisition.
Santander is likely to prioritize cost-saving measures and risk reduction strategies to enhance profitability, as the UK remains a core market with low likelihood of divestment.


Strategic Crossroads: Santander UK Acquisition by Barclays?

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>Schlumberger’s Q4 2024 revenue is expected to increase by 2.6% YoY and EPS by 7.1%. For fiscal 2024, revenue is expected to rise 9.3% YoY and EPS by 14.4%.  </li>
<li>SLB surpassed analyst EPS projections for the past four consecutive quarters, despite facing headwinds from lower drilling activity in North America and slowing international expenditures.</li>
<li>SLB completed the construction of the world's first industrial-scale carbon capture facility in Q4. It also enhanced its digital solutions portfolio and secured major contracts for deepwater operations.</li>
</ul>


Schlumberger’s Q4 2024 revenue is expected to increase by 2.6% YoY and EPS by 7.1%. For fiscal 2024, revenue is expected to rise 9.3% YoY and EPS by 14.4%.  
SLB surpassed analyst EPS projections for the past four consecutive quarters, despite facing headwinds from lower drilling activity in North America and slowing international expenditures.
SLB completed the construction of the world's first industrial-scale carbon capture facility in Q4. It also enhanced its digital solutions portfolio and secured major contracts for deepwater operations.


[Earnings Preview] Can Schlumberger Defy a Sluggish Q4 to Keep Beating Expectations?

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Credit

<ul>
<li>European AT1s offer higher YTC compared with those of similarlyrated Asian AT1s.</li>
<li>This partly reflects the technical of European AT1s is not as strong as that of Asian AT1s.</li>
<li>The Asian AT1 space has been in net redemption over the past 2 years and local investors have a “stronger home bias”. </li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


European AT1s offer higher YTC compared with those of similarlyrated Asian AT1s.
This partly reflects the technical of European AT1s is not as strong as that of Asian AT1s.
The Asian AT1 space has been in net redemption over the past 2 years and local investors have a “stronger home bias”. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

European AT1 Top Picks: BACR 6 ⅛ PERP, BACR 4 ⅜ PERP and INTNED 3 ⅞ PERP

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to move sideways up, with the support at 1,515/1,506 points and the resistance at 1,526/1,535 points.</li><li>The Constitutional Court's dismissal of the petition to renominate Move Forward Party leader Khun Pita as prime minister yesterday means the prime ministerial vote is likely to proceed, with the House speaker having scheduled the date for the vote on August 22, 2023.</li><li>A stronger dollar is poised to benefit stocks with revenue denominated in USD, particularly those in the electronics and export sectors.</li></ul>

Technically, the SET Index is expected to move sideways up, with the support at 1,515/1,506 points and the resistance at 1,526/1,535 points.The Constitutional Court's dismissal of the petition to renominate Move Forward Party leader Khun Pita as prime minister yesterday means the prime ministerial vote is likely to proceed, with the House speaker having scheduled the date for the vote on August 22, 2023.A stronger dollar is poised to benefit stocks with revenue denominated in USD, particularly those in the electronics and export sectors.

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>On 7th January 2022, iFAST announced that it would be acquiring BFC Bank Limited (a UK-based Bank) for GBP25m (S$45.9m), and will have an 85% stake in the bank.</li>
<li>The acquisition would help iFast towards achieving its five-year plan of generating an AUA of S$100bn by 2028 with a number of other strategic benefits.  </li>
<li>However, BFC Bank is currently making losses, and it is likely that integration costs and these losses would push down iFast’s profitability as well, to the extent of potential losses.</li>
</ul>


On 7th January 2022, iFAST announced that it would be acquiring BFC Bank Limited (a UK-based Bank) for GBP25m (S$45.9m), and will have an 85% stake in the bank.
The acquisition would help iFast towards achieving its five-year plan of generating an AUA of S$100bn by 2028 with a number of other strategic benefits.  
However, BFC Bank is currently making losses, and it is likely that integration costs and these losses would push down iFast’s profitability as well, to the extent of potential losses.


IFast’s Acquisition of BFC Bank: Improved AUA at the Cost of Short-Term Profitability

United Kingdom

Barclays is a British multinational universal bank headquartered in London, England. It provides a wide range of financial services including retail banking, corporate banking, wealth management, and investment banking. The company serves individual customers, small and medium-sized businesses, and large corporate clients globally. Barclays traces its origins to goldsmith banking in London, founded in 1690.

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Barclays (BARC LN)

Strategic Crossroads: Santander UK Acquisition by Barclays?

Santander UK's lower RoTE due to high costs and margin pressures, but future prospects look positive with expected regulatory easing and potential...

Jesus Rodriguez Aguilar

[Earnings Preview] Can Schlumberger Defy a Sluggish Q4 to Keep Beating Expectations?

SLB's Q4 revenue and EPS are expected to rise YoY. However, whether it will beat analyst projections remains to be seen. SLB made landmark...

Mint Finance

European AT1 Top Picks: BACR 6 ⅛ PERP, BACR 4 ⅜ PERP and INTNED 3 ⅞ PERP

European AT1s offer higher YTC compared with those of similarlyrated Asian AT1s. This partly reflects the technical of European AT1s is not as...

CMB International

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways up, with the support at 1,515/1,506 points and the resistance at 1,526/1,535 points. The...

Krungthai XSpring

IFast’s Acquisition of BFC Bank: Improved AUA at the Cost of Short-Term Profitability

The acquisition would help iFast achieve its five-year plan of generating an AUA of S$100bn by 2028. BFC is currently making losses, alongside...

Shifara Samsudeen, FCMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

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Strategic Crossroads: Santander UK Acquisition by Barclays?

​Santander UK's lower RoTE due to high costs and margin pressures, but future prospects look positive with expected regulatory easing and potential...

Jesus Rodriguez Aguilar

[Earnings Preview] Can Schlumberger Defy a Sluggish Q4 to Keep Beating Expectations?

​SLB's Q4 revenue and EPS are expected to rise YoY. However, whether it will beat analyst projections remains to be seen. SLB made landmark...

Mint Finance

European AT1 Top Picks: BACR 6 ⅛ PERP, BACR 4 ⅜ PERP and INTNED 3 ⅞ PERP

European AT1s offer higher YTC compared with those of similarlyrated Asian AT1s. This partly reflects the technical of European AT1s is not as...

CMB International

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways up, with the support at 1,515/1,506 points and the resistance at 1,526/1,535 points. The...

Krungthai XSpring

IFast’s Acquisition of BFC Bank: Improved AUA at the Cost of Short-Term Profitability

The acquisition would help iFast achieve its five-year plan of generating an AUA of S$100bn by 2028. BFC is currently making losses, alongside...

Shifara Samsudeen, FCMA, CGMA

Santander UK's lower RoTE due to high costs and margin pressures, but future prospects look positive with expected regulatory easing and potential...

SLB's Q4 revenue and EPS are expected to rise YoY. However, whether it will beat analyst projections remains to be seen. SLB made landmark...