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SÃO PAULO – Application for judicial recovery of Fertilizantes Heringer, which causes the collapse of the stock, result of Itaú Unibanco (which was not well received and which caused a fall that could reach 4% of the shares at the beginning of the session), announced waiting for the São Paulo government airlines and news about Oi and Petrobras move the market. Discover the highlights of this Tuesday's session (5):
Itaú Unibanco (ITUB4)
Itaú Unibanco closed the fourth quarter of 2018 with a recurring net profit of R $ 6.478 billion, up 3.15% over the same period last year. last year. The result was slightly lower than the 6.65 billion ruble projection of badysts from XP Investimentos and Plural Brazil.
The Bank's return on equity was 21.8%, slightly lower than 21.9%. one year earlier. At the same time, the total financial margin reached R $ 17.382 billion between October and December 2018, a figure virtually stable compared to the previous year.
In its publication of the results, Itaú pointed out that the main positive fact of its balance sheet in the fourth quarter was 6.5% growth in service revenues, mainly due to investment bank income, fund management and credit cards. See more by clicking here.
After the closing of the balance sheet, Itaú also announced that its board of directors had approved the payment of dividends in the amount of R $ 1.0507 per share, as well as interest on shareholders' equity R $ 0.7494 per share. Payment will be made on March 7th. In addition, the bank announced that dividends announced on November 29 of last year, of a gross amount of R $ 0.0106 per share (net of R $ 0.00901 per share), would also be paid on March 7.
"Although the results were slightly below expectations, we are predicting the outlook for 2019 optimistically (especially the financial margin) and we maintain our recommendation to buy Itaú," said the team. Research XP Research. See more comments here.
BRF (BRFS3)
BRF announced that its board of directors had approved the appointment of Ivan de Souza Monteiro, former CEO of Petrobras, to the Vice Presidency for Financial Relations and with the investors of the company.
Log (LOGG3)
In the fourth quarter of 2018, adjusted net income increased to $ 14.7 million, an increase of 52% from $ 9.67. $ in the same period in 2017 Net income was $ 28.2 million, up 9.6% from the previous year, while EBITDA (earnings before interest, taxes, depreciation and amortization) rose 15.5% year on year, R $ 23.6 million. The EBITDA margin (EBITDA / net income) reached 83.6%.
"With the results of 2018, we have strengthened our growth strategy to meet the high demand for quality logistics in Brazil in an expansion scenario." Distribution and storage centers, especially those related to e-commerce, "the company said in its press release.
Oi (OIBR3; OIBR4)
After obtaining a contribution of 4 billion Rands from its shareholders in January, Oi, in a process of bankruptcy, begins to study alternatives for the future . scenarios the opportunity to get rid of cell phone operations. This is what the O Globo newspaper reports, pointing out that in this case, the company would focus its activities on the fiber optic market for residential and fixed broadband services.
Also on the newscast, Estadão informs that Oi shareholders are organizing to find a new president for the operator. In legal reorganization since June 2017, the company is run by the executive Eurico Teles.
Three members of Oi's board of directors were appointed as possible successors of Teles: Rodrigo Abreu, former chairman of TIM; Roger Solé, former TIM marketing director and vice-president of the same US TV channel Sprint (which merged his activities with Nextel in the country); and Paulino do Rego Barros Júnior, former president of AT & T's global operations and former vice president of Motorola. Wanted, Oi do not comment.
Petrobras announced that BNDES (National Bank for Economic and Social Development) and BNDESpar (BNDES Participações) had reduced their share of oil in the state to less than 20%. The bank and its financial arm in the capital market threw a portion of the shares held by Petrobras between November 2018 and January 2019. The BNDES paid 121,404,100 Petrobras shares.
Goal (GOLL4) and Blue (AZUL4)
During this session, the governor of São Paulo, João Doria, is expected to announce a 25% to 12% reduction in the ICMS rate for kerosene for aircraft.
According to Bradesco BBI, the total savings of R $ 205 million will be allocated among the different Brazilian airlines according to their share of the domestic capacity market. "Gol, Azul and Latam are expected to save 73 million rand (+60 basis points over operating margin), 38 million rand (40 basis points) and $ 17 million (20 basis points), with impact on the target price: R $ 1.50 for GOLL4, R $ 0.80 for AZUL4 and USD 0.20 for LTM
Still on airborne radar, (KPS) increased by 3.3% and the demand (RPK) rose 3.9%, while the domestic load factor was 84.6% an increase of 0.5 percentage point compared to January 2018. The number of departures decreased by 1.1 % and the total number of seats increased by 3.7% on the same basis.
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The GOL (ASK) offer and demand (RPK ) in the international market grew 22.1% and 18.1%, respectively, and the occupancy rate was 77.3%., down 2.7 percentage points from January 2nd 018. The total supply of GOL (ASK) has increased by 5.7% due to an increase of 3.3% of the total number of seats and a reduction of 1.0% at takeoff. Total GOL demand increased by 5.6% compared to January 2018 and the consolidated load factor reached 83.5%.
Fertilizantes Heringer (FHER3)
The action of the small capitalization Fertilizantes Heringer is heading towards a day of sharp fall after the company filed a request for judicial recovery "on an emergency basis ", according to the release. The company said that despite efforts made to "optimize the profile of the company's cash and debt" over the past few months, including investor research, "the company's situation is improving." is deteriorated ".
application for judicial recovery would be an adequate measure to allow business continuity and preserve the value of society. Fertilizantes Heringer has declared that it has suspended its activities in Rondonópolis, Dourados, Três Corações, Uberaba, Rio Verde, Porto Alegre, Rio Grande, Paranaguá and Rosario do Catete, "with the dismissal of employees who have The result ". The application for judicial recovery must be submitted to the general meeting.
Vale (VALE3)
Vale has decided to anticipate the temporary suspension of the production of the Vargem Grande complex's mills in order to speed up the process ", which will allow immediate start of data collection at elaborate detailed design ".
Earlier, a court had ordered the suspension of the operation of eight dams in Minas Gerais: Laranjeiras, Menezes II, Capitao do Mato, Dique B, Taquaras and Forquilha I, Fork II and fork III. The measure is expected to affect mainly the Brucutu mine, whose annual production is about 30 million tonnes, or 7.5% of Vale's annual production, and is temporarily paralyzed. Brucutu is the largest Vale mine in Minas Gerais.
The International Articulation of Employees Affected and Affected by Vale will today formally seek, through the members of the entity who are essential shareholders of the Company's management, a request for the dismissal of its Board of Directors addressed to the board of directors and the tax council of the mining company. convening of an extraordinary general meeting.
Iguatemi (IGTA3)
Iguatemi yesterday announced its forecast for 2019, highlighting an upward revision of business growth forecasts (5% to 10%) compared to previous years, while that the expected margin for the EBITDA margin (75-79%) and capital investment expenditure (150-20 million rands) remained online. According to Itaú BBA, the wait was already a slightly positive market reaction.
Klabin (KLBN11)
Klabin announced that it will vote to abolish royalties paid to the parent company by the pulp and paper company for the sale of specific products for an indemnity of $ 344 million. R $ (50% lower) Klabin estimates that 30% of the amount calculated by Deloitte is less than R $ 500 million expected by investors), it was paid in common shares with a lock-up of 5 years.
"We see the announcement as expected, but positive, given the value below expectations, a stock payment that does not affect the leverage and that offers the company a space to announce its future growth plans, "says Itaú BBA.
Recommendations
Regarding the recommendation radar, Goldman Sachs canceled Carrefour Brazil's (CRFB3) recommendation with a target price of R $ 21, while raising Cemig's recommendation Hering HGTX3) also for neutral, with the target price of $ 27.50. The Sugar Loaf (PCAR4) has been restarted with recommendation of purchase by the bank.
JPMorgan canceled the recommendations of Tupy (TUPY3) and Iochpe-Maxion (MYPK3), with target prices of R $ 23 and R $ 26, respectively.
(with Agência Estado and Bloomberg)
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