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SÃO PAULO – After a negative day for the market the day before, as investors reacted to the discouraging news of US-China trade negotiations, Wednesday's B3 trading session (23) was strong for the Ibovespa, with a rise of more than 1.5% of the index following the statements of President Jair Bolsonaro and Minister Paulo Guedes on Brazilian taxation, with a focus on pension reform. In full market mood, only 5 shares of Ibovespa were closed.
On the corporate side, the market has positively digested the Kroton projections, the statements of the Secretary of Finance and Planning of São Paulo, Henrique Meirelles, on the state government projects concerning Sabesp, as well as as the operational overviews of EzTec and Helbor. other news. Petrobras and Vale (VALE3)
Despite the 1% drop in oil during this session, Petrobras' shares rose along with the most positive internal news and the privatization speech of Paulo Guedes in Davos. In an interview with Bloomberg at the World Economic Forum, Guedes said the government plans to raise about $ 20 billion through privatization alone this year, about $ 75 billion.
In addition, in a report sent to customers, JPMorgan said it preferred Petrobras to Vale in the "battle of the shares". The bank examined growth in production, costs, capital expenditures, profitability, free cash flow, multiples and commodity outlooks. While Vale, the world's largest iron ore producer, enjoys higher profitability and an attractive multiple, Petrobras has a more attractive structural case, badysts say.
Analysts pointed to Petrobras' release. its operational links with the state in the past three years. In addition, Roberto Castello Branco, the new director general, has decided to dismiss the last senior leaders appointed under the PT governments. The executive promised to increase oil production, reduce debt and pursue the company's sales program.
Still on state radar, Valor Econômico announced that the 2nd chamber of the 3rd chamber of the 1st section of Carf Administrative Department of Tax Resources) has maintained a tax valuation of R $ 1.7 billion $ received by Petrobras. There is a call in the Council itself. The decision was taken by a majority of votes – four against three. During the valuation, the IRS collects income tax and the 2012 CSLL on the profits of a foreign company controlled by Petrobras. The turnover includes the amounts in the profit of the parent company.
Vale's shares also rose as a result of the news in China. The Asian giant is committed today to boosting budget spending this year by focusing on reducing the tax burden of small businesses to boost its economy, which had registered the weakest growth in the economy. Last year since 1990. In 2018, the Chinese government's budget expenditures increased. , 7 percent to 22.09 billion yuan (3.26 billion US dollars), while revenue grew 6.2 percent to 18.4 billion yuan, according to data from the Chinese Ministry of Finance. Kroton expects an EBITDA expansion this year of between 1% and 5%, excluding the results of Somos, according to a presentation to badysts and investors released Wednesday.
Kroton (KROT3)
In terms of net income and net income, Kroton is forecasting stability this year compared to 2018. According to Itaú BBA badysts, the announcement is positive given that Projected Ebitda is significantly higher than previous estimates and forecasts, which can be attributed to better than expected results for company training initiatives aimed at improving its efficiency.
As for the generation of cash (recurring operational post-Capex) and the conversion of cash, the projection of the educational institution is an expansion of more than 10%. According to the company, if Somos data were included, "all indicators" would be "even better".
By 2018, the company reaffirms that it will provide all the guidance, including an adjusted net income of R $ 1,940. billion; Adjusted EBITDA of R $ 2.275 billion; net revenues of R5.48 billion; and adjusted EBITDA margin of 41.5%
According to the company, by 2020, the trend is "positive for all indicators". In addition, the company says that the cash generation and Ebitda conversion into cash have growth potential in 2020 and 2021.
For new students, in the first half of 2019, until the end of the year. now, with 30% Kroton informs that for a face-to-face teaching, the volume is stable but prices are high. In EAD, there is stability in both price and volume.
Gafisa (GFSA3)
Management GWI now holds a 50.17% stake in Gafisa, which raised the question of whether there would be a public offering of 39, purchase for the rest of the shares of the company by the group.
Gafisa has a mechanism for protecting the dispersion of shares that determines the performance of the takeover bid when a shareholder reaches 50% of the company.
In a note to the market, GWI explained that it resulted in more than 50% involuntarily participating because of issues related to market movements, and therefore has no intention or plans to acquire the full control of Gafisa.
According to Bradesco BBI, the market rating published last night suggests that this offer may not occur. Although management focuses on household chores, the company's operating figures have not worked well and the scenario is expected to remain difficult, he said.
Sabesp (SBSP3)
The newspaper Valor Econômico, Secretary of Finance and Planning of São Paulo, Henrique Meirelles, said that the state would use Sabesp to meet the budget this year. According to him, the privatization program, the flag of the governor João Doria (PSDB), could contribute significantly to the closure of the accounts in 2019. The capitalization of the company, estimated at 5 billion R $, as well as the l & # 39; contingency of R $ 6 billion
According to Meirelles, the offer of Sabesp shares will only be made if the government fails to achieve privatization, the main objective of the direction of Doria with regard to : in the state. Of the 5 billion rubles estimated with capitalization, 4 billion would be paid to the Treasury and 1 billion to reinvest in society. Privatization would bring in at least $ 10 billion in revenue.
EzTec (EZTC3)
Eztec released its operating data for the fourth quarter. As Credit Suisse points out, the company has had good numbers, with strong launch growth, bringing the VSO (offer for sale) to 16%, the highest level since the fourth quarter of 2013 and well above that announced in 2018 (6 The company also announced the forecast of 2019 PSV launches (value of general sales) between 1 billion and 1.5 billion R $. "The announcement should not be a surprise for the market because the direction was vocal as the biggest launch.On the negative side, the attention to the speed of inventory sales remains low (7%), which shows that the marketing of badets ready is still difficult, "they say.The company's general manager, Wilson Ferreira, told the Reuters news agency that the government was convinced that a capital increase was needed. supported by the Minister of Mines and Energy, Admiral Bento Albuquerque.
Banks
A positive day for most of the theoretical shares of Ibovespa's portfolio, Itaú Unibanco (ITUB4), Bradesco (BBDC4)) and Banco do Brasil (BBAS3) opened close to stability, but have closed higher. On the radar of investors, the Minister Paulo Guedes (Economics) has highlighted the taxation of dividends and interest on own capital (JCP) of individuals in return for a reduction of the tax on companies.
Since the election campaign, Bolsonaro's allies have discussed the taxation of dividends. The novelty refers to JCP, another format for distributing profits to shareholders, in which income tax is already withheld directly at source. The details of the proposal are still unknown, but one expects the financial sector to be one of the most affected because it usually distributes large amounts of JCP dividends.
Refrigerators
After going from paradise to hell the day before – first with the announcement of the acceptance by the Chinese Ministry of Commerce of a proposal Closing of an anti-dumping dispute, and then suspension of imports of chicken meat from 33 Brazilian meat merchants by Saudi Arabia, BRF (BRFS3), Marfrig In the news of the sector, BRF indicated that the effective impact of the restrictions imposed by Saudi Arabia on Brazilian factories would be reserved for exports from the Lajeado factory operating at a volume of about 6,500 tonnes / month of export to the Arab country. The company has already made the necessary adjustments in its production line and estimates that it will return to the same level of shipping within a maximum of three months.
"The loss of net income is therefore not significant, the company can achieve a maximum of 0.1% of the net business turnover achieved in the last 12 months ending in September 2018, or R $ 45 million over this three-month period, "the company said.
(BTOW3)
After a day of heavy losses the day before, with the launch of news of the Amazonian giant.
Magazine Luiza and B2W for the Brazilian market, the two retailers repeated a day of recovery at B3, trying to get noticed by the good mood of investors. Yesterday, Amazon announced that 11 categories of products would be sold and delivered by the company (in the model called 1P or direct sale), including 4 not published in the country: Toys, Babies, Beauty and Personal Care.
To date, the only category in which the company worked on the model "sold and delivered by Amazon" in Brazil was that of books. Although planned for last year, this expansion places the retailer at another level in the domestic market and may be considered a threat to consolidated names.
IPOs
According to the broad column, S. Paulo, Caixa Econômica Federal will act in the initial public offerings of his company's shares as well as in mergers and acquisitions. The idea is to leverage the retail force, which has more than 91 million customers, as well as its investment banking business. Banco do Brasil is already following this model.
Positivo (POSI3)
Positivo Tecnologia announced that Carlos Augusto Moreira had resigned as Director of the Executive Vice President. He will hold this position until 31st and the company's managing director, Hélio Rotenberg, will badume this position temporarily.
Multiplus (MPLU3) ; Bradesco BBI downgraded Multiplus ratings to underperformance and Smiles to a "neutral" position (formerly "outperforming"). (SMLS3)
Analysts also estimate a price target of $ 27 and $ 55 respectively. One of the main reasons for the reduction of the recommendations is the fact that both companies will be listed on the stock exchange in 2019.
"The Multiplus documents are being badyzed by CVM and we hope that the delisting process may be completed in the first quarter of 2019. Although Gol preferred to reincorporate Smiles through an exchange of shares, B3 rejected the structure of the agreement and is now badyzing new solutions to remove Smiles.
Helbor Empreendimentos (HBOR3)
Helbor recorded a total subscribed business turnover of R $ 293.5 million, a decrease of 13.9% over the same period in 2017. Launches were R $ 134.8 million, 40% in the annual comparison, while annual volume amounted to R $ 403.4 million.
The pace of introductory sales reached 10.3% during the quarter, while distracted sales during the period amounted to R $ 172.9 million. on the Helbor part.
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(with Agência Brasil, Agência Estado and Bloomberg)
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