Börsipäev 14. aprill

Investeerimine
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Balti põhinimekirjas tehti esmaspäeval 3625 tehingut ning käive oli 1,96 miljonit eurot, millest Tallinna börsi käive moodustas 0,96 mln eurot ning Vilniuse börsi käive 0,97 mln eurot. Tehinguid tehti vastavalt 1920 ning 1578.

Enimkaubeldud aktsiad olid:

balti joonis 1
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Suuremad tõusjad ja langejad olid:

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Täna:
14.04 Artea bankas dividendi ex-kuupäev

Sel nädalal:
15.04 DelfinGroup dividendi ex-kuupäev
16.04 Arco Vara auditeeritud majandusaasta aruanne

2

Ehkki nädalavahetusel ei andnud läbirääkimised Ühendriikide ja Iraani vahel tulemust ning USA alustas Hormuzi väina blokeerimist, ilmus päeva peale meediasse info, et uks ei ole siiski veel kõneluste osas täielikult sulgunud. Iraan väidetavalt arutab USA nõudmisi uraani rikastamise osas ning see andis investoritele põhjuse olla optimistlikum võimaliku kokkuleppe saavutamise osas. S&P 500 ronis hommikusest miinusest välja ning lõpetas 1% plussis 6886,2 punktil. Euroopas jäi Stoxx 600 0,2% punasesse.

USA olemasolevate majade müük langes märtsis annualiseeritult 3,6% 3,98 miljonile, osutudes nõrgemaks 4,05 miljoni suurusest ootusest ja saavutades madalaima taseme alates eelmise aasta suvest. Peamised põhjused on jätkuvalt kinnisvara kõrge hind ja madalad varud, kuid sellele lisaks on Iraani sõja tõttu hakanud ülespoole liikuma ka riigivõlakirjade tulusused, mis omakorda kergitavad hüpoteeklaenude intressimäärasid, muutes sellega kodu soetamist raskemaks.

Hiina ekspordi kasv aeglustus märtsis 2,5% peale veebruaris registreeritud 39,6% pealt, jäädes alla konsensuse 8,6% ootusele. Üks põhjus võis tõenäoliselt olla uue aasta püha tõttu tekkinud moonutus andmete võrdluses. Ettepoole vaadates võib Lähis-Ida konflikt jätta oma negatiivse jälje, ent ekspordis on kindlasti ka valdkondasid, mis sellest võidavad. Nii näiteks on Hiina elektriautode eksport kasvanud aasta kahel esimesel kuul 94% võrreldes mullu sama perioodiga (märtsi andmed veel puuduvad) ning ka ekspordist 25% moodustava AI riistvara müügikasv välismaale kiirenes märtsis 31% peale võrreldes aasta esimese kahe kuu 27%-ga. Hiina import viitas hästi vastu pidavale sisetarbimisele, kasvades märtsis 27,8% võrreldes mullu sama ajaga (oodati 13,9%).

Aasia aktsiaturud liikusid öösel kõrgemale, saades tuge uudisest, et USA ja Iraan on väidetavalt plaanimas uuesti läbirääkimisi enne kui kahenädalane vaherahu järgmisel nädalal lõppeb. Nikkei kerkis 2,4%, Hang Seng 0,1%, Shanghai Composite 0,2% ja Kospi 3,1%. Brenti toornafta odavnes 0,8% 98,6 dollarile, Bitcoin kerkis 1,5% 74 319 dollarile ning EUR/USD kosus 0,1% 1,1765 dollarile. Unts kulda maksis 4765 dollarit (+0,5%).

Täna avaldatakse majandusuudistest USA väikefirmade märtsi kindlustunde indeks ja märtsi tootjahinnaindeks.

13.00 USA väikefirmade kindlustunde indeks (märts)
15.15 USA ADP iganädalane tööhõive muutus (28. märtsiga lõppenud nädal)
15.30 USA tootjahinnaindeks (märts)
tabbsel

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Suuremad eelturu liikumised Saksamaal ja Euroopas:

DAX:

  • Continental (CON TH) +2.7%
    — Continental Raised to Overweight at Barclays; PT 72 euros
  • Infineon (IFX TH) +1.3%
  • Porsche SE (PAH3 TH) +1.3%
  • Deutsche Bank (DBK TH) +1.2%
  • Rheinmetall (RHM TH) +1.2%

MDAX:

  • Thyssenkrupp (TKA TH) +2.3%
  • FlatexDEGIRO (FTK TH) +1.9%
  • Schaeffler (SHA0 TH) +1.4%
  • Porsche (P911 TH) +1.4%
  • AUTO1 (AG1 TH) +1.4%

SDAX:

  • Tonies SE (TNIE TH) +5.9%
  • Heidelberger Druck (HDD TH) +5.1%
  • Kontron (KTN TH) +1.7%
  • Evotec (EVT TH) +1.1%
  • Wacker Neuson (WAC TH) +0.8%
  • Mutares (MUX TH) +0.8%
  • TeamViewer (TMV TH) +0.7%

Stoxx 600

  • Sika (SIKA TH) +5.4%
    — Sika 1Q Sales Beat Estimates
  • Thyssenkrupp (TKA TH) +2.3%
  • BE Semiconductor (BSI TH) +2.2%
    — BE Semiconductor Price Target Raised to EUR 279 from EUR 238 by Bank of America
  • Continental (CON TH) +2.2%
  • MTU Aero (MTX TH) +2%
  • FlatexDEGIRO (FTK TH) +1.9%
  • Nokia (NOA3 TH) +1.9%
  • ASML (ASME TH) +1.5%
  • Naturgy (GAN TH) +1.4%
  • Porsche (P911 TH) +1.3%
  • Vestas (VWSB TH) -1.1%
  • BP (BPE5 TH) -1.7%
  • Repsol (REP TH) -1.9%
  • Equinor (DNQ TH) -2%
  • Eni (ENI TH) -2.1%
  • LVMH (MOH TH) -2.4%
    — LVMH Sales Disappoint as Middle East War Crimps Dior Demand
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Tänased soovituste muudatused Euroopas

Upgrades

  • ACS Raised to Overweight at Morgan Stanley; PT 150 euros
  • Alm Brand Raised to Buy at Jyske Bank; PT 18.50 kroner
  • Continental Raised to Overweight at Barclays; PT 72 euros
  • DNB Bank Raised to Buy at Pareto Securities; PT 340 kroner
  • Genmab Raised to Buy at Jyske Bank; PT 2,300 kroner
  • Glencore Raised to Buy at HSBC; PT 620 pence
  • HMS Networks Raised to Buy at Danske Bank Markets; PT 515 kronor
  • KGH PW Raised to Neutral-Short Term Sell at Santander Biuro Maklerskie
  • Michelin Raised to Equal-Weight at Barclays; PT 30 euros
  • Naturgy Raised to Overweight at JPMorgan; PT 30.50 euros
  • PhotoCure Raised to Buy at ABG; PT 80 kroner
  • Standard Chartered Raised to Outperform at BNP Paribas
  • TGS Raised to Hold at Danske Bank Markets; PT 130 kroner
  • TGS Raised to Neutral at SB1 Markets; PT 110 kroner
  • Tauron Raised to Reduce at Noble Securities SA; PT 9.37 zloty
  • Temenos Raised to Buy at Citi; PT 90 Swiss francs

Downgrades

  • Barclays Cut to Neutral at BNP Paribas; PT 485 pence
  • Barratt Redrow Cut to Equal-Weight at Morgan Stanley
  • Berkeley Cut to Underweight at Morgan Stanley; PT 2,990 pence
  • EQT Cut to Neutral at Citi; PT 325 kronor
  • Elia Group Cut to Neutral at Citi; PT 141 euros
  • HSBC Cut to Neutral at BNP Paribas; PT 1,450 pence
  • Nexi Cut to Neutral at Citi; PT 3.40 euros
  • Nexi Cut to Neutral at Goldman; PT 3.50 euros
  • Orthex Cut to Reduce at Inderes; PT 5 euros
  • Partners Group Cut to Neutral at Citi; PT 940 Swiss francs
  • Tikehau Capital Cut to Neutral at Citi; PT 18 euros
  • Worldline Cut to Sell at Goldman; PT 23 euro cents

Initiations

  • Airbus Rated New Neutral at BNP Paribas; PT 190 euros
  • Banca Profilo Rated New Buy at Intesa Sanpaolo; PT 35 eurocents
  • Guardian Metal Resources Rated New Outperform at BMO
  • Iforex Financial Trading Rated New Corporate at Shore Capital
  • MTU Aero Rated New Outperform at BNP Paribas; PT 410 euros
  • Rising Stone SAS Rated New Buy at TP ICAP Midcap; PT 67 euros
  • Safran Rated New Neutral at BNP Paribas; PT 330 euros
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Vahepeal tekitas Google’i Turboquant väikse veetormi klaasis, aga Sandisk jätkab uuesti oma muljet avaldavat tõusu. 20. aprillist ka Nasdaq 100 indeksis.

Evercore ISI initiated coverage of SanDisk with an Outperform rating and $1,200 price target, adding that the firm sees a “bull case” of $2,600 per share. SanDisk is “levered to one of the most attractive areas of the AI infrastructure stack,” namely data storage, where demand is accelerating and supply remains constrained “at minimum” through calendar 2028, if not beyond, the analyst tells investors.

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Täna tõmbavad USA pangad mitteametlikult käima ka esimese kvartali tulemuste hooaja:

JPMorgan
FIRST QUARTER RESULTS
** Adjusted revenue $50.54 billion, estimate $49.26 billion (Bloomberg Consensus)*
** EPS $5.94 (est $5.45)*
** Loans $1.50 trillion, estimate $1.5 trillion*
** Total deposits $2.68 trillion, estimate $2.58 trillion*
** Provision for credit losses $2.51 billion*
** Compensation expenses $15.34 billion, estimate $15.04 billion*
** Non-interest expenses $26.85 billion, estimate $26.03 billion*
** Net yield on interest-earning assets 2.5%, estimate 2.57%*
** Standardized CET1 ratio 14.3%*
** Managed overhead ratio 53%, estimate 52.8%*
** Return on equity 19%, estimate 17.3%*
** Return on tangible common equity 23%, estimate 20.7%*
** Tangible book value per share $108.87, estimate $109.28*
** Book value per share $128.38, estimate $129.35*
** Cash and due from banks $22.04 billion, estimate $21.74 billion*

  • Sees FY NII About $103B, Saw About $104.5B
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Reitingute muudatused USAs ja Kanadas:

Upgrades
** Biogen (BIIB) Raised to Overweight at Piper Sandler; PT $214
** Eastman Chemical (EMN) Raised to Overweight at JPMorgan; PT$80
** Ford (F) Raised to Buy at UBS; PT $15
** Standard Chartered (STAN LN) ADRs Raised to Outperform at BNPParibas
** Tesla (TSLA) Raised to Neutral at UBS; PT $352
** Viking Holdings (VIK) Raised to Buy at Rothschild & CoRedburn; PT $72

Downgrades
** Asana (ASAN) Cut to Neutral at Piper Sandler; PT $7
** Barclays (BARC LN) ADRs Cut to Neutral at BNP Paribas; PT $26
** ERO Copper (ERO CN) Cut to Neutral at Goldman; PT C$42.77
** GFL Environmental (GFL CN) Cut to Underweight at JPMorgan; PTC$57.89
** GrafTech (EAF) Cut to Underweight at JPMorgan
** HSBC (HSBA LN) ADRs Cut to Neutral at BNP Paribas; PT $97
** Innoviz Technologies (INVZ) Cut to Neutral at Goldman; PT 75cents
** Monday.com (MNDY) Cut to Neutral at Piper Sandler; PT $85
** NOV Inc. (NOV) Cut to Sector Perform at RBC; PT $21
** Omega Healthcare (OHI) Cut to Underperform at BofA; PT $46
** Qiagen (QGEN) Cut to Equal-Weight at Barclays; PT $44
** Revvity (RVTY) Cut to Equal-Weight at Barclays; PT $95
** Secure Waste (SES CN) Cut to Market Perform at Raymond James;PT C$24.75
– Cut to Sector Perform at Peters & Co; PT C$23
–Cut to Hold at Stifel Canada; PT C$23
** Solstice Advanced Materials (SOLS) Cut to Neutral at UBS; PT$87
** Trican Well Service (TCW CN) Cut to Sector Perform at RBC; PTC$7.50

Initiations
** Adagio Medical (ADGM) Rated New Overweight at Piper Sandler;PT $3
** Adtran Holdings (ADTN) Rated New Outperform at Evercore ISI;PT $18
** BellRing Brands (BRBR) Rated New Neutral at BTIG
** CAMP4 Therapeutics (CAMP) Rated New Buy at Rodman & Renshaw;PT $7
** Campbell’s (CPB) Rated New Neutral at BTIG
** Carrier Global (CARR) Rated New Neutral at BNP Paribas; PT$62
** Charles River (CRL) Reinstated Outperform at RBC; PT $215
** Conagra (CAG) Rated New Neutral at BTIG
** Equillium (EQ) Rated New Strong Buy at Raymond James; PT $6
** General Mills (GIS) Rated New Neutral at BTIG
** Guardian Metal Resources (GMET LN) ADRs Rated New Buy at DADavidson
** Hershey (HSY) Rated New Neutral at BTIG
** Infleqtion (INFQ) Rated New Buy at Citi; PT $20
** J M Smucker (SJM) Rated New Buy at BTIG; PT $120
** Janus Living (JAN) Rated New Outperform at BNP Paribas; PT$27
–Rated New Sector Outperform at Scotiabank; PT $28
–Rated New Overweight at Wells Fargo; PT $27
–Rated New Overweight at Barclays; PT $26
–Rated New Overweight at Morgan Stanley; PT $28
–Rated New Outperform at RBC; PT $27
–Rated New Overweight at JPMorgan; PT $26
–Rated New Overweight at KeyBanc; PT $28
** Johnson Controls (JCI) Rated New Underperform at BNP Paribas;PT $120
** Kraft Heinz (KHC) Rated New Neutral at BTIG
** Lennox (LII) Rated New Neutral at BNP Paribas; PT $535
** McCormick (MKC) Rated New Neutral at BTIG
** Merlin (MRLN) Rated New Buy at Roth Capital Partners; PT $15
** Mondelez (MDLZ) Rated New Buy at BTIG; PT $70
** Natera (NTRA) Rated New Outperform at William Blair
** Netskope (NTSK) Rated New Buy at Rosenblatt Securities Inc
** Omada Health (OMDA) Rated New Market Outperform at Citizens;PT $18
** Post Holdings (POST) Rated New Neutral at BTIG
** Relay Therapeutics (RLAY) Rated New Hold at Jones; PT $18
** Sandisk (SNDK) Rated New Outperform at Evercore ISI
** Simply Good Foods (SMPL) Rated New Neutral at BTIG
** Spyre Therapeutics Inc (SYRE) Rated New Strong Buy at Raymond James
** Tectonic Therapeutic (TECX) Rated New Buy at Stifel; PT $75
** Trane Technologies (TT) Rated New Outperform at BNP Paribas;PT $550
** Utz Brands (UTZ) Rated New Buy at BTIG; PT $10
** Versigent (VGNT) Rated New Buy at TD Cowen; PT $47
– Rated New Buy at UBS; PT $43
** Vertiv Holdings (VRT) Rated New Outperform at BNP Paribas; PT$345

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