IRB shares fell almost 12% after balance sheet; banks fall by 4%, Petrobras retreats and Vale rises with ore

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SÃO PAULO – The last session of the month was one of volatility for the Ibovespa, with investors registering a greater risk aversion amid the coronavirus, which overshadows better-than-expected data in China and the USA. Still in the spotlight, China approved on Tuesday (30), definitively, a controversial national security law which, according to critics, could end Hong Kong’s semi-autonomous status.

On the corporate radar, the highlight was IRB’s actions (IRBR3, R $ 11.00, -11.72%). After three sessions in a row of gains in expectation for the results, released at dawn on Tuesday, the assets opened in a fall, of up to 5.54%, entered the auction and minutes later turned to expressive high, above 4%.

However, minutes later, the papers fell again, although in a less expressive movement than that of the opening. During the afternoon, the shares started to fall more than 10% (see more clicking here).

Ecorodovias’ shares (ECOR3, R $ 12.97, + 0.08%), in turn, rose sharply after the balance sheet, but also lost strength during the trading session.

WTI oil fell back on momentum with US housing data yesterday, in addition to concerns about demand. However, Petrobras shares (PETR3, R $ 22.34, -0.98%; PETR4, R $ 21.55, -0.51%) closed down.

Vale’s shares (VALE3, R $ 55.92, + 0.52%) advanced following iron ore, with the 62% purity spot commodity traded in Qingdao up 1.4% at $ 101.05 a ton.

Considering the performance of the month, three stocks managed to register gains of more than 40%: BTG Pactual, which jumped 56.6%; Gol, with an increase of 54.2% and Azul, which had an increase of 40.8%. On the negative side, only one share had a double-digit drop in June, Braskem, which fell 16.3%. Behind were BRF and CPFL Energia, with losses of 8.1% and 4.9%, respectively.

Check out the highlights:

Refrigerators

The Ministry of Agriculture reported that China has suspended imports from three meat processing units from Brazil. The move was allegedly motivated by the Chinese government’s concerns about containing a new outbreak of the new coronavirus.

According to Reuters, a unit operated by Marfrig (MRFG3, R $ 12.61, + 0.40%) in the city of Várzea Grande (MT) is one of those suspended. In addition, according to information on the Mapa website, a JBS chicken unit (JBSS3, R $ 21.15, + 0.28%), in Passo Fundo (RS), was suspended by China last Friday and another one by Minuano, in Lajeado, is also temporarily prevented from exporting to the Chinese.

The companies did not comment on the matter.

In the analysis of Bradesco BBI analysts, China’s suspensions are a consequence of the proactive stance of the Ministry of Agriculture, which tries to avoid prohibitions by China.

“We continue to see these suspensions as temporary and we hope that China will continue to increase meat imports, as the country is still recovering from African swine fever,” analysts said, recalling that in 2020 pork production in China is expected to fall 20%.

Petrobras (PETR3, R $ 22.34, -0.98%; PETR4, R $ 21.55, -0.51%)

Petrobras decided to extend teleworking (also known by the English term home office) until December 31 this year, due to the pandemic of the new coronavirus. According to the state company, the measure was taken preventively, to protect the health of its employees.

Part of the company’s team is working remotely, that is, at home or elsewhere outside the regular work environment due to the pandemic.

“The Organizational Response Structure (EOR), formed by representatives from different areas of the company in order to coordinate coronavirus prevention actions to protect employees, will continue to monitor the internal and external scenarios, with constant evaluation of the decisions taken, always having focus on everyone’s safety. Due to a possible change in the scenario of the pandemic and the places where Petrobras operates, the return dates may be changed ”, says the company in a note.

Petrobras will also give a R $ 1 thousand allowance for the purchase of ergonomic equipment. The company points out, however, that some activities may return to face-to-face work before the end of the year, if necessary.

The company also said, on Monday night, that it began the process of selling all of its stake in the Tartaruga field, located in the shallow waters of the Sergipe-Alagoas Basin.

The state-owned company has a 25% stake in the field, of which Maha Energy is the operator, with a 75% stake.

The sale process begins with the opportunity disclosure stage (“teaser”), when the company announces the main information about the asset.

The state-owned company also reported that the four platforms installed in the Búzios field, in the Santos Basin pre-salt, reached new production records on June 27. there were 664 thousand barrels of oil per day (bpd) and 822 thousand barrels of oil equivalent per day (boed).

The Búzios field is the largest in deep water in the world.

The record announced on Monday surpasses an earlier mark of the four platforms released on March 11, which was a daily production of 640 thousand barrels and 790 thousand barrels of oil equivalent.

IRB (IRBR3, R $ 11.00, -11.72%)

The reinsurer IRB Brasil recorded a 92% drop in net income in the first quarter of 2020, to R $ 13.874 million, compared to the R $ 177.9 million recorded in the same interval in 2019. This last number is already adjusted, after the restatement the 2019 result.

The positive result was defined in March, since the company informed the Superintendency of Private Insurance (Susep) an accumulated loss of R $ 110.6 million in January and February.

The premium issued by the reinsurer in these first three months was R $ 1.996 billion, an increase of 13% in relation to the quarter of the previous year.

In earned premiums, the IRB obtained R $ 1.499 billion in the period, against R $ 1.241 billion between January and March 2019. Regarding the payment of claims, the company disbursed, in indemnities, the amount of R $ 1.147 billion in the quarter , amount higher than the R $ 959 million spent in the same period last year. The IRB’s net worth, calculated at R $ 3.94 billion in the last quarter of last year, decreased to R $ 3.56 billion in March this year.

“The revision of the numbers and the results of the first quarter show a solid company, but which still needs adjustments in its structure of geographical operation, lines and types of business in order to adapt it to the profile of a world-class reinsurer, with a focus on in its clients and consistent and sustainable results ”said the president of the Board of Directors and current CEO, Antonio Cassio dos Santos, in the earnings release. see more clicking here.

Credit Suisse recalled that the IRB’s profit came below the market consensus (R $ 205 million) and that the paper, which has a strong participation of individuals, has suffered strong volatility in recent weeks. “The company announced the hiring of banks for a potential capitalization for the reframing of technical reserves, which is R $ 2.1 billion. The amount is equivalent to 21% of the market capitalization ”, explained the analysts.

Ecorodovias (ECOR3, R $ 12.97, + 0.08%)

Ecorodovias announced on Monday (29) that it had a net profit of R $ 103.3 million in the first quarter of 2020. The value represents an increase of 23% over the same period last year.

The company’s pro-forma net revenue was R $ 768 million between January and March this year, an increase of 15.6% over the amount seen in the first quarter of 2019. Analysts consulted by Bloomberg expected something around R $ 925.3 million.

The company ended the first three months of the year with a pro forma EBITDA (earnings before interest, taxes, depreciation and amortization) of R $ 530.4 million – a 17.8% jump in the annual comparison.

Thus, the company’s pro forma Ebitda margin (percentage ratio between net revenue and operating cash generation measured by Ebitda) was 69.1%, 1.3 percentage point above that recorded in the first three months of 2019.

Ecorodovias’ net debt also increased from one year to the next – in the first quarter of this year, it reached R $ 6.818 billion, 35.1% above the amount seen in the same period of 2019.

“Several measures established by governments and the private sector, due to the pandemic, have had significant impacts on Ecorodovias’ business. To minimize the impacts, the company has been acting proactively, in coordination with governments and regulatory bodies ”, highlighted the company in the balance sheet.

In the evaluation of Credit Suisse analysts, Ecorodovias demonstrated that it did not suffer so much from the first impact of the Covid-19 pandemic, since measures of social distance began to be adopted in March. In the quarter, there was an increase in heavy vehicle traffic and a decrease in the movement of passenger cars.

“Grain flow and a very strong harvest in Brazil are behind this advance. It is important to highlight that the company should benefit from the rebalancing of contracts (related to Covid and the suspended axis) ”, they evaluated. The bank has an “outperform” recommendation for Ecorodovias, with a target price of R $ 17.

JP Morgan reduced the recommendation for IRB shares from “neutral” to “underweight”, but kept the target price at R $ 8.

JP Morgan’s reassessment takes into account that with the adjustments made to the statements, the IRB must have potentially reached its best year in 2019. In addition, it considers that given the need to improve liquidity, the reinsurer would need R $ 2 billion in capital .

“It is unlikely that growth will be greater than previous years; financial income will not be as favorable, given the low interest rates; and the (positive) news flow will dissipate, ”said the analysts.

Tupy (TUPY3, R $ 19.10, -1.50%)

Tupy also released its balance sheet for the first quarter of 2020 on Monday. The company had a loss of R $ 207.5 million, compared to the profit of R $ 80.442 million seen a year earlier.

The performance, according to the company, is due to the impairment intangible assets, mark-to-market of derivative instruments used in the calculation of Eletrobras credits and hedge, and the exchange rate variation on deferred taxes from operations in Mexico, with no cash effect.

The company’s revenue was R $ 1.093 billion, which represents a 14.7% drop in the annual comparison. The company’s adjusted Ebitda was R $ 164.6 million in the first quarter of this year, an increase of 20.2% over the result for the same period last year.

“In response to reduced demand and sudden stops in our customers’ operations around the world, we deployed our defense rings, a broad set of pre-defined actions to reduce costs and preserve the company’s cash,” said Tupy , highlighting, among other things, the flexibility of production and the reduction of hours and wages, in addition to the temporary suspension of employment contracts.

Restoque (LLIS3, R $ 6.90, -2.13%)

Restoque, owner of the Le Lis Blanc and Dudanlina brands, recorded a net loss of R $ 1.399 billion in the first quarter of the year, compared to a loss of R $ 13.034 million in the first three months of the year.

The company’s net revenue fell 16.7%, to R $ 208.691 million.

Cielo (CIEL3, R $ 4.62, 0.00%)

Cielo informed that it is providing the Central Bank (BC) and Cade with information to resume the partnership with Whatsapp in the payments area. He also stated that there is no exclusivity in this partnership, which is suspended by regulatory bodies.

In the opinion of Bradesco BBI analysts, the suspension is unlikely to end. “BC is focused and dedicated to launching the PIX (instant payment platform) and is unlikely to spend much time on any initiative that can be seen as an alternative to its own system or that can be considered a barrier to the development of competition ”, They evaluated.

However, remember that the Whatsapp payment initiative could have a limited presence in the country but, if you aim for PIX, when it is available, it can make your payment tool more viable.

Eneva (ENEV3, R $ 44.98, + 2.83%) and Omega (OMGE3, R $ 37.72, + 6.73%)

Eneva is studying a potential incorporation of competitor Omega, according to information from Valor. According to a source, the transaction may take place through the exchange of shares and part in cash or through effective acquisition, with the sale of control by Tarpon. Despite this, the source stressed that the conversation is preliminary and may not move forward.

In a note, Omega’s press office said that “information does not proceed”. “Omega is exclusively dedicated to the generation of renewable energies, and it is not part of its object, mandate or business plan to invest in gas or coal thermal power plants”.

Dimed (PNVL3, R $ 29.70, + 0.68%)

Distributor of Dimed Medicines announced on Monday night that it had engaged Bradesco BBI, BTG Pactual and Itaú BBA to coordinate a possible offering of shares.

In a material fact, the company said that it has not yet “defined and approved the effective realization of the potential offer”, which would be done with restricted placement efforts.

The group is formed by the chain of pharmacies Panvel, the distributor of medicines Dimed and the pharmaceutical laboratory Lifar.

Bank of Brazil (BBAS3, R $ 32.15, -3.86%), Bradesco (BBDC3, R $ 18.96, -3.07%; BBDC4, R $ 20.70, -3.32%), Itaú (ITUB4, R $ 25.45, -3.89%) and Santander Brasil (SANB11, R $ 28.02, -3.55%)

XP Investimentos updated its projections for banking sector stocks. The preferred role remains that of Banco do Brasil, with a target price of R $ 43 and purchase recommendation. Bradesco also has a purchase recommendation, but the target price has been changed from R $ 28 to R $ 27. For Itaú Unibanco and Santander, the recommendation is neutral, with prices going from R $ 30 to R $ 29, respectively R4 30 to R $ 32.

XP sees new entrants as a risk for banks. In addition, it expects a reduction in profitability and an increase in defaults due to the crisis caused by the new coronavirus pandemic. However, the assessment is that even with these factors, banks have a quote that can be considered cheap.

“We believe that banks can be cheaper if they manage to get through the crisis (and we believe they will),” according to a report signed by analyst Marcel Campos.

He points out that the banks are well capitalized, with a safe portfolio and less participation in retail, and with liquidity, in addition to the reinforced provisions.

Campos still sees three factors that justify his preference for BB: valuation of BB’s shares historically below those of its competitors (lower multiples); assessment that the bank is operationally defended by the concentration on payroll and rural loans; and the fact that the bank is competitive in the digital sphere.

The analyst also recalls that BB lost participation after the end of exclusivity with public employees, but that it has recovered the customer base. “Since 2018, the bank has started to increase its base through organic expansion, which is positive, as banks are a very scalable business,” he explained in a report.

Sugar Loaf (PCAR3, R $ 70.98, -2.63%)

Companhia Brasileira de Distribuição (CDB) announced that it has completed the sale of seven properties, for a total of R $ 312.9 million, to two funds of TRX Gestora de Recursos. This operation is part of the second tranche of a “sale and lease back”, that is, the food retailer has a contract for the use of these properties sold.

Four of these properties are Assaí stores, an Extra Hiper store and two Mercado Extra stores.

Another 29 stores, totaling R $ 706.9 million, will be the target of the same operation in the following tranches, which should be completed by August 31, 2020.

For Itaú BBA, this operation is positive. “Through this process, CBD will be able to accelerate its deleveraging process, while contributing to the organic expansion of the fast-growing Assaí stores”, evaluated the bank’s analysts.

Course (RAIL3, R $ 22.49, -0.84%)

Rumo Logística will issue overseas bonds with a green seal, the so-called “green bonds”. The objective is to raise between US $ 500 million and US $ 700 million, due in 2028, according to the newspaper “O Estado de São Paulo”.

The remuneration initially offered to the investor is around 5.5%. Itaú, Santander and Morgan Stanley are leading coordinators of the issue.

E-commerce

E-commerce sales grew by 137.35% in May compared to the same month in 2019, according to the newspaper “O Estado de São Paulo”.

The sector’s turnover increased by 127.77%, according to the MCC-ENET index, developed by the Metrics Committee of the Brazilian Chamber of Electronic Commerce (camara-e.net) in partnership with the Compre & Confie Movement.

The survey also shows that retail e-commerce reached 11.1%, the highest level ever recorded.

(With Bloomberg and Agência Estado)





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