Jyske Bank - Research

Research

Analyses will typically pertain to one company and they will give Jyske Bank's view of the company. An analysis will be prepared following the release of a company's accounts or any change in Jyske Bank's view of the company.

	Danish Winners [21/05/12]
	Massive equity-price declines, sector diversification, confidence in the long-term Chinese growth case and that potentially weaker Chinese economic indicators will be met with monetary and fiscal-policy intervention result in a recommendation to switch out of Nordea and into FLS.

	Global Winners [21/05/12]
	This week we maintain the companies on the list as our preferred investments.

	FLSmidth (upgrade to STRONG BUY): disappointing result but strong order inflow (analysis - 20 pages) [21/05/12]
	We raise our recommendation to STRONG BUY after the recent price decline of 30% since its peak in February. This is despite a poorer-than-expected execution of projects that hit earnings in Bulk Materials. We believe that the recent price declines are exaggerated and that the market has discounted a too significant weakening of the mining companies? investments.

	A.P.Møller Mærsk (REDUCE): Too soon to turn buyers [21/05/12]
	The Q1'12 results disappointed and while several positive factors exist, incl. positive earnings progression from Q2'12 onward, success in growing container volumes and lifting rates, and possibly upgrade of the Chissonga field, the negative factors remain overwhelming.

	EAC (STRONG BUY): Excellent quarter from Plumrose [21/05/12]
	EAC just released its Q1 financial statements. The quarter showed sales growth at 31% driven in particular by the advance at Foods, but also the effect from the acquisition of Interdean. On the basis of the good start to the year, EAC restates its own expectations of sales and the full-year results for 2012.