E International Earnings Report Roundup

Since I have 7 quarterly or annual reports to cover, I am not writing up macro news today. Over to the reporting companies, in alphabetical order from Britain, Canada, Israel, Japan, Norway, Singapore, and South Korea, and other news from Ireland:

*Canada's BCE profit beat forecasts and the stock rose 1.67% in US trading so far. Its net profit for its Q4 rose 25% to C$542 mn or 64 loonie cents/sh. Adjusted net excluding items came in at 72 loonie cents. Revenues rose 2.7% year/year to C$5.53 bn. Moreover, for the first time since 2010, it made money with landlines, maily because this service is now linked with accounts for broadband Internet and TV. It signed up 76,000 new accounts for its services overall.

BCE raised its dividend by 5% to 5.2%, and forecast a much better 2015 than earlier. It now expects a 1-3% rise in revenues and estimates it will earn C$3.28-3.38/sh. Its free cash flow figure is the most upbeat, now at a rise of 8-15% for the year, vs a level of only 6.7% up in 2014.

*Singapore's Global Logistic Properties (GBTZF) reported a lousy Q3 with profits off over 36% y/y to $112.4 mn despite revenues rising 0.7% to $179 mn despite a weaker yen. The revenue rise was because of a 1-month inflow from a Brazilian portfolio bought last summer and completion of some China projects. These added to expenses without helping earnings.

However, the big negatives were that GBTZF deferred revenues from its Airport City Development, and sold 11 of its Japanese properties to its J-REIT spinoff. The stock is down 1.63% in US trading. It reported after Singapore closed for the day. It was recommended by Harry Geisel.

​ We will probably sell.​

*Norwegian giant salmon farmer Marine Harvest Group reported in NOK that Q4 sales had increased marginally to 6,843 tn ($608.75 bn) and profits had been more or less flat in Q4 at 1.032 bn ($134 bn).

It had good news and bad. Feed self sufficiency at its farms is now 80% vs only 60% a year earlier. And it is merging its Chilean operations with Aquachile of which it will be owner of 42%. The bad news is related: it had lower profits in Chile which it brought back into play after a virus disaster. Apart from Chile, MHG also ran a loss in its Scottish operations. It plans further consolidation this year.

However, Norway was very profitable, thanks to the scale of its business there, not just farming, but smoking and preparing meals from the fish.

The stock is up 4.19% in trading despite the bleh results, mainly because it will pay NOK 1.2 in dividends Feb. 18, a yield of over 10%. This too is a Harry stock pick, doing much better.

*Korean Shinhan Financial Group (SHG) reports net income up 5% in Q4 to 2.081 trillion Won ($19.145 bn). The result was mainly attributable to yield income (up 9.6%) since non-yield income was off sharply. Factors hurting reuslts inlcuded a lot of new pensions because of a new early retirement program, which brought sales, general & administration costs up 6.2%. The main boost to earnings came from lower loan loss provisions, KW 950 bn in Q4 (or 0.43% of loans out) vs KW 1.184 trillion the prior year (or 0.59% of loans out.).

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