Company Reports

JPM 3Q17: 2017 Money-Making Champion, MVB-ank?

10/12/2017

JPM continues to muscle earnings out of the ball-park as its best combination of strategy, business coverage, management beats the global competition. IMF agrees with our Viola Risk view that profits matter. Buy Stock, Sell 10Y bonds on tight spreads. JPM JPM JPM JPM JPM JPM


C 3Q17: More Card Mailings, More NCOs, More Buybacks

10/12/2017

Citi stock has been on fire in the group, but how far can buybacks rocket fuel it forward? Still needs to prove disciplined growth especially in its credit card rebirth. Buy Stock, Sell 10Y bonds on tight spreads. Citi Citi Citi Citi Citi Citi Citi


TD 3Q17: New Earnings Format & Tearsheet

09/04/2017

TD has successfully diversified into US retail banking, online brokerage and auto finance. Still it has sizeable Canadian mortgage exposures like the rest of the Big 5. Find more value in equity than 3Y benchmark bond. TD TD TD TD


BMO 3Q17: New Earnings Format & Tearsheet

08/30/2017

BMO has the weakest combination of overvalued debt and equity. Sell on both.


BNS 3Q17: New Earnings Format & Tearsheet

08/29/2017

BNS posts good results, but seeing fall-off in LatAm growth. Sell Stock, Buy 5Y Bond.


CIBC 3Q17: New Earnings Format & Tearsheet

08/28/2017

CIBC keeps humming in mortgage and consumer lending, but will it hit the wall as the vintages season? Sell Stock, Buy Debt. CIBC CIBC CIBC CIBC


RY 3Q17: New Earnings Format & Tearsheet

08/25/2017

RY prints another good quarter, but market still concerned about housing values in bubbly Canada. Very low systemic risk and low credit/counterparty risk relieves some concerns. Buy Stock, Sell Bonds RY RY RY RY


10Q-Tips: Real GS - Level 3s in Equities/Converts/Loans

08/07/2017

GS 10Q shows how it bailed out its 2Q17 results with well-time Level 3 private equity gains, mostly unrealized. Does GS have a natural hedge between FICC and Level 3s. We explore. GS GS GS GS


SocGen 2Q17: New Earnings Format & Tearsheet

08/03/2017

SocGen enchanted with equities derivatives, structured notes, E.Europe/Russia/Africa lending. So, higher credit risk/volatility oriented as home French banking boring. Sell Stock, Buy Bonds. socgen socgen socgen socgen socgen


CS 2Q17: New Earnings Format & Tearsheet

08/01/2017

CS got some wind in its sail, but how long & how far is the question. Still big Level 3 exposures. Sell stock, Buy bonds. CS CS CS CS CS


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