Company Reports

Recap CIBC 3Q18: Strong Growth, Still Risks


CIBC did have strong earnings, but we remain wary of rapid growth in Canada with unsecured personal lending and credit cards. Remain Sell on Stock and Bonds. Barely Low systemic risk, Medium counterparty risk. CIBC CIBC CIBC CIBC CIBC CIBC CIBC CIBC

Recap BNS 3Q18: Pacific Alliance & Regional Economic Stress, BNS Immune?


BNS revvs the revenue engines in Canada and S. America, but is it acquiring too quickly as the International region weakens. Sell on Stock and Bonds. BNS BNS BNS BNS BNS BNS BNS BNS

RY 3Q18: Another US Driver as Canadians Stay Steady


RY had a good quarter with US-based strength more in wealth management and capital markets. Remain Buy on stock, Sell on 3Y bond. Systemic risks Very Low and counterparty risk low.  RY RY RY RY RY RY RY RY

TD 3Q18: Strong US Power-Drives US Retail & Ameritrade’s Effect


TD should change its name to American Dominion as the US powers its growth from acquisitions and loan and retail brokerage client trading activity. Credit costs creeping up, but contained in light of revenues growth. Go Buy on Stock and Bonds. Counterparty & Systemic risk levels Low to Very Low. TD TD TD TD TD TD TD TD

BMO 3Q18: Better Efficiency, Fueled by US Markets


BMO showed rocket better results in its US unit as lending was strong and US tax reform helped. Capital markets was strong as well. Canada holding up nicely, though home mortgage slowing. Sell on Stock & Bonds. Counterparty and Systemic risks improve. BMO BMO BMO BMO BMO BMO BMO BMO

Recap SocGen 2Q18: Slower Structured Products, Equity Deriv Drag?


SocGen continues to show good growth on the international finance side as French retail sluggish and Global Markets flatter due to equity volatility changes. Still Sell on Stock/Bonds. High regulatory risk, Medium counterparty risk. SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN

Recap BNP 2Q18: Derivatives Mystique, Banking Better


BNP shows PTI growth in the International Finance division as the Domestic Markets are flat. There is Turkey exposures. Rows through the equity volatility waves of the 1H18 with equity derivatives revs rising. We discuss this conundrum. Sell on Stock and Bonds. BNP BNP BNP BNP BNP BNP BNAP BNP BNP

Recap Barclays 2Q18: Building Buoyancy


Barclays showing more poise in its operating income development as it maintains cost control and takes advantage of equities surges and credit card strength in US. Move to Buy on Stock and maintain Buy on Bonds. BARC BARC BARC BARC BARC BARC BARC BARC BARC 

CS 2Q18: Hitting on More Banking Cylinders as Wealth Mgt Builds


CS showed improvement on the i-banking front as advisory revenues kicked in. Trading lower as fixed income waned. Still, not a focus as global asset/weatlh mgt. and high margin capital markets the sweet spots. Move our equity view to Buy from Sell on better economic earnings.  CS CS CS CS CS CS CS CS CS CS

10Q-Tips: AXP 2Q18: New Format, Volume Focused


AXP underwhelmed Street analysts, but Viola Risk thinks growth was good in light of the stiff competition for card users. Focuses on receivables growth to offset rising interest rate pressures. Still a Buy on Stock, Bonds too tight. Low counterparty/regulatory risk. AXP AXP AXP AXP AXP AXP AXP AXP AXP

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