HALISTER1: Hunt Commercial Real Estate Notes 2017-FL1 - DBRS Rating Report

Hunt Commercial Real Estate Notes 2017-FL1 - DBRS Rating Report

Alert: HALISTER1
Source: DBR (Dominion Bond Rating Service)

People
Erin Stafford (Dbrs, Inc.)
Kevin Mammoser (DBRS Inc)

Topics
Fixed Income Research
Reports
Credit Analysis Research
Credit Research
Investment Research

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UUID: 7947283

HALISTER1: Premium Brands at New All-Time Highs After TD Upgrade to Buy

Premium Brands at New All-Time Highs After TD Upgrade to Buy

(Bloomberg) -- Premium Brands Holdings rose for second day, up as much as 5.8% and setting a fresh record after TD Securities raised rating to buy from hold on "stronger underlying earnings trends" across all businesses and quality execution. Analyst Derek Lessard also boosted the PT to Street-high C$122 from C$92.
  • TD "confident" that PBH on pace to exceed both sales and margin guidance; expects PBH to need to build/acquire more capacity over next two years
  • Notes AZ sandwich plant production ~6 quarters ahead of TD’s estimate; Specialty Foods organic revenue growth is exceeding mgmt target and expanding gross margins
    • Premium Food Distribution sales "poised to accelerate" in 2H 
  • Raises annual Ebitda estimates by 6-8.5%, boosts valuation range to 14x-15x Ebitda based on improving sales and margin trends, 2Q beat
  • PBH CN has 4 buys, 4 holds, 0 sells, avg PT C$105: Bloomberg data
  • PBH CN +45% YTD vs S&P/TSX Capped Consumer Staples Sector Index (SPTSCS) +3%
  • PBH CN best-performing stock in SPTSCS today and YTD
To contact the reporter on this story: Kailey Leinz in New York at kleinz1@bloomberg.net To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net Brad Olesen

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
PBH CN (Premium Brands Holdings Corp)

People
Derek Lessard (Toronto-Dominion Bank/The)

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UUID: 7947283

HALISTER1: Golden Credit Card Trust, Series 2017-4 - DBRS Rating Report

Golden Credit Card Trust, Series 2017-4 - DBRS Rating Report

Alert: HALISTER1
Source: DBR (Dominion Bond Rating Service)

Tickers
RY CN (Royal Bank of Canada)

People
Fanfei Gong (DBRS Ltd)
Geetika Gupta (DBRS Ltd)
Jamie Feehely (DBRS Ltd)

Topics
Fixed Income Research
Reports
Credit Analysis Research
Credit Research
Investment Research

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UUID: 7947283

HALISTER1: Meirelles Seems Committed To Lower Fiscal Target: CM Capital

Meirelles Seems Committed To Lower Fiscal Target: CM Capital

(Bloomberg) -- Brazil govt is trying to reach an agreement so that Finance Minister Henrique Meirelles can keep his word and present gradually smaller deficits, says CM Capital’s chief economist Camila Abdelmalack in an interview.
  • If new fiscal target comes above BRL159b and if it’s clear that Meirelles gave in to pressure, it will be negative for him
  • Even so, restrictive fiscal policy softens the deficit
  • NOTE: Brazil’s Meirelles doesn’t see BRL170b, BRL175b primary deficit
To contact the translator on this story: Ana Carolina Siedschlag in São Paulo at asiedschlag@bloomberg.net To contact the reporter on this story: Ana Carolina Siedschlag in São Paulo at asiedschlag@bloomberg.net To contact the editors responsible for this story: Daniela Milanese at dmilanese@bloomberg.net Josue Leonel

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Henrique Meirelles (Brazil Secretaria do Tesouro National)
Camila Abdelmalack (Cm Capital Markets Corretora De Cambio Titulo E Valores Mobiliarios Ltda)

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UUID: 7947283