Tomorrow Friday comes the YPF, expected by the market and where it would mark the recovery of the last 2 months of last year. Banks, next week
The Argentine stock market It is also very hit like the bonds. The lack of certainty with the economic direction and the consequences of the pandemic on the level of corporate business means that companies “made in Argentina” wander without interest in investing. But a driver that could make them move at least a little has to do with the accounting results, that is, the earnings of the last quarter of last year that is beginning to arrive.
The first balance sheets for the fourth quarter of 2020 of Argentine companies showed some pearls: Tenaris (TS) and Vista Oil (VIST) by Miguel Galuccio, both showing a strong recovery during the last quarter of the year in their sales and production level. Tenaris earned $ 109.5 million, against a loss of $ 36 million the previous quarter.
Former YPF Miguel Galuccio is the owner of Vista, one of the companies that presented favorable balance sheets
YPF comes in recovery
In the last quarter of last year it had earned $ 148 million, which represents a drop of 26%. However, VIEWAlthough it presented a loss of US $ 19.7 million during the last quarter of the year, it showed a strong improvement in production and sales. Total production grew 2.1% year-on-year and 20.7% quarterly, mainly due to higher oil production, which reached a rate of 23,056 barrels per day.
Total sales fell 17.5% year-on-year and grew 13.8% quarterly, totaling US $ 79.5 million during the 4Q20. “For the next quarter, we continue to expect improvements in the results, with the reduction of operating costs, the price of oil on the rise (at 62 dollars) and record production in Vaca Muerta”, says Portfolio Personal Inversiones (PPI).
In this week that is about to conclude we will have the results of 4Q20 and all 2020 of YPF, this Friday, March 5. With production at Vaca Muerta recovering during November and especially December, “it is likely that we will see a recovery in oil production from the state-owned company.”
Banks, next week
“However, we see it below the growth rate of VIST that it had in the last month of the year and we could see it in the balance sheet. YPF He kept the focus on debt restructuring in late 2020 and early 2021, where he was also joined by political problems and the change of presidency. However, better results than 3Q20 are expected although the outlook for the company continues to look complicated, where it needs to return to aspiring to profitability to recover the share price, “says PPI.
At the same time, the market is also waiting for the balance of the banks – from the second week of March – who will give us a glimpse of the recovery in consumption and the local economy. It is expected by Supervielle next Monday, then Galicia, French and Macro. “On the other hand, and as we mentioned previously, the negotiations with the IMF will continue to be a very important driver, where the few advances in recent days pushed local assets down, along with a difficult international context,” they warn.
Technically, according to PPI, they see a support at 300/310 points if we take the Merval in dollar Cash With Settlement. With the index down, they see possible a new test of these levels in the short term, although it will also depend on the evolution of the different drivers mentioned above. “On the upside, we see short-term resistance at 380 points, where we need better news to get back to those levels, “they conclude.
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