资源描述：
《德意志银行-新兴市场公司研究-hy multi sector ig multi sector latam corporates 1q17 earnings review-20170721-deutsche bank》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、DeutscheBankMarketsResearchEmergingMarketsCorporateCreditDateHYMultiSector21July2017IGMultiSectorEduardoVieiraResearchAnalyst(+1)212250-7568eduardo.vieira@db.comLATAMCorporates1Q17EarningsXavierOlaveReviewResearchAnalyst(+1)212250-6135xavier.olave@db.comInthisreport,wepresento
2、urreviewof1Q17earningsforroughly100LatAmcorporateandfinancialissuers,includingone-pagerswithindividualearningstables,resultanalysisandmanagementguidance,aswellassectorandcountryaggregations,andourobservations/viewsofrecentandfutureearningstrends.CorporateleverageinLatinAmerica
3、wasmostlyflatin1Q17vs.4Q16onasimpleaveragebasisbutlowerthanthepeakin1H16,withmixedperformancebysectorsandmacrodynamics,whileliquiditycushionsremainedmostlycomfortable;weexpectamoderateimprovementinleveragein2Q17Wehavelookedat1Q17earningsofover80LatAmnon-distressedcorporate(non
4、-financial)issuersandfoundthat,onaverage,corporateleverageintheregionhasstayedmostlyflatonaquarterlysequentialbasis,at~3.4xnetdebttoLTMEBITDA,butdeclinedfromthemulti-yearpeaklevelsobservedin1H16,asthepositiveimpactofhigheroilandminingproductprices(netofFX)onenergyandmining&ste
5、elcompanieswasoffsetby1)FXweaknessinArgentinaandMexicoimpactinglocal-currencyplaysoperatinginthesecountries;2)FXstrengthinBrazilimpactingpulpandmeatexportmargins;3)chickenovercapacity,lowcattleavailabilityandexportdisruptionsfromcorruptioninvestigationsalsoimpactingBrazilianme
6、atpackers;4)softconsumerdemandintheregionimpactingretailers;5)weatherdisruptionsinPeru;6)recessionandcementovercapacityinBrazilimpactingcementproducersandairlineswithmaterialoperationsinthecountry;and7)seasonalworkingcapitalusesputtingtemporarypressureonnetdebtfigures.Itisalso
7、worthnotingthepositiveperformanceofthefollowingissuers:Eletrobras(Brazilutilities),whichbenefitedfromFXstrength,priceincreasesaboveinflation,assetsalesandcompensationfromthegovernment;TGS(Argentinautilities),duetoanimprovedtariffscheme;andBraskem(Brazilpetrochemicals),whichwas
8、aidedbystrongPVCspreads,strongerdemandinBrazilandthefullramp-
