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Stadler Rail: Half-year sales CHF 1.42 billion (exp. CHF 1.31 billion). Op. Profit 48.9 million CHF (49.1 million CHF). Outlook confirmed, but not increased. The same applies to the medium-term goals. Turnaround under company patron Peter Spuhler is only slowly taking effect. JP Morgan stays up to CHF 46 for NEUTRAL, while Mirabaud Securities stays up to CHF 55 for BUY.
Roche: Japan wants Covid-19 antibody cocktail from US partners Regeneron as the first nation to even grant marketing approval for the home. Exciting thing and pretty promising.
Allreal: Rental income CHF 101.8 million (exp. CHF 102 million). Op. Half-year profit of CHF 106.6 million (exp. CHF 85.4 million). Outlook is increased. Vontobel remains for HOLD until 195 CHF.
Cembra Money Bank: Deutsche Bank goes on HOLD (Buy) to 78 (118) Fr. Julius Baer cuts to 75 (115) Fr. with BUY. Loss of Migros business responsible for a third of earnings and the most important organic growth driver in recent years.
Datwyler: Research Partners increase to 350 (300) Fr. with HOLD. Encouraging margin development and higher previous year’s targets.
DKSH: Stifel goes to HOLD (Buy) to 80 (79) Fr. Share no longer a bargain.
Galenica: Credit Suisse is for NEUTRAL up to 75 (67) Fr.
Georg Fischer: UBS Fund Management is expanding to 3pc.
Hochdorf: Research Partners are for SALE until 30 (10) Fr. More on the subject at 12.30 in my column.
Landis+Gyr: Share for JP Morgan a sale with UNDERWEIGHT up to 66 (60) Fr.
Orell Füssli: Research Partners cut to 100 (115) Fr. with HOLD. Long-term growth prospects remain manageable.
Partners Group: JP Morgan increases to 1785 (1560) Fr. with OVERWEIGHT. Earnings estimates are increased by up to 12pc.
Richemont: And another title sale from the board of directors worth CHF 3 million.
Schindler: Stifel goes to HOLD (Buy) to 315 (305) Fr. The manure is out.
Sensirion: Half-year sales CHF 144.4 million (exp. CHF 144.2 million). Op. Profit 45.9 million CHF (44.8 million CHF). Recently increased outlook confirmed. Vontobel increases to CHF 99 (88) with HOLD.
Sika: Acquires Chinese roof system specialist Shenzen Landing. As usual, no information on the purchase price. Mirabaud Securities is available for BUY to 375 (340) Fr.
Vetropack: A share for Berenberg Bank up to 74 (70) Fr.
Vifor: Research Partners goes to SELL (Hold) to 110 (108) CHF. Takes account of the adjustments to the US marketing authorization for Korsuva. Credit Suisse, on the other hand, holds up to CHF 141 (136) with OUTPERFORM.
Derivatives: Greater sales in the call warrant SRABJB on Stadler Rail as well as in the knock-out put SDAATV on the DAX.
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