Some of the local earnings releases to take note of this week include:
Results out of the US are limited this week with just a few tech counters scheduled to release quarterly numbers. Multinational computer software companies Adobe and Red Hat will kick off the week followed by Oracle with quarterly numbers on Wednesday. American-owned merchandise retail chain Bed Bath & Beyond is likely to create some buzz within the retail space with first quarter results scheduled to be released on Thursday. Bed Bath & Beyond has come under pressure recently amid a slowdown in shopping centre traffic as more and more shopper’s transition towards e-Commerce. Based on Bloomberg estimates, Bed Bath and Beyond is expected to report a fall in earnings of 17.2% y/y for 1Q18 following a drop of 0.5% during 4Q17. Looking ahead to 2Q17, the estimated earnings growth rate for the S&P500 is 6.6% with nine out of the eleven sectors expected to report positive earnings growth. This is lower than the 8.7% growth expectation as at 31 March, mainly due to downward on the back of several issues including heightened global political risk and uncertainty regarding policy changes within the US.
In Europe, family owned supermarket retail chain Colruyt Group (full year) and building materials distribution company Wolseley (third quarter) are likely to grab investors’ attention this week. Bloomberg is guiding for FY17 bottom-line growth of 1.8% y/y from Colruyt, a slowdown compared to double-digit growth of 12.7% y/y in the previous year. Expectations for Wolseley are fairly upbeat with consensus pointing towards growth of 19.7% for FY17, more than double what was achieved in the prior period.
In the Asia-Pacific region, the focus will likely be on full year results from natural gas distribution company China Gas Holdings. The group recently stated that net profit is expected to grow by more than 70% y/y as a result of solid growth within the principle business during the second half of the year. A reduction in one-off items, including exchange losses, further enhanced performance.
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