LA BIERE BELGE..à l'aveugle...


HEINEKEN: A revolution in Belgian beer tasting

In a blind taste test by the Belgian consumer organisation Test-Aankoop, out of 44 lagers beers available in Belgium the top-3 consists of Bockor, Bock and Primus. The number 4 is Heineken, even before the lagers of AB InBev (Jupiler 9th place; Beck's 10; Stella 16th) and Heineken's own subsidiary Maes (8th). And this while Heineken was tasted out of a can versus most premium beers out of a bottle.

Bockor is only a small player with 85,000hl, only 1% of the beer market.

In price/quality relation, Schultenbrau (store brand Aldi) and Premium Pils (Delhaize) were best. However, due to lack of raw materials in it the brand Cara (Colruyt), Aro (Makro), Konigsbacher, 365 (Delhaize) and Karlsquell (Aldi) in fact are not able to call themselves 'lager beer'.

These results have no impact on share prices, we think.

HEINEKEN..Price: €34.3. Last published: target price: €48.4; recommendation: BUY


DEXIA: Demerger of Group excluded

Yesterday after Group meeting Chairman Jean-Luc Dehaene made the following statements: 1) any scenario involving a demerger of the Group is excluded, 2) as in the past the Strategic Committee and the Board of Directors will continue to examine various strategic hypotheses (no specifics provided), 3) the Group is determined to continue with the acceleration of the deleveraging program as decided on May 27, relying on its robust capital base (Tier 1 ratio 11.4% 1H11) and the €1.8bn provision taken in 2Q11.

We believe the market will be disappointed by the statements following earlier media rumours on potential breakup of the Group and creation of new French bank with Banque Postale (creating new French bank for municipalities). In our view this would give the Group more breathing space as the Group is currently too leveraged and has too high short term funding needs (€95bn 1H11).

In our view the difficulty is the political entanglement of the Group, making it difficult to make bold strategic decisions. In our view the main issues is what to do with the legacy assets of c. €100bn legacy assets? In a demerger scenario for the French public finance activities it is clear that neither Belgium nor Luxembourg wants to take the sole responsibility for the legacy.

All in all, there is no easy solution and we retain our cautious stance on the stock. The current deleveraging program takes time to be implemented and to accelerate the current plan without incurring further losses seems difficult to envisage. On September 14 Dexia made statements on liquidity and funding. The 2011 long-term funding plan has been completed and the group said to have no intention to tap the senior unsecured market. However, also Dexia’s secured spreads have widened substantially in recent weeks making it uneconomically unattractive to fund itself. As such spreads need to come in dramatically by early 2012 otherwise we see risk that Dexia net interest margin will get under significant pressure. For this to occur more visibility on the end game of the EU sovereign debt crisis is required.

Price: €1.51. Last published: target price: €1.5; recommendation: SELL

La Bourse de Paris s'enfonce, bancaires et cycliques pèsent :

La Bourse de Paris © AFP/Archives  Eric Piermont
La Bourse de Paris
© AFP/Archives  Eric Piermont

La Bourse de Paris s'enfonçait dans le rouge (-1,17%) et repassait sous les 3.000 points, mercredi matin, tirée vers le bas par les valeurs bancaires et cycliques, sur fond d'inquiétudes persistantes quant à la crise de la dette en zone euro.

A 10H25 (8H25 GMT), le CAC 40 cédait 35,70 points à 2.987,68 points. Société Générale (-4,66%), BNP Paribas (-4,61%) et Crédit Agricole (-3,18%) pesaient, tout comme Renault (-4,51%) et Peugeot (-4,20%).

INDICES à 10H46..

BEL 20 * 2135.95 -17.56 -0.82 %  
AEX * 278.72 -3.32 -1.18 %  
CAC 40 * 2979.57 -43.81 -1.45 %  
Euronext 100 * 561.68 -6.25 -1.10 %  
Next 150 * 1317.10 -14.44 -1.08 %  
DAX 5567.80 -60.64 -1.08 %  
FTSE MIB 14683.44 -127.72 -0.86 %  
IBEX 35 8454.10 -77.80 -0.91 %  
SMI 5541.12 -23.50 -0.42 %  
SLI 829.32 -7.86 -0.94 %  
SPI 5022.58 -28.41 -0.56 %  
FTSE 100 5254.97 -39.08 -0.74 %  
Dow Jones * 11190.69 146.83 1.33 %  
Nasdaq 100 2253.55 0.00 0.00 %  
Nasdaq 2546.83 0.00 0.00 %  
OMX Nordic 40 823.92 -13.45 -1.61 %  
OMX Helsinki 25 1858.69 -34.18 -1.81 %  
OMX Stockholm 30 912.42 -14.85 -1.60 %  
OMX Copenhagen 20 353.27 -2.25 -0.63 %  



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10:47 Écrit par swingteam-cc | Lien permanent | Commentaires (1) |  Facebook |


En hollandaise -

Zo zie je maar die complete onzin - Het beste belgisch bier - écht uit belgie! ( bocholt brouwerij MARTENS -nu ineens bockold nv...) en zelfs Heineken..
Dus hou op met dienen onzin!

Écrit par : geert | 07/06/2012

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