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Research Tree provides access to ongoing research coverage, media content and regulatory news on UBS GROUP AG-REG. We currently have 6 research reports from 1 professional analysts.
|24Aug16 12:55||PRN||How These Banking Stocks are Faring? -- Royal Bank of Scotland, HSBC Holdings, UBS Group, and East West Bancorp|
|07Jul16 01:05||PRN||Foreign Money Center Banks Equities Technical Review - HSBC Holdings, UBS Group, The Royal Bank of Scotland Group, and East West Bancorp|
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UBS GROUP AG-REG
UBS GROUP AG-REG
Slightly better Q3 pre-tax profit yoy but much less tax benefits
28 Oct 16
Net profit attributable to shareholders decreased by 60% to CHF827m for Q3 16 compared to Q3 15 and was down by 20% compared to Q2 16. Total operating income declined by 2% to CHF7.0bn for Q3 16 compared to Q3 15. Net fee and commission income decreased by 1% to CHF4.1bn for Q3 16. Trading income was up by 3% to CHF1.1bn for Q3 16. The loan provisions were a negligible CHF4m for Q3 16 compared to CHF28m in Q3 15. Total operating expenses were down by 4% to CHF6.15bn for Q3 16 compared to Q3 15 and was up by 4% compared to Q2 16. Pre-tax profit increased by 11% to CHF877m for Q3 16 compared to Q3 15. The tax ratio was low with around 6% for Q3 16 compared to 25% for Q2 16. However, Q3 15 benefited from a tax credit of CHF1.3bn. The result is the decrease in net profit for Q3 16 compared to Q3 15. RoE was 6.2% for Q3 16 versus 7.7% for Q2 16 and 15.9% for Q3 15. Net new money inflow was CHF12.7bn in Q3 16. UBS’s BIS Basel III fully-applied common equity tier 1 ratio was 14.0% at the end of September 2016 compared to 14.5% at the end of 2015. The fully-applied leverage ratio was 3.4% at the end of September 2016.
Solid Q2 figures are strong compared to peers
29 Jul 16
Net profit attributable to shareholders decreased by 14% to CHF1.03bn for Q2 16 compared to Q2 15 and was up by 46% compared to Q1 16. Total operating income declined by 5% to CHF7.4bn for Q2 16 compared to Q2 15. Net fee and commission income decreased by 7% to CHF4.1bn for Q2 16. Trading income was up by 15% to CHF1.9bn for Q2 16. The loan provisions were a negligible CHF7m for Q2 16 compared to CHF13m in Q2 15. Total operating expenses were down by 2% to CHF5.9bn in Q2 16. Pre-tax profit decreased by 15% to CHF1.5bn for Q2 16 compared to Q2 15. The tax ratio was flat with around 25% for Q2 16 compared to Q2 15. RoE was 7.7% for Q2 16 versus 9.4% for Q2 15 and 5.1% for Q1 16. Net new money inflow was only CHF0.7bn in Q2 16 compared to CHF17.4bn in Q2 15 due to outflows of CHF7.7bn in AM for Q2 16. UBS’s BIS Basel III fully applied common equity tier 1 ratio was 14.2% at the end of June 2016 compared to 14.5% at the end of 2015. The fully applied leverage ratio was 5.5% at the end of June 2016.
Weaker start into FY2016
03 May 16
Net profit attributable to shareholders decreased by 64% to CHF707m for Q1 16 compared to Q1 15. Total operating income declined by 23% to CHF6.8bn for Q1 16 compared to Q1 15. Trading income was down by 53% to CHF1.0bn for Q1 16. The loan provisions were a negligible CHF3m for Q1 16 compared to CHF16m in Q1 15. Total operating expenses were down by 5% to CHF5.85bn in Q1 16. Pre-tax profit decreased by 64% to CHF978m for Q1 16 compared to Q1 15. The tax ratio was around 28% for Q1 16 compared to 25% for Q1 15. RoE was 5.1% for Q1 16 versus 13.7% for Q1 15. Net new money was CHF26.2bn in Q1 16 compared to CHF24.1bn in Q1 15 and CHF2.5bn for Q4 15. UBS’s BIS Basel III fully applied common equity tier 1 ratio was 14.0% at the end of March 2016 compared to 14.5% at the end of 2015. The fully applied leverage ratio was 5.4% at the end of March 2016.
Better net profit for FY2015 and again a positive tax effect, dividend increased
02 Feb 16
Net profit attributable to shareholders increased by 11% to CHF949m for Q4 15 compared to Q4 14. Total operating income was flat at CHF6.78bn for Q4 15 compared to Q4 14. Total operating expenses were up by 3% to CHF6.54n compared to Q4 14. Pre-tax profit declined by 42% to CHF234m for Q4 15 compared to Q4 14. UBS benefited from a tax income of CHF715m in Q4 15 and CHF515m in Q4 14. Net profit attributable to shareholders increased by 79% to CHF6.2bn for FY2015 compared to FY2014. Total operating income rose by 9% to CHF30.6bn for FY2015. Total operating expenses declined by 2% to CH25.1bn for FY2015 compared to FY2014. Personnel expenses were up by 4.6% to CHF16.0bn in the same period. UBS benefited from a tax income of CHF898m in FY2015 and CHF1.18bn in FY2014. Pre-tax profit more than doubled, rising by 123% to CHF5.5bn for FY2015 versus FY2014. RoE was 11.8% for FY2015 versus 7.0% for FY2014. Adjusted RoTE (return on tangible equity) was 13.7% for 2015. Net new money was CHF28.8bn in FY2015 versus CHF59.9bn in FY2014 mainly due to a big negative swing in the Global Asset Management unit. UBS’s fully-applied Basel III common equity tier 1 (CET1) ratio increased from 13.4% at the end of 2014 to 14.5% at the end of 2015. The proposed ordinary dividend for FY2015 was increased to CHF0.60 per share after CHF0.50 for FY2014. An unchanged additional supplementary dividend of CHF0.25 per share will be paid for FY2015 too. UBS said it remains committed to paying out at least 50% of profits after achieving its fully-applied CET1 ratio of 13%.
Mixed Q3 figures, postponed targets and board revision
03 Nov 15
Net profit attributable to shareholders increased from CHF763m for Q3 14 to CHF2.1bn for Q3 15. Total operating income rose by 4% to CHF7.2bn for Q3 15 compared to Q3 14. Net interest income was down by 1% to CHF1.85bn for Q3 15. Commission income declined by 4% to CHF4.1bn for Q3 15. Trading income was up by 52% to CHF1.06bn for Q3 15. Total operating expenses decreased by 14% to CHF6.4bn in Q3 15. Net charges for provisions were CHF592m for Q3 15 compared to CHF1.8bn for Q3 14 and CHF71m for Q2 15. Pre-tax profit was CHF788m for Q3 15 compared to a pre-tax loss of CHF554m for Q3 14 and was down by 55% compared to Q2 15. UBS benefited from a tax income of CHF1.3bn in both Q3 15 and Q3 14, reflecting a revaluation of deferred tax assets (DTA). The tax ratio was 25% for Q2 15. RoE was 15.9% for Q3 15 versus 6.1% for Q3 14 and 9.4% for Q2 15. UBS’s BIS Basel III fully applied common equity tier 1 ratio was 14.3% at the end of September 2015 compared of 13.4% at the end of 2014. The fully applied leverage ratio was 5.0% at the end of September 2015, of which 3.3% was from CET1. In light of actual and forecasted changes in macro-economic conditions and the announcement of a newly-proposed too big to fail regulation, UBS has amended certain external performance targets and expectations for the group and the business divisions for 2016 and future years. UBS expects to achieve an adjusted return on tangible equity (RoTE) in 2016 at approximately the same level as 2015, an adjusted RoTE of c.15% in 2017 and targets an adjusted RoTE of above 15% from 2018 onwards (previously above 15% from 2016 onwards). UBS also announced a revision in its Group Executive Board (GEB). Three members will be leaving and four new members have been appointed. The CFO will switch tasks and become responsible for the Americas. All changes are effective 1 January 2016.
Improved Q2 figures
27 Jul 15
Net profit attributable to shareholders increased by 53% to CHF1.2bn for Q2 15 compared to Q2 14. Total operating income rose by 9% to CHF7.8bn for Q2 15 compared to Q2 14. Net interest income was up by 20% to CHF1.5bn for Q2 15. Commission income rose by 3% to CHF4.4bn for Q2 15. Trading income was up by 22% to CHF1.65bn for Q2 15. Total operating expenses rose by 2% to CHF6.06bn in Q2 15. Pre-tax profit increased by 44% to CHF1.76bn for Q2 15 compared to Q2 14. The tax ratio was unchanged at 25% for Q2 15. RoE was 9.4% for Q2 15 versus 6.4% for Q2 14 and 15.4% for Q1 15. UBS’s BIS Basel III fully applied common equity tier 1 ratio rose 70 basis points to 14.4% at the end of June 2015 compared to the end of March 2015. The fully applied leverage ratio was 4.7% at the end of June 2015. The release of the full Q2 15 report is due on 28 July.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.