Wednesday preview: US and China data, Experian in focus

updated: 14 May 2019 at 2:53pm Author: Alexander Bueso

(Sharecast News) - The market spotlight on Tuesday will be on a raft of economic data out of China and the US.

First thing on Tuesday morning, China's National Bureau of Statistics will release a slate of data covering fixed asset investment, industrial production and retail sales in the month of April.

Later in the afternoon, those figures will be followed by other data on US retail sales and industrial production in April and for housing during May.

Among the coporates that are set to update markets on Wednesday are Experian and TUI AG.

For Experian, Tom Sykes at Deutsche Bank has penciled-in an 8% increase in full-year organic revenues, slowing to 5.0% over the year ending in March 2020 (consensus: 5.0-8.0%) and to 4.0% over the course of the following one.

And on the back of slower growth, Sykes anticipated the shares' valuation would derate to a price-to-earnings multiple of 22.5 - something which had yet to occur.

He went on to point out that: "Historically a below-5% growth rate has seen the company trade below 20x PE."

Nevertheless, the consumer credit reporting company was now more diversified than during the latter stages of the last cycle, he said.

For 2019-21, the analyst was anticipating EPS growth of 8.8%, 6.0% and 5.2%.

Rory McKenzie at UBS was more upbeat, anticipating "encouraging" guidance and underlying margin expansion.

"We believe that FY'20e will mark a return to double-digit EBIT growth at Experian, as c8% organic revenue growth meets accelerating operating leverage," he added.

UBS´s Cristian Nedelcu meanwhile is anticipating an underlying EBITA loss of €223m for TUI's second quarter, up from €134m one year ago.

Losses at the tour operator business were pegged at €320m, due in part to the timing of Easter, but also as a result of year-on-year weakness in end markets.

In Hotels meanwhile, EBITA was seen down by 19% on the year before to €69m and in Cruises approximately 11% higher at €61m.

"Upside to our Sell rating could come in a scenario of further industry consolidation."



Brewin Dolphin Holdings, Compass Group, CYBG , Marston's, Sanderson Group, Ten Lifestyle Group , Tharisa (DI), TUI AG Reg Shs (DI)


Marsh & Mclennan Cos Inc.


Business Inventories (US) (15:00)

Capacity Utilisation (US) (14:15)

Crude Oil Inventories (US) (15:30)

GDP (Preliminary) (EU) (10:00)

GDP (Preliminary) (GER) (07:00)

Industrial Production (US) (14:15)

MBA Mortgage Applications (US) (12:00)

Retail Sales (US) (13:30)


British Land Company, Experian, Speedy Hire, Stobart Group Ltd.


Serabi Gold


Starwood European Real Estate Finance Ltd


Aberdeen Asian Income Fund Ltd., Be Heard Group, BlackRock Latin American Inv Trust, Cenkos Securities, Charter Court Financial Services Group , Cineworld Group, European Assets Trust , Jupiter Fund Management , Marshalls, Maven Income & Growth 4 VCT, Miton Group, Moss Bros Group, Paddy Power Betfair, Playtech, PPHE Hotel Group Ltd, Rockhopper Exploration, Secure Trust Bank, Secure Trust Bank, Spirax-Sarco Engineering, Spirax-Sarco Engineering, Spirax-Sarco Engineering, Starwood European Real Estate Finance Ltd, TP ICAP, Tritax Big Box Reit , Vesuvius, William Hill


Galliford Try, Hargreaves Lansdown, Spirax-Sarco Engineering


4Imprint Group, Alpha Fx Group , Bristol & West 'A', Dairy Farm International Holdings Ltd (Bermuda), Dairy Farm International Holdings Ltd. (Jersey), Dairy Farm International Holdings Ltd. (Singapore), Hongkong Land Holding Ltd. (Bermuda), Hongkong Land Holding Ltd. (Jersey), Hongkong Land Holding Ltd. (Sing.Reg), Jardine Matheson Holdings Ltd (Singapore Reg), Jardine Matheson Holdings Ltd. (Bermuda), Jardine Matheson Holdings Ltd. (Jersey), Jardine Strategic Holdingd Ltd. (Bermuda), Jardine Strategic Holdingd Ltd. (Jersey REG), Jardine Strategic Holdings Ltd. (Singapore), Mandarin Oriental International (Bermuda), Mandarin Oriental International (Jersey), Mandarin Oriental International (Singapore), OneSavings Bank, Rentokil Initial, Schroder Asian Total Return Investment Company


JPJ Group, Kingfisher