In today’s briefing:
- YPF 4Q24: Macro Tailwinds and Strategic Progress Offset a Weak Quarter
- Lucror Analytics – Morning Views Asia
YPF 4Q24: Macro Tailwinds and Strategic Progress Offset a Weak Quarter
- We maintain our Outperform recommendation on YPF. Shale Expansion, Export Capacity Growth Key to Long-Term Performance
- YPF posted weak 4Q24 results. Adjusted EBITDA dropping 38.6% QoQ and 22.5% YoY to $839 million, missing consensus by 19.7%.
- YPF reaffirmed confidence in its strategic execution, achieving key milestones in shale operations, mature fields divestments, and fuel pricing adjustments.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Adani Energy Solutions
- In the US, treasuries climbed on safe-haven demand and increased expectations of Fed rate cuts, amid growing concerns over the US economy. The UST curve bull-steepened, with the yield on the 2Y UST declining 12 bps to 3.89%, while the yield on the 10Y UST fell 9 bps to 4.22%. Fed-dated OIS were pricing in 81 bps of rate cuts this year, with the first decrease expected in June.
- Equities sank on rising economic uncertainty, given rising trade tensions and after US President Donald Trump’s comments that the economy is facing a “period of transition” this year. The S&P 500 fell 2.7% to 5,615, while the Nasdaq slid 4.0% to 17,468.
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