MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

Aircraft-Led Durables Collapse Masks Rebound In Core Orders

MNI: BELGIUM JUL BNB BUSINESS SURVEY -12.3

MNI: US Q2 GDP +2.8%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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KPN Headline Results Solid Though FCF Was Soft On WC Changes; Not A Spread Mover

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  • Q1 revenue and EBITDAal in line with BBG consensus at +3.3% YoY and +3.6% YoY (vs. +2.5% and +2.9% company-provided consensus). Two largest segment’s revenue broadly in line with BBG consensus too with Consumer +4.5% and Business +3.2% (vs. company provided consensus of +2.8% and +2.5%). Results look good against 3% CAGR service revenue and EBITDAal MT guidance.
  • Credit metrics slightly soft; Leverage flat at 2.3x, ICR increased to 10.6x from 10.5x at FY23. OFCF +5.9% YoY on higher EBITDAal though FCF was -5.9% YoY on working capital changes (vs. -0.1% company provided FCF consensus).
  • MT guidance affirmed; FY guidance upgraded but slightly so; FY24 EBITDAal guidance EUR +20mn and FCF guidance EUR +10mn. Attributed to the Youfone acquisition.
  • EUR spreads flat; not likely a spread mover.
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