MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

MNI: US JOBLESS CLAIMS -2K TO 220K IN MAR 08 WK

MNI: CANADIAN JAN BUILDING PERMITS -3.2% MOM

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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UTILITIES: Snam (SRGIM Baa2/BBB+/BBB+): Strategic Plan

UTILITIES
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Largely in-line with consensus.

  • Snam has released its strategic plan through 2029, detailing plans to expand and decarbonize the gas network.
  • It’s targeting 6.4% RAB and 5% adj. EBITDA CAGR. Net debt is expected to grow €4.7bn, just under €1bn average per year. That’s on top of > €2.5bn in average annual maturities.
  • That would leave leverage unchanged at 6x and gearing down from 0.69 to 0.65.
  • FY25 guidance has adj. EBITDA 2% below and 9% above consensus, showing an uptick in leverage to 6.5x vs 6.2x expected.
  • Webcast 09.00 GMT https://channel.royalcast.com/snam/#!/snam/20250122_2.
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Largely in-line with consensus.

  • Snam has released its strategic plan through 2029, detailing plans to expand and decarbonize the gas network.
  • It’s targeting 6.4% RAB and 5% adj. EBITDA CAGR. Net debt is expected to grow €4.7bn, just under €1bn average per year. That’s on top of > €2.5bn in average annual maturities.
  • That would leave leverage unchanged at 6x and gearing down from 0.69 to 0.65.
  • FY25 guidance has adj. EBITDA 2% below and 9% above consensus, showing an uptick in leverage to 6.5x vs 6.2x expected.
  • Webcast 09.00 GMT https://channel.royalcast.com/snam/#!/snam/20250122_2.