PMV recently provided an update on trading for 1H21, with key highlights including 1H21 EBIT guidance to be $221m-$233m, 1H21 EBIT margin balloons to >28% vs 17.2% in 1H20 and robust sales performance.
U.S. equity markets closed last week registering its first losing week for 2021. While the overall decline was minimal, the weakness was recorded despite the news that President-elect Joe Biden unveiled the details of a US$1.9 trillion coronavirus rescue package and also a positive start to the reporting season.
This calendar year proved to be a year of unprecedented challenges with much larger swings than we have had at times since the global financial crisis. After a very strong start to the year, investors and markets grappled with the uncertainty and severe volatility brought upon by the coronavirus (COVID-19) spread around the world.
2020 has been a challenging year for the banks but we believe there is now light at the end of the tunnel for the sector’s long term investors. In this report, we highlight twelve banking qualities that support our positive view of sector attractiveness as we head into 2021.