Week Ahead: HSBC, IHG, IMPs

6th May 2011 12:50

Banking results season draws to a close with HSBC's first quarter update on Monday.The recent updates from Lloyds and Royal Bank of Scotland have not been short of detail and HSBC's statement may be similarly thorough, with updates on a number of key profit and loss items and balance sheet metrics.Nomura forecasts first quarter profit before tax of $6.1bn, up 7% on a year earlier, on unchanged revenues of $17.9bn.On Tuesday, InterContinental Hotels Group updates on its first quarter performance. Consensus forecast is for earnings before interest and tax of $106m, and profit before tax of $92m.Tobacco firm Imperial Tobacco releases interim results on 10 May and RBS is not expecting any surprises, given that the group has already given an update on organic volume and revenue trends. "Spain remains extremely difficult, reflecting the impact of the weak economy, duty increases and the January smoking ban, the last of which prompted some significant de-stocking in the Horeca trade. The UK market has held up well, though phasing issues relating to the September 2010 price increase mean sales and profits will be more 2H weighted. Russia and the Ukraine appear to be stabilising, but market recovery remains elusive," RBS said.The broker is forecasting normalised profit before tax of £1,193m and earnings per share of 87.6p, up 8% on a constant exchange rates basis. No-frills airline easyJet got a lift on Friday from better than expected passenger statistics for April, and on Monday it gets a chance to keep the momentum with its interim figures.The company has guided to first half losses of between £140m and £160m, but Nomura thinks losses will be slightly off the scale at £162m, largely because fuel prices have gone through the roof since the company issued that guidance back in January. Disruption in North Africa is also likely to have had some impact on the business, the Japanese broker reckons."Capacity increased by around 11% and we forecast total revenue per seat to have fallen 2.3% in the half. This more or less reflects guidance of total revenue per seat falling a couple of percentage points and is a result of weaker Q2 pricing (a function of higher capacity growth in Q2 and a drop-off in bookings during the poor weather) and lower ancillary revenues from bag charges," Nomura said."We expect the fuel bill will rise £75m year on year, driven by higher spot prices despite 78% of fuel needs being hedged at $711 per mt. We forecast a 1% rise in non-fuel costs per seat. Q1 costs were impacted by £24m of air traffic control and weather-related costs. Excluding these effects, Q1 costs per seat, ex-fuel, would have fallen 2.9%," Nomura calcu-lates.On the economic front, the number crunchers and tea leaf readers will be keen to get their hands on the Bank of England's quarterly inflation report for more pointers on when the bank might make its move on interest rates to rein back inflation. Monday May 09INTERIMSThomas Cook GroupINTERIM DIVIDEND PAYMENT DATEMaxima HoldingsFINALSGreat Eastern Energy Corp Ltd. GDR, JZ Capital Partners Ltd., Lifeline Scientific Inc. (Reg S), Lombard Risk Management, Michelmersh Brick HoldingsIMSSHiscox Ltd., Inmarsat, Telecity Group, Travis PerkinsSPECIAL EX-DIVIDEND PAYMENT DATEDensitron TechnologiesAGMSAsian Plantation Ltd. (DI), Centrica, Dealogic Holdings, Zhejiang Expressway Co 'H' SharesFINAL DIVIDEND PAYMENT DATECRH, F&C Inv Trust, JPMorgan American Inv Trust, Quadnetics GroupQ1First Quantum Minerals Ltd., InmarsatINTERNATIONAL ECONOMIC ANNOUNCEMENTSTrade Figures (GER) (07:00)Bank of France Business Sentiment (FRA) (07:30)Sentix Investor Confidence (EU) (09:30)Tuesday May 10INTERIMS2 ergo Group, easyJet, Imperial Tobacco Group, TUI Travel, United DrugINTERIM DIVIDEND PAYMENT DATENorthamber, Thorpe (F.W.)INTERNATIONAL ECONOMIC ANNOUNCEMENTSIndustrial Production (FRA) (07:45)Manufacturing Output (FRA) (07:45)NFIB Small Business optimism (US) (12:30)Import and Export Price Indexes (US) (13:30)Wholesales Inventories (US) (15:00)FINALSBrown (N.) Group, DCCIMSSG4SEGMSCatco Reinsurance Opps. Fd (DI)AGMSAegis Group, Akers Biosciences Inc. GDS (Reg S), Asia Ceramics Holding, Capita Group, Delcam, Fiberweb, Frenkel Topping Group, HGCapital Trust, Impax Environmental Markets, Informa, Kerry Group 'A' Shares, Macfarlane Group, Merchants Trust, Morgan Crucible Co, National Express Group, North River Resources, Pendragon, Rapid Realisations Fund Ltd., Spirax-Sarco Engineering, United Business Media Ltd., Viridas, Witan Inv TrustUK ECONOMIC ANNOUNCEMENTSBRC Sales Monitor (00:01)RICS Housing Market Survey (09:30)Q1BG Group, Coca-Cola Hellenic Bottling Company SA, CSR, InterContinental Hotels Group, JSC KazMunaiGaz Exploration GDR (Reg S)Wednesday May 11INTERIM EX-DIVIDEND DATEAberdeen Asset Management, Animalcare Group, Numis Corporation, Redefine Interna-tional, Sage Group, Smart (J) & Co., Smiths News, TawaQUARTERLY EX-DIVIDEND DATEBP, ING UK Real Estate Income Trust Ltd., Royal Dutch Shell 'A', Royal Dutch Shell 'B'INTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Price Index (GER) (07:00)Current Account (FRA) (07:45)MBA Mortgage Applications (US) (12:00)Balance of Trade (US) (13:30)Crude Oil Inventories (US) (15:30)Treasury Budget Statement (US) (19:00)FINALSDatatec Ltd. (DI), Sainsbury (J), Vertu MotorsIMSSBeazley, John Wood Group, Prudential, Rathbone Brothers, Restaurant Group, SIGSPECIAL EX-DIVIDEND PAYMENT DATEFidessa GroupAGMSAlbion Development VCT, Albion Development VCT 'D' Shares, Anglogold Ashanti Ltd., Arbuthnot Banking Group, Clarkson, Dairy Farm International Holdings Ltd. (Singapore), Glanbia, Goldenport Holdings Inc., Hardy Oil & Gas, Hellenic Carriers Ltd., Highcroft Investment, Hongkong Land Holding Ltd. (Singapore), Hygea VCT, International Personal Finance, ITV, John Wood Group, KBC Advanced Technologies, Landkom International, London Mining, Mandarin Oriental International (Singapore), Marshalls, Mithras Inv Trust, Ocado Group, Optimal Pay, Pittards, Rathbone Brothers, Rentokil Initial, Restaurant Group, Ruukki Group (DI), UnileverUK ECONOMIC ANNOUNCEMENTSBalance of Trade (09:30)BoE Inflation Report (09:30)FINAL DIVIDEND PAYMENT DATEBlackRock World Mining Trust, CQS Rig Finance Fund Ltd., Dealogic Holdings, Novae Group, Standard Chartered, WSP GroupFINAL EX-DIVIDEND DATEAdvanced Medical Solutions Group, Axis-Shield, BlackRock Smaller Companies Trust, British Smaller Companies VCT 2, Bunzl, Cape, Computacenter, CSR, Downing Planned Exit VCT 8, Downing Planned Exit VCT 9, Fidessa Group, Gresham House, Hardy Underwriting Bermuda Ltd. (DI), Hiscox Ltd., Hochschild Mining, Hydrogen Group, Inmarsat, Irish Continental Group Units, Lamprell, Macfarlane Group, Matrix Income & Growth VCT, Morrison (Wm) Supermarkets, Nationwide Accident Repair Services, Northbridge Industrial Services, Ocean Wilsons Holdings Ltd., Octopus Second AIM VCT, Pinewood Shepperton, Provident Financial, PV Crystalox Solar, Quarto Group Inc., Randgold Resources Ltd., Rexam, Rightmove, Scisys, STM Group, Ted Baker, WhitbreadQ1Ruukki Group (DI)Thursday May 12INTERNATIONAL ECONOMIC ANNOUNCEMENTSM3 Money Supply (JPN)Trade figures (JPN)Machine Tool Orders (JPN)Consumer Prices Index (FRA) (06:30)ECB May Monthly Report (EU) (09:00)Industrial Production (EU) (10:00)Business Inventories (US) (13:30)Continuing Claims (US) (13:30)Initial Jobless Claims (US) (13:30)Producer Price Index (US) (13:30)Retail Sales (US) (13:45)Retail Sales Inventories (US) (15:15)FINALS3i Group, ElektronIMSSAmlin, Clinton Cards, Eurasian Natural Resources Corp., Hikma Pharmaceuticals, HSBC Holdings, Old Mutual, RSA Insurance Group, Trinity Mirror, Tullett Prebon, Tullow Oil, Yule Catto & CoEGMSDori Media Group Ltd., OAO Omz ADR (Level 1), RGI International Ltd.AGMSAberdeen Asian Income Fund Ltd., Aegon NV, Amlin, ARM Holdings, Ashtead Group, Balfour Beatty, BG Group, Catlin Group Ltd., Co-operative Bank 9.25% Non-Cumulative Irrd Preference 1, Cookson Group, European Assets Trust NV, Fidelity Japanese Values, Fyffes, Hikma Pharmaceuticals, Hill & Smith Holdings, Inchcape, Jardine Matheson Holdingd Ltd. (Singapore), Jardine Strategic Holdingd Ltd. (Singapore), LMS Capital, Mecom Group, Melrose, Old Mutual, Omega Insurance Holdings Ltd. (DI), Pace, Princess Private Equity Holding Ltd., Public Service Properties Inves (DI)tments Ltd., Skyepharma, Sportech, St James's Place, Thalassa Energy Ltd. (DI), TMT Investments, Trinity Mirror, Tullett Prebon, Tullow Oil, William Hill, Yule Catto & Co, ZotefoamsTRADING ANNOUNCEMENTSDixons Retail , SupergroupUK ECONOMIC ANNOUNCEMENTSIndustrial Production (09:30)Manufacturing Production (09:30)NIESR GDP estimate FINAL DIVIDEND PAYMENT DATEArena Leisure, Mondi, Schroders, Schroders (Non-Voting)Q1Bank Pekao SA GDS (Reg S), Grupo Clarin SA GDR (Reg S), MHP SA GDR (Reg S)Friday May 13QUARTERLY PAYMENT DATEBritish Land Co, Merchants TrustINTERNATIONAL ECONOMIC ANNOUNCEMENTSGDP (FRA) (06:30)GDP (GER) (07:00)Non-farm Payrolls (FRA) (07:45)Wage Growth (FRA) (07:45)GDP (Flash Estimate) (EU) (10:00)Consumer Price Index (US) (13:30)U. of Michigan Confidence (US) (Prelim) (00:00)FINALSOxford Catalysts GroupIMSSCatlin Group Ltd., Jersey Electricity 'A' Shares, Petrofac Ltd., SpectrisAGMSAlbion Technology & General VCT, Albion Technology & General VCT 'C' Shares, Charlemagne Capital Ltd., Computacenter, Globaltrans Investment GDR (Reg S), Kazakhmys, Ladbrokes, Petrofac Ltd., Phoenix Group Holdings (DI), S & U, Spectris, T Clarke, Total SAFINAL DIVIDEND PAYMENT DATEArbuthnot Banking Group, Communisis, Delcam, Drax Group, Fisher (James) & Sons, Forth Ports, Hammerson, HGCapital Trust, Kerry Group 'A' Shares, Moneysupermarket.com Group, National Express Group, Psion, ReThink Group, Timeweave, XstrataQ1Dignity, Telefonica SA---jh