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ESN Analyser<br />
Investment ESN Analyser<br />
Research<br />
Investment Research<br />
ESN Top Picks<br />
Roadshows<br />
Corporate Events<br />
RECOMMENDATION CHANGES<br />
KPN Telecom (Upgrade: Accumulate from Reduce) America Movil bids for 28% of KPN<br />
CSM (Upgrade: Buy from Accumulate) Valuing all the parts<br />
Hes Beheer (Upgrade: Buy from Accumulate) A coal fired growth engine – part II<br />
<strong>Hypoport</strong> <strong>AG</strong> (Downgrade: Hold from Buy) Q1 results expectations, downgrade to Hold<br />
Intervest Offices & Warehouses (Upgrade: Accumulate from Hold) Good 1Q12 results: from Hold to Accumulate<br />
STRATEGY NEWS<br />
Macro Flash: France We don‟t expect major impact of French elections before June<br />
Macro Flash: Greece Greek Elections – Uncertainty Remains…<br />
SECTOR NEWS<br />
Oil & Gas Producers Statoil: Q1 2012 earnings and sharp growth in production<br />
Real Estate Publication Monthly ESN Real Estate Metrics<br />
Portuguese Banks I Exposure to ECB funds decreased EUR 889m in April to EUR 54.43bn (-1.58% MoM)<br />
Produced & Distributed by the Members of ESN (see last page of this report)<br />
8 May 2012<br />
Portuguese Banks II Bank of Portugal statistical data March 2012 (NPL ratio at 3.53% on private and 7.42% on corporate<br />
segment). Total NPL (private + corporate) at 5.27%<br />
BLUE CHIPS COMPANY NEWS<br />
Atlantia (Accumulate) Q1 12 preview: we expect a difficult quarter<br />
BIM (Hold) Strong 1Q12 results<br />
Casino Guichard-P (Buy) Pao de Açucar: 30.1% increase in EBITDA in Q1-2012<br />
Deutsche Post (Buy) Strong Q1 2012 results<br />
Ericsson (Buy) T-Mobile selects Ericsson and NSN as its LTE suppliers<br />
Fugro (Accumulate) PGS 1Q12 encouraging<br />
Gas Natural Fenosa (Accumulate) Results 1Q12<br />
GEA Group (Hold) Final 1Q 12 results in line with preliminaries<br />
Generali (Hold) Q1 12 preview and full year forecast update<br />
Henkel (Hold) Q1/12 results preview<br />
Hochtief (Buy) Q1 2012 broadly in line with our forecast<br />
ING Group (Buy) 1Q12 results are expected to be challenged (Preview)<br />
K+S <strong>AG</strong> (Buy) Preview Q1: Looking beyond expected weakness in Q1