Sunny day for Mps stock market share. By mid-morning, the shares of the Sienese bank were up 1,7%, to 0,604 euros, recording the best rise of the Ftse Mib, which in the same minutes left the field 0,75%. According to some traders, Montepaschi's performance in sharp contrast with respect to Piazza Affari and the banking sector is due to press reports on the clarifications requested by the European Central Bank after the results of the Aqr.
“The objective of the ECB – he writes Equita Sim – would be to lead the banks to fully account for the results of the Aqr in their 2014 financial statements, therefore not only that part deriving from the Credit File Review (3,8 billion pre-tax out of 10,3 billion in total provisions). The alternative would be the introduction of a regulatory filter on equity for the portion of adjustments not recorded in the balance sheet. Based on our calculations, the banks have already spent almost all of the 3,8 billion euro impact from the Credit File Review in the nine months, with a residual amount of around 500 million euro. €6,5 billion of extra write-downs would remain in the fourth quarter (of which €1 billion for Mps and €640 million for Banco Popolare): in our opinion, the complete recording of the results of the AQR in the financial statements could be a positive catalyst for the banks, which could take advantage of the tax benefit deriving from internal models, increase coverage and clean-up of the balance sheet, thus contributing to a rerating of multiples”.
To push up the prices of the Sienese Bank would also be a report by Hsbc, in which analysts would argue that "MPS shares will rebound in the short term". HSBC itself, however, in recent days (exactly on 4 December) had advised its customers to sell the Rocca Salimbeni shares (underweight rating) with a revised price target from 1,27 to 0,56 euro.
