Pacific Rubiales Carvalhal, Caio M
J.P. Morgan Equities Research Reports,
10/2013
Report
We reiterate our OW rating on PRE, but trim our YE14 PT to C$26/share from C$28/share. The NAV trim is due to a short-term increase in net debt associated with the PMG acquisition, and revised ...estimates for the oil price deck. We consider the PMG transaction to be a strategic fit for PRE, but bel...
Following conversations with management, financial, operational and macroeconomic updates, and the roll over of our price target to year-end 2014, we are establishing a December 2014 price target of ...$49/shr (compared to a previous YE13 PT of $57). We are also upgrading our rating to Neutral, from...
OCTG 360 Abate, Alessandro; Carvalhal, Caio M
J.P. Morgan Equities Research Reports,
08/2014
Report
Aug avg. spot market price (seamless, ERW) was $1742/t +1.6% (+$27/t) m/m, and +11.7% from Nov 09 trough of $1559/t but -$174/t down from Mar-12 peak. In details, 1) seamless came in at $1870/t, ...+1.5% (+$28/t) m/m and $131/t above Dec 09 trough ($1739/t); 2) ERW (welded) came in at $1614/t, +1.6%...
Abstract
Aims
While cardiac magnetic resonance (CMR) is often obtained early in the evaluation of suspected cardiac amyloidosis (CA), it currently cannot be utilized to differentiate immunoglobulin ...(AL) and transthyretin (ATTR) CA. We aimed to determine whether a novel CMR and light-chain biomarker-based algorithm could accurately diagnose ATTR-CA.
Methods and results
Patients with confirmed AL or ATTR-CA with typical late gadolinium enhancement (LGE) and Look-Locker pattern for CA on CMR were retrospectively identified at three academic medical centres. Comprehensive light-chain analysis including free light chains, serum, and urine electrophoresis/immunofixation was performed. The diagnostic accuracy of the typical CMR pattern for CA in combination with negative light chains for the diagnosis of ATTR-CA was determined both in the entire cohort and in the subset of patients with invasive tissue biopsy as the gold standard. A total of 147 patients (age 70 ± 11, 76% male, 51% black) were identified: 89 ATTR-CA and 58 AL-CA. Light-chain biomarkers were abnormal in 81 (55%) patients. Within the entire cohort, the sensitivity and specificity of a typical LGE and Look-Locker CMR pattern and negative light chains for ATTR-CA was 73 and 98%, respectively. Within the subset with biopsy-confirmed subtype, the CMR and light-chain algorithm were 69% sensitive and 98% specific.
Conclusion
The combination of a typical LGE and Look-Locker pattern on CMR with negative light chains is highly specific for ATTR-CA. The successful non-invasive diagnosis of ATTR-CA using CMR has the potential to reduce diagnostic and therapeutic delays and healthcare costs for many patients.
Graphical Abstract
Graphical Abstract
Summarizing the key findings of the study. In patients who have undergone cardiac magnetic resonance (CMR), the combination of typical CMR features for cardiac amyloidosis (CA) and negative light-chain biomarkers is highly specific for a diagnosis of transthyretin CA (ATTR-CA).
Latin America Oil & Gas Carvalhal, Caio M; Felipe Dos Santos
J.P. Morgan Equities Research Reports,
08/2014
Report
We highlight in this note what we consider to be the key strategic, operational and financial questions investors should be asking Latin Oil, Gas & Services companies to support their conversations ...with the companies' senior managements. We hope you find it helpful. .
Brazilian Oils Carvalhal, Caio M; Felipe Dos Santos
J.P. Morgan Equities Research Reports,
08/2014
Report
We are updating estimates and price targets of our oil companies with exposure to Brazil while maintaining Neutral ratings on Petrobras, QGEP and HRT, and an Overweight rating on GPRK, on the back of ...positive expectations on their exploratory campaign. We are introducing a proprietary scenario-ba...
Petrobras Carvalhal, Caio M; Felipe Dos Santos
J.P. Morgan Equities Research Reports,
08/2014
Report
We expect a negative share reaction as PBR's reported numbers missed both our estimates and consensus. Reported EBITDA of R$16.5bn was 7% lower than our estimates, while Net Income of R$5.2bn came in ...26% below forecasts. The main reason for the miss was lower than anticipated downstream results o...
Tenaris SA Carvalhal, Caio M; Felipe Dos Santos
J.P. Morgan Equities Research Reports,
08/2014
Report
Over the last few years, efficiency gains in drilling activity in North America have been compensating for the fragile demand of products for Early Cycle producers on the back of low rig count and ...high levels of imports from Asian OCTG producers. In this sense, the positive outcome from US DOC im...
Colombian Oils Carvalhal, Caio M; Felipe Dos Santos
J.P. Morgan Equities Research Reports,
07/2014
Report
In this report, we update our Colombian Oils forecasts to reflect the J.P. Morgan Commodities Research team's revised oil price deck of $111/bbl for 2014 and $115/bbl for 2015 vs. $100/bbl and ...$105/bbl previously. The general impact on Colombian oil companies' earnings/valuations is positive. We ...
Alpek Felipe Dos Santos; Carvalhal, Caio M
J.P. Morgan Equities Research Reports,
07/2014
Report
In this report, we bring a proprietary analysis of the supply-demand and pricing on the recent EPS business acquisition from BASF that we believe is likely to be accretive in the long run which gives ...Alpek a strategic positioning in the growing EPS business in the Americas. Tempering our enthusia...
