Allami Nyomda

Any Security Printing is a securities products group based in Hungary. Co. produces security products and solutions (tax stamps. stickers with security elements), plastic and paper cards (document cards, bank and telephone cards, commercial cards), personalized business and administration forms, and conventional printing products. Co.'s product offering its organized along three segments: Security Products, Solutions (paper-based documents, excise and tax stamps, security printers and security inks, additives); Card Production, Personalization (document cards, bank cards and loyalty cards); and Form Production, Personalization (transactional mailing, business, lottery and election forms).
  • TickerANY
  • ISINHU0000093257
  • ExchangeBudapest Stock Exchange
  • SectorSupport Services
  • CountryHungary
Research Team

The Rear-View Mirror – EME markets: Rebound continues, all indices in the black on lower volumes

EME Equity Market – May 2020 Market performance – the rebound that started in April continued across the board, with the Romanian BET Index gaining the most in EUR terms (+8.9% mom). The MSCI EM Europe Index gained 6% in EUR terms and 7.5% in local currency; while the Romania BET Index grew 8.9% in EUR terms and 9.1% in RON terms, the best performer for the month. The MOEX Index added 7.5%, while the Polish WIG20 Index was up 6.6%. The Turkish benchmark, the ISE30 Index, added 4.5%, and the Greek ASE Index gained 3.9%, while the Hungarian BUX recorded an increase of 3.7%. The weakest performer...

Research Team

WOOD Daily: ANY HB; PL Banks; EAT PW; DNP PW; WINE RO; AEGN GA; CEZ CP; GHG LN; QIWI US; BFT PW

HEADLINES: • ANY PLC: 1Q20 review - top-line growth surprises negatively • Polish banks: suffering material declines in sales NEGATIVE • AmRest: takeaways from management call NEUTRAL • Dino: takeaways from management call NEUTRAL • Purcari Wineries: 1Q20 results call takeaways • Aegean Airlines: COVID-19 call NEUTRAL • CEZ: reportedly joining with Hungary's MVM for Czech Innogy bid NEUTRAL • Georgia Healthcare Group: Georgia Capital approves 1 for 5 share swap for remaining GHG shares NEUTRAL • QIWI: 1Q20E results preview (due out tomorrow) • Benefit Systems: 1Q20E preview (due on 22 May, ...

Stefan Lungu, CFA

WOOD Flash – ANY PLC: 1Q20 review – top-line growth surprises negatively

ANY reported its 1Q20 results yesterday (18 May), after the market closed. The top-line growth surprised negatively, at HUF 7bn for the quarter, -6.1% yoy and 6.6% lower than our expectations, due mainly to its security products and solutions business unit. On the bottom line, however, the company reported net income of HUF 292m, 24.3% higher than our expectations, but 7.5% lower yoy. This is due to a combination of lower-than-expected personnel expenses, FX gains due to the weaker HUF, other income, partly mitigated by a lower gross margin, due to higher material expenses over the quarter. In...

Research Team

WOOD Daily: BIMAS TI; 11B PW; M RO; SNG RO; TEL RO; GPW PW; TELEC CP; NLBR SV; WINE RO; GSPARK HB; PETKM TI; KOFOL CP; DIGI RO; RU Macro; HTO GA; EL RO; JMT PL; CPS PW; CEZ CP; EAT PW; ANY HB

HEADLINES: • BIM: major 1Q20 beat on sales, e-commerce on the horizon POSITIVE • 11 bit studios: 1Q20 results - strong beat from top to bottom POSITIVE • MedLife: 1Q20 earnings beat on margin expansion POSITIVE • Romgaz: posts strong 1Q results POSITIVE • Transelectrica: 1Q20 results above expectations POSITIVE • Warsaw Stock Exchange: 1Q20 EBITDA up 30% yoy and 10% above market's expectations POSITIVE • O2 Czech Republic: strong 1Q20 results, with EBITDA up 7% yoy, in line with expectations NEUTRAL • NLB Group: 1Q20 results below, COR guidance reassuring • Purcari Wineries: 1Q20 results sli...

ANY Security Printing - Record EPS Of HUF 89 In ‘19

ANY Security Printing - Instant Earnings Comment Accumulate Target price (12M ex-div): HUF 1,450 (unch.) Record EPS of HUF 89 (+12% YoY) in ‘19 Highlights: ANY reported its Q4/19 earnings today. Briefly, ANY reached a net income of HUF 269mn or HUF 19 per share (+12% YoY) in Q4/19, which means that the Company earned HUF 1,278bn or HUF 89 per share in 2019. Net sales rose 20% YoY to HUF 8.9bn as a result of Hungarian municipal elections. Reported EBITDA amounted to HUF 801mn, up by 34% YoY in Q4. EBIT grew by 55% YoY to HUF 476mn. All in all, ANY achieved an EPS of HUF 89 per share, ahe...

Any Security Printing Co Plc: 1 director sold

A director at Any Security Printing Co Plc sold 30,190 shares at 1,364.340HUF and the significance rating of the trade was 73/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. T...

Research Team

The Rear-View Mirror – EME markets: Rebound continues, all indices in the black on lower volumes

EME Equity Market – May 2020 Market performance – the rebound that started in April continued across the board, with the Romanian BET Index gaining the most in EUR terms (+8.9% mom). The MSCI EM Europe Index gained 6% in EUR terms and 7.5% in local currency; while the Romania BET Index grew 8.9% in EUR terms and 9.1% in RON terms, the best performer for the month. The MOEX Index added 7.5%, while the Polish WIG20 Index was up 6.6%. The Turkish benchmark, the ISE30 Index, added 4.5%, and the Greek ASE Index gained 3.9%, while the Hungarian BUX recorded an increase of 3.7%. The weakest performer...

Stefan Lungu, CFA

WOOD Flash – ANY PLC: 1Q20 review – top-line growth surprises negatively

ANY reported its 1Q20 results yesterday (18 May), after the market closed. The top-line growth surprised negatively, at HUF 7bn for the quarter, -6.1% yoy and 6.6% lower than our expectations, due mainly to its security products and solutions business unit. On the bottom line, however, the company reported net income of HUF 292m, 24.3% higher than our expectations, but 7.5% lower yoy. This is due to a combination of lower-than-expected personnel expenses, FX gains due to the weaker HUF, other income, partly mitigated by a lower gross margin, due to higher material expenses over the quarter. In...

ANY Security Printing - Record EPS Of HUF 89 In ‘19

ANY Security Printing - Instant Earnings Comment Accumulate Target price (12M ex-div): HUF 1,450 (unch.) Record EPS of HUF 89 (+12% YoY) in ‘19 Highlights: ANY reported its Q4/19 earnings today. Briefly, ANY reached a net income of HUF 269mn or HUF 19 per share (+12% YoY) in Q4/19, which means that the Company earned HUF 1,278bn or HUF 89 per share in 2019. Net sales rose 20% YoY to HUF 8.9bn as a result of Hungarian municipal elections. Reported EBITDA amounted to HUF 801mn, up by 34% YoY in Q4. EBIT grew by 55% YoY to HUF 476mn. All in all, ANY achieved an EPS of HUF 89 per share, ahe...

Research Team

The Rear-View Mirror – EME markets: BET Index the best performer, despite 16.7% drop

EME Equity Market – March 2020 Market performance – all stock indices in the region were down in March, with the BET the best performer in EUR terms (-16.7%). The MSCI Emerging Markets Europe Index lost 25.8% in EUR terms, while the Czech PX Index was down 24.8%. Other regional stock markets were not far behind, with the BUX Index losing 22.8% in EUR terms, followed by the ASE Index (-22.5% mom), the Russian MOEX (-22.4% mom), the Polish WIG20 (-18.5% mom) and the Turkish ISE30 (-19.8% mom). The best performance was seen in Romania, with the BET Index losing “only” 16.7%. In local currency ter...

Stefan Lungu, CFA

WOOD Flash – ANY PLC: 2019 results – stronger top line mitigated by cost inflation

ANY reported its 2019 results yesterday (9 March), after the market closed. The top-line growth surprised to the upside, at HUF 34.1bn for the year, up 11.8% yoy and 2.3% higher than our expectations, due to a much stronger than expected performance from its security products business in 4Q19. This did not translate into gains on the bottom line, mitigated by higher-than-expected labour and other costs related to inventory valuations, combined with a higher tax bill, which resulted in net income of HUF 1.3bn for 2019, +11.7% yoy, but 1.9% lower than our expectations (and 8.6% lower than our ex...

Research Team

WOOD Daily: ANY HB; PL Banks; EAT PW; DNP PW; WINE RO; AEGN GA; CEZ CP; GHG LN; QIWI US; BFT PW

HEADLINES: • ANY PLC: 1Q20 review - top-line growth surprises negatively • Polish banks: suffering material declines in sales NEGATIVE • AmRest: takeaways from management call NEUTRAL • Dino: takeaways from management call NEUTRAL • Purcari Wineries: 1Q20 results call takeaways • Aegean Airlines: COVID-19 call NEUTRAL • CEZ: reportedly joining with Hungary's MVM for Czech Innogy bid NEUTRAL • Georgia Healthcare Group: Georgia Capital approves 1 for 5 share swap for remaining GHG shares NEUTRAL • QIWI: 1Q20E results preview (due out tomorrow) • Benefit Systems: 1Q20E preview (due on 22 May, ...

Research Team

WOOD Daily: BIMAS TI; 11B PW; M RO; SNG RO; TEL RO; GPW PW; TELEC CP; NLBR SV; WINE RO; GSPARK HB; PETKM TI; KOFOL CP; DIGI RO; RU Macro; HTO GA; EL RO; JMT PL; CPS PW; CEZ CP; EAT PW; ANY HB

HEADLINES: • BIM: major 1Q20 beat on sales, e-commerce on the horizon POSITIVE • 11 bit studios: 1Q20 results - strong beat from top to bottom POSITIVE • MedLife: 1Q20 earnings beat on margin expansion POSITIVE • Romgaz: posts strong 1Q results POSITIVE • Transelectrica: 1Q20 results above expectations POSITIVE • Warsaw Stock Exchange: 1Q20 EBITDA up 30% yoy and 10% above market's expectations POSITIVE • O2 Czech Republic: strong 1Q20 results, with EBITDA up 7% yoy, in line with expectations NEUTRAL • NLB Group: 1Q20 results below, COR guidance reassuring • Purcari Wineries: 1Q20 results sli...

Research Team

WOOD Daily: EME Macro/Strategy; ANY HB; BHW PW; EUR PW; CAR PW; DNP PW; EUR PW

HEADLINES: • EME Macro/Strategy: refining our growth scenarios • ANY PLC: 2019 results - stronger top line mitigated by cost inflation • Bank Handlowy: allowed to pay out 100% of net profit for 2019 as dividends NEUTRAL • Eurocash: Trade Inspection questioning labelling at Delikatesy Centrum and Mila NEGATIVE • Inter Cars: February sales up by 2.9% yoy NEUTRAL • Dino: 4Q19E results preview - 23% EBITDA growth expected (due on 13 March) NEUTRAL • Eurocash: 4Q19E results preview - 15% yoy recurring EBITDA recovery expected (due on 13 March) NEUTRAL

Research Team

Focus: keeping our BUY on Wirtualna Polska (new PT of PLN 80.0); maintaining our HOLD on ANY Security Printing Company PLC (new PT HUF 1,469); Electrica – regulated supply losses to be fully recovered in 2020E under government proposal

HEADLINES: • Wirtualna Polska: let's ride the wave of e-commerce (stays BUY) • ANY Security Printing Company PLC: growth secured; margins, not so much (stays HOLD) • Electrica: regulated supply losses to be fully recovered in 2020E under government proposal • Eurobank: completion of project Cairo and sale of FPS • Magnit: VTB believes Magnit is undervalued and is considering adding to its position NEUTRAL • Stock Spirits Group: Western Gate calling for special dividend, with a yield of 5.2% NEUTRAL • Nuclearelectrica: special dividends rejected at the shareholder meeting • mBank: another ...

Research Team

Focus: Erste Bank targeting 2020E ROTE above 10%, issues medium-term guidance for selected KPIs; CA Immo’s 3Q19 – powering ahead; ANY PLC’s 3Q19 results – strong top-line growth; KGHM’s 3Q19 financial results – in line with consensus EBITDA

HEADLINES: • Erste Bank: targeting 2020E ROTE above 10%, issues medium-term guidance for selected KPIs NEUTRAL • CA Immo: 3Q19 - powering ahead POSITIVE • ANY PLC: 3Q19 results - strong top-line growth • KGHM: 3Q19 financial results - in line with consensus EBITDA, immaterial net income beat NEUTRAL • Enea: 3Q19 results - in line with preliminaries NEUTRAL • PKP Cargo: 3Q19 final results - in line with preliminary figures NEUTRAL • Famur: 3Q19 preliminary EBITDA 11% below consensus on PLN 44m of charges NEGATIVE • Ciech: 3Q19 conference takeaways NEGATIVE • Rostelecom: board approves acquisit...

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