Bank of Cyprus PCL

  • ISINCY0104810110
  • CountryCyprus

Analysts

Research Team

The Rear-View Mirror – EME markets: Only Polish WIG20 in the red in November

EME Equity Market – November 2019 Market performance – the weakest performance in November was recorded by the Polish WIG20 Index, in both EUR- and PLN-terms (-2.9% mom and -1.6% mom, respectively). While the MSCI Index lost 0.4% in local currency terms, it gained 0.8% in EUR terms. With the exception of Poland, all the other indices recorded a positive performance, with the Turkish ISE30 gaining 8.9% (EUR terms) over the month. The BET Index was the second-best performer, increasing by 3.2%, followed by Prague’s PX Index (2.7%, EUR terms) and the Russian MOEX (2.3%, EUR terms). Athens gained ...

Research Team

Focus: keeping our BUY on Banca Transilvania (PT RON 3.00) and our HOLD on BRD (PT RON 16.0); keeping our BUY on Aselsan, with a lower TRY 28.35 PT; S Immo and Immofinanz abandon merger talks; Lukoil – stronger-than-expected 3Q19 results

HEADLINES: • Romanian banks: smooth sailing to a new normal (Banca Transilvania stays BUY, BRD stays HOLD) • Aselsan: is the worst over? (stays BUY) • S Immo/Immofinanz: abandon merger talks • Lukoil: stronger-than-expected 3Q19 results • Bank of Cyprus: reassuring 3Q19 numbers • Motor Oil Hellas: 3Q19 results - refining weaker than expected • Kernel: beat vs. our expectations on non-cash event, but we like the crushing margin outlook • Famur: 3Q19 final results in line with the preliminary figures NEUTRAL • Bank Pekao: revises down 2020E ROE target to 11.5% (=/-0.5%), keeps long-term ...

Research Team

Focus: keeping our BUY on PZU, with lower PLN 49.9 PT; keeping our BUYs on Georgia Capital (PT GBp 1,547) and Georgia Healthcare Group (PT GBp 228); S Immo’s 3Q19 – on track to deliver another record year

HEADLINES: • PZU: good whatever the weather (stays BUY) • Georgia Capital / Georgia Healthcare Group: long-term value and near-term opportunity (GCAP and GHG stay BUY) • S Immo: 3Q19 - on track to deliver another record year, but ownership end-game remains unclear NEUTRAL • Athens Exchange Group: 3Q19 - higher due to one-off revenue • Bank of Cyprus: 3Q19 numbers solid at first glance • Polish banks: newsflow on CHF mortgage court verdicts continues, not fully supportive for clients NEUTRAL • Yapi Kredi: our three scenarios on UCG exit • Mobile TeleSystems: key takeaways from the invest...

Research Team

The Rear-View Mirror – EME markets: Weak Istanbul, but good month in Hungary

EME Equity Market – October 2019 Market performance – ISE30 index the worst performer among our followed indices, down 10.1% in EUR terms and 7% in local currency terms. The MSCI EME index gained 3.7%, but added 6% in local currency terms. All our followed indices were in the black, bar the BET (-0.8% in EUR) and ISE30 indices (-10.1% in EUR). The BUX Index gained the most (5.9%), followed by MOEX (4.3%) and WSE (3.6%; all performance figures in EUR terms). Prague was also up in October (+1.9%) in EUR terms, while the Athens Stock Exchange index almost matched Prague’s performance, with a gain...

Research Team

Focus: Sberbank’s 3Q19 results review – still underwhelming, management is more positive on 4Q; Turk Telekom’s 3Q19 earnings beat triggers guidance upgrade; Turkcell’s 3Q19 results – numbers in line, risk of new taxes in 2020

HEADLINES: • Sberbank: 3Q19 results review - still underwhelming, management is more positive on 4Q NEUTRAL • Turk Telekom: 3Q19 earnings beat triggers guidance upgrade • Turkcell: 3Q19 results - numbers in line, risk of new taxes in 2020 • O2 Czech Republic: 3Q19 - lower-than-expected sales, but beat on EBITDA • MMK: 3Q19 results - dividend beats our estimate by 60% on FCF beat • Norilsk Nickel: 3Q19 trading update - well on track to meet guidance • Ford Otosan: 3Q19 conference call takeaways NEUTRAL • Tofas: 3Q19 conference call takeaways NEUTRAL • Bank of Cyprus: completion of VRS • ...

Bank of Cyprus' Emergency Liquidity Assistance Repayment Is Credit Positive

ISSUER COMMENT BANKING JANUARY 12, 2017 What is Moody’s Credit Outlook? Published every Monday and Thursday morning, Moody's Credit Outlook informs our research clients of the credit implications of current events. Bank of Cyprus’ Emergency Liquidity Assistance Repayment Is Credit Positive From Credit Outlook Last Thursday, Bank of Cyprus Public Company Limited (BoC, Caa2 positive, caa21) ann

Research Team

The Rear-View Mirror – EME markets: Only Polish WIG20 in the red in November

EME Equity Market – November 2019 Market performance – the weakest performance in November was recorded by the Polish WIG20 Index, in both EUR- and PLN-terms (-2.9% mom and -1.6% mom, respectively). While the MSCI Index lost 0.4% in local currency terms, it gained 0.8% in EUR terms. With the exception of Poland, all the other indices recorded a positive performance, with the Turkish ISE30 gaining 8.9% (EUR terms) over the month. The BET Index was the second-best performer, increasing by 3.2%, followed by Prague’s PX Index (2.7%, EUR terms) and the Russian MOEX (2.3%, EUR terms). Athens gained ...

Research Team

The Rear-View Mirror – EME markets: Weak Istanbul, but good month in Hungary

EME Equity Market – October 2019 Market performance – ISE30 index the worst performer among our followed indices, down 10.1% in EUR terms and 7% in local currency terms. The MSCI EME index gained 3.7%, but added 6% in local currency terms. All our followed indices were in the black, bar the BET (-0.8% in EUR) and ISE30 indices (-10.1% in EUR). The BUX Index gained the most (5.9%), followed by MOEX (4.3%) and WSE (3.6%; all performance figures in EUR terms). Prague was also up in October (+1.9%) in EUR terms, while the Athens Stock Exchange index almost matched Prague’s performance, with a gain...

Research Team

The Rear-View Mirror – EME markets: Soft performance across markets and sectors in August

EME Equity Market – August 2019 Market performance – pressure on all markets, only the BET flattish. The MSCI EME contracted by 4.9% mom in August, while the ASE index fell by 3.5% and Moscow’s index dropped by 3.8%. Bucharest’s BET index was the only one to rise, if only marginally, by 0.4% mom. The worst performer was Turkey’s ISE30, losing 10.8% mom, while the WIG20 index was down 8.3% mom, the BUX index dropped by 4.1% mom, and Prague’s PX index fell by 2.8% mom.

Research Team

The Rear-View Mirror – EME markets: Strong month in Istanbul

EME Equity Market – July 2019 Market performance – following its strong performance in June, the best performer in July was the ISE30 again, gaining 13.1% in EUR terms and 6.2% in LCU. In EUR terms, the MSCI EME increased by 0.3% mom, and all the markets were up generally, with the exception of the WIG20, which fell 3.1% mom (-2.2% mom in LCU). The BET Index recorded a similar positive performance in both EUR and LCU terms, +4.4% mom; while the ASE Index grew 3.6% mom in EUR; and the rest of the indices stayed almost flat (Moscow’s MOEX +0.6% mom; Hungarian BUX +0.3% mom; and the Czech Republi...

Research Team

The Rear-View Mirror – EME markets: Strong month for telecoms, up 11.5% overall in June

EME Equity Market – June 2019 Market performance – ISE30 index the best performer in June, gaining 6.7% in LCU. Other markets were generally stronger in June than in May, with the MSCI EME gaining 6.3% mom in local currency (vs. 0.9% mom in May). Turkey’s ISE30 index gained 6.7% mom, while the ASE increased by 4.6% mom. Bucharest’s BET and Moscow’s MOEX indices gained 3.8% mom each in June, while the Polish WIG20 increased by 3.9% mom. On the other hand, the Czech Republic PX fell 0.2% mom, while Hungary’s BUX dropped 1.5% mom. (All in local currencies.)

Research Team

Focus: keeping our BUY on Banca Transilvania (PT RON 3.00) and our HOLD on BRD (PT RON 16.0); keeping our BUY on Aselsan, with a lower TRY 28.35 PT; S Immo and Immofinanz abandon merger talks; Lukoil – stronger-than-expected 3Q19 results

HEADLINES: • Romanian banks: smooth sailing to a new normal (Banca Transilvania stays BUY, BRD stays HOLD) • Aselsan: is the worst over? (stays BUY) • S Immo/Immofinanz: abandon merger talks • Lukoil: stronger-than-expected 3Q19 results • Bank of Cyprus: reassuring 3Q19 numbers • Motor Oil Hellas: 3Q19 results - refining weaker than expected • Kernel: beat vs. our expectations on non-cash event, but we like the crushing margin outlook • Famur: 3Q19 final results in line with the preliminary figures NEUTRAL • Bank Pekao: revises down 2020E ROE target to 11.5% (=/-0.5%), keeps long-term ...

Research Team

Focus: keeping our BUY on PZU, with lower PLN 49.9 PT; keeping our BUYs on Georgia Capital (PT GBp 1,547) and Georgia Healthcare Group (PT GBp 228); S Immo’s 3Q19 – on track to deliver another record year

HEADLINES: • PZU: good whatever the weather (stays BUY) • Georgia Capital / Georgia Healthcare Group: long-term value and near-term opportunity (GCAP and GHG stay BUY) • S Immo: 3Q19 - on track to deliver another record year, but ownership end-game remains unclear NEUTRAL • Athens Exchange Group: 3Q19 - higher due to one-off revenue • Bank of Cyprus: 3Q19 numbers solid at first glance • Polish banks: newsflow on CHF mortgage court verdicts continues, not fully supportive for clients NEUTRAL • Yapi Kredi: our three scenarios on UCG exit • Mobile TeleSystems: key takeaways from the invest...

Research Team

Focus: Sberbank’s 3Q19 results review – still underwhelming, management is more positive on 4Q; Turk Telekom’s 3Q19 earnings beat triggers guidance upgrade; Turkcell’s 3Q19 results – numbers in line, risk of new taxes in 2020

HEADLINES: • Sberbank: 3Q19 results review - still underwhelming, management is more positive on 4Q NEUTRAL • Turk Telekom: 3Q19 earnings beat triggers guidance upgrade • Turkcell: 3Q19 results - numbers in line, risk of new taxes in 2020 • O2 Czech Republic: 3Q19 - lower-than-expected sales, but beat on EBITDA • MMK: 3Q19 results - dividend beats our estimate by 60% on FCF beat • Norilsk Nickel: 3Q19 trading update - well on track to meet guidance • Ford Otosan: 3Q19 conference call takeaways NEUTRAL • Tofas: 3Q19 conference call takeaways NEUTRAL • Bank of Cyprus: completion of VRS • ...

Research Team

Focus: Kazatomprom’s 1H19 results – good cost control, conservative market outlook; Eurocash’s 2Q19 results in line with expectations; Warimpex’s 2Q19 – significant progress achieved on number of key operating milestones

HEADLINES: • Kazatomprom: 1H19 results - good cost control, conservative market outlook • Eurocash: 2Q19 results in line with expectations NEUTRAL • Warimpex: 2Q19 - significant progress achieved on number of key operating milestones POSITIVE • 11 bit studios: 2Q19 beat on EBIT (higher revenue) and miss on NI (tax rate) NEUTRAL • Bank of Cyprus: mixed 2Q19 results • Play Communications: key takeaways from 2Q19 earnings call NEUTRAL • Wirtualna Polska: key takeaways from meeting with management NEUTRAL • Polish telecoms: 5G frequencies to be distributed in an auction instead of a tender NEUT...

Research Team

Focus: Moscow Exchange - 2Q19 EBITDA 7% above expectations on higher-than-expected net FX gains; NEPI Rockcastle’s 1H19 - solid results, but occupancy cost ratio increased slightly; O2 CR - Nordic Telecom to ally with Dense Air in CZ

HEADLINES: • Moscow Exchange: 2Q19 EBITDA 7% above expectations on higher-than-expected net FX gains POSITIVE • NEPI Rockcastle: 1H19 - solid results, but occupancy cost ratio increased slightly POSITIVE • O2 CR: Nordic Telecom to ally with Dense Air in the Czech Republic NEGATIVE • Polish gencos: energy regulator URE releases parameters to compute compensation • Benefit Systems: key takeaways from the meeting with management NEUTRAL • Garanti Bank: to be removed from the WisdomTree Dividend indexes NEUTRAL • Bank of Cyprus: 2Q19E results preview (due out tomorrow morning) • Short news (PKP)

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