Bank Pekao S.A.

Bank Polska Kasa Opieki (the Bank) is a commercial bank providing a range of banking services, mainly in Poland. The segments of the Bank are as follows: Retail banking, which comprises all banking activities related to retail customers and small and micro companies; Private banking, which comprises all banking activities related to the affluent individual customers; Corporate and Investment banking, which comprises all banking activities related to the companies, interbank market, debt securities and other instruments; and Assets and Liabilities Management and other, which is engaged in the supervision and monitoring of fund transfers, and other activities centrally managed.
  • TickerPEO
  • ISINPLPEKAO00016
  • ExchangeWarsaw Stock Exchange
  • SectorBanks
  • CountryPoland

Raiffeisen Centrobank Equity Daily 17.09.2020

AT: Agrana - Preliminary 2Q EBIT in line, but FY guidance below RCBe and consensus (negative) AT: Raiffeisen Bank International - No dividend proposed for 2019, but flagging potential for extraordinary distribution in 2021 AT: Utilities - Draft renewables law published (neutral) CZ: CEZ - CEZ kicks off sale of Polish assets (neutral) HR: Valamar Riviera - Imperial Riviera submitted a binding offer for the purchase of 63% stake in the company HTP Orebic (positive) PL: Bank Pekao - Return to double digit ROEs appears difficult (neutral) RO: Fondul Proprietatea - FP sold 3% stake in OMV Petrom ...

Raiffeisen Centrobank Equity Daily 09.09.2020

PL: Banks - Banking sector data for July published by NBP (neutral) PL: Telecoms - Operators will have to remove hardware from risky contractors (negative) RO: OMV Petrom - Petrom to install ten fast recharging stations for electric cars in Romania (neutral) RU: Enel Russia - Macquarie is out (neutral) RU: RusHydro - Board recommends 2019 dividend (neutral) RU: RusHydro - Sovetskaya Gavan commissioned (neutral) CEE Macro Daily

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 still weak, down 9.6% in August

EME Equity Market – August 2020 Market performance – most indices end August in the black, but the ISE30 Index decline continues, down 9.6%. In August, the MSCI EM Europe Index declined by 1.2% in EUR terms, but stayed mostly flat (+0.1%) in local currency terms. Romania’s BET Index performed the best, up 7.2%; followed by the Greek ASE Index (+2.7%); the Czech Republic’s PX Index (+2.4%); Poland’s WIG20 Index (+2.3%); and the MOEX Index (+0.5%). The Hungarian BUX Index declined by 2.6%, followed by the ISE30 Index, the poor performance of which reflects the current weakness of Turki...

Research Team

WOOD Daily: Turkish food retail (BIMAS TI, SOKM TI, MGROS TI), ASELS TI, ING PW, KTY PW, CCH LN, MTELEKOM HB, Romania macro, PEO PW, PKO PW, TPE PW, SAB1L LH, RTKM RX, MOEX RX, European refining, MOL HB preview

HEADLINES: • Turkish Food Retail: is the stocking-up over? (BIM, Migros stay BUY, SOK downgraded to HOLD) • Aselsan: price target adjusted for 100% stock split (stays HOLD) • ING BSK: posts very solid 2Q20 POSITIVE • Kety: 2Q20 results - breaking its own records POSITIVE • CCHBC: 1H20 beat on unit costs and opex POSITIVE • Magyar Telekom: 2Q20 results - soft as expected; 2020E FCF guidance downgraded NEGATIVE • Romania: NBR rate cut, more to come • Bank Pekao: additional feedback after the 2Q20 results call • PKO BP: additional feedback after the 2Q20 results call • Ta...

Raiffeisen Centrobank Equity Daily 06.08.2020

â—¾AT: Austrian Banks - Deposit insurance contributions up 69% after Commerzialbank default (negative) â—¾AT: S&T - 2Q 20 slightly ahead of RCBe, guidance confirmed at sales of EUR 1,150 mn & EBITDA of 115 mn (positive) â—¾HU: Magyar Telekom - 2Q 20 figures in line but increase in planned fibre investments leads to increase in capex guidance (negative) â—¾PL: PKO BP, Bank Pekao - 2Q 20 conference calls summary (positive) â—¾RO: Banca Transilvania, BRD-GSG, Erste Group - National Bank of Romania reduced key interest rate by 25 bps to 150 bps (neutral) â—¾RU: Petropavlovsk - Further bond convers...

Raiffeisen Centrobank Equity Daily 17.09.2020

AT: Agrana - Preliminary 2Q EBIT in line, but FY guidance below RCBe and consensus (negative) AT: Raiffeisen Bank International - No dividend proposed for 2019, but flagging potential for extraordinary distribution in 2021 AT: Utilities - Draft renewables law published (neutral) CZ: CEZ - CEZ kicks off sale of Polish assets (neutral) HR: Valamar Riviera - Imperial Riviera submitted a binding offer for the purchase of 63% stake in the company HTP Orebic (positive) PL: Bank Pekao - Return to double digit ROEs appears difficult (neutral) RO: Fondul Proprietatea - FP sold 3% stake in OMV Petrom ...

Raiffeisen Centrobank Equity Daily 09.09.2020

PL: Banks - Banking sector data for July published by NBP (neutral) PL: Telecoms - Operators will have to remove hardware from risky contractors (negative) RO: OMV Petrom - Petrom to install ten fast recharging stations for electric cars in Romania (neutral) RU: Enel Russia - Macquarie is out (neutral) RU: RusHydro - Board recommends 2019 dividend (neutral) RU: RusHydro - Sovetskaya Gavan commissioned (neutral) CEE Macro Daily

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 still weak, down 9.6% in August

EME Equity Market – August 2020 Market performance – most indices end August in the black, but the ISE30 Index decline continues, down 9.6%. In August, the MSCI EM Europe Index declined by 1.2% in EUR terms, but stayed mostly flat (+0.1%) in local currency terms. Romania’s BET Index performed the best, up 7.2%; followed by the Greek ASE Index (+2.7%); the Czech Republic’s PX Index (+2.4%); Poland’s WIG20 Index (+2.3%); and the MOEX Index (+0.5%). The Hungarian BUX Index declined by 2.6%, followed by the ISE30 Index, the poor performance of which reflects the current weakness of Turki...

Raiffeisen Centrobank Equity Daily 06.08.2020

â—¾AT: Austrian Banks - Deposit insurance contributions up 69% after Commerzialbank default (negative) â—¾AT: S&T - 2Q 20 slightly ahead of RCBe, guidance confirmed at sales of EUR 1,150 mn & EBITDA of 115 mn (positive) â—¾HU: Magyar Telekom - 2Q 20 figures in line but increase in planned fibre investments leads to increase in capex guidance (negative) â—¾PL: PKO BP, Bank Pekao - 2Q 20 conference calls summary (positive) â—¾RO: Banca Transilvania, BRD-GSG, Erste Group - National Bank of Romania reduced key interest rate by 25 bps to 150 bps (neutral) â—¾RU: Petropavlovsk - Further bond convers...

Jovan Sikimic

Bank Pekao 2Q 20 - Above expectations on good revenues, lower opex

Pekao reported a 2Q 20 net profit of PLN 359 mn, beating clearly both street and our expectations by quite a margin (34%). Better NII, other result and lower opex are the main sources of a positive surprise. The effective tax rate of ca. 29% was in line with overall expectations.

Bank Polska Kasa Opieki S.A.: Update to credit analysis

Our credit view of Pekao, reflecting its strong financial fundamentals, stable performance and stable asset risk, which offset its declining core capitalisation.

Bank Polska Kasa Opieki S.A.: Key Facts and Statistics - FYE December 2019

A summary company profile, detailing Bank Polska Kasa Opieki SA’s business operations and financial highlights.

Bank Polska Kasa Opieki S.A.: Update to credit analysis

Our credit view of Pekao, reflecting its strong financial fundamentals, stable performance and stable asset risk, which offset its declining core capitalisation.

Moody's announces completion of a periodic review of ratings of Bank Polska Kasa Opieki S.A.

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Bank Polska Kasa Opieki S.A. Global Credit Research- 22 Nov 2019. Limassol, November 22, 2019-- Moody's Investors Service has completed a periodic review of the ratings of Bank Polska Kasa Opieki S.A. and other ratings that are associated with the same analytical unit.

Bank Polska Kasa Opieki S.A.: Update to credit analysis

Our credit view reflects Pekao's strong financial fundamentals and stable performance. Declining core capitalization should be offset by stable assets risk.

Research Team

WOOD Daily: Turkish food retail (BIMAS TI, SOKM TI, MGROS TI), ASELS TI, ING PW, KTY PW, CCH LN, MTELEKOM HB, Romania macro, PEO PW, PKO PW, TPE PW, SAB1L LH, RTKM RX, MOEX RX, European refining, MOL HB preview

HEADLINES: • Turkish Food Retail: is the stocking-up over? (BIM, Migros stay BUY, SOK downgraded to HOLD) • Aselsan: price target adjusted for 100% stock split (stays HOLD) • ING BSK: posts very solid 2Q20 POSITIVE • Kety: 2Q20 results - breaking its own records POSITIVE • CCHBC: 1H20 beat on unit costs and opex POSITIVE • Magyar Telekom: 2Q20 results - soft as expected; 2020E FCF guidance downgraded NEGATIVE • Romania: NBR rate cut, more to come • Bank Pekao: additional feedback after the 2Q20 results call • PKO BP: additional feedback after the 2Q20 results call • Ta...

Research Team

WOOD Morning (5 August June 2020)

HEADLINES: • OMV Petrom: honey, I'm tougher than the rest (upgraded to BUY) • European natural gas monthly: July 2020 NEUTRAL • Bank Pekao: big surprise on the bottom line driven by costs and NII POSITIVE • PKO BP: solid 2Q20 delivery, COR performance is much better than elsewhere in the sector NEUTRAL • Atrium 2Q20: encouraging turnovers in June at 77% vs. last year; 3% revaluation loss booked • Piraeus Bank: solid 2Q20 results across the board POSITIVE • Wizz Air: July passengers down 53%, vs 70% drop at Ryanair in July • BRD-GSG: notes from the conference call • Turke...

Research Team

WOOD Daily: KER PW; LPP PW; PLY PW; CEE Banks

HEADLINES: • Kernel: 4Q20 trading update - broadly in line with company's targets NEUTRAL • LPP: completes negotiations with 98% of shopping malls POSITIVE • Play Communications: increases prices in mobile pre-paid segment POSITIVE • CEE banks: 2Q20E - in the eye of the cyclone (Komercni Banka, MONETA Money Bank, Erste Bank, PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Handlowy, Bank Millennium, Alior Bank) • Play Communications: 2Q20E preview - 1% yoy adjusted EBITDA drop expected (due on 10 August) • Short News (KGH)

Research Team

WOOD Daily: PL Banks; RU Macro; SBER RX; IIA AV; OPL PW; CAR PW; PL Telecoms

HEADLINES: • Polish banks: nothing will be the same (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Handlowy, Bank Millennium, Alior Bank) • Russia macro: popular mandate supporting Putin suggests RUB stability • Sberbank: June RAS results - 2Q20 read-across positive, but unlikely to tip the balance POSITIVE • Immofinanz: successfully raises EUR 356m of capital in a combination of shares and convertible notes NEUTRAL • Orange Polska: to record PLN 64m provision release on jubilee bonuses in 2Q20E NEUTRAL • Inter Cars: June sales up by 11% yoy • Polish telecoms: mobile...

Research Team

The Rear-View Mirror – EME markets: Equity returns mixed as rebound forces weaken

EME Equity Market – June 2020 Market performance – in June, Turkish equities performed the best (+7.7%), while Hungary was the weakest (-2.2%). Following its rebound in the past couple of months, the MSCI EM Europe Index declined in June, losing 1.8% in EUR terms and 0.6% in local currency terms. Turkish equities were the best performers, with the ISE30 Index +7.7%, followed by Prague’s PX Index (+3.5%), and the WIG20 (+2.3%). After its good run in May, the Romanian BET lost 0.3% in June, while the Russian MOEX was down 2%. Greek equities declined 2.1%, while the worst-performing index w...

With a more favourable environment, BANK PKA.KASA OPIEKI SA improves to Slightly Positive

BANK PKA.KASA OPIEKI SA (PL), a company active in the Money Center Banks industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 12, 2020, the closing price was PLN 54.06 and its potential was estimated at PLN 65.42.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

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