Powszechna Kasa Oszczednosci Bank Polski S.A.

PKO Bank Polski is a universal commercial bank offering services to both domestic and foreign retail, corporate and other clients. Co. is licensed to hold foreign exchange and currencies and sell/buy them, as well as perform a full range of foreign exchange services; open and hold bank accounts abroad and to deposit foreign exchange in these accounts. In addition, Co. conducts activities relating to leasing, factoring, electronic settlements via payment cards, as well as renders other financial services. As of Dec 31 2009, Co. had total assets of Zl156,478,685,000 and total deposit of Zl124,628,562,000. Co. operates in the Republic of Poland, Ukraine and Sweden.
  • TickerPKO
  • ISINPLPKO0000016
  • ExchangeWarsaw Stock Exchange
  • SectorBanks
  • CountryPoland
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 • Tauron: announces the ...

Raiffeisen Centrobank Equity Daily 06.08.2020

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

Jovan Sikimic

PKO BP 2Q 20 - Lower risk costs and good cost discipline

PKO reported a 2Q 20 bottom-line of PLN 803 mn, ahead of consensus (4%) and our estimates (7%). The beat is a bit higher on pre-tax level. We were more conservative on core P&L lines but had no projections for legal risks provisions which came in the amount of PLN 105 mn and were digested in market expectations (other result).

Michał Sobolewski

PKO BP: 2Q20 results’ review – meeting expectations

PKO BP: 2Q20 results’ review – meeting expectations

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 • Turkey macro: inflation...

Powszechna Kasa Oszczednosci Bank Polski S.A.: 5 directors bought

Five Directors at Powszechna Kasa Oszczednosci Bank Polski S.A. bought 11,500 shares at between 20.650PLN and 24.499PLN. The significance rating of the trade was 52/100. 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...

Raiffeisen Centrobank Equity Daily 06.08.2020

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

Jovan Sikimic

PKO BP 2Q 20 - Lower risk costs and good cost discipline

PKO reported a 2Q 20 bottom-line of PLN 803 mn, ahead of consensus (4%) and our estimates (7%). The beat is a bit higher on pre-tax level. We were more conservative on core P&L lines but had no projections for legal risks provisions which came in the amount of PLN 105 mn and were digested in market expectations (other result).

Michał Sobolewski

PKO BP: 2Q20 results’ review – meeting expectations

PKO BP: 2Q20 results’ review – meeting expectations

Raiffeisen Centrobank Equity Daily 05.08.2020

 AT: Atrium - Higher than expected rental income and cash-earnings, revaluation effects result in significant net loss (negative)  AT: Lenzing - 2Q results as bad as expected, outlook for remainder of FY 20 sees at least sales of EUR 1.5 bn, EBITDA of EUR 151 mn (neutral)  AT: voestalpine - 1Q earnings considerably better than expected, FY 20/21 EBITDA range of EUR 0.6-1.0 bn confirmed (positive)  PL: AmRest - Partnership with Just Eat Takeway (positive)  PL: Bank Pekao - 2Q bottom-line 34% ahead of expectations on better NII and lower opex (positive)  PL: PKO BP - 2Q bottom-line slightl...

Research Team

The Rear-View Mirror – EME markets: Equities back in the red in EUR terms in July

EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index declined by 2.4%, followed by the Hungarian BUX Index, -0.4%. The only benchmark with a positive return in EUR te...

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 • Tauron: announces the ...

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 • Turkey macro: inflation...

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 number portab...

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 was the...

With a more favourable environment, PKO BANK SA improves to Slightly Positive

PKO BANK 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 22.57 and its potential was estimated at PLN 26.20.

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 week...

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