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

DM BOŚ: Daily research report – date 20.10.2020

Conferences calendar … 2 Large-cap companies news … 3Santander BP: 3Q20E results’ preview – income side suffers froma decline in NIIPekao: 3Q20E results’ preview – income side clobbered with lowerIRsPekao, PKO BP: Consumer protection office finemBank: 3Q20E results’ preview – income side suffers from NIIdeclineHandlowy: 3Q20E results’ preview – better qoq as loan-lossprovisions shrinkPGNiG: Operating figures regarding 3Q20 revealedOrange PL: New strategy in early 2021PGE: New strategy towards 2030 with perspective on 2050revealed – decarbonisation & huge green investments (with hugerise in de...

Research Team

WOOD Daily: TL Macro; PGE PW; PKO PW; PEO PW; TCS LI; PGN PW; TLV RO; OPL PW; MAIL LI; YNDX US; TELEC CP; LVC PW

HEADLINES: • Turkey macro: positive fiscal and business developments • PGE: presents new long-term strategy - surprises on RES growth expansion and cost-cutting targets POSITIVE • PKO BP/Bank Pekao: antimonopoly office fines banks on FX rate settlements on mortgage repayments • TCS Group Holding: Yandex offer off the table - our thoughts • PGNiG: 3Q20 operational results • Banca Transilvania: issues new shares by capitalising reserves - new price target • Orange Polska: aiming to publish strategy update at the beginning of 2021E NEUTRAL • Mail.ru/Yandex: expecting strong 3Q20E results (d...

Research Team

Raiffeisen Centrobank Equity Daily 19.10.2020

 HU: OTP - OTP initiates arbitration procedure against Croatia (neutral)  PL: AmRest - Sale of stake in Glovo for EUR 76 mn (positive)  PL: Banks - Supreme Court rejects to annul FX contract of Deutsche Bank PL (positive)  PL: Lotos - 3Q 20 preliminary show stronger than expected earnings (positive)  RO: Medlife - Medlife takes full shareholding of Ghencea Medical Center after the acquisition of 10% stake (neutral)  RU: Alrosa - Solid 3Q operating results speak to the diamond market revival (positive)  RU: Petropavlovsk - FAS to investigate the share buyout performed by UGC (neutral) ...

PKO BANK SA suffers a double requalification, which weighs heavily on its rating, now at Slightly Negative.

The independent financial analyst theScreener just downgraded the general evaluation of PKO BANK SA (PL), active in the Money Center Banks industry. As regards its fundamental valuation, the title loses a star(s) and now shows 2 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Slightly Negative. As of the analysis date October 16, 2020, the closing price was PLN 21.01 and its target price was estimated at PLN 17.43.

Research Team

DM BOŚ: Daily research report – date 14.10.2020

Conferences calendar … 2 Large-cap companies news … 3JSW: Operating figures for 3Q20 revealedPGNiG: Interest in Ukrainian upstream asset privatisationPKO BP: Alternative investments showing rising popularitymBank: Winding down of mFinance FrancemBank: Change of the headquartersCyfrowy Polsat: Stock goes ex-dividend – 12M EFV adjustedaccordinglyBanks: 40% growth in internet banking users Small- and mid-cap companies news … 5Mercator Medical: 3Q20 preliminary results revealed – verystrong, but close to our expectationsBogdanka: 3Q20 results previewFamur: Export mining machinery contract with S...

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...

Research Team

DM BOŚ: Daily research report – date 20.10.2020

Conferences calendar … 2 Large-cap companies news … 3Santander BP: 3Q20E results’ preview – income side suffers froma decline in NIIPekao: 3Q20E results’ preview – income side clobbered with lowerIRsPekao, PKO BP: Consumer protection office finemBank: 3Q20E results’ preview – income side suffers from NIIdeclineHandlowy: 3Q20E results’ preview – better qoq as loan-lossprovisions shrinkPGNiG: Operating figures regarding 3Q20 revealedOrange PL: New strategy in early 2021PGE: New strategy towards 2030 with perspective on 2050revealed – decarbonisation & huge green investments (with hugerise in de...

Research Team

Raiffeisen Centrobank Equity Daily 19.10.2020

 HU: OTP - OTP initiates arbitration procedure against Croatia (neutral)  PL: AmRest - Sale of stake in Glovo for EUR 76 mn (positive)  PL: Banks - Supreme Court rejects to annul FX contract of Deutsche Bank PL (positive)  PL: Lotos - 3Q 20 preliminary show stronger than expected earnings (positive)  RO: Medlife - Medlife takes full shareholding of Ghencea Medical Center after the acquisition of 10% stake (neutral)  RU: Alrosa - Solid 3Q operating results speak to the diamond market revival (positive)  RU: Petropavlovsk - FAS to investigate the share buyout performed by UGC (neutral) ...

Research Team

DM BOŚ: Daily research report – date 14.10.2020

Conferences calendar … 2 Large-cap companies news … 3JSW: Operating figures for 3Q20 revealedPGNiG: Interest in Ukrainian upstream asset privatisationPKO BP: Alternative investments showing rising popularitymBank: Winding down of mFinance FrancemBank: Change of the headquartersCyfrowy Polsat: Stock goes ex-dividend – 12M EFV adjustedaccordinglyBanks: 40% growth in internet banking users Small- and mid-cap companies news … 5Mercator Medical: 3Q20 preliminary results revealed – verystrong, but close to our expectationsBogdanka: 3Q20 results previewFamur: Export mining machinery contract with S...

Research Team

Raiffeisen Centrobank Equity Daily 06.10.2020

 AT: Andritz - Scheduled expiry of share buyback programme (neutral)  AT: Flughafen Wien - Austrian Airlines to further reduce capacity in winter schedule (negative)  AT: UBM - Sale of residential project in Vienna (positive)  HR: Valamar Riviera - Loan agreements concluded with club of banks (neutral)  PL: Banks - Banking Sector data for August published by NBP (neutral)  PL: Tauron - Tauron is considering issuing bonds of up to PLN 1 bn with a potential participation of EBRD (neutral)  RO: Transgaz - GSM of Transgaz voted for the entry of EBRD in the shareholding of Vestmoldtransgaz (...

Raiffeisen Centrobank Equity Daily 18.09.2020

ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group CECE index review - Add: BIF, Graphisoft Park, Play Communications; Del: Appeninn, PGE FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group; STOXX Europe 600 Index review - Dino to be added WIG20/WIG30 indices review - No change in constituents AT: FACC - Informing employees today regarding layoffs, up ...

Research Team

WOOD Daily: TL Macro; PGE PW; PKO PW; PEO PW; TCS LI; PGN PW; TLV RO; OPL PW; MAIL LI; YNDX US; TELEC CP; LVC PW

HEADLINES: • Turkey macro: positive fiscal and business developments • PGE: presents new long-term strategy - surprises on RES growth expansion and cost-cutting targets POSITIVE • PKO BP/Bank Pekao: antimonopoly office fines banks on FX rate settlements on mortgage repayments • TCS Group Holding: Yandex offer off the table - our thoughts • PGNiG: 3Q20 operational results • Banca Transilvania: issues new shares by capitalising reserves - new price target • Orange Polska: aiming to publish strategy update at the beginning of 2021E NEUTRAL • Mail.ru/Yandex: expecting strong 3Q20E results (d...

Research Team

WOOD Daily: BELA GA; KOFOL CP; PGE PW; MAVI TI; PL Macro; CCC PW; PL Banks; CEZ CP; PKO PW; MTELEKOM HB

HEADLINES: • Jumbo: 1H20 results - strong vs. other Greek retailers • Kofola: 2Q20 results - weak, but solid dividend and raised 2020 EBITDA guidance are sweeteners POSITIVE • PGE: 2Q20 results in line with prelims NEUTRAL • Mavi: 2Q20 review and takeaways from the call POSITIVE • Poland macro: NBP holds rates unchanged • CCC: PLN 250m credit line with BGK guarantee POSITIVE • Polish banks: Supreme Court issues a ruling on a specific case - not much impact NEGATIVE • CEZ: launches tender for Polish assets NEUTRAL • PKO BP: press speculating that PKO may be thinking about a share buyback • M...

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)

PKO BANK SA suffers a double requalification, which weighs heavily on its rating, now at Slightly Negative.

The independent financial analyst theScreener just downgraded the general evaluation of PKO BANK SA (PL), active in the Money Center Banks industry. As regards its fundamental valuation, the title loses a star(s) and now shows 2 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Slightly Negative. As of the analysis date October 16, 2020, the closing price was PLN 21.01 and its target price was estimated at PLN 17.43.

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