Report
Sylwia Jaśkiewicz
EUR 20.00 For Business Accounts Only

DM BOŚ: Daily research report – date 28.01.2020

Headlines

Large-cap companies news

PKN Orlen: Management outlook

PKO BP: 4Q19E results’ preview

Pekao: 4Q19E results preview

Alior: 4Q19E results preview – cost of risk expected to drop

Alior: Fitch affirms ratings

mBank: Stated owned firms among forerunners for takeover?

Santander BP: 4Q19 results to come tomorrow - provisions to weight on results

Small- and mid-cap companies news

Famur: 4Q19 results preview

KGL: 4Q19 results’ forecast

Arctic Paper: Management outlook

Erbud: Construction of a wind farm

Comarch: Insider selling

LSI Software: Insider selling

Mercator: Glovemakers’ shares continue to grow due to coronavirus outbreak concerns

DataWalk: Pilot project with system integrator in the USA

Getin Noble: Fine from consumer protection office

Underlyings
Alior Bank SA

Alior Bank is a universal lending and deposit-taking bank which renders services to individuals, legal persons and other entities which are Polish and foreign persons. Co.'s core activities include maintaining bank accounts, granting loans and advances, issuing banking securities and purchasing and selling foreign currency. Co. also conducts brokerage activities, consulting and financial agency services and renders other financial services.

Arctic Paper SA

Arctic Paper is an European producer of bulky book paper, offering the widest range of products in this segment and is a producer of high quality graphic paper in Europe. Co. produces many types of wood-free coated and uncoated paper, wood uncoated paper for printing houses, paper distributors, publishers of books and periodicals and advertising industry. The additional business activities of Co. subordinated to paper production are: production and sales of pulp; production of electric energy; transmission of electric energy; electricity distribution; heat production; heat distribution; logistics services; and paper distribution.

BANK POLSKA KASA OPIEKI SA

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.

ComArch S.A.

Comarch is a producer of IT systems for key sectors of the economy: telecommunications, finances, public administration, large companies and the sector of small and medium-sized companies. A range of Co.'s product offering includes ERP-class and financial and accounting systems, CRM systems and loyalty software, sales support and electronic document exchange systems, knowledge management, Business Intelligence, security and protection of data and many other solutions. Apart from providing IT solutions to its customers, Co. is focused on professional customer service and on providing consulting, advisory and integration services as a uniform package.

Datawalk SA

Datawalk SA Formerly known as Pilab SA. Datawalk SA, formerly known as Pilab SA, is a Poland-based a software publisher. The Company specializes in the area of data analysis, offering Business Intelligence solutions. It operates DataWalk, an agile analysis platform, which enables financial and insurance institutions to discover fraud attempts, combat money laundering, as well as analyze and monitor business processes, such as sales, claim adjustment and debt collection, among other applications. The Company operates through Datawalk Inc, its wholly-owned subsidiary based in the United States.

Erbud SA

Erbud is a construction company in Poland. Co. performs services as a general contractor and a subcontractor which develops projects for private and public investors in retail, public utility, road engineering, power and residential construction sectors. Co. develops projects in Poland and abroad: in Germany, Belgium, Luxemburg and Holland.

Famur SA

FAMUR SA is a Poland-based manufacturer of mining equipment and machinery. The main area of the Company's operations is manufacture of automated longwall systems enabling the exploitation of coal. The Company also specializes in design and production of equipment for underground mines and open pits, as well as bulk material handling equipment and machines for coal preparation plants. The Company's products portfolio includes electric and hydraulic shearers, roof support, hydraulic control system, conveyors and crushers. FAMUR SA is also engaged in the development of information technology solutions and management system for coal industry. The Company operates through subsidiaries, based in Poland, Germany and the Russian Federation. The Company's major shareholder was TDJ SA, with a stake 71.28%. On November 27, 2014 the Company acquired 76,69% of stake in FAMAK SA.

Getin Noble Bank SA

Getin Noble Bank SA is a Poland-based universal bank. The Company divides its activity into three segments: Banking, providing banking services and operating in the area of accepting cash deposits, running deposit and other bank accounts, granting loans, issuing and confirming bank guarantees, issuing bank securities, checque and bill of exchange operations and operations related to warrants, issuing payment cards, among others; Financial Intermediary, providing services related to financial intermediation, loans, deposits, savings, investment intermediation; Asset and Fund Management, placing cash collected by means of public offering of unit fund, advising, managing securities portfolios, creating and managing investment funds, as well as providing rental services and property management. It is the parent company of Getin Noble Bank SA Capital Group and operates through subsidiaries, including Noble Funds TFI SA, Noble Concierge Sp z o o, Getin Leasing, among others.

Korporacja KGL SA

Korporacja KGL SA is a Poland-based company engaged in the commodity chemicals industry. The Company mainly is active in the distribution of plastic granulates. In addition, it is engaged in the production of plastic packaging materials and containers, through thermoforming method, such as trays, films, salad containers, packaging for fruits, vegetables, eggs and confectioning products. The company distributes a wide range of products, such as styrenics, polyolefins, elastomers, dyes and modifiers, plastic packaging, plastics and special materials. Its provider's portfolio encompasses Samsung, Carbotex, Kotec, Silon, Starex, Infino, Arkema, Total, Total Lumicene and Viba entities, among others.

LSI Software SA

LSI Software Sa. LSI Software SA is a Poland-based company specialized in the design and provision of software solutions for the retail and hospitality sectors. Its portfolio of products includes Bastion ERP, a corporate management system; POSitive Retail, aimed at retail stores management; and POSitive Hospitality, designed for the management of hotels, restaurants and SPAs, among others. The Company is also a supplier of customer-tailored software solutions. It deals with all levels of software implementation, from the design, through installation, to system configuration, training and post-sale services. The Company holds a partnership with Microsoft for system environment and database implementation and with Long Range Systems for development of software solutions. It also provides building management systems (BMS) under the GIP brand name. The Company operates a number of subsidiaries, such as Softech Sp z o o and Przedsiebiorstwo Projektowo Wdrozeniowe GiP Sp z o o.

MBANK SA

mBank is a provider of comprehensive corporate banking services in Poland. Co. and its subsidiaries make up the mBank Group which is engaged in offering financial services. Co.'s service offering includes a comprehensive financial offer tailored to the needs of corporate clients, Private Banking clients, and retail clients. The business activities of Co. is conducted in the following business segments: Retail Banking and Corporates and Markets.

Mercator Medical

Mercator Medical SA is a Poland-based company engaged in medical supplies industry. The Company manufactures medical gloves and distributes disposable medical materials. It produces medical, latex, synthetic, surgical, diagnostic sterile, examination and protective and household gloves. Its dressing products line includes gauze dressing products, non-woven fabric dressing, medical adhesive tapes, surgical dressing, among others. In addition, the Company provides drapes such as bed sheets, sets, as well as apparel, including caps, masks, gowns, among others. It operates through subsidiaries: Mercator Medical Kft, Mercator Medical srl, Merkator Medikal TOB, Mercator Medical (Thailand) Ltd and VIVOFT LLP.

PKO 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.

Polski Koncern Naftowy ORLEN S.A.

Polski Koncern Naftowy Orlen's activities are divided into three main business segments: the Refining Segment that comprises crude oil processing as well as wholesale and retail trade in refinery products. The Petrochemical Segment that encompasses production and sale of petrochemicals and chemicals. The Retail Segment that comprises of sales at petrol stations. Co.'s basic products include gasolines, diesel oils, light heating oil, Jet fuel, liquid gas, polyetylene, polypropylene, benzene, butadiene, acetone, phenol, glycols, toluen, ortoxylene.

Santander Bank Polska SA

Bank Zachodni is a bank seated in Poland. Co. and its subsidiaries provide a range of banking services for individual and business customers and operate in domestic and interbank foreign markets. Additionally, Co. provides also the following services, including intermediation in trading securities, leasing, factoring, asset/ fund management, insurance services, trading in stock and shares of commercial companies, and brokerage activity. Operational activity of Co. and its subsidiaries has been divided into five segments: Retail Banking, Business and Corporate Banking, Global Banking and Markets, ALM (Assets and Liabilities Management) and Centre, as well as Santander Consumer.

Provider
BOS Brokerage
BOS Brokerage

BOS Brokerage, with over 20-year experience, offers brokerage services on the Polish capital market to satisfy numerous needs of institutional and retail investors.

Our comprehensive offer includes brokerage services on both the stock exchange and the forex market as well as brokerage services on the energy market, debt and equity issues, distribution of investment funds and assets management.

BOS Brokerage analytical team belongs to the most appreciated and acclaimed on the market. According to Parkiet daily’s poll (as of January 7, 2019), DM BOŚ equity research team was selected by institutional investors as the third best in Poland. Moreover, the team members won several individual best analysts awards, including Sobiesław Pająk – IT (best analyst), media/telco (ranked 2.), strategy (ranked 4.), Tomasz Rodak – video games (best analyst), overall ranked 5., Łukasz Prokopiuk – chemicals (ranked 2.), mining (ranked 3.), Maciej Wewiórski – real estate (ranked 3.).

In August 2017 Parkiet daily indicated DM BOŚ recommendations as the most accurate over 12 months and according to the Puls Biznesu daily (as of April 11, 2017) DM BOŚ research team was the most prolific on the Polish market and issued the biggest number of recommendations (247) in the years 2014-2016.

The analysts handle over 80 companies listed on the Warsaw Stock Exchange.

Analysts
Sylwia Jaśkiewicz

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