Report
Research Team
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DM BOŚ: Daily research report – date 8.04.2020

Headlines

Large-cap companies news

Azoty, PuÅ‚awy, Police: 4Q19 results revealed; Azoty’s adjusted EBITDA broadly in line with expectations, poor results of PuÅ‚awy, very good cash flow triggered by extensive us of factoring

Alior: Management on outlook

PKN Orlen: No changes in planned capex despite impact of COVID-19, update on acquisitions

PGE: 1Q20 results publication date changed

PKO BP: 1Q20 financial report to come later

Banks: Unified credit vacation offering?

Insurers: Impact of facilities for customers

Assets managers: Outflows from AM funds at record high levels

CD Projekt: 4Q19 results forecast

Small- and mid-cap companies news

PlayWay: Management outlook

BAH: Sales in 1Q20

J.W. Construction: Weak 1Q20 pre-sales and hand-overs

Erbud: Management on 2020E financial results

GTC: Optimum Ventures does not plan to delist the Company

Ciech: Factoring obtained

Mercator Medical: Insider selling

Bloober team: New contract for production of a game

Creepy Jar: Good debut of Green Hell co-op mode

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.

BLOOBER TEAM SA

Bloober Team SA is a Poland-based company primarily engaged in video games development. The Company focuses on designing and publishing games for consoles and mobile devices. Its projects range includes multi- and single-player games, which stories are placed in imaginary world. The Company's portfolio comprises a number of game titles, such as Layers Of Fear, BRAWL, Medium and Scopophobia. The Company sells games online via digital distribution network. Its video games are created for PlayStation, Xbox, Android system and Steam platform. The Company operates through iFun4all Sp z oo, iPlacement Sp z oo and Neuro Code Sp z oo, Digital Games Services Sp z oo and WFH Games Sp z oo, among others.

British Automotive Holding

British Automotive Holding SA is a Poland-based holding company. The Company is dominating Company of the Capital Group, consisted of the General Importer of Jaguar Land Rover, Direct Dealer Aston Martin and Dealer Companies. Through its subsidiaries the Company is active in the Polish market and conducts import and distribution of new cars, spare parts and accessories, as well as comprehensive service support for the Jaguar, Land Rover brands and Aston Martin.

CD Projekt S.A.

CD Projekt is a holding company of the CD PROJEKT Capital Group which conducts its operations in two activity segments: CD PROJEKT RED and GOG.com. CD PROJEKT RED's activities cover the creation and publication of videogames, licensing the associated distribution rights and manufacturing tie-in products which exploit the commercial appeal of brands owned by Co. The activities of GOG Ltd. involve digital distribution of videogames via Co.'s proprietary GOG.com distribution platform, on the basis of contracts signed by GOG Ltd. with producers, IPR holders and external publishers. The platform enables customers to purchase games, remit payment and download game files to their personal devices.

Ciech S.A.

Ciech is engaged in the production, trade and distribution of chemicals as well as comprehensive service activities directed at the domestic and foreign market. The main products sold by Co. are soda ash, TDI, plastics, resins, chemical fertilizers, plant protection chemicals, glass blocks and glass packaging, salt and other chemicals.

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.

Globe Trade Centre S.A.

Globe Trade Centre is the parent company of the capital group, Globe Trade Centre (the Group). The Group is engaged in the development and rental of office and retail space and the development and sale of residential units. The Group is a real estate company in Central and Eastern Europe and South-eastern Europe, operating in Poland, Romania, Hungary, Croatia, Serbia, Bulgaria, and Slovakia. Additionally, it co-owns land in Ukraine and Russia and operates in the Czech Republic. The Group's portfolio comprises: completed office buildings and office parks as well as retail and entertainment centres; residential projects; and undeveloped plots of land and suspended projects.

Grupa Azoty Spolka Akcyjna

Grupa Azoty is engaged in the processing of nitrogen products, the production and sales of fertilizers, the production and sales of plastics, the production and sales of oxo alcohols, the production and sales of titanium dioxide, the production and sales of melamine, the extracting and sulphur products processing, and the extracting of phosphate rock. Co. and its subsidiaries have five operating segments: Fertilizers-Agro; Plastics; Chemical; Energy, includes activities that concern production of electricity and heat; and Other Activities, which comprises other operations, such as laboratory services, rental of properties and other activities that cannot be allocated to other segments.

JW Construction Holding SA

JW Construction Holding SA. JW Construction Holding SA is a Poland-based holding company engaged in the real estate development sector, including the construction of residential buildings. It operates through three segments: Development; Hotels; and Real Estate.The Company is operational on domestic market, as well as in the Russian Federation and Bulgaria. It specializes in single family housing construction, offering detached and row houses, and multifamily housing construction, providing flats and high-standard apartments. Additionally, through its subsidiaries, the Company is engaged in heavy construction and architectural design services. It is also engaged in operating five hotels, under the brand name Hotel 500 and one leisure center Czarny Potok Resort and Spa, located in Poland.

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.

PGE Polska Grupa Energetyczna S.A.

PGE Polska Grupa Energetyczna is an electricity company based in Poland. Co. is engaged in the generation and selling of electricity. Co. is a predominant power producer and supplier in Poland and a major heat and power sector company in Central and Eastern Europe. Co. supplies over 5 million households, businesses and institutions through a combination of its own fuel resources (lignite), power generation and final distribution networks. Co.'s activities focus on the following areas: Conventional Power Generation, Renewable Power Generation, Nuclear Power Generation, Wholesale, Distribution and Retail. Co. has 12.2 GW of installed generation capacity.

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.

Playway SA

Playway SA. Playway SA is a Poland-based company engaged in the computer games development. The Company's activities are divided into two business segments: Computer games and Mobile games. The Computer games division focuses on creating and distributing games for Windows and Mac operating systems. Its game titles include Hard West, Car Mechanic Simulator, Professional Farmer 2014 and Ancient Space, among others. The Mobile games division produces and publishes games, such as Car Mechanic Simulator 2014 Mobile, Cook It Up and Diner Mania, for mobile devices with Android and iOS operating systems. In addition, it develops games for consoles, including PlayStation (PS) and Xbox. The Company distributes its products mainly through online platforms, such as Steam, App Store and Google Play. The Company controls a number of subsidiaries, such as CreativeForge Games SA, Madmind Studio Sp z oo, Atomic Jelly Sp z oo and Fishing Games Sp z oo.

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.

Zaklady Azotowe Pulawy S.A.

Zaklady Azotowe Pulawy is engaged in production of chemicals, chemical products and polyamide fibers. Co.'s products in this division consist of: fertilizers and nitrogen compounds; other inorganic basic chemicals; other organic chemicals; industrial gases; and plastics. Co. is also engaged in the production, transmission and distribution of electricity; production of plastic products; production and distribution of heat (steam and hot water); and the collection and treatment of water, excluding service activities; services relating to water distribution.

Zaklady Chemiczne Police

Zaklady Chemiczne Police SA is a Poland-based company that is engaged in the production of mineral fertilizers, titanium dioxide and chemicals. The Company divides its business activities into two main segments: Titanium White segment, which offers titanium dioxide pigments, used in the paints, plastics, rubber, textiles, ceramics and paper industries, and Mineral Fertilizers segment, which offers multi-component mineral fertilizers, and such nitrous fertilizer as urea, as well as ammonia, phosphoric and sulphuric acids, sodium fluosilicate, ferric sulphate II and distarpol. The Company operates through several subsidiaries and affiliates companies, such as PDH Polska SA or African Investment Group. The Company's majority stakeholder is the Polish State, which controls 59.43% of the shares.

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