Report
Research Team
EUR 20.00 For Business Accounts Only

DM BOŚ: Daily research report – date 24.06.2020

Headlines

Conferences calendar … 2

Large-cap companies news … 3

KGHM: Production and sale volumes for May

Orange PL: Social agreement with trade unions signed - basic salary increases in 2020 reduced from 3.5% to 1.0%

Dino: PLN 160 million on two new distribution centres

PKO BP: Return of early repaid consumer loans

PZU: 1H20 financial report to come later

Banks: Volume data for May

Banks: BIK releases data for May sales of non-banking lenders

Banks: April data shows growth in payments in arrears

Banks: CEOs statements from Banking Forum conference

Banks: Rising numbers of CHF borrowers secure claims in courts

Small- and mid-cap companies news … 6

Celon Pharma: The Company’s management outlook

GTC: Lones Star sells its stake to GTC Holding Zártkörüen Müködö Részvénytársaság

Budimex: New contract

Votum: Co-production of a movie on CHF borrowers

Puławy: AGM accepts PLN 5.45 per share dividend payment from FY19 profits

Asseco SEE:  Stock goes ex-dividend – 12M EFV adjusted accordingly

KGL: Stock goes ex-dividend; 12M EFV adjusted accordingly

Poland: capital market calendar … 8

DM BOÅš Coverage Universe … 12

Underlyings
Asseco South Eastern Europe S.A.

Asseco South Eastern Europe is engaged in holding operations which involve investments in new IT sector companies in South Eastern Europe and Turkey, as well as management of companies that have been already incorporated into Co. in that region. Co. is also a provider of services and software for voice automation solutions, payment systems and mobile communication systems. Co. is a provider of IT solutions, authentication solutions and online payment settlement systems, while it also delivers and performs maintenance of ATMs and POS terminals, and provides integration and implementation services for IT systems and hardware.

Budimex S.A.

Budimex S.A. is a holding company. Through its subsidiaries, Co. is engaged in building, assembly and erection works in the scope of general industrial and engineering construction, electrical power construction & assembly, environmental protection, road and highway construction, water and sewage system construction, the rendering of design services and technical and business consulting and real estate development. Co. maintains activities in strategic segments of the market, such as road and bridge construction, general construction works (office, hotel and institutes of higher education), and ecological/environment-related construction.

Celon Pharma SA

Celon Pharma SA is a Poland-based company primarily engaged in the pharmaceuticals manufacture. The Company focuses on research, development and production of generic drugs for cancer, neurological diseases, diabetes and other metabolic disorders treatment, among others. Its products portfolio comprises pills, such as Aromek, Bosentan Celon, Donepex, Ketrel, Lazivir and Valzek, as well as inhalation powder, such as Salmex. The Company's research center develops pharmaceuticals within a number of therapeutic areas, including oncology, neurology, as well as inflammatory and metabolic diseases. The Company is a subsidiary of Glatton sp z o o.

Dino Polska S.A.

Dino Polska is engaged in the business of retail sale in non-specialized stores with food, beverages and tobacco. In addition, Co. conducts processing of meats and the resulting products are dedicated, in the form of culinary meat, to external recipients within Co.'s retail chain. As of December 31, 2016, Co. operated a network of 628 Dino stores.

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.

KGHM Polska Miedz S.A.

KGHM Polska Miedz is engaged in the mining of copper and non-ferrous metals ore; the excavation of gravel and sand; the production of copper, precious and non-ferrous metals; the production of salt; the casting of light and non-ferrous metals; the forging, pressing, stamping and roll forming of metal- powder metallurgy; waste management; wholesale based on direct payments or contracts; warehousing and storage of merchandise; holding management activities; geological and exploratory activities; general construction activities with respect to mining and production facilities; scheduled and non-scheduled air transport; telecommunication and IT services; and other activities.

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.

Orange Polska S.A.

Orange Polska SA is a supplier of telecommunications services in Poland. Co. provides services, including fixed-line telecommunication services, Integrated Services Digital Network, voice mail, dial-up and fixed access to the Internet and Voice over Internet Protocol. Co. is one of Poland's three DCS 1800 and GSM 900 mobile telecommunications providers. Co. provides also third generation UMTS services. In addition, Co. provides leased lines, radio-communications and other telecommunications value added services, sells telecommunications equipment, produces electronic phone cards and provides data transmission, telephone directories, multimedia services and various Internet services.

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.

Powszechny Zaklad Ubezpieczen Spolka Akcyjna

Powszechny Zaklad Ubezpieczen is an insurance group based in Poland. Co. is engaged in offering a broad range of insurance and financial products. Co. pursues three main lines of business: Property and Casualty Insurance, offered by PZU; Life Insurance, offered by PZU Zycie; and Open-end Pension Funds, offered by PTE PZU, the manager of OFE PZU Zlota Jesien. Co. maintains a network of sales and service outlets including 500 outlets throughout Poland, including 243 shared outlets (common for PZU and PZU Zycie), 137 outlets of PZU Zycie and 120 outlets of PZU. Co.'s business is focused on the Polish market but it also conducts insurance business in the Lithuanian and Ukrainian markets.

Votum S.A.

VOTUM SA is a Poland-based company that offers assistance in claims for damages. It specializes in the proceedings concerning the claims related to damage to persons covered by the system of mandatory insurance. The services provided by the Company include: determining the perpetrator of the accident, preliminary legal assessment of the third party liability, statute of limitations for claims, the scope of damage subject to compensation and obtaining the compensation. As of December 31, 2011, the Company formed a capital group, which was comprised of: VOTUM Centrum Odskodnenia as, located in Slovenia; VOTUM Centrum Odskodneni as, located in the Czech Republic; Kancelaria Adwokatow i Radcow Prawnych A. Lebek i Wspolnicy Spolka Komandytowa, and VOTUM-RehaPlus SA. On May 8, 2013, the Company established its new subsidiary, Votum Connect SA. On October 25, 2013, it acquired 74% stake in Vidshkoduvannya Sp z o o, Ukraine.

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.

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.

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