Report
Research Team
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DM BOŚ: Daily research report – date 30.01.2020

Headlines

Large-cap companies news

PKN Orlen: 4Q19 results revealed; Poor results across all business segments, weaker than expected cash flow, poor outlook

CCC: Strategy – some comments

Santander BP: Management on outlook

Banks: Head of the BFG on burdens and restructuring of FX mortgages

Banks: Loan sales expectations from BIK

Small- and mid-cap companies news

Unibep: 4Q19 results forecast – strong showing ahead

J.W. Construction: 4Q19 results forecast – strong showing ahead

Ten Square Games: Insider selling

Comarch: Deputy CEO resigns

Bloober team: Patent obtained in the United States

Tower Investments: Agreements with MAX Premium Burgers

Polnord: The District Court has dismissed the motion filed by Hanapeta

Underlyings
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.

CCC SA

CCC is engaged in the wholesale and retail trade of clothing and footwear. Co. offers its products to wide range of consumers, from demanding clientele of trendy boutiques to value-oriented medium segment customers, to less wealthy customers seeking reasonably priced quality footwear. Co. pursues a strategy of brand diversification, which is reflected in its three autonomous distribution channels: a chain of official CCC stores, BOTI footwear shops and QUAZI boutiques. Co. offers more than 2,500 designs of footwear. Co. also owns more than 67 proprietary brand names e.g. Lasocki.

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.

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.

Polnord S.A.

Polnord is a holding company. Through its subsidiaries, the core business of Co. is construction and sale of residential and commercial property. Co.'s activities include construction; manufacturing of carpenter's works and woodwork for the construction industry; manufacturing sanitary ware, concrete and plaster products; manufacturing metal construction elements; wholesale of construction material, sanitary equipment, metal articles as well as hydraulic and heating equipment; wholesale of chemical equipment; export of construction services; real estate maintenance; activities relative to architecture and engineering; and lease of machines and construction equipment.

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.

Ten Square Games

Ten Square Games SA is a Poland-based mobile games development company. The Company is focused on 3D simulation hobby games for people who seek outdoor experiences on their mobile devices, like fishing or hunting games. Its games are available on social platforms, a network of partner sites, as well as on Google Play, App Store and Microsoft Store.

Tower Investments SA

UNIBEP S.A.

Unibep SA is a Poland-based company engaged in the residential, commercial and general construction industry, including public procurement. The Company is a dominant entity of the UNIBEP Group. One of the Group's pillars of operations in Poland is the residential construction sector, in which Warsaw agglomeration belongs to the Company's main scopes of operations. Export activities of the Company focus on Eastern markets and on the Norway market through its branch Unihouse. It operates several subsidiaries, including Unex Constructions Sp z o o, Budrex-Kobi Sp z o o, Unidevelopment Sp o o, Unibep Lwow Sp z o o, based in Ukraine, and StroilMP Sp z o o, based in the Russian Federation, among others, as well as three affiliates.

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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