Report
Research Team
EUR 20.00 For Business Accounts Only

DM BOŚ: Daily research report – date 16.10.2020

Conferences calendar … 2

Large-cap companies news … 3
JSW: Cancelling of loan from EBI
CD Projekt: Night City Wire Part 4: new trailers – vehicles and
styles; Stadia debut on November 19
Banks: Strong growth of court cases connected with FX mortgage
litigation in main courts
Banks: Changes of the structure of BFG funds?

Small- and mid-cap companies news … 5
LiveChat: 3Q20 US$ revenues revealed – (once again) robust,
ahead of (our) expectations.
KGL: 3Q20 revenues
Mercator Medical: Analyst call’s takeaways; ASPs continue to
grow in 4Q20; PLN 1-2 billion EBITDA expected in FY21
LSI Software: Analyst call’s takeaways; flat yoy revenues expected
in 2020; high backlog in cinema sector
Comp: Management outlook – Parkiet daily
Celon Pharma: Antiviral drugs for SARS-COV-2 under
development
Ten Square Games: Insider selling
Consumer staples: New restrictions starting from Saturday

Poland: capital market calendar … 9

DM BOŚ Coverage Universe … 14

Underlyings
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.

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.

Jastrzebska Spolka Weglowa S.A.

Jastrzebska Spolka Weglowa is a producer of type 35 coking coal (“orthocoking coal” according to Polish Standard). The main line of Co.'s business is also the mining and sales of steam coal. Co. is also central for selling all coal derivative products, i.e. coke and hydrocarbons produced by coking plants owned by the JSW S.A. Capital Group. The mining area is located in the Upper Silesian Coal Basin. The principal clients for Co.'s products are located primarily in Poland, Germany, Austria, the Czech Republic, Slovakia, and also India and Brazil.

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.

Livechat Software SA

Livechat Software SA is a Poland-based company engaged in the software industry. The Company is a producer and global provider of software as a service (SaaS) LiveChat, communication software for business. LiveChat enables fast and intuitive communication between company's employees and customers visiting corporate Website. The application also tracks customers' activity on a Website. The Company produces and distributes software for business-to-consumer (B2C) and business-to-business (B2B) communication. Its product portfolio includes three types of LiveChat plans: Solo, dedicated to single user and offering such features as unlimited chats, ticketing system, enhanced security and basic reporting; Team, for numerous teams that additionally includes chat routing and groups creation; and Enterprise, for companies that, additionally to previous ones, provides advanced reporting, work scheduler and unlimited visits on a Website.

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.

Mercator Medical SA

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.

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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