Concorde Securities

Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.

Coverage

  • Research Category: Equity, Macro & Politics
  • Asset Class: Equity, Money Market
  • Geographic Coverage: Austria, Hungary, Jersey, Malaysia, Romania, Singapore
  • Size Coverage: Large Cap, Mid Cap, Micro Cap, Nano Cap
  • Sector Coverage: Banks, Construction & Materials, Electricity, Equity Investment Instruments, Financial Services, Fixed Line Telecommunications, General Retailers, Industrial Transportation, Oil & Gas Producers, Oil Equipment, Services & Distribution, Pharmaceuticals & Biotechnology, Real Estate Investment & Services, Real Estate Investment Trusts, Support Services, Travel & Leisure
  • Underlying Coverage: 32
Export
Ticker Underlying First Report Latest Report
42L SG1BI4000003 TLV Holdings 2018/11/22 2018/11/22
5130 MYL5130TO008 Atrium Real Estate Investment Trust 2019/03/01 2019/03/01
ANY HU0000093257 Allami Nyomda 2018/04/05 2019/10/02
APPENINN HU0000102132 Appeninn Vagyonkezelo Holding Nyrt. 2018/07/04 2019/04/09
ATRS JE00B3DCF752 Atrium European Real Estate 2018/08/08 2018/08/08
BRD ROBRDBACNOR2 BRD-Groupe Societe Generale 2018/03/24 2019/08/02
BVB ROBVBAACNOR0 S.C. Bursa de Valori Bucuresti S.A. 2018/04/03 2018/08/10
CHWGR US3684672054 Gedeon Richter Nyrt. 2018/11/29 2018/11/29
CIGPANNONIA HU0000097738 CIG Pannonia Eletbiztosito Nyrt. 2018/02/21 2019/10/02
DUNAHOUSE HU0000135090 Duna House holding Plc. 2018/03/01 2018/07/09
EBS AT0000652011 Erste Group Bank 2018/02/28 2019/08/02
EL ROELECACNOR5 Societatea Comerciala de Distributie si Furnizare a Energiei Electrice Electrica 2018/03/21 2019/11/15
ELSAQ US83367Y2072 Societatea Energetica Electrica 2018/11/29 2018/11/29
FP ROFPTAACNOR5 S.C. Fondul Proprietatea S.A. 2018/02/15 2019/10/02
MASTERPLAST HU0000093943 Masterplast 2017/11/30 2019/11/15
MGYXY US6084641033 MOL Magyar Olaj- es Gazipari Nyrt 2018/11/29 2018/11/29
MOL HU0000068952 MOL Nyrt 2018/04/03 2019/11/07
MTELEKOM HU0000073507 Magyar Telekom Telecommunications 2018/03/21 2019/11/07
OMV AT0000743059 OMV AG 2018/04/04 2019/04/09
OTP HU0000061726 OTP Bank Rt. 2018/03/26 2019/11/15
RBI AT0000606306 Raiffeisen Bank International 2017/11/14 2019/11/15
RICHTER HU0000123096 Richter Gedeon Rt. 2018/02/15 2019/11/15
SNG ROSNGNACNOR3 Societatea Nationala De Gaze Naturale ROMGAZ SA 2018/02/27 2019/11/15
SNGR US83367U2050 Societatea Nationala De Gaze Naturale 'Romgaz' S.A. 2019/02/21 2019/10/02
SNP ROSNPPACNOR9 Petrom S.A. 2018/03/26 2019/11/07
SPI AT0000652250 S IMMO AG 2018/06/11 2018/08/30
TEL ROTSELACNOR9 C.N.T.E.E. Transelectrica 2018/02/16 2019/10/02
TGN ROTGNTACNOR8 Societatea Nationala de Transport Gaze Naturale Transgaz S.A. 2018/02/15 2019/11/15
TLV ROTLVAACNOR1 Banca Transilvania S.A. 2018/03/24 2019/11/15
VER AT0000746409 Verbund AG 2017/11/08 2019/04/09
WABERERS HU0000120720 Waberer's International Zrt 2019/08/09 2019/11/15
WIZZ JE00BN574F90 Wizz Air Holdings 2018/01/31 2019/11/15

Analysts

  • Hai Thanh Le Phuong

    Senior analyst Years of Experience: 5
  • Gellert Gaal

    Analyst
  • Attila Vago

    Senior analyst Years of Experience: 20
  • Gabor Bukta

    Analyst
Hai Thanh Le Phuong

GDP - 2019 Q3 GDP Growth Continues At Elevated Pace

Economic growth in Q3 rose to 5.0% y-o-y, up from 4.9% in Q2, preliminary figures by the KSH showed today. This growth rate exceeds the Bloomberg consensus of 4.6%. Detailed figures are expected on 29 November. Working-day adjusted y-o-y figure was 4.8%, already reflecting some slowdown from the beginning of the year, compatible with a long-expected deceleration. gdp growth (same quarter in previous year = 100) Source: CSO, Concorde KSH said that most sectors contributed to the stellar performance (they did not mention agriculture and public services). Germany, the largest trading partner ...

Hai Thanh Le Phuong

Masterplast - Remarkable Results On Hungary, EBITDA Margin Improves Further

Masterplast – Instant Earnings Comment Recommendation:  Accumulate (unch.) Target price (12M): Under Revision (unch.)   Masterplast reported revenues came strong in the seasonally strongest quarter, up by 10.8% y-o-y to EUR 31.4 mln. EBITDA came to EUR 2.6 mln, up by 21% y-o-y, as a result of higher revenues and lower other OPEX. EBITDA margin also improved accordingly to 8.4% from 7.8%. Revenues improved y-o-y by 10.8% on the back of strong Hungary (which contains partial contribution from newly acquired T-cell). Hungarian sales increased 31.9% y-o-y despite the mild deceleration in th...

Wizz Air - We Lift PT To GBP 43 After Solid H1/20 Results

WIZZ AIR- Earnings Revision Recommendation:  Accumulate (prev. Neutral) Target price (12M): GBP 43.0 (prev. GBP 36.0) We upgrade Wizz Air to Accumulate from Neutral and raise our 12M TP from GBP 36 to GBP 43 (+15% upside potential), reflecting solid H1/20 results, strong cash generating ULCC model, and the appreciation of the sterling. Wizz Air trades at FY1 P/E of 13.4x and FY2 P/E of 11.3x multiples on our estimates (broadly in line vs. RYA’s FY1/FY2 P/E of c.13.5x/11.9x; EZJ’s FY1/FY2 P/E of c.13.5x/11.5x). We believe Wizz Air deserves higher valuation multiples as they can grow abov...

Hai Thanh Le Phuong

Raiffeisen - In Line Results, Improving NIM, NII Are Key Positives

RBI – Instant Earnings Comment Recommendation:  Buy (unch.) Target price (12M): EUR 30.0 (unch.)   RBI reported net income came to EUR 303 mln in the third quarter, in line with analyst estimates of EUR 305 mln. In the first 9M, RBI posted a return on equity of 10.4%, down from 14.4% a year ago, but this was attributed to less risk provision reversals, weaker net trading and hedge accounting results. The other net operating line also included provisions for Romanian settlement in the quarter to the tune of EUR 39 mln. Net interest income improved on a quarterly basis by 3.1% and y-o-y ...

Transgaz - Profit Up On Higher Volumes, Weakening RON

Transgaz - Instant Earnings Comment Recommendation:  Under revision Target price (12M): Under revision     Transgaz reported Q3/19 earnings today, BMO. Taking into account that Q2 & Q3 are seasonally weak periods, net profit amounted to RON 29mn in the reported quarter. Domestic revenues rose 6% YoY on lower regulated tariff, but strong volume growth, while higher international revenues arrived on the back of RON depreciation (Transgaz receive these revenues in USD). Due to the restatement of the previous year’s results, we’ve changed some figures compared to our early comment. On the ...

Hai Thanh Le Phuong

Masterplast - Remarkable Results On Hungary, EBITDA Margin Improves Further

Masterplast – Instant Earnings Comment Recommendation:  Accumulate (unch.) Target price (12M): Under Revision (unch.)   Masterplast reported revenues came strong in the seasonally strongest quarter, up by 10.8% y-o-y to EUR 31.4 mln. EBITDA came to EUR 2.6 mln, up by 21% y-o-y, as a result of higher revenues and lower other OPEX. EBITDA margin also improved accordingly to 8.4% from 7.8%. Revenues improved y-o-y by 10.8% on the back of strong Hungary (which contains partial contribution from newly acquired T-cell). Hungarian sales increased 31.9% y-o-y despite the mild deceleration in th...

Wizz Air - We Lift PT To GBP 43 After Solid H1/20 Results

WIZZ AIR- Earnings Revision Recommendation:  Accumulate (prev. Neutral) Target price (12M): GBP 43.0 (prev. GBP 36.0) We upgrade Wizz Air to Accumulate from Neutral and raise our 12M TP from GBP 36 to GBP 43 (+15% upside potential), reflecting solid H1/20 results, strong cash generating ULCC model, and the appreciation of the sterling. Wizz Air trades at FY1 P/E of 13.4x and FY2 P/E of 11.3x multiples on our estimates (broadly in line vs. RYA’s FY1/FY2 P/E of c.13.5x/11.9x; EZJ’s FY1/FY2 P/E of c.13.5x/11.5x). We believe Wizz Air deserves higher valuation multiples as they can grow abov...

Hai Thanh Le Phuong

Raiffeisen - In Line Results, Improving NIM, NII Are Key Positives

RBI – Instant Earnings Comment Recommendation:  Buy (unch.) Target price (12M): EUR 30.0 (unch.)   RBI reported net income came to EUR 303 mln in the third quarter, in line with analyst estimates of EUR 305 mln. In the first 9M, RBI posted a return on equity of 10.4%, down from 14.4% a year ago, but this was attributed to less risk provision reversals, weaker net trading and hedge accounting results. The other net operating line also included provisions for Romanian settlement in the quarter to the tune of EUR 39 mln. Net interest income improved on a quarterly basis by 3.1% and y-o-y ...

Transgaz - Profit Up On Higher Volumes, Weakening RON

Transgaz - Instant Earnings Comment Recommendation:  Under revision Target price (12M): Under revision     Transgaz reported Q3/19 earnings today, BMO. Taking into account that Q2 & Q3 are seasonally weak periods, net profit amounted to RON 29mn in the reported quarter. Domestic revenues rose 6% YoY on lower regulated tariff, but strong volume growth, while higher international revenues arrived on the back of RON depreciation (Transgaz receive these revenues in USD). Due to the restatement of the previous year’s results, we’ve changed some figures compared to our early comment. On the ...

Romgaz - 3Q/19 Results Were In Line With Estimates

  Romgaz - Earnings Revision Recommendation: Neutral (Accumulate) Price target (12m): RON 37.1 (unch.)  Current share price: RON 37.5   Romgaz’s Q3/19 Romgaz’s Q3/19 net income came to RON 209 mn (-2% YoY) on sales revenue of RON 916 mn (-6% YoY). In the first nine months of 2019, Romgaz achieved net income of RON 1.19 bn (+19% YoY) on sales revenue of RON 3.79 bn (10% YoY). Despite an increase in its market share to 59% Romgaz’ sales performance was negatively affected by lower gas consumption (-5% YoY during the first nine months of the 2019). Natural gas production dropped by 3% YoY ...

Hai Thanh Le Phuong

GDP - 2019 Q3 GDP Growth Continues At Elevated Pace

Economic growth in Q3 rose to 5.0% y-o-y, up from 4.9% in Q2, preliminary figures by the KSH showed today. This growth rate exceeds the Bloomberg consensus of 4.6%. Detailed figures are expected on 29 November. Working-day adjusted y-o-y figure was 4.8%, already reflecting some slowdown from the beginning of the year, compatible with a long-expected deceleration. gdp growth (same quarter in previous year = 100) Source: CSO, Concorde KSH said that most sectors contributed to the stellar performance (they did not mention agriculture and public services). Germany, the largest trading partner ...

Hai Thanh Le Phuong

CPI - October CPI – Core Indicators Edge Up

October inflation was 2.9%, up 0.1pps from a month earlier. Core inflation rose to 4.0% from 3.9% in September. HEADLINE AND CORE INFLATION (YOY) Source: CSO, Concorde The headline inflation rose mainly as core prices rose even more. Fuel and administered prices had exerted a negative impact on the headline. HEADLINE AND UNDERLYING INFLATION (YOY) Source: MNB The central bank’s underlying inflation indicators have fared mixed, demand sensitive and net core literally eliminating the reduction in the underlying inflation trend in summer months, while sticky price inflation dropped somewhat...

Gellert Gaal

CPI - July CPI – Shows Relief In Inflation Pressure

July inflation was 3.3%, down 0.1pps from a month earlier. Core inflation fell 3.7% from 3.8% a month earlier. HEADLINE AND CORE INFLATION (YOY) Source: CSO, Concorde The headline inflation fell marginally hand-in-hand with core prices. The recent slowdown in core inflation was visible in the central bank’s underlying inflation indicators, too. The closely watched net core inflation fell to 3.2% from the peak of 3.7% reached in May, still above the level (3%) described earlier by the MNB as ‘to be watched closely’ regarding its implication for the perseverance of inflation pressure / compat...

Hai Thanh Le Phuong

CPI - July CPI – Shows Relief In Inflation Pressure

July inflation was 3.3%, down 0.1pps from a month earlier. Core inflation fell 3.7% from 3.8% a month earlier. HEADLINE AND CORE INFLATION (YOY) Source: CSO, Concorde The headline inflation fell marginally hand-in-hand with core prices. The recent slowdown in core inflation was visible in the central bank’s underlying inflation indicators, too. The closely watched net core inflation fell to 3.2% from the peak of 3.7% reached in May, still above the level (3%) described earlier by the MNB as ‘to be watched closely’ regarding its implication for the perseverance of inflation pressure / compat...

Hai Thanh Le Phuong

Rate Decision - MNB Decides “Small Scale, Mild Tightening”

The MNB has decided today to leave unchanged its main interest rates at its regular interest rate setting meeting. The decision is broadly in line with expectations and the indication of the central bank. Yet, the decision is considered to be mildly hawkish – in the wording of the central bank deputy governor – as the central bank decided to aim a somewhat tighter interbank liquidity position in the coming quarter: they reduced the liquidity aimed to crowd out from the interbank market from HUF 300-500 billion in Q2 to HUF 200-400 billion. The MNB has stressed the uncertain nature of condition...

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