Report

ANY Security Printing - Amazing Q1/21 results underpin our view

Summary: ANY reported a net profit for Q1/21 of HUF 468mn on sales of HUF 9.6bn. Both
figures are record in quarterly terms. Export sales accounted for 45% of total, which is the
highest reading since Q4/17.
 Key positives: (1) there is still a huge pent-up demand for security and card products
which will drive the earnings growth in the upcoming quarters as over 1 million personal
documents need to be renewed. (2) Immunity certificates generated an additional HUF
1.2bn revenues until 31 March, which suggests a revenue of approx. HUF 600 a card. (3)
All strategic product segments delivered both YoY and QoQ growth.
 Key negatives: there’s no negative news in this interim report, in our view.

Underlying
Allami Nyomda

Any Security Printing is a securities products group based in Hungary. Co. produces security products and solutions (tax stamps. stickers with security elements), plastic and paper cards (document cards, bank and telephone cards, commercial cards), personalized business and administration forms, and conventional printing products. Co.'s product offering its organized along three segments: Security Products, Solutions (paper-based documents, excise and tax stamps, security printers and security inks, additives); Card Production, Personalization (document cards, bank cards and loyalty cards); and Form Production, Personalization (transactional mailing, business, lottery and election forms).

Provider
Concorde Securities
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.

Analysts
Gabor Bukta

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