WOOD Daily: MAVI TI; TL Banks; GPW PW; BFT PW; MOL HB; EU Macro; DNP PW; HUG PW; TEN PW; CPS PW; WPL PW; The Rear-View Mirror; MOH GA

HEADLINES: • Mavi: a mispriced story with solid fundamentals (BUY - reinitiation of coverage) • Turkish banks: weather vs. climate (reinitiating on Akbank, Garanti, Isbank and Yapi Kredi with HOLDs) • Warsaw Stock Exchange: just move on up (stays BUY) • Benefit Systems: March sports cards addition surprises positively, mostly in Poland POSITIVE • MOL: announces dividend proposal of HUF 275/share NEUTRAL • EU macro: cohesion funds can be deployed for defence, housing and energy investments • Dino Polska: 58 new stores added in 1Q25, shopping space +13% yoy NEUTRAL • Huuuge Games: March bookings...

The Rear-View Mirror – EME markets: Poland outperforms; Türkiye declines

EME Equity Market – February 2025 Poland outperforms, again; Türkiye declines. The MSCI EM Europe Index advanced by 3.1% in EUR terms and 2.9% mom in USD terms in February. The Polish WIG20 was, once again, the best performer, adding 7.3% mom in February; followed by the Czech PX Index (+6.1% mom); while Greece (+3.8% mom), Hungary (+3.5% mom) and Romania (+3.0% mom) all reported rather similar performances. The Turkish ISE30 was the worst performer, declining 4.5% mom.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/28/2025

Bilan mensuel actions européennes – mars 2025 – en attendant que Donald duncke

La hausse des droits de douane américains, effective ou à venir, a fini par faire plonger les marchés actions des deux côtés de l’Atlantique ainsi qu’en Asie. Sur le mois de mars, le Stoxx 600 s’en sort mieux que le S&P500 en raison du reflux d’optimisme à moyen terme consécutif au stimulus budgétaire à venir en Allemagne, qui a notamment fait flamber les cours des acteurs européens de la défense, déjà recherchés après le psychodrame télévisé du 28 février dans le bureau ovale. Le mois d’avril commence chargé d’incertitude avant les annonces de ce 2 avril…

European equities monthly round-up – March 2025 – waiting for Donald’s dunk

The hike in US tariffs, in effect or imminent, has triggered a dive in equity markets in North America, Europe and Asia. In March, the Stoxx 600 fared better than the S&P500 due to rekindled optimism in the medium term following the upcoming fiscal stimulus in Germany, which notably sent the share prices of European defence players, already in demand after the televised psychodrama of 28 February in the Oval Office, soaring. The month of April starts shrouded in uncertainty before the announcements of 2 April...

Credit Morning 04/02/2025

SoftBank Group: OpenAI investissement will hamper its financial strength (S&P)|Grifols: Brookfield has reportedly restarted contact with the family (El Confidencial)|UniCredit to launch bid for Banco BPM on 28 April. CASA owns 19.8% of Banco BPM.|