Report

Raiffeisen Centrobank Equity Daily 08.04.2020

 AT: Atrium - Postpones AGM by one week to April 23 (neutral)
 AT: CA Immo - CA Immo postpones AGM to August 25 (neutral)
 AT: Flughafen Wien - Austrian Airlines likely to undergo restructuring (negative)
 AT: Mayr-Melnhof - Company lowers DPS proposal to flat EUR 3.20 from initial EUR 3.60 (negative)
 AT: OMV - 1Q 20 operating results come broadly in line with our expectations with lower qoq crude output, but better refining and petchem margins (neutral)
 HU: Gedeon Richter - Selling its stake in Russian drug distributor Protek (positive)
 HU: Hungarian Banks - Wide range of national bank measures announced yesterday (positive)
 PL: Alior Bank - No strategy revision despite lockdown impact (positive)
 PL: Ciech - Signed renewable factoring agreement for PLN 150 mn, had cash of about PLN 700 mn at the end of 1Q 20 (neutral)
 PL: Grupa Azoty - Weak 4Q 19 results despite low gas prices, but solid cash flows (negative)
 PL: Insurance - Polish insurers could offer clients support such as a potential suspension of premiums (negative)
 PL: LPP - Once stores reopen, June sales expected to only amount to ca. 30% of last year's sales (negative)
 PL: PKO BP - Shifting 1Q 20 report to May 28 (neutral)
 PL: Poland - Government aims to broaden anti-crisis package with additional measures worth PLN 11 bn (neutral)
 RO: OMV Petrom - 1Q 20 operating results show slightly lower qoq gas production, better refining margins and good refinery utilization (neutral)
 CEE Macro Daily
Underlyings
Alior Bank SA

Alior Bank is a universal lending and deposit-taking bank which renders services to individuals, legal persons and other entities which are Polish and foreign persons. Co.'s core activities include maintaining bank accounts, granting loans and advances, issuing banking securities and purchasing and selling foreign currency. Co. also conducts brokerage activities, consulting and financial agency services and renders other financial services.

Atrium European Real Estate Limited

Atrium European Real Estate is engaged in the ownership, management and operation of commercial real estate in the retail sector. Co. primarily operates in Poland, the Czech Republic, Slovakia, Russia, Hungary and Romania. Co. has two reportable segments: the standing investment segment includes all commercial real estate held to generate rental income for Co.; and the development segment includes all development activities and activities related to land plots. As of Dec 31 2016, the portfolio of standing investments consisted of 59 properties in Poland, the Czech Republic, Slovakia, Russia, Hungary, and Romania.

CA Immobilien Anlagen AG

CA Immobilien Anlagenis a real estate investment company. Co. invests in commercial real estate, comprising hotel, residential, office, industrial, storage space, and logistics. Co. is also active in project development business. Co.'s activities are focused in Austria, Germany and Eastern Europe. Co. has 263 subsidiaries (including 24 joint ventures) in the following countries: Germany, Austria, Hungary, Luxembourg, Bulgaria, Netherlands, Slovakia, Cyprus, Russia, Czech Republic, Poland, Croatia, Ukraine, Romania and Serbia. Co., through its subsidiaries, is engaged in creation of entire urban districts, acquisition of real estate, project development, as well as property renovation.

Chemical Works of Gedeon Richter Plc

Chemical Works of Richter Gedeon is a multinational pharmaceutical company that is engaged in the research, development, production and marketing and trade of pharmaceutical products. Co.'s activities are divided into two major business segments: Pharmaceutical, including research, development and manufacturing of pharmaceutical products; and Wholesale and Retail including wholesale and retail trade through the distribution chain as well as marketing of its products. Co. is primarily engaged in production of gynecological, cardiovascular and gastroenterological products, antibiotics, antimicotics, OTC and medicines for treatment of the central nervous system.

Ciech S.A.

Ciech is engaged in the production, trade and distribution of chemicals as well as comprehensive service activities directed at the domestic and foreign market. The main products sold by Co. are soda ash, TDI, plastics, resins, chemical fertilizers, plant protection chemicals, glass blocks and glass packaging, salt and other chemicals.

Flughafen Wien AG

Flughafen Wien is the operator of Vienna Airport. Through its subsidiaries, Co. is engaged in managing airport operations and also provides a range of infrastructure services, which include the development and maintenance of infrastructure, ground handling and security services to a variety of retail, gastronomy and parking services as well as real estate marketing. Co. is responsible for the operation and maintenance of all movement areas and the terminals, the facilities involved in passenger and baggage handling as well as security controls for persons and hand luggage. Co. also provides services for aircraft and passenger handling in scheduled, charter and general aviation traffic.

Grupa Azoty Spolka Akcyjna

Grupa Azoty is engaged in the processing of nitrogen products, the production and sales of fertilizers, the production and sales of plastics, the production and sales of oxo alcohols, the production and sales of titanium dioxide, the production and sales of melamine, the extracting and sulphur products processing, and the extracting of phosphate rock. Co. and its subsidiaries have five operating segments: Fertilizers-Agro; Plastics; Chemical; Energy, includes activities that concern production of electricity and heat; and Other Activities, which comprises other operations, such as laboratory services, rental of properties and other activities that cannot be allocated to other segments.

LPP S.A.

LPP SA Gdansk is clothing manufacturing group based in Poland. Co. is engaged in the design and distribution of clothing. Co.'s headquarters is located in Gdan'sk, including designing resources for all its brands. Co.'s stores offer its customer products that include jackets, shirts, sweaters, dresses, skirts, trousers, jeans, underwear and garment products. Co. also sells promotion clothing under a special selected brand. Co.'s product offering is addressed to a variety of customers for whom separate brands and chain stores are set up. Co. launches clothing under such brand names as: RESERVED, CROPP, MOHITO, HOUSE, and PROMOSTARS.

Mayr-Melnhof Karton AG

Mayr-Melnhof Karton and its subsidiaries are primarily engaged in manufacturing and selling cartonboard and folding cartons with a focus on Europe. Co.'s business segments include: Mayr-Melnhof Karton, which is engaged in the manufactures and markets numerous grades of cartonboard, concentrating on coated cartonboard produced predominantly from recovered paper as well as virgin fiber-based cartonboard; and Mayr-Melnhof Packaging, which is engaged in converts cartonboard into industrial printed folding cartons mainly for the food industry, other consumer goods industries, and into cigarette packaging as well as confectionary packaging.

OMV AG

OMV is an international energy company with activities in Exploration and Production (E&P), Refining and Marketing including petrochemicals (R&M), and Gas and Power (G&P). Co. explores and develops oil and gas resources and supply energy to over 100 million people. OMV has three operating segments: Exploration and Production (E&P), Refining and Marketing, including petrochemicals (R&M), and Gas and Power (G&P), as well as the segment Corporate and Other (Co&O).

OTP Bank Nyrt

OTP Bank is a financial institution based in Hungary. Co. is engaged in retail banking (account management, bankcards and Electronic sevices - OTPdirekt) corporate banking and private banking. In Hungary traditional banking operations are performed by Co. while specialized services, including car leasing, investment funds and insurance are developed and offered by Co.'s subsidiaries. Co. expands its operations throughout the region via its foreign subsidiaries. As of Dec 31 2011, Co. had total assets of HUF10,200,527,000,000 and deposits of HUF6,398,853,000,000.

Petrom S.A.

PKO Bank Polski S.A.

PKO Bank Polski is a universal commercial bank offering services to both domestic and foreign retail, corporate and other clients. Co. is licensed to hold foreign exchange and currencies and sell/buy them, as well as perform a full range of foreign exchange services; open and hold bank accounts abroad and to deposit foreign exchange in these accounts. In addition, Co. conducts activities relating to leasing, factoring, electronic settlements via payment cards, as well as renders other financial services. As of Dec 31 2009, Co. had total assets of Zl156,478,685,000 and total deposit of Zl124,628,562,000. Co. operates in the Republic of Poland, Ukraine and Sweden.

Powszechny Zaklad Ubezpieczen Spolka Akcyjna

Powszechny Zaklad Ubezpieczen is an insurance group based in Poland. Co. is engaged in offering a broad range of insurance and financial products. Co. pursues three main lines of business: Property and Casualty Insurance, offered by PZU; Life Insurance, offered by PZU Zycie; and Open-end Pension Funds, offered by PTE PZU, the manager of OFE PZU Zlota Jesien. Co. maintains a network of sales and service outlets including 500 outlets throughout Poland, including 243 shared outlets (common for PZU and PZU Zycie), 137 outlets of PZU Zycie and 120 outlets of PZU. Co.'s business is focused on the Polish market but it also conducts insurance business in the Lithuanian and Ukrainian markets.

Provider
Raiffeisen Bank International AG - Institutional Equity
Raiffeisen Bank International AG - Institutional Equity

The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.

The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.

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