Report

Raiffeisen Centrobank Equity Daily 14.05.2020

ï‚§ AT: AT&S - 4Q EBITDA above expectations, net below, 1Q 20/21 seen stable (positive)
ï‚§ AT: IMMOFINANZ - Guides for negative revaluation effects of EUR 45 mn in 1Q, increase in operational results by 13-15% (neutral)
ï‚§ AT: Mayr-Melnhof - 1Q revenues in line but EBIT slightly below RCBe due to weaker packaging (neutral)
ï‚§ AT: Oesterreichische Post - 1Q 20 in line with expectations, no concrete financial guidance for FY 20e (neutral)
ï‚§ AT: RBI - 1Q bottom line ahead of consensus, CET1 at 13.0%
ï‚§ AT: Wienerberger - 1Q EBITDA in line with prelim., but write-offs of EUR 116 mn digested, company guides for EBITDA of EUR 440-480 mn based on scenario analysis which bodes well vs. consensus (neutral)
ï‚§ HU: Magyar Telekom - 1Q 20 operating results in line, HUF 1.6 bn net loss on high tax burden (neutral)
ï‚§ PL: AmRest - Restaurants to reopen in Poland on May 18 (positive)
ï‚§ PL: Bank Handlowy - 1Q 20 net profit missed estimates by 40% on conservative COR (neutral)
ï‚§ PL: Cyfrowy Polsat - 1Q 20 operating results matched expectations, EBITDA down 1% yoy (neutral)
ï‚§ RO: Conpet - 1Q 20 net profit was up by 13% yoy, once again on the back of imported crude segment (neutral)
ï‚§ RO: Electrica - 1Q 20 results supported by very strong supply results (positive)
ï‚§ RO: Sphera Franchise Group - Bottom line went into red in 1Q 20 due to covid-19 crisis (neutral)
ï‚§ RO: Transgaz - 1Q 20 results inched up by 5% yoy, supported by stronger domestic transport segment results (neutral)
ï‚§ CEE Macro Daily
Underlyings
AMREST HOLDING

AmRest is a holding company. Through its subsidiaries, Co. is an international fas-foods and casual dining restaurant operator in Central and Eastern Europe. Co. has been building a portfolio of well recognized power brands such as KFC, Pizza Hut, Burger King, Applebee's and Starbucks based on solid franchise and joint venture partnerships. Co. owns La Tagliatella brand which is being developed as Co. operated restaurants as well as franchised stores. Co. operates almost 700 category Quick Service and Casual Dining restaurants. Co. is based in Wroclaw and operates in Poland, Czech Republic, Hungary, Russia, Bulgaria, Serbia, Croatia, Spain, France and the United States.

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft

AT&S Austria Technologie und Systemtechnik is engaged in the production of printed circuit boards. Co. has three core printed circuit board businesses: Mobile Devices, Automotive and Industrial. Co.'s product assortment ranges from single and double-sided printed circuit boards to multilayer, flexible and rigid, insulated metallic substrate, nucleus, to laser drilled circuit boards. Co.'s products are used as electromechanical linking elements, mainly in the telecommunication sector, automobile industry and medical technology applications, defense and aerospace.

Bank Handlowy w Warszawie S.A.

Bank Handlowy W Warszawie is a Polish bank holding company engaged in a wide range of banking services for individuals and corporate customers in the domestic and foreign markets. Additionally Co. operates in brokerage operations, lease services and investment operations. Customers have access to these services at the branches, ATM's, telephone services and electronic banking services.

Conpet SA

Cyfrowy Polsat SA

IMMOFINANZ AG

Immofinanz AG is an Austria-based real estate company that invests in commercial properties. The Company's core activities are the management and development of retail and office properties in selected Central and Eastern European countries. The Company focuses its operations on such markets as Austria, Germany, the Czech Republic, Slovakia, Hungary, Slovenia, Romania and Poland. The Company manages a portfolio of approximately 240 properties, covering rentable space of approximately 1.8 million square meters. In the office sector, the Company concentrates on the capital cities of the core countries and the major office locations in Germany with its international myhive brand. The Company's activities in the retail sector are based on the brands STOP SHOP for retail parks and VIVO! for shopping centers which are designed for secondary and tertiary cities of Central and Eastern Europe.

Magyar Telekom Telecommunications

Magyar Telekom is engaged in the providing fixed line and mobile telecommunication services for public and business customers. Co. provides voice and non-voice (SMS, MMS, internet, data and content provision) within mobile services; voice, data, internet and TV services within fixed line services. In addition, Co. sells equipment needed for using fixed line and mobile services (telephones, tablets, notebooks, TV sets etc.).

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.

Osterreichische Post AG

Austrian Post is a logistics and postal services provider in Austria. Its main business activities include the transport and delivery of letters, direct mail items, print media and parcels. Co.'s branch network offers postal, banking and telecommunications products and services to its customers throughout Austria. Co. is also represented by subsidiaries in 12 European markets, particularly in the parcel and logistics segment as well as in unaddressed direct mail items.

Raiffeisen Bank International AG

Raiffeisen Bank International is a universal bank focusing on corporate and retail customers in Central and Eastern Europe (CEE) and on corporate customers in Austria. In CEE, Co. consists of a network of banks, leasing companies and financial service providers. In Austria, Co. is involved in corporate finance and export and trade finance banks. Co. provides services to customers in 2,800 branch offices. In the retail banking business, Co.'s product and service portfolio comprises inter alia credit services (mortgages, credit cards and personal loans), as well as payment transaction and current account package services. As of Dec 31 2014, Co.'s total assets amounted to Euro121.6 million

Societatea Comerciala de Distributie si Furnizare a Energiei Electrice Electrica

Societatea Nationala de Transport Gaze Naturale Transgaz S.A.

Sphera Franchise Group SA

Wienerberger AG

Wienerberger is a building materials group. Co.'s segments include: Clay Building Materials Eastern Europe, Clay Building Materials Western Europe, Pipes & Pavers Eastern Europe, Pipes & Pavers Western Europe, North America and Holding & Others. The Clay Building Materials Europe division covers activities in the areas of clay blocks, facing bricks and roof tiles. The Pipes & Pavers Europe division includes Co.'s business activities with plastic pipes, ceramic pipes and concrete pavers. The North America division covers activities in the areas of facing bricks, plastic pipes and concrete products. The Holding & Others division covers activities in the areas of clay blocks.

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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