Raiffeisen Centrobank

Raiffeisen Centrobank (RCB) is a leading investment bank in Austria and the CEE region and the competence center for equities of the Raiffeisen Banking Group. The bank covers the entire spectrum of services and products around equities, derivatives and equity capital transactions and is a pioneer and market leader in the field of structured products.

RCB Company Research offers you access to in-depth equity research and the latest news on listed Austrian and CEE companies. The research universe comprises roughly 130 stocks from Austria, CEE and Russia. The Company Research team of RCB consists of roughly 20 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.

 

Macro: COVID-19 Update Belarus: Political crisis on top of pandemic

COVID-19 development: From July to mid-August, there was a steady trend towards a decrease in daily new COVID-19 cases, but now official statistics turned again to some growth trend. Meanwhile, the cumulative number of infected with coronavirus people almost reached 75,000. Economic development and inflation: In addition to the pandemic, after announcement of Aleksandr Lukashenkos victory on the presidential elections on 9 August, widespread protests broke out in Belarus. One month of political crisis caused more troubles to the economy than six months of pandemic. First, political instabilit...

Turkey Wake-up call: Macro, Political and Equity News, 18th September

BIST added 0,32% yestarday. Index has started with a negative open by USDTRY upside movement and similar to the negative outlook in the global markets. Yet, the losses hav been erased after 5PM and buyers provided a positive close. Banking index remained flattish with +0,04%. While EREGL, ARCLK, AKSEN, AGHOL, HEKTS, PGSUS, DOHOL and DOAS topped the gainers among non-financials while SASA, SOKM, SELEC, VESTL, GUBRF, KRDMD, CCOLA and AEFES stood out as weak spots for the day. Today, our most significant macro agenda will be the expected inflation for next 12 months announced by the Central Bank ...

Raiffeisen Centrobank Equity Daily 18.09.2020

ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group CECE index review - Add: BIF, Graphisoft Park, Play Communications; Del: Appeninn, PGE FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group; STOXX Europe 600 Index review - Dino to be added WIG20/WIG30 indices review - No change in constituents AT: FACC - Informing employees today regarding layoffs, up ...

Macro: COVID-19 Update Bulgaria: More positive economic developments than expected

COVID-19 development: The spread of COVID-19 has, more or less, calmed down in recent weeks. After numbers of just under 300 newly infected per day in the middle of July, currently they vary around an average of 150 per day. Of course, after the start of the schools and universities and against the background of ongoing protests, it is likely to escalate again in the autumn. Economic development: The dynamics of the Bulgarian economy until June 2020 (H1), under the influence of the lasting COVID-19 pandemic, showed a slightly more positive picture than expected. Thus, according to the latest ...

Equity Weekly 170920

Company Events: (* preview included in the Equity Weekly) Friday, 18/09/2020 RU: Detskiy Mir, AGM Thursday, 24/09/2020 PL: AmRest, 2Q Earnings Release* HR: Valamar Riviera, AGM Friday, 25/09/2020 AT: Vienna Insurance Group, AGM

Raiffeisen Centrobank Equity Daily 18.09.2020

ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group CECE index review - Add: BIF, Graphisoft Park, Play Communications; Del: Appeninn, PGE FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group; STOXX Europe 600 Index review - Dino to be added WIG20/WIG30 indices review - No change in constituents AT: FACC - Informing employees today regarding layoffs, up ...

Equity Weekly 170920

Company Events: (* preview included in the Equity Weekly) Friday, 18/09/2020 RU: Detskiy Mir, AGM Thursday, 24/09/2020 PL: AmRest, 2Q Earnings Release* HR: Valamar Riviera, AGM Friday, 25/09/2020 AT: Vienna Insurance Group, AGM

Raiffeisen Centrobank Equity Daily 17.09.2020

AT: Agrana - Preliminary 2Q EBIT in line, but FY guidance below RCBe and consensus (negative) AT: Raiffeisen Bank International - No dividend proposed for 2019, but flagging potential for extraordinary distribution in 2021 AT: Utilities - Draft renewables law published (neutral) CZ: CEZ - CEZ kicks off sale of Polish assets (neutral) HR: Valamar Riviera - Imperial Riviera submitted a binding offer for the purchase of 63% stake in the company HTP Orebic (positive) PL: Bank Pekao - Return to double digit ROEs appears difficult (neutral) RO: Fondul Proprietatea - FP sold 3% stake in OMV Petrom ...

Raiffeisen Centrobank Equity Daily 16.09.2020

AT: AMAG - USA withdraws import tariffs on Canadian aluminium (positive) PL: CCC - Term sheet signed for PLN 250 mn loan from bank consortium secured by BGK guarantees (positive) PL: PGE - Final 2Q 20 EBITDA fully in line with preliminaries, capex flat yoy, while net debt was lower qoq (neutral) PL: PKN - Update on offshore wind farms development (neutral) RO: OMV Petrom - FP announced an ABB for 2.5% of Petrom shares (negative) RU: LUKoil - Grayfer field's development is ongoing, production start scheduled for 2022e (neutral)

Raiffeisen Centrobank Equity Daily 15.09.2020

AT: Palfinger - Company more upbeat on FY 20 sales and ~6% margin target ahead of expectations (positive) HU: MOL - Issuance of HUF bonds (neutral) CEE Macro Daily

Macro: COVID-19 Update Belarus: Political crisis on top of pandemic

COVID-19 development: From July to mid-August, there was a steady trend towards a decrease in daily new COVID-19 cases, but now official statistics turned again to some growth trend. Meanwhile, the cumulative number of infected with coronavirus people almost reached 75,000. Economic development and inflation: In addition to the pandemic, after announcement of Aleksandr Lukashenkos victory on the presidential elections on 9 August, widespread protests broke out in Belarus. One month of political crisis caused more troubles to the economy than six months of pandemic. First, political instabilit...

Turkey Wake-up call: Macro, Political and Equity News, 18th September

BIST added 0,32% yestarday. Index has started with a negative open by USDTRY upside movement and similar to the negative outlook in the global markets. Yet, the losses hav been erased after 5PM and buyers provided a positive close. Banking index remained flattish with +0,04%. While EREGL, ARCLK, AKSEN, AGHOL, HEKTS, PGSUS, DOHOL and DOAS topped the gainers among non-financials while SASA, SOKM, SELEC, VESTL, GUBRF, KRDMD, CCOLA and AEFES stood out as weak spots for the day. Today, our most significant macro agenda will be the expected inflation for next 12 months announced by the Central Bank ...

Macro: COVID-19 Update Bulgaria: More positive economic developments than expected

COVID-19 development: The spread of COVID-19 has, more or less, calmed down in recent weeks. After numbers of just under 300 newly infected per day in the middle of July, currently they vary around an average of 150 per day. Of course, after the start of the schools and universities and against the background of ongoing protests, it is likely to escalate again in the autumn. Economic development: The dynamics of the Bulgarian economy until June 2020 (H1), under the influence of the lasting COVID-19 pandemic, showed a slightly more positive picture than expected. Thus, according to the latest ...

Turkey Wake-up call: Macro, Political and Equity News, 17th September

BIST lost 0.37% as afternoon selling erased the morning gains and some more yesterday. Index had an uptick start and tested the 1,116 level a couple of times during the morning hours. But sellers became dominant after 3PM, pushing the benchmark BIST100 gradually lower and to a negative close. Banks fared in line with the broader market with their sector gauge dropping 0.37%. OTKAR, YATAS, KRDMD, KOZAL, SASA, AGHOL, and cement stocks led the short list of gainers while FROTO, ALARK, SOKM, TTRAK, MAVI, ENJSA, AEFES, and TAVHL stood out among the weaker spots. Coming to this morning, our loc...

Macro: COVID-19 Update Poland: Improving outlook with pandemic still a risk

COVID-19 development: New daily record high numbers of cases have been reached in August, however by the end of the month it seemed to have been brought under control, if not reduced. A new system is far from a lockdown observed in April and includes people limits in cinemas, gyms or wearing masks in red zone spaces. Economic development: Poland seemed already at the beginning of pandemic less at risk of severe recession: Q2 GDP actually managed to surprise to the upside with a drop by 8.2% yoy. Our full 2020 forecast of -4.1% yoy is at risk of a higher outcome. However, we also see negative ...

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