WOOD Daily: ARCLK TI; TL Macro; ACP PW; 11B PW; BDX PW; EL RO; M RO; TPE PW; TLV RO
HEADLINES:• Arcelik: a transformation story worth paying for (BUY - reinitiation of coverage)
• Turkey macro: CBT surprises with a bold move
• Asseco Poland: 2Q23 review - net profit down 13% yoy, 2% above the preliminaries POSITIVE
• 11 bit studios: weak 2Q23, slightly above expectations; upward revision of games' production budget NEUTRAL
• Budimex: 2Q23 in line with the preliminary figures NEUTRAL
• Budimex: may win EUR 3.7bn Rail Baltica contract (BDX's stake at 30%) POSITIVE
• Electrica: 2Q23 net profit at RON 172m, far above our estimate NEUTRAL
• MedLife: weak 2Q23 numbers, albeit in line with our 2023E outlook NEGATIVE
• Tauron: 2Q23 prelims - another record quarter, but numbers broadly in line with the consensus NEUTRAL
• Banca Transilvania: solid 2Q23 results, not better due to the high taxes booked
11 BIT STUDIOS SA is a Poland-based company engaged in the game development industry. Its product portfolio includes four games: Anomaly Korea, Sleepwalker's Journey, Funky Smugglers and Anomaly Warzone Earth. The Company produces video games for different devices, such as video consoles, personal computers (PC), and Apple products (iPhone, iPad), among others.
Asseco Poland is a provider of proprietary information technology ("IT") solutions which is based in Poland. Co. is engaged in provision of consulting on IT infrastructure, security solutions, human resources solutions, outsourcing services as well as fully comprehensive IT support. Co.'s profile includes software and computer hardware consultancy, production of software as well as supply of software and hardware. This category includes analysing, developing, and programming ready-to-use IT systems. In addition to IT services, Co. also sells goods including mainly computer hardware.
Budimex S.A. is a holding company. Through its subsidiaries, Co. is engaged in building, assembly and erection works in the scope of general industrial and engineering construction, electrical power construction & assembly, environmental protection, road and highway construction, water and sewage system construction, the rendering of design services and technical and business consulting and real estate development. Co. maintains activities in strategic segments of the market, such as road and bridge construction, general construction works (office, hotel and institutes of higher education), and ecological/environment-related construction.
Tauron Polska Energia is engaged in the generation, transmission, distribution, and sale of electricity and heat in Poland. Co. generates electricity from various conventional and renewable energy sources, including hard coal, lignite, natural gas, biomass, wind, solar, and hydro power. It is also involved in quarrying, crushing, and breaking of limestone; quarrying of stone for the construction industry; mining of hard coal; trading in electricity; and production of technical gases. In addition, Co. engages in the repair and maintenance of machinery and electrical equipment; electrical installations; and construction of power lines.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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