Report
Research Team

WOOD Daily: ING PW; SOLUTION AB; EME Macro/Strategy weekly; HUG PW; TEN PW; 11B PW; CPS PW; WPL PW; ADNOCDIS UH; HTO GA; MTELEKOM HB

HEADLINES:
• ING BSK: 1Q24 results softer than demanding market expectations, but our medium-term outlook confirmed NEGATIVE
• Solutions by STC: mixed 1Q24 financial results NEUTRAL
• EME Macro/Strategy: macro all-in-one (29 April-5 May)
• Huuuge Games: April bookings estimate at USD 11m, down 21% mom NEGATIVE
• Ten Square Games: April bookings estimate down 20% mom NEGATIVE
• 11 bit studios: INDIKA release attracts very positive reviews on Steam, but low peak in number of players NEGATIVE
• Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 22.2%, while WP TV at 0.62% in April NEUTRAL
• ADNOC Distribution: 1Q24E results preview (due on 9 May) NEUTRAL
• OTE: 1Q24E results preview – 2% yoy adjusted EBITDA growth expected (due on 14 May)
• Magyar Telekom: 1Q24E preview – 44% yoy growth in EBITDA expected (due on 15 May)
Underlyings
11 Bit Studios S.A.

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.

ADNOC Distribution PJSC

ARABIAN INTERNET & COMMUNICATIONS SERVICES CO

Cyfrowy Polsat SA

Hellenic Telecommunications Organization SA

Hellenic Telecommunications Organization is a full-service telecommunications group. Co. provides local, long-distance and international fixed-line telecommunications services in Greece and Romania, and mobile telephony services through its Cosmote subsidiary in Greece, as well as in Albania, Bulgaria, the Former Yugoslav Republic of Macedonia and Romania. Co. also provides internet access services and Internet Protocol (IP) -based telecommunications applications, as well as information technology application development and hosting services using IP technologies. Also, Co. provides several other telecommunications services, including value-added services and public telephone services.

ING Bank Slaski S.A.

ING Bank Slaski is a bank holding company. Through its subsidiaries, Co. is engaged in providing a range of banking services rendered for individual and institutional clients in line with the scope of services outlined in Co.'s charter. Co. runs operations both in the home currency and in foreign currencies. Co. is also active on the domestic and foreign financial markets. The subsidiary, ING Bank Hipoteczny S.A., also runs banking business, including loans secured with mortgage. Additionally through subsidiaries, Co. operates brokerage services, real estate, leasing of real estate and advisory and acts as a financial intermediary as well as provides other financial services.

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.).

Ten Square Games

Ten Square Games SA is a Poland-based mobile games development company. The Company is focused on 3D simulation hobby games for people who seek outdoor experiences on their mobile devices, like fishing or hunting games. Its games are available on social platforms, a network of partner sites, as well as on Google Play, App Store and Microsoft Store.

Wirtualna Polska Holding SA

Wirtualna Polska Holding SA is a Poland-based holding company. The Company owns entities that are engaged in the Internet publishing and broadcasting content, including operating business, technology, sports and entertainment portals, as well as electronic mail (e-mail) and electronic commerce (e-commerce). It also offers a range of advertising products, including display ads. The Company operates through such Internet portals as Wirtualna Polska, o2.pl, Money.pl, WP SportoweFakty, Dobreprogramy.pl, WP Parenting, Domodi and Homebook, among others. The Company operates domestically.

Provider
Wood and Company
Wood and Company

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.

Analysts
Research Team

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