Report
Research Team

WOOD Daily: PCF Group - new strategy aims at flying high (stays BUY), TU macro, PPC GA, 11B PW, DNP PW, STH PW, PCO PW, PKO PW, RICHT HB, SNG RO, TEL RO, KCEL KZ, ADNOCDRI UH, MBR PW

HEADLINES:
• PCF Group: new strategy aims at flying high (stays BUY)
• Turkey macro: CBT signals an extended pause
• PPC: 4Q22 results - recurring EBITDA beats by 5%, FY23 guidance in line POSITIVE
• 11 bit studios: 4Q22 results slightly above expectations, outlook broadly as expected NEUTRAL
• Dino: minor miss in the 4Q22 results; FY23 guidance in line with our expectations NEGATIVE
• STS Group: key takeaways from the 4Q22 call POSITIVE
• Pepco Group: parent company fails to obtain shareholder approval for the debt-to-equity swap NEGATIVE
• PKO BP: Puls Biznesu speculates on another potential CEO change NEGATIVE
• Richter: proposes a HUF 390 DPS (DY 5.3%) - a 35% payout vs. the 30% we had expected NEUTRAL
• Romgaz: proposes a RON 3.42 DPS (DY 9.0%), with the payout at 52%, as expected
• Transelectrica: proposes a RON 0.71 DPS (DY 2.8%), much lower than expected
• Kcell: the board of directors recommends no dividend from the 2022 net profit NEUTRAL
• ADNOC Drilling: signs MOU with Masdar, for geothermal energy
• Mo-BRUK: 4Q22E results preview - EBITDA down 10% yoy on rising costs (due out on 30 March) NEUTRAL
• Short news (MBR, COTE)
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 DRILLING CO

C.N.T.E.E. Transelectrica

Dino Polska S.A.

Dino Polska is engaged in the business of retail sale in non-specialized stores with food, beverages and tobacco. In addition, Co. conducts processing of meats and the resulting products are dedicated, in the form of culinary meat, to external recipients within Co.'s retail chain. As of December 31, 2016, Co. operated a network of 628 Dino stores.

KCELL JSC

Mo-BRUK S.A.

Mo-Bruk SA is a Poland-based company involved in the production of concrete. It is also active in the area of hazardous and other than hazardous industrial waste management. Additionally, the Company operates a waste recovery plant, waste recycling plant, alternative fuel production plant and an industrial waste landfill. The Company produces alternative fuels from municipal and industrial wastes. The Company is also the owner of two open non-stop petrol stations for liquefied fuel, as well as a technical inspection station. Mo-Bruk SA is also engaged in the construction of concrete surfaces. As of December 31, 2011, the Company operated one wholly owned subsidiary, Raf-Ekologia Sp. z o.o.

PCF Group SA

PEPCO GROUP NV

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.

Public Power Corporation S.A.

Public Power Corp. is a vertically intergrated electric utility engaged in electricity generation, transmission and distribution throughout Greece. At Dec 31 2014, Co. and its subsidiaries generated electricity in its own 62 power generating stations of Co. and from the additional stations which belong to its wholly owned subsidiary PPC Renewables S.A, facilitated the transmission of electricity through its own power lines of approximately 12,273 km and distributed electricity to consumers through its own distribution lines for Medium and Low voltage of 235,100 km which are managed by its wholly owned subsidiary Hellenic Distribution Network Operator (HEDNO S.A.) (Medium and Low voltage).

Societatea Nationala De Gaze Naturale ROMGAZ SA

STS Group AG

STS Group AG is a Germany-based supplier of vehicle parts. The Company develops and manufactures solutions for acoustic and thermal insulation (soft trim) and components made of plastics or composite material (hard trim) for the automobile and trucking industries, focusing on four categories of vehicles: medium and heavy commercial vehicles (MHCV), light commercial vehicles (LCV), agriculture and construction vehicles (ACV), and light vehicles (LV), and supplying its products directly to Original Equipment Manufacturers (OEMs). The Company operates through three business segments: STS Acoustics, which includes mainly soft trim products with acoustic and thermal features that reduce noise and protect against heat; STS Plastics, which includes mainly hard trim products used for exterior body parts or interior modules, and Materials, which includes semi-finished goods from mixed composite recyclables. The Company operates production facilities in Europe, China, Mexico and Brazil.

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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