Report
Research Team

WOOD Daily: TPEIR GA; CAR PW; EBS AV; KSPI LI; CCOLA TI; RICHT HB; ONE RO; WINE RO; ALR RO; EL RO; SAB1L LH; DIGI RO; SNG RO; TLV RO; SOLUTION AB; PL Banks; OMV AV; 11B PW

HEADLINES:
• Piraeus Bank: another upgrade, more on the way (stays BUY)
• Inter Cars: solid play, attractively priced (BUY - transfer of coverage)
• Erste Bank: posts solid 4Q22, reiterates DPS proposal and tops it up with a share buyback plan NEUTRAL
• Kaspi.kz: 4Q22 highlights - good quarter, plus 2023E guidance 6% higher vs. current estimate
• Coca-Cola Icecek: strong beat in 4Q22 results POSITIVE
• Richter: big 4Q miss - pre year-end impairments - on opex pressures NEGATIVE
• ONE United Properties: 4Q22 - gross profit trails estimates NEGATIVE
• Purcari Wineries: stronger-than-expected net 4Q22 result, due to positive one-off POSITIVE
• Alro: weaker than expected 4Q22 results NEUTRAL
• Electrica: 4Q22 operational indicators
• Siauliu Bankas: solid 4Q22, ahead of our forecasts
• DIGI Communications: 4Q22 prelims - adjusted EBITDA 4% above expectations, miss on bottom line NEUTRAL
• Romgaz: 2022 preliminary result 7% above estimate released with 2023 budget
• Banca Transilvania: highlights from the conference call
• Solutions by STC: conference call highlights NEUTRAL
• Polish banks: very weak Polish mortgage loans sales in 4Q22 and further downside risks persisting NEGATIVE
• OMV: decides to sell its upstream assets in Asia Pacific
• 11 bit studios: launch of The Thaumaturge (codename Vitriol) marketing campaign NEUTRAL
• Short News (FP)
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.

Alro Slatina

ARABIAN INTERNET & COMMUNICATIONS SERVICES CO

Banca Transilvania S.A.

Coca-Cola Icecek A.S.

Coca-Cola Icecek is a bottler and distributor of alcohol-free beverages in Turkey, Pakistan, Central Asia and the Middle East. Co. focuses on the production, sales and distribution of sparkling and still beverages with The Coca-Cola Company (TCCC) trademarks. Co. has rights to produce, sell and distribute TCCC branded beverages including Coca-Cola, Coca-Cola Zero, Coca-Cola Light, Fanta, Sprite, Cappy, Sen Sun, Powerade and Fuse Tea in TCCC authorized packages throughout Turkey. Co. also has the right to produce, sell and distribute Burn and Gladiator branded energy drinks throughout Turkey, as well as bottling and distribution rights in Turkey for Schweppes branded beverages.

Digi Communications NV

Erste Group Bank AG

Erste Group is a financial services provider based in Austria. As of Dec 31 2015, Co.'s total assets amounted to Euro199,743 million and the number of customers was approximately 16.5 million. Co.'s key business is the retail business, covering the entire spectrum from lending, deposit and investment products to current accounts and credit cards. In addition to providing financial services to private individuals, Co.'s core activities also include advisory services and support for corporate clients in financing, investment and access to international capital markets, public sector funding and interbank market operations.

Inter Cars S.A.

Inter Cars is an automotive spare parts distributor for passenger cars, commercial vehicles and trucks in Middle-Eastern Europe. The product range of Co. reaches over one million different automotive spare parts for passenger cars and trucks. No matter if the car is European or Asian one, Co.'s customers can find full range of products for their cars as well as all the necessary tools and garage equipment. Besides spare parts distribution, which is the core business of Co., Co. is also an exclusive distributor of legendary motorcycle brand “TRIUMPH” in Poland (via motorcycle distribution network, called Inter Motors) and distributor of spare parts and accessories for other motorcycle brands.

Kaspi kz

OMV AG

OMV is an international energy company with activities in Exploration and Production (E&P), Refining and Marketing including petrochemicals (R&M), and Gas and Power (G&P). Co. explores and develops oil and gas resources and supply energy to over 100 million people. OMV has three operating segments: Exploration and Production (E&P), Refining and Marketing, including petrochemicals (R&M), and Gas and Power (G&P), as well as the segment Corporate and Other (Co&O).

ONE UNITED PROPERTIES SA

Piraeus Bank SA

Purcari Wineries PCL

Siauliu Bankas

Siauliu bankas AB is a Lithuania-based company engaged in the provision of commercial banking and financial services to private and corporate clients. It offers such services as provision of bank accounts, offering the debit and credit cards and safety deposit boxes, cash and non-cash money transfers, operations with securities, currency exchange, lending and investment services, Internet banking, financial brokerage and real estate development. It also issues monetary warranties, guarantees and other warranty liabilities, as well as performs operations with payable documents, such as checks and others. The Bank has several branches, numerous client service units and subsidiaries.

Societatea Energetica Electrica

Societatea Nationala De Gaze Naturale ROMGAZ SA

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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