Report
Research Team

WOOD Daily: SOLUTION AB; TLV RO; KSPI LI; AKCNS TI; H2O RO; ONE RO; ADNOCDIS UH; BDX PW; RICHT HB; PKO PW; EME Macro/Strategy Weekly; SIPCHEM AB; 4IG HB; AQ RO; ELPE GA; ALE PW

HEADLINES:
• Solutions by STC: M&A remain the main source of growth (stays HOLD)
• Banca Transilvania: strong NII and NIM expansion in 4Q23 results POSITIVE
• Kaspi.kz: 4Q23 highlights and 2024E guidance POSITIVE
• Akcansa: 2023 financial results review NEUTRAL
• Hidroelectrica: FY23 consolidated net profit 5% above preliminary figure (stand-alone) NEUTRAL
• ONE United Properties: reaches EBITDA (excluding revaluations) of EUR 59m in 2023 NEUTRAL
• ADNOC Distribution: 2028 strategy update NEUTRAL
• Budimex: assumes stable margins in coming two-to-three years, implying maintenance of above-average levels POSITIVE
• Richter: Erik Bogsch resigns as Chairman NEUTRAL
• PKO BP: Puls Biznesu claims to have learned the names of some candidates for the board of PKO BP
• EME Macro/Strategy: macro all-in-one (19-25 February)
• Sipchem: 4Q23E results preview (due out tomorrow) NEUTRAL
• 4iG: 4Q23E preview – 173% yoy growth in EBITDA due to full Vodafone consolidation (due on 29 February)
• Aquila Part Prod Com: 4Q23E earnings preview (due on 29 February)
• HELLENiQ Energy: 4Q23E results preview (due on 29 February) NEUTRAL
• Allegro: 4Q23E results preview – flattish adjusted EBITDA expected (due on 14 March)
Underlyings
4iG Nyrt

4iG Nyrt. 4iG Nyrt, formerly Freesoft Szoftverfejleszto es Szamitatechnikai Szolgaltato Nyrt is a Hungary-based company engaged in providing software products and consultancy. The Company's activities include development and implementation of specific, custom-made software systems, document management, knowledge management, portal and collaboration applications, complex services for business needs in the areas of implementation, support and consultation, intranet- and Internet-based development, services, graphical and creative design, and consultation, design, development and implementation of mobile business applications, as well as operation, support, outsourcing, application service provision (ASP), application portfolio management (APM), hosting and other services. The Company has three subsidiaries: Axis Consuling 2000 Kft, BankSoft Kft and HUMANsoft Kft.

ADNOC Distribution PJSC

Akcansa Cimento

Co. is engaged in the manufacture and sale of clinker, cement and ready mixed concrete, establishment of facilities for the same or their purchase in part or in full.

Allegro.eu SA

AQUILA PART PROD COM

ARABIAN INTERNET & COMMUNICATIONS SERVICES CO

Banca Transilvania S.A.

Budimex S.A.

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.

HIDROELECTRICA S.A.

Kaspi kz

ONE UNITED PROPERTIES SA

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.

Sahara International Petrochemical Company

Saudi International Petrochemical is engaged to own, establish, operate and manage industrial projects specially those related to chemical and petrochemical industries.

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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