Report
Research Team

Focus: Philip Morris CR – solid results, with positive surprise on the dividend front; Kofola’s 4Q18 results review – weak numbers, missed our expectations; Nostrum Oil & Gas’ 4Q18 results in line, but bottom line hit by impairment

HEADLINES:
• Philip Morris CR: solid results, with positive surprise on the dividend front POSITIVE
• Kofola: 4Q18 results review - weak numbers, missed our expectations NEGATIVE
• Nostrum Oil & Gas: 4Q18 results in line, but bottom line hit by impairment NEGATIVE
• Wirtualna Polska: reports a mixed bag of 4Q18 results NEUTRAL
• Sphera Franchise Group: creates RON 11.5m provision for taxes NEGATIVE
• CME: reviews strategic options POSITIVE
• MONETA Money Bank: books another gain on NPL portfolio sales NEUTRAL
• Georgia Healthcare Group: announces dividend payout policy of 20-30% NEUTRAL
• X5: expected IFRS 16 impact NEUTRAL
• Short News (MOEX)
Underlyings
Central European Media Enterprises Ltd. Cl A

Georgia Healthcare Group

Georgia Healthcare Group is a holding company. Through its subsidiaries, Co. operates in three segments: Healthcare Services, which is the inpatient and outpatient medical services delivered by the referral hospitals, community hospitals and polyclinics owned by Co. throughout Georgia; Medical Insurance, which comprises medical insurance products, including personal accident insurance, term life insurance products bundled with medical insurance and travel insurance policies, which are provided by Co.'s wholly owned subsidiary Imedi L; and Pharma, which comprises a range of medicines and para-pharmacy products which are provided through a chain of pharmacies by Co.'s subsidiary JSC GEPHA.

MONETA Money Bank AS

Moneta Money Bank as is a Czech Republic-based retail and expanding small and medium enterprises (SME) bank. The Company holds an universal banking licence and provides a range of retail and SME-focused financial products and services. The Company operates through a national distribution network of 229 branches and through alternative distribution channels, such as the internet, its call centre, auto dealers, brokers and approximately 4,700 leasing partners. The Company together with its controlled subsidiaries offers current accounts, savings accounts, term deposits and transactional banking products including payment services and debit cards, consumer loans, credit cards, overdrafts, mortgages and auto loans, auto leases and other complementary products such as bancassurance and sales of investment funds.

Nostrum Oil & Gas Plc

Nostrum Oil & Gas is an independent oil and gas company, engaged in the production, development and exploration of oil and gas. Co. operates three exploration concessions and are primarily conducted through its oil and gas producing subsidiary Zhaikmunai LLP located in Kazakhstan. Zhaikmunai LLP carries out its activities in accordance with the Contract for Additional Exploration, Production and Production-Sharing of Crude Hydrocarbons in the Chinarevskoye oil and gas condensate field for the exploration and production of hydrocarbons in Chinarevskoye oil and gas condensate field.

Philip Morris CR AS

Philip Morris CR is engaged in the production, sale, distribution and marketing of cigarettes and other tobacco products and the provision of related services. Co. manufactures the following brands of cigarettes: L & M, Bond, Marlboro, Philip Morris, Petra, Start, Sparta, and Chesterfield.

Sphera Franchise Group SA

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.

X5 Retail Group N.V. Sponsored GDR RegS

X5 Retail Group is a holding company. The main activity of Co. is the development and operation of grocery retail stores. Co. operates a retail chain of soft-discount, supermarket and hypermarket stores under the brand names "Pyaterochka", "Perekrestok" and "Karusel" in major population centres in Russia, including but not limited to Moscow, St. Petersburg, Nizhniy Novgorod, Rostov-on-Don, Kazan, Samara, Lipetsk, Chelyabinsk, Perm, Ekaterinburg and Kiev, Ukraine.

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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