Report
Research Team

WOOD Daily: AFKS RX; VESBE TI; PL Food Retail; ALE PW; EME Strategy – PL Pensions; THYAO TI; SNP RO; CIE PW; TRP RO; PL Banks; ADPL CZ; MOL HB

HEADLINES:
• Sistema: systematic approach (BUY - initiation of coverage)
• Vestel Beyaz: 4Q20 results - robust numbers, with 16% consensus EBITDA beat POSITIVE
• Polish food retail: draft bill of new regulations for food retail NEGATIVE
• Allegro: promotion lowering threshold to PLN 80 for free to-the-door delivery NEGATIVE
• EME Strategy: Polish pension reform - updated schedule NEUTRAL
• Turkish Airlines: January traffic - strong cargo, passenger transport trends like previous months NEUTRAL
• OMV Petrom: signs MOU with Naftogaz to jointly explore offshore Ukraine
• Ciech: planning to expand production capacities in silicates business POSITIVE
• TeraPlast: receives greenlight from Serbian authorities for sale of steel business
• Polish banks: Getin Noble Bank's TCR drops below 8%
• AD Plastik: 4Q20E preview (due out tomorrow)
• MOL: 4Q20E preview (due on 19 February)
Underlyings
AD Plastik d.d.

Allegro.eu SA

Ciech S.A.

Ciech is engaged in the production, trade and distribution of chemicals as well as comprehensive service activities directed at the domestic and foreign market. The main products sold by Co. are soda ash, TDI, plastics, resins, chemical fertilizers, plant protection chemicals, glass blocks and glass packaging, salt and other chemicals.

MOL Nyrt

Petrom S.A.

Sistema PJSFC

Sistema is a telecommunications and technology investment group based in Russia. Co. invests in, and manages a range of companies which operate in the telecommunications, oil and energy, high technology, banking and other sectors. The main focus of Co.'s activities is service-based industries. Co.'s operations are organized along four segments: Telecommunications, Technology and Industry, Consumer Assets and Oil and Energy. Through its subsidiaries, Co.'s activities include: wireless telecommunications services , IT and systems integration, cable TV, manufacturing of radiotechnical equipment, oil, gas and energy production, banking activities, trading and investing and financing activities.

Teraplast

Turk Hava Yollari A.O.

Turk Hava Yollari is engaged in the airline industry with the airline flying to 103 destinations, throughout Turkey and internationally. As of the year end, Co. maintains 66 aircrafts with a total seat capacity of 10,672, and leases a A300-200 cargo aircraft. Co. has various services for their customers which include: various ways of checking in and on-line ticket sales.

Vestel Beyaz Esya Sanayi ve Ticaret

Vestel Beyaz Esya Sanayi ve Ticaret AS (Vestel Beyaz Esya) is a Turkey-based manufacturer of home appliances, including no-frost, double door, and single door, refrigerators; washing machines with different capacities; air conditioners; ovens with different functions, and dishwashers. The Company operates production facilities in Manisa and Turkey. The Company's marketing and sales activities are carried out by two other group companies, Vestel Dayanikli Tuketim Mallari Pazarlama AS and Vestel Dis Ticaret AS. Vestel Beyaz Esya is a subsidiary of Vestel Group. In January 2014, Vestel Elektronik Sanayi ve Ticaret AS, increased its stake in the Company to 92.6%.

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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