Report
Research Team

WOOD Daily: ASELS TI; CCOLA TI; TKFEN TI; ULKER TI; ARCLK TI; KSPI LI; ZB CZ; TNB MS; CPS PW; ADKO AV; SNG RO; PL Utilities; FP RO; NVTK LI; TLV RO; SAB1L LH; OTP HB; DIGI RO

HEADLINES:
• Turkish non-financials: estimates revisions ahead of 1Q21E results (Aselsan upgraded to BUY, Coca Cola Icecek, Tekfen Holding and Ulker stay BUY)
• Arcelik: 1Q21 - strong numbers; FY21E guidance raised at sales/EBITDA levels POSITIVE
• Kaspi.kz: 1Q21 highlights NEUTRAL
• Zagreb Stock Exchange: 1Q21 results review - results decline yoy due to high base
• NLB Banka: 1Q21 results review - lower COR takes ROEs to c.14%
• Cyfrowy Polsat: announces tender for 20.86% stake in Netia, at PLN 5.77/share NEUTRAL
• Addiko Bank: AGM approves EUR 0.36 DPS NEUTRAL
• Romgaz: 1Q operational estimates
• Polish utilities: Treasury Ministry takes action to restructure mining industry POSITIVE
• Fondul Proprietatea: Hidroelectrica budgets for gross profit of RON 1.5bn for 2021E, 18% lower yoy
• Novatek: 1Q21E preview (due out tomorrow)
• Banca Transilvania: 1Q21E results (due on 29 April)
• Siauliu Bankas: 1Q21E results preview (due on 30 April)
• OTP Bank: 1Q21E preview summary (due on 5 May)
• DIGI Communications: 1Q21E preview - 8% yoy adjusted EBITDA growth expected (due on 14 May)
Underlyings
Addiko Bank

Arcelik A.S.

Arcelik is engaged in the commercial and industrial activities in respect of the production, sales and marketing, customer services after sales, exportation and importation of consumer durable goods and consumer electronics. Co. has two segments: white goods reportable segment, which comprises washing machines, dryers, dish washers, refrigerators, ovens, cookers and the services provided for these products; and the consumer goods reportable segment, which comprises televisions primarily with flat screens, computers, cash registers, other electronic devices and the services provided to consumers for these products.

Aselsan Elektronik Sanayi ve Ticaret A.S. Class B

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.

Cyfrowy Polsat SA

Digi Communications NV

Fondul Proprietatea S.A. GDR (Reg S)

Kaspi kz

NOVATEK JSC Sponsored GDR RegS

OTP Bank Nyrt

OTP Bank is a financial institution based in Hungary. Co. is engaged in retail banking (account management, bankcards and Electronic sevices - OTPdirekt) corporate banking and private banking. In Hungary traditional banking operations are performed by Co. while specialized services, including car leasing, investment funds and insurance are developed and offered by Co.'s subsidiaries. Co. expands its operations throughout the region via its foreign subsidiaries. As of Dec 31 2011, Co. had total assets of HUF10,200,527,000,000 and deposits of HUF6,398,853,000,000.

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 Nationala De Gaze Naturale ROMGAZ SA

Tekfen Holding

Tekfen Holding conducts its operations in four main business segments: Contracting, Agriculture, Real Estate and Other operations. Contracting group focuses on construction of petroleum and gas facilities, land and sea terminals, offshore platforms and tank farms. Agricultural group has operations in chemical fertilizer, ground and vegetable grain, production, distribution and trade of seedling and sapling. Real estate group operates in designing, constructing, renting, and sale of real estates such as residents, offices, shopping centers and hotels. Operations of other segment comprise of light-pulp trading, cotton yarn production and trading, insurance services and holding operations.

Ulker Biskuvi Sanayi A.S.

Ulker Biskuvi Sanayi is a manufacturer and marketer of biscuit, chocolate coated biscuit, wafer, cake and chocolate. Co.'s brands include Potibor, Cizi, Krispi, Haylayf, Mavi YePil, HanYmeller, Bebe BiskUvisi, Biskrem, Krim Kraker, Probis, Cokoprens, As Kraker, Bathak, Ykram, Canpare, Rondo, Altinbasak, Kat Tat, Halley, Kat Kat Tat, Cubuk Kraker, Alpella Ring, Hasat, Bolero, Saklykoy, Dore and Haylayf.

Zagrebacka Burza dd

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.

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Research Team

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