Report
Research Team

WOOD Daily: TGN RO; BFT PW; BGEO LN; ADKO AV; HSBK LI; SOKM TI; HMX1R LR; SNG RO

HEADLINES:
• Transgaz: higher-than-expected net loss in 2Q22 NEGATIVE
• Benefit Systems: 2Q22 EBITDA 10% above our expectations and a beat of solid quality POSITIVE
• Bank of Georgia: 2Q22 - upbeat quarter, but quality a little low, due to inflated trading gains
• Addiko Bank: 2Q22 review - solid results, with bottom line 31% higher than our estimate POSITIVE
• Halyk Savings Bank: 2Q22 - better than expected, but beat related to trading gains
• SOK Marketler Ticaret: 2Q22 results - as expected NEUTRAL
• HansaMatrix: 2Q22 earnings sharply lower on product mix; conference call takeaways NEGATIVE
• Romgaz: takeaways from the 2Q22 earnings call
Underlyings
Addiko Bank

Bank of Georgia

Benefit Systems S.A. Allotment

Benefit System SA is a Poland-based company engaged in providing work benefits in the area of sport, recreations, culture and entertainment for employers. Its products portfolio includes MultiSport Plus card, program that allows access to the sport and recreation clubs and multi-purpose facilities; MultiBet, providing access to more than 90 cinemas through Poland; and cafeteria programs, which allow employees to select items from such segments as sport, recreation, culture, entertainment, tourism and health and beauty. The Company is a parent entity of a capital group, which includes subsidiaries, such as MyBenefit Sp z o o, FitSport Polska Sp z o o, Vanity Style Sp z o o and Multisport Benefit sro, based in the Czech Republic.

Halyk Savings Bank of Kazakhstan GDR

HansaMatrix AS

Societatea Nationala De Gaze Naturale ROMGAZ SA

Societatea Nationala de Transport Gaze Naturale Transgaz S.A.

Sok Marketler Ticaret AS

Sok Marketler Ticaret AS. Sok Marketler Ticaret AS, located in Istanbul, Turkey, owns and operates grocery stores. It sells Amigo, Crown, Deren, Evin, Karmen, Lio, Peki, Piyale and Tempo brands. The Company was founded in 1995.

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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