Report
Research Team

WOOD Daily: BRISA TI; AIRA LI; VGO PW; DSPW CP; PCF PW; CIMSA TI; AKCNS TI; SOLUTION AB; CEZ CP; KZ Banks; Rear-View Mirror; KLKIM TI; EAT PW; BFT PW

HEADLINES:
• Brisa: reports weak 1Q25 numbers, as expected NEGATIVE
• Air Astana Group: 1Q25 – first take broadly in line
• VIGO Photonics: full 4Q24 results – miss on adjusted EBITDA, slight beat on net profit NEUTRAL
• Doosan Skoda Power: 2024 P&L numbers fully in line with the preliminaries NEUTRAL
• PCF Group: post-4Q24 earnings call takeaways NEUTRAL
• Cimsa: 1Q25 conference call takeaways
• Akcansa: 1Q25 conference call takeaways
• Solutions by STC: 1Q25 conference call takeaways
• CEZ: to sell 80% stake in new nuclear SPV to the State POSITIVE
• Kazakh banks: further tightening in consumer lending regulations NEGATIVE
• The Rear-View Mirror – EME markets: EME indices mostly in the red in April
• Kalekim: 1Q25E earnings preview (due on 6 May)
• AmRest: 1Q25E preview – 8% EBITDA growth expected (due on 8 May) NEUTRAL
• Benefit Systems: 1Q25E preview – adjusted EBITDA up 7% yoy, headlines burdened by one-offs (due on 26 May)
Underlyings
AIR ASTANA JSC

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.

AmRest Holdings SE

Amrest Holdings SE is a Spain-based company active in the restaurants and bars sector. The Company's core activity is operating Kentucky Fried Chicken (KFC), Pizza Hut, Burger King and Starbucks restaurants through its subsidiaries in Poland, the Czech Republic, Hungary, the Russian Federation, Serbia, Croatia, Bulgaria, Spain and France, on the basis of franchises granted, and Applebee's in the United States. Additionally, in Spain and France the Company operates its own brands La Tagiatella, Trastevere and il Pastificcio. It also operates PizzaPortal.pl, an online portal for ordering food from various restaurants. The Company operates through subsidiaries, such as AmRest Sp z o o, AmRest sro, AmRest doo, AmRest Adria doo, Blue Horizon Hospitality Group PTE, AmRest TAG SL, SC Marinopoulos Coffee Company III Srl and Marinopoulos Coffee Company Bulgaria EOOD, among others.

ARABIAN INTERNET & COMMUNICATIONS SERVICES CO

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.

Brisa-Bridgestone Sabanci Lastik Sanayi ve Ticaret A.S.

Brisa Bridgestone Sabanci Lastik Sanayi ve Ticaret is engaged in the manufacture and sale of vehicle tires for domestic and foreign brands.

CEZ as

CEZ Group is a dynamic, integrated electricity conglomerate based in the Czech Republic and with operations in a number of countries of Central and Southeastern Europe and Turkey. Co. is an international group consisting of nearly 120 companies, Czech and foreign. Co.'s primary activities involve the production and transmission of electricity through nuclear, coal-fired and hydro power stations; production and distribution of heat and processing of secondary products generated during the production of electricity and heat as well as coal mining. Co. has operating companies in Poland, Bulgaria, Romania, the Netherlands, Ireland, Germany, Hungary, Albania, Turkey, Serbia, and Slovakia.

Cimento Sanyai Ve Ticaret A.S.

Cimsa Cimento Sanayi ve Ticaret is engaged in the cement industry. Co. produces and sells cement and ready-mixed concrete. As of Dec. 31, 2004, Co. maintains 17 ready-mixed concrete plants in 8 provinces.

DOOSAN SKODA POWER A.S.

Halyk Savings Bank of Kazakhstan GDR

KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS

Kaspi kz

PCF Group SA

Vigo System SA

Vigo System SA is a Poland-based company engaged in the production of detectors business sector. The Company is a manufacturer of standard and customized High Operating Temperature cadmium mercury telluride (HgCdTe) detectors. The Company's products are divided into three categories, including Infrared Detectors, Infrared Cameras and Measurement Equipment. The Company sells its products worldwide, including the United States, Canada, Finland and Australia, among others. It also cooperates and sells the products to NASA.

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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