Report
Research Team

WOOD Daily: BOCH CY; MIL PW; AKBNK TI; TL Macro; SHO PW; RO Macro; CZG CP; CEZ CP; SNP RO; SNG RO; FP RO; OMV AV

HEADLINES:
• Bank of Cyprus: tightening triumph (BUY - transfer of coverage)
• Bank Millennium: solid capital ratio progress and manages to book some headline net profit in 3Q23 NEUTRAL
• Akbank: 3Q23 highlights - revenue strength POSITIVE
• Turkey macro: CBT heading towards ex-ante positive real rate
• Shoper: earnings call takeaways - headcount to rise 9% qoq in 4Q23E NEUTRAL
• Romania macro: President promulgates draft law on fiscal package NEUTRAL
• Colt CZ Group SE: acquires minority stake in Vista Outdoor POSITIVE
• CEZ: ODS MP introduces contract for differences legislation NEUTRAL
• OMV Petrom/Romgaz: government could discuss an increase in royalties today NEGATIVE
• Fondul Proprietatea: closes transaction with PPC to sell stakes in Enel's subsidiaries for RON 650m NEUTRAL
• OMV: 3Q23E results preview (due on 31 October)
• Short News (PPC)
Underlyings
Akbank TAS

Akbank is a commercial bank. Co. operates in five segments: Retail banking offers a range of retail services, such as deposit accounts, loans, credit cards, insurance products and asset management services; Corporate and Small and Medium Size Enterprises banking provides financial solutions and banking services; Treasury Activities conducts regional and foreign currency spot and forward transactions, bonds and other domestic securities; Private banking offers banking and investment transactions for upper-income groups and the International banking provides services for foreign trade financing and Turkish Lira clearances, and money transfers through agent financial institutions.

Bank Millennium SA

Bank Millennium provides various banking products and services to individual clients, small businesses, corporate, and public sector entities in Poland. Co. offers current account, custody account, and escrow account; standard deposits, negotiated deposits, millenet deposits, and automatic overnight deposits; debit and charge cards; funds management; professional cash services; and management of balances of current and auxiliary accounts. Co. also provides current account overdraft facility, real estate loans, revolving credits, working capital loans, investment loans, energy financing facility, sureties, line of guarantees, letters-of-credit, preferential loans, and bid bond guarantees.

Bank of Cyprus PCL

Ceska Zbrojovka Group

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.

Fondul Proprietatea S.A. GDR (Reg S)

OMV AG

OMV is an international energy company with activities in Exploration and Production (E&P), Refining and Marketing including petrochemicals (R&M), and Gas and Power (G&P). Co. explores and develops oil and gas resources and supply energy to over 100 million people. OMV has three operating segments: Exploration and Production (E&P), Refining and Marketing, including petrochemicals (R&M), and Gas and Power (G&P), as well as the segment Corporate and Other (Co&O).

Petrom S.A.

SHOPER SA

Societatea Nationala De Gaze Naturale ROMGAZ SA

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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