Report
Research Team

WOOD Daily: THYAO TI; CIMSA TI; TUPRS TI; ISCTR TI; ELM AB; ARABIAND AB; AKCNS TI; CEZ CP; RBW PW; EME Macro/Strategy Weekly; BDX PW; HUG PW; TEN PW; H2O RO; ALARABIA AB; Rear-View Mirror; MUR PW; RBW PW

HEADLINES:
• Turkish Airlines: buy the dip (upgraded to BUY)
• Cimsa: 3Q25 financial results review POSITIVE
• Tupras: 3Q25 results – net income beats expectations NEUTRAL
• Isbank: 3Q25 highlights – slower margin rebound and 11% miss vs.to our estimate
• Elm: 3Q25 financial results review NEGATIVE
• Arabian Drilling: 3Q25 results NEUTRAL
• Arabian Drilling: receives recalls for three land rigs POSITIVE
• Akcansa: 3Q25 conference call takeaways
• CEZ: nationalisation in draft government plan, but Babis says not a priority NEUTRAL
• Rainbow Tours: consolidated September sales 15.7% higher yoy, driven by Paralela 45 acquisition; stand-alone sales 9.8% higher yoy POSITIVE
• EME Macro/Strategy: macro all-in-one (27 October-2 November)
• Budimex: extension of the strategic options review process for the FBSerwis Group until January 2026 NEUTRAL
• Huuuge Games: October Sensor Tower bookings estimate down 14% mom NEGATIVE
• Ten Square Games: October Sensor Tower bookings estimates up 3% mom NEUTRAL
• Hidroelectrica: approves new 2025E budget, with net profit at RON 3.0bn, down 15% vs. the initial budget NEUTRAL
• Al Arabia Outdoor Advertising: signs 10-year contract to maintain and establish billboards in AlUla
• The Rear-View Mirror – EME markets: Hungarian BUX in the lead in October
• Murapol: 3Q25E preview – flat yoy net income expected (due on 18 November)
• Rainbow Tours: 3Q25E preview – 17% net income drop expected, following margin normalisation (due on 27 November)
Underlyings
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.

ARABIAN CONTRACTING SERVICES CO

ARABIAN DRILLING CO.

Budimex S.A.

Budimex S.A. is a holding company. Through its subsidiaries, Co. is engaged in building, assembly and erection works in the scope of general industrial and engineering construction, electrical power construction & assembly, environmental protection, road and highway construction, water and sewage system construction, the rendering of design services and technical and business consulting and real estate development. Co. maintains activities in strategic segments of the market, such as road and bridge construction, general construction works (office, hotel and institutes of higher education), and ecological/environment-related construction.

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.

HIDROELECTRICA S.A.

MURAPOL SA

Rainbow Tours S.A.

Rainbow Tours SA. Rainbow Tours SA is a Poland-based tour operator. The Company provides a range of tour options, including city tours, long-distance airplane trips, package holidays, last minute and last second trips, to various destinations worldwide. In addition, it offers online flight ticket reservation services. The Company has 77 branch offices throughout Poland. Additionally, the Company designs information technology (IT) solutions for tourist industry. As of December 31, 2011, the Company operated sevens subsidiaries, Portal Turystyczny Sp. z o.o., Rainbour Tours Biuro Podrozy Sp. z o.o., Travelovo Sp. z o.o., Traveltech Sp. z o.o., ABC Swiat Podrozy Sp. z o.o., Bee&Free sp. z o.o. and TravelLab sp. z o.o. On December 4, 2012, the Company sold its entire stake in TravelTech Sp. z o.o.

Ten Square Games

Ten Square Games SA is a Poland-based mobile games development company. The Company is focused on 3D simulation hobby games for people who seek outdoor experiences on their mobile devices, like fishing or hunting games. Its games are available on social platforms, a network of partner sites, as well as on Google Play, App Store and Microsoft Store.

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.

Turkiye Is Bankasi Anonim Sirketi Class C

Turkiye Is Bankasi is a commercial banking group based in Turkey Co. is engaged in the provision of private, retail, commercial and corporate banking, money market and securities market operations as well as international banking services. Co. provides services to corporations, SMEs and other trading companies (excluding real trading persons) within the course of its corporate and commercial operations. Co. is organized into two main business segments: Banking segment, which includes corporate, retail and private banking, as well as treasury; and non-banking operations, which are followed according to insurance, ‘investment and finance' and ‘manufacturing and trading' segments.

Turkiye Petrol Rafinerileri A.S.

Turkiye Petrol Rafinerileri is an energy and refining company based in Turkey. Co. is engaged in providing and refining crude oil, the importing and exporting of oil products, and establishing and operating refineries in Turkey and foreign countries. Also, Co. is establishing and operating factories and facilities in the petrochemical industry. Co. is engaged in purchasing, selling, importing, exporting, storing, marketing and distributing (wholesale, retail, foreign and domestic) all kinds of petroleum products, LPG and natural gas. Co. runs its business through the refineries in Izmit, Izmir, Kirikkale and Batman.

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
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