Report
Research Team

Focus: keeping our BUY on Piraeus Port Authority, with a new PT of EUR 23.0; Bizim Toptan’s 4Q18 results - 40% beat on EBITDA on continued gross margin improvement; Anadolu Efes’ 4Q18 results review - 5% beat on EBITDA; OTP’s 4Q18 results

HEADLINES:
• Piraeus Port Authority: A vessel strong enough to endure headwinds (stays BUY)
• Bizim Toptan: 4Q18 results - 40% beat on EBITDA on continued gross margin improvement POSITIVE
• Anadolu Efes: 4Q18 results review - 5% beat on EBITDA POSITIVE
• OTP: 4Q18 results - neutral numbers, flat dividend, aims to keep 2019E ROE above 15% NEUTRAL
• Wasaw Stock ExchangeQ18 results broadly in line with market expectations NEUTRAL
• AmRest: 4Q18 posted a small beat, EBITDA up 27% yoy POSITIVE
• Hellenic Petroleum: 4Q18 results - dividend proposal brings total DPS for the year to EUR 0.75 NEUTRAL
• Siauliu Bankas 4Q18 results review POSITIVE
• MSCI: Chinese A-shares weight in EM up, faster inclusion of China's mid-caps than initially expected NEGATIVE
• Alior Bank: 2019E guidance looks in line with our net profit forecasts NEUTRAL
• Kruk: guides for FY18E net profit of c.PLN 330m NEGATIVE
• CCI: 4Q18 results call highlights NEUTRAL
• CCC: CEO stepping down, prelims delayed NEGATIVE
• Warsaw Stock Exchange: annual index review - Dino and Play join WIG20, Eurocash and Energa out NEUTRAL
• EVRAZ: 2H18 financial results - slightly above consensus with a dividend beat
• Short News (CPS, FOYRK)
Underlyings
Alior Bank SA

Alior Bank is a universal lending and deposit-taking bank which renders services to individuals, legal persons and other entities which are Polish and foreign persons. Co.'s core activities include maintaining bank accounts, granting loans and advances, issuing banking securities and purchasing and selling foreign currency. Co. also conducts brokerage activities, consulting and financial agency services and renders other financial services.

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.

Anadolu Efes Biracilik ve Malt Sanayii A.S.

Anadolu Efes Biracilik ve Malt Sanayii AS is a Turkey-based company, which is engaged in the production, bottling, selling and distribution of beer under a number of trademarks and also in the production, bottling, selling and distribution of sparkling and still beverages with The Coca-Cola Company trademark. The Group owns and operates more than 14 breweries, over five malt production facilities and over 15 facilities for sparkling and still beverages production. Furthermore, the Group has joint control over Anadolu Etap Penkon Gida ve Tarim Urunleri San. ve Tic. AS (Anadolu Etap) which undertakes production and sales of fruit juice concentrates and purees in Turkey. The Group also has joint control over Syrian Soft Drink Sales & Dist. LLC (SSDSD) which undertakes distribution and sales of sparkling and still beverages in Syria.

Bizim Toptan Satis Magazalari AS

CCC SA

CCC is engaged in the wholesale and retail trade of clothing and footwear. Co. offers its products to wide range of consumers, from demanding clientele of trendy boutiques to value-oriented medium segment customers, to less wealthy customers seeking reasonably priced quality footwear. Co. pursues a strategy of brand diversification, which is reflected in its three autonomous distribution channels: a chain of official CCC stores, BOTI footwear shops and QUAZI boutiques. Co. offers more than 2,500 designs of footwear. Co. also owns more than 67 proprietary brand names e.g. Lasocki.

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.

Evraz PLC

Evraz engages in the production and distribution of steel and related products and coal and iron ore mining. Co. also produces vanadium products. Co. has four segments: Steel, which includes production of steel and related products at all mills except for those in North America, and includes the extraction of vanadium ore and production of vanadium products, iron ore mining and enrichment and certain energy-generating companies; Steel, North America, which includes production of steel and related products in the U.S. and Canada; Coal, which includes coal mining and enrichment; and Other operations, which includes energy-generating companies, shipping and railway transportation companies.

Kruk S.A.

Kruk SA. Kruk SA is a Poland-based company, which is engaged in the business support industry. The Company is a multi-operator, which offers loss prevention and debt collection services. The Company divides its business into two main operating segments: Debt Purchase, including acquisition of non-performing debt portfolios, and Debt Collection Outsourcing, offering fee-based collection of debt on client's behalf, focused on consumer and corporate loans. The Company provides services to financial institutions and large corporate customers. It manages receivables of banks, credit intermediaries, leasing companies and digital platform providers, among others. The Company's operating activities concentrate in a number of countries, such as Poland, Romania, Czech Republic, Slovakia and Spain. The Company's subsidiaries include Kruk Deutschland GmbH, Presco Investments Sarl and Espand Soluciones de Gestion y Recuperacion de Deuda SL, among others.

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.

Piraeus Port Authority S.A.

Piraeus Port Authority SA is a Greece-based company engaged in the management and operation of Piraeus port. The main activities of Piraeus Port Authority SA are ships' anchoring services, handling cargo, loading and unloading services as well as goods storage and car transportation. The Company is also responsible for the maintenance of port facilities, the supply of port services (water, electric current and telephone connection, among others), for services provided to travelers and for renting space to third parties. Piraeus Port Authority SA has two wholly owned subsidiaries, Nafsolp SA and Logistics OLP SA. Nafsolp SA is mainly engaged in ship repairing services and Logistics OLP SA is mainly engaged in the development of combined transportations as well as port facilities and services.

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.

Warsaw Stock Exchange

Gielda Papierow Wartosciowych w Warszawie SA (Warsaw Stock Exchange, GPW) is a Poland-based stock exchange. It is a parent entity of WSE Group that offers products and services within its trading markets of equity, derivate, fixed income and structured products. It also distributes market data. The Company has two business lines: Financial market, which includes trading in equities, derivatives, fixed-income and other instruments, listing, and information services; and Commodity market, which includes trading in electricity and property rights in certificates of origin, operation of a register of certificates of origin, clearing, trade and technical trade operator services. As of December 31, 2011, it operates two wholly owned subsidiaries, WSEInfoEngine SA, providing data transmission and information services; and Instytut Rynku Kapitalowego WSE Research SA, engaged in publishing; as well as 92.47%-owned BondSpot 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.

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