Report
Research Team

WOOD Daily: EME Macro/Strategy – EU vs. RU; YKBNK TI; SAB1L LH; TNB MS; A4L BU; ALK MS; SHO PW; CAR PW; FP RO; MOL HB

HEADLINES:
• EME Macro/Strategy: EU vs. Russia - a marathon, not a sprint
• Yapi Kredi: 1Q22 highlights - better than expected in core numbers
• Siauliu Bankas: 1Q22 - good start to 2022
• NLB Banka: 1Q22 results review - impairment reversals lift ROE to 18.0% POSITIVE
• Allterco: final 4Q21 EBITDA 6% above preliminary result POSITIVE
• Alkaloid: 1Q22 results review NEUTRAL
• Shoper: management's dividend recommendation, vast majority goes to preference shares, as expected NEUTRAL
• Inter Cars: management proposes DPS of PLN 1.42 (0.3% dividend yield) NEUTRAL
• Fondul Proprietatea: local FSA changes regulations on GDRs NEUTRAL
• MOL: 1Q22E results preview (due on 6 May)
• Short News (AST)
Underlyings
Alkaloid AD Skopje

Allterco AD

Fondul Proprietatea S.A. GDR (Reg S)

Inter Cars S.A.

Inter Cars is an automotive spare parts distributor for passenger cars, commercial vehicles and trucks in Middle-Eastern Europe. The product range of Co. reaches over one million different automotive spare parts for passenger cars and trucks. No matter if the car is European or Asian one, Co.'s customers can find full range of products for their cars as well as all the necessary tools and garage equipment. Besides spare parts distribution, which is the core business of Co., Co. is also an exclusive distributor of legendary motorcycle brand “TRIUMPH” in Poland (via motorcycle distribution network, called Inter Motors) and distributor of spare parts and accessories for other motorcycle brands.

MOL Nyrt

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.

Yapi ve Kredi Bankasi A.S.

Yapi Ve Kredi Bankasi is a financial services group. Co. serves its customers through its retail banking segment comprising of individual banking, Small and Medium Size Enterprises banking and card payment systems, corporate and commercial banking as well as private banking and wealth management segments. Co.'s operations are supported by domestic subsidiaries in asset management, brokerage, leasing and factoring as well as international banking subsidiaries in the Netherlands, Russia and Azerbaijan. As of Dec 31 2014, Co. had total assets of TL194.96 billion and total deposits of TL107.63 billion.

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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