Wood and Company - ARABIAN DRILLING CO. (2381) ... WOOD Daily: CAI AV; ARABIAND AB; TL Automotive

Report

Wood and Company

Research Team

WOOD Daily: CAI AV; ARABIAND AB; TL Automotive

HEADLINES:
• CA Immo: successful appeal in the BUWOG case POSITIVE
• Arabian Drilling: update on rig suspensions NEUTRAL
• Turkish automotive: ADA releases May light vehicle sales data NEUTRAL
• Short News (EBS)

05/06/2024 1 EN

Underlyings

ARABIAN DRILLING CO.

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SA15L1I156H7 Saudi Arabia

CA Immobilien Anlagen AG

CA Immobilien Anlagenis a real estate investment company. Co. invests in commercial real estate, comprising hotel, residential, office, industrial, storage space, and logistics. Co. is also active in project development business. Co.'s activities are focused in Austria, Germany and Eastern Europe. Co. has 263 subsidiaries (including 24 joint ventures) in the following countries: Germany, Austria, Hungary, Luxembourg, Bulgaria, Netherlands, Slovakia, Cyprus, Russia, Czech Republic, Poland, Croatia, Ukraine, Romania and Serbia. Co., through its subsidiaries, is engaged in creation of entire urban districts, acquisition of real estate, project development, as well as property renovation.

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AT0000641352 Vienna Stock Exchange Austria

Provider

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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Analysts

Research Team

Other Reports on these Companies

Wood and Company

WOOD Daily: ILRA CZ; MGROS TI; KLKIM TI; FROTO TI; TUPRS TI; THYAO TI; ARABIAND AB; CTPNV NA; DAT PW; SHO PW; EU Oil and Gas Monthly; JMT PL; DNP PW; DIGI RO; ALPHA GA; EUROB GA; ETE GA; EAT PW; SFG RO

HEADLINES: • Ilirija d.d.: ADRs growth pace cools, cost inflation persists (NOT RATED) • Migros: good set of operating results in 3Q24 POSITIVE • Kalekim: strong bottom-line performance in 3Q24 POSITIVE • Ford Otosan: 3Q24 results – quarterly margin improvement tempered by lower export guidance NEUTRAL • Tupras: 3Q24 results – net income beats the consensus; comment on the fire at the Izmit refinery NEUTRAL • Turkish Airlines: 3Q24 – strong cargo and investments offset steep growth in staff costs POSITIVE • Arabian Drilling: 3Q24 results – below expectations NEGATIVE • CTP: 3Q24 – first look i...

November 6, 2024 November 6, 2024 1 EN

Wood and Company

WOOD Daily: OTKAR TI; TPEIR GA; BRISA TI; ELM AB; JAHEZ AB; ALK MS; EME Macro/Strategy Weekly; MTELEKOM HB; CDR PW; TEN PW; The Rear-View Mirror; ARABIAND AB

HEADLINES: • Otokar: weak set of 3Q24 results NEGATIVE • Piraeus Financial Holdings: 3Q24 highlights – decent quarter, with revised guidance POSITIVE • Brisa: profitability should return in 4Q, on October price hikes NEUTRAL • Elm: strong 3Q24 financial results POSITIVE • Jahez: strong 3Q24 results POSITIVE • Alkaloid AD Skopje: strong 3Q24 sales and a qoq margin rebound POSITIVE • EME Macro/Strategy: macro all-in-one (28 October-3 November) • Magyar Telekom: reaches agreement with the trade unions NEUTRAL • CD Projekt: 2025-28 incentive scheme net profit condition 27% above our forecast NEUTR...

November 4, 2024 November 4, 2024 1 EN

Wood and Company

The Rear-View Mirror – EME markets: only the Czech Republic in the black in October

EME Equity Market – October 2024 A red October for the EME indices, only Czechia in positive territory. The MSCI EM Europe Index declined by 6.0% in EUR terms and 8.4% in USD terms in October. The Czech PX index was the only one spared, adding 1.3% mom in EUR terms. Türkiye was battered the most, with the Turkish ISE30 declining by 7.3% mom in EUR terms, followed closely by the Polish WIG20 (-6.7% mom in EUR terms). Greece fell 4.8% mom in EUR terms, while the Hungarian BUX index lost 2.7% mom in EUR terms, and the Romanian BET closed with a loss of 1% mom in EUR terms.

November 4, 2024 November 4, 2024 1 EN

WOOD Daily: RO Oil & Gas; AKCNS TI; EME Macro/Strategy – Dividends; HUG PW; CZG CP; TL Macro; CPS PW; GPP PW; CAR PW

HEADLINES: • Romanian oil & gas: just have a little patience (OMV Petrom stays BUY, Romgaz downgraded to HOLD – transfer of coverage) • Akcansa: recovery on the horizon (stays BUY) • EME Macro/Strategy: dividends in EMEA – if growth is in doubt, opt for payout • Huuuge Games: 3Q24 broadly in line with our expectations, slightly above the consensus NEUTRAL • Colt CZ Group SE: 3Q24 results – slow quarter; FY24E guidance confirmed NEUTRAL • Türkiye macro: CBT signals a dovish turn • Cyfrowy Polsat: key takeaways from the 3Q24 earnings call NEUTRAL • Grupa Pracuj: key takeaways from the 3Q24 earni...

14h / 58m 14h / 58m 1 EN

Alessio Chiesa ... (+2)

Alessio Chiesa
Raffaella Tenconi

EME Macro/Strategy: dividends in EMEA – if growth is in doubt, opt for payout

In the current macroeconomic environment, characterised by declining EUR interest rates, slower Eurozone growth, and significant expected policy rate cuts across the Eurozone, we have decided to flag the high dividend stocks across our coverage universe. With the yields on the 10-year US Treasury now higher than the S&P 500 earnings yield, equity risk premiums have narrowed substantially in the US. EME companies are increasingly attractive, as they transition to a phase of excess capital distribution, supported by converging macro and corporate governance standards with developed markets. We h...

15h / 55m 15h / 55m 1 EN

Can Yurtcan ... (+2)

Can Yurtcan
Dmitry Vlasov

Akcansa: recovery on the horizon (stays BUY)

We maintain our BUY rating on Akcansa, with an updated 12M price target (PT) of TRY 216.2, which offers 39% upside vs. the current price. Although we have reduced our PT by 9%, mostly as a result of 2024E’s higher-than-expected inflationary environment, we remain positive on the name and believe that its solid business model, together with supportive domestic demand and slowing inflation, should support its business performance in 2025E and 2026E. The company is trading at 5.4x 2025E EV/EBITDA, on our estimates, a 24% discount vs. its global cement peers.

16h / 1m 16h / 1m 1 EN

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WOOD Daily: CAI AV; ARABIAND AB; TL Automotive

WOOD Daily: ILRA CZ; MGROS TI; KLKIM TI; FROTO TI; TUPRS TI; THYAO TI; ARABIAND AB; CTPNV NA; DAT PW; SHO PW; EU Oil and Gas Monthly; JMT PL; DNP PW; DIGI RO; ALPHA GA; EUROB GA; ETE GA; EAT PW; SFG RO

WOOD Daily: OTKAR TI; TPEIR GA; BRISA TI; ELM AB; JAHEZ AB; ALK MS; EME Macro/Strategy Weekly; MTELEKOM HB; CDR PW; TEN PW; The Rear-View Mirror; ARABIAND AB

The Rear-View Mirror – EME markets: only the Czech Republic in the black in October

WOOD Daily: RO Oil & Gas; AKCNS TI; EME Macro/Strategy – Dividends; HUG PW; CZG CP; TL Macro; CPS PW; GPP PW; CAR PW

EME Macro/Strategy: dividends in EMEA – if growth is in doubt, opt for payout

Akcansa: recovery on the horizon (stays BUY)

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