Report
Research Team

WOOD Daily: KAZ LN; TBCG LN; TKFEN TI; TCELL TI; MOL HB; M RO; NLBR SV; JMT PL; DIGI RO; ARCLK TI; NVTK LI; PPA GA; CDR PW; SNG RO; MAIL LI; ATGRRA ZA; TLV RO; EL RO; PODRRA ZA; WINE RO

HEADLINES:
• KAZ Minerals: strong results, boosting our price target (stays BUY)
• KAZ Minerals: 2H19 financial results - strong beat on EBITDA, guidance in line with expectations
• TBC Bank: 4Q19 highlights - robust bottom line, but driven mainly by unusually low level of COR POSITIVE
• Tekfen Holding: 4Q19 - big miss due to weak contracting margins
• Turkcell: 4Q19 results and FY20E guidance - in line POSITIVE
• MOL: 4Q19 results - EBITDA beat, reported net income weak
• MedLife: 4Q19 earnings miss on opex, FX revaluation losses and taxes NEGATIVE
• NLB Group: 4Q19 bottom line slightly weaker, but solid full-year bottom line NEUTRAL
• Jeronimo Martins: 4Q19 results - low-quality beat on net profit, due to lower tax NEUTRAL
• DIGI Communications: 4Q19 - another decent set of results
• Arcelik: TRY 500m of gross dividends from the 2019 earnings NEUTRAL
• Novatek: takeaways from the 4Q19 conference call
• Piraeus Port Authority: strong FY19 performance, driven by the container terminal concession
• CD Projekt: lower fees for Steam from The Witcher 3 sales NEUTRAL
• Romgaz: 4Q19E results preview (due on 25 February)
• Mail.ru: expecting neutral FY19E results, focus on future execution (due on 26 February)
• Atlantic Grupa: 4Q19E results preview (due on 27 February)
• Banca Transilvania: 4Q19E preview (due on 27 February)
• Electrica: 4Q19E results preview (due on 28 February)
• Podravka: 4Q19E results preview (due on 28 February)
• Purcari Wineries: 4Q19E results preview (due on 28 February)
Underlyings
Arcelik A.S.

Arcelik is engaged in the commercial and industrial activities in respect of the production, sales and marketing, customer services after sales, exportation and importation of consumer durable goods and consumer electronics. Co. has two segments: white goods reportable segment, which comprises washing machines, dryers, dish washers, refrigerators, ovens, cookers and the services provided for these products; and the consumer goods reportable segment, which comprises televisions primarily with flat screens, computers, cash registers, other electronic devices and the services provided to consumers for these products.

Atlantic Grupa

Banca Transilvania S.A.

CD Projekt S.A.

CD Projekt is a holding company of the CD PROJEKT Capital Group which conducts its operations in two activity segments: CD PROJEKT RED and GOG.com. CD PROJEKT RED's activities cover the creation and publication of videogames, licensing the associated distribution rights and manufacturing tie-in products which exploit the commercial appeal of brands owned by Co. The activities of GOG Ltd. involve digital distribution of videogames via Co.'s proprietary GOG.com distribution platform, on the basis of contracts signed by GOG Ltd. with producers, IPR holders and external publishers. The platform enables customers to purchase games, remit payment and download game files to their personal devices.

Digi Communications NV

Jeronimo Martins SGPS S.A.

Jeronimo Martins S.G.P.S. is a holding company. Through its subsidiaries, Co. is engaged as a food distribution company with operations in Poland and Portugal. Co. operates in four segments: Portugal Retail, which comprises the business unit of JMR - Gestao de Empresas de Retalho, SGPS, S.A. (Pingo Doce supermarkets); Portugal Cash & Carry, which includes the wholesale business unit Recheio; Poland Retail, which includes the business unit with the brand Biedronka; and Others, which includes marketing services and representations, restaurants in Portugal, health and beauty retail in Poland, and its retail business in Colombia.

KAZ Minerals PLC

Kaz Minerals is a holding company. Co. and its subsidiaries operates in the natural resources industry through five divisions: Bozshakol, Aktogay and East Region, which are engaged in the mining and processing of copper and other metals in Kazakhstan; Bozymchak, which is engaged in the mining and processing of copper and gold in Kyrgyzstan; as well as Mining Projects, which is engaged in the development of metal deposits and processing facilities in Kazakhstan. Co. operates the Bozshakol and Aktogay open pit copper mines in Pavlodar and the East Region of Kazakhstan, three underground mines in the East Region of Kazakhstan and the Bozymchak copper-gold mine in Kyrgyzstan.

Mail.ru Group Ltd. Sponsored GDR

Mail.Ru Group is an Internet company based in the Russian Federation. Co. operates the email service [email protected] and two IM networks in Russia - Mail.Ru Agent and ICQ. Co. operates two Russian-language online social networking sites: Moi [email protected] and Odnoklassniki.ru, and owns a strategic minority equity stake in the social network Vkontakte. Co. is also engaged in developing projects in E-commerce and operating more than 40 thematic vertical sites, targeting various user categories. Co. is also Russia's predominant online games company. Co. maintains a portfolio of online games which includes 34 MMO games and over 30 games for social networking sites.

Med Life

MOL Nyrt

NOVATEK JSC Sponsored GDR RegS

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.

Podravka d.d.

Societatea Energetica Electrica

Societatea Nationala De Gaze Naturale ROMGAZ SA

TBC Bank Joint Stock Co

Tekfen Holding

Tekfen Holding conducts its operations in four main business segments: Contracting, Agriculture, Real Estate and Other operations. Contracting group focuses on construction of petroleum and gas facilities, land and sea terminals, offshore platforms and tank farms. Agricultural group has operations in chemical fertilizer, ground and vegetable grain, production, distribution and trade of seedling and sapling. Real estate group operates in designing, constructing, renting, and sale of real estates such as residents, offices, shopping centers and hotels. Operations of other segment comprise of light-pulp trading, cotton yarn production and trading, insurance services and holding operations.

Turkcell Iletisim Hizmetleri A.S.

Turkcell Iletisim Hizmetleri is a provider of mobile services in Turkey. Co. provides mobile voice, internet and other services over its mobile communications network. Subscribers can choose between postpaid and prepaid services. Postpaid subscribers sign a subscription contract, and receive monthly bills for services, while prepaid subscribers must purchase a starter pack which consists of a SIM card and inclusive airtime. GSM offers a range of services that include voice, circuit switched data, packet data and fax, in addition to standard service offerings such as call barring, call forwarding, call waiting and roaming into areas serviced by other GSM carriers.

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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