Report
Research Team

WOOD Daily: KCEL KZ; HSBK LI; AST PW; CEE Macro; PL Banks; WPL PW; SHO PW; WINE RO; MTELEKOM HB; TEN PW; KRKG SV

HEADLINES:
• Kcell: attractively-valued frontier exposure (upgraded to BUY)
• Halyk Savings Bank: 1Q22 highlights - trading income gives a boost, but still a good start
• Astarta Holding: 1Q22 results weaker than expected, but leverage remains low NEUTRAL
• CEE macro: strong, above-consensus growth in 1Q
• Polish banks: government clears draft bill on mortgagors' aid measures; next step - parliament NEGATIVE
• Wirtualna Polska: key takeaways from the 1Q22 earnings call POSITIVE
• Shoper: post-1Q22 results call with management - takeaways - double-digit price increases ytd POSITIVE
• Purcari Wineries: takeaways from the 1Q22 earnings call NEUTRAL
• Magyar Telekom: share buyback auction results POSITIVE
• Ten Square Games: suspends production of Magical District NEUTRAL
• Short News (GR6)
Underlyings
Astarta Holding

Astarta is a holding company. Through its subsidiaries, Co. specializes in sugar production, crop growing and cattle farming, ensuring wholesale distribution of sugar for industrial consumers and individuals. Co. produces sugar primarily using its own-grown sugar beet. Co.'s products include sugar and sugar by-products, such as granulated sugar, molasses, and sugar beet pulp; agricultural products comprising barley, wheat, rye, sunflower seed, soy bean, corn, peas, and varietal and regular cycle seeds of agricultural crops; and cattle farming produce, such as milk and meat, as well as canned goods, fodder, and gas.

Halyk Savings Bank of Kazakhstan GDR

KCELL JSC

Magyar Telekom Telecommunications

Magyar Telekom is engaged in the providing fixed line and mobile telecommunication services for public and business customers. Co. provides voice and non-voice (SMS, MMS, internet, data and content provision) within mobile services; voice, data, internet and TV services within fixed line services. In addition, Co. sells equipment needed for using fixed line and mobile services (telephones, tablets, notebooks, TV sets etc.).

Purcari Wineries PCL

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.

Wirtualna Polska Holding SA

Wirtualna Polska Holding SA is a Poland-based holding company. The Company owns entities that are engaged in the Internet publishing and broadcasting content, including operating business, technology, sports and entertainment portals, as well as electronic mail (e-mail) and electronic commerce (e-commerce). It also offers a range of advertising products, including display ads. The Company operates through such Internet portals as Wirtualna Polska, o2.pl, Money.pl, WP SportoweFakty, Dobreprogramy.pl, WP Parenting, Domodi and Homebook, among others. The Company operates domestically.

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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