Report
Research Team

WOOD Daily: EME Macro/Strategy, PLY PW, CEZ CP, RBI AV, TELEC CP, JMT PL, CDR PW, OPAP GA, BRISA TI, ENJSA TI, Previews (AYGAZ TI, TUPRS TI, EL RO, SNN RO, TEL RO, COTE RO, TRN RO)

HEADLINES:
• EME macro/strategy: The next decade - the inflation cost of QE
• Play Communications: soft 2Q20 results with adj. EBITDA down 2% yoy, in line with expectations NEUTRAL
• CEZ: 2Q20 results in line, excluding provisions, and guidance marginally higher POSITIVE
• RBI: 2Q20 results - strong beat to expectations, driven by risk charges POSITIVE
• O2 CR: CTU publishes the Czech 5G auction rules NEUTRAL
• Jeronimo Martins: PLN 115m fine from the antimonopoly watchdog NEGATIVE
• CD Projekt: Night City Wire, episode 2 NEUTRAL
• OPAP: scrip dividend take-up at 56%, with SAZKA Group fully participating
• Brisa: strong 2Q20 profits on rebounding domestic demand POSITIVE
• Enerjisa Enerji: 2Q20 results review - bottom-line beat, 2020E guidance revised upwards POSITIVE
• Aygaz: 2Q20E results preview (due out on 12 August)
• Tupras: 2Q20E results preview (due out on 12 August)
• Electrica: 2Q20E results preview (due out on 13 August) NEUTRAL
• Conpet: 2Q20E results preview (due out on 14 August)
• Nuclearelectrica: 2Q20E results preview (due out on 14 August) NEUTRAL
• Transelectrica: 2Q20E results preview (due out on 14 August) NEUTRAL
• Dino: 2Q20E results preview - 26% EBITDA growth expected (due out on 21 August) NEUTRAL
• Transgaz: 2Q20E results preview (due out on 27 August)
• Short News (KTY)
Underlyings
Aygaz A.S.

Aygaz is a liquefied petroleum gas (LPG) distribution company operating in a range of environments from cylinder production to marine transport operations. In its core business field, Co. distributes LPG as autogas, cylinder gas, and bulk gas, manufactures and sells LPG cylinders, tanks, valves and regulators, and also markets LPG-operated devices. Co. also sells and produces LPG devices and engaged in the maritime shipping of LPG. In the cylinder gas segment, Co. operates all over Turkey in points of sale under the brands of Aygaz, Mogaz and Lipetgaz. Co. has three segments: gas and petroleum products, electricity and other operations.

Brisa-Bridgestone Sabanci Lastik Sanayi ve Ticaret A.S.

Brisa Bridgestone Sabanci Lastik Sanayi ve Ticaret is engaged in the manufacture and sale of vehicle tires for domestic and foreign brands.

C.N.T.E.E. Transelectrica

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.

CEZ as

CEZ Group is a dynamic, integrated electricity conglomerate based in the Czech Republic and with operations in a number of countries of Central and Southeastern Europe and Turkey. Co. is an international group consisting of nearly 120 companies, Czech and foreign. Co.'s primary activities involve the production and transmission of electricity through nuclear, coal-fired and hydro power stations; production and distribution of heat and processing of secondary products generated during the production of electricity and heat as well as coal mining. Co. has operating companies in Poland, Bulgaria, Romania, the Netherlands, Ireland, Germany, Hungary, Albania, Turkey, Serbia, and Slovakia.

Conpet SA

Dino Polska S.A.

Dino Polska is engaged in the business of retail sale in non-specialized stores with food, beverages and tobacco. In addition, Co. conducts processing of meats and the resulting products are dedicated, in the form of culinary meat, to external recipients within Co.'s retail chain. As of December 31, 2016, Co. operated a network of 628 Dino stores.

Enerjisa Enerji

Enerjisa Enerji AS is a Turkey-based company engaged in the utilities sector. The Company, together with its subsidiaries, is primarily engaged in making investments in energy companies, and deals with the generation, sale, and distribution of electricity, as well as the trade of natural gas. The Company reports its business activities into two main segments: Electricity Distribution and Retail. The Electricity distribution segment includes the transmission of electricity over lines users through distribution networks and provides infrastructure investments in conformity with the energy market regulation authority (EMRA). The Retail segment conducts mainly retail sales of electricity to customers. Enerjisa Enerji AS operates through a number of subsidiaries, such as Baskent Edas, Ayedas and Toroslar Edas, among others.

Greek Organisation of Football Prognostics SA

OPAP is engaged in the operating and management of numerical lottery and sports betting games as well as lottery games. Co. holds concession to operate and manage new sports betting games in Greece as well as a right of first refusal to operate and manage any new lottery games permitted by the Hellenic Republic. Co. operates six numerical lottery games, including Joker, Lotto, Proto, Extra 5, Super 3, and Kino; and three sports betting games consisting of Stihima, Propo, and Propo-goal. Co. is also engaged in designing new lottery games, including Bingo and Super 4. Co. distributes its games through an extensive on-line network of agents.

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.

O2 Czech Republic a.s.

O2 Czech Republic is a provider of voice, data and other telecommunications services in the Czech Republic. Co. provides telephony services to business and residential customers, operates pay phones, provides cellular phone services, euroISDN, leased lines, Internet and data services (including internet online ISDN services which offer digital connection to the internet network), telephone equipment and other services. Co. comprises two main business segments: the Fixed segment which is telephone services using the fixed telephone network and the Mobile segment which is mobile telephone services provided by Telefonica O2 Slovakia.

Play Communications SA

Play Communications SA Formerly known as Play Holdings 2 SARL. Play Communications SA, formerly Play Holdings 2 SARL, is a Luxembourg-based provider of financial investment services. The Company is the owner of mobile operator P4 Sp z o o, that provides a wide range of mobile telecommunications services, including voice, data transmission services, messaging, video service (PLAY NOW), as well as Value Added Services and sales of handsets and other devices, to individual and business subscribers in Poland.

Raiffeisen Bank International AG

Raiffeisen Bank International is a universal bank focusing on corporate and retail customers in Central and Eastern Europe (CEE) and on corporate customers in Austria. In CEE, Co. consists of a network of banks, leasing companies and financial service providers. In Austria, Co. is involved in corporate finance and export and trade finance banks. Co. provides services to customers in 2,800 branch offices. In the retail banking business, Co.'s product and service portfolio comprises inter alia credit services (mortgages, credit cards and personal loans), as well as payment transaction and current account package services. As of Dec 31 2014, Co.'s total assets amounted to Euro121.6 million

Societatea Energetica Electrica

Societatea Nationala de Transport Gaze Naturale Transgaz S.A.

Societatea Nationala Nuclearelectrica SA

Turkiye Petrol Rafinerileri A.S.

Turkiye Petrol Rafinerileri is an energy and refining company based in Turkey. Co. is engaged in providing and refining crude oil, the importing and exporting of oil products, and establishing and operating refineries in Turkey and foreign countries. Also, Co. is establishing and operating factories and facilities in the petrochemical industry. Co. is engaged in purchasing, selling, importing, exporting, storing, marketing and distributing (wholesale, retail, foreign and domestic) all kinds of petroleum products, LPG and natural gas. Co. runs its business through the refineries in Izmit, Izmir, Kirikkale and Batman.

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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