WOOD Flash – What’s Romania’s direction after the elections?
Parliamentary elections are scheduled for 6 December 2020. Recent polls suggest that PNL could win 33% of the votes, USR Plus Alliance 20% and PSD 22%. Thus, the right wing could end up with the majority in parliament, while future cooperation between PNL and USR Plus Alliance would be key for a smooth implementation of policies.If the opinion polls are confirmed and PNL wins, it should be supportive for the Romanian stock market in general, in our view. In terms of the impact on our coverage universe, we have looked at the manifestos of PNL, USR Plus and PSD to identify their approaches on a number of issues affecting listed companies.
We highlight Petrom, Romgaz, Fondul Proprietatea and TeraPlast as the ones to watch in 2021E. In the case of energy companies, there is a strong focus on investments, which might mean that the push for dividends from SOEs would be moderate.
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