Report
Research Team

Focus: MOL’s subsidiary INA buys ENI's share in Northern Adriatic offshore gas fields; Bucharest Stock Exchange – MSCI upgrades three notes of Romania’s Accessibility Criteria; EME Strategy – 2018 MSCI Market Review

HEADLINES:
* MOL: subsidiary INA buys ENI's share in Northern Adriatic offshore gas fields POSITIVE
* Bucharest Stock Exchange: MSCI upgrades three notes of Romania's Accessibility Criteria POSITIVE
* EME Strategy: 2018 MSCI Market Review - Saudi Arabia and Argentina to join EM from 2019 NEUTRAL
* LiveChat Software: management recommends advance dividend payment of PLN 0.44/share NEUTRAL
* Bank Pekao: not interested in buying Eurobank; comments on the sales of mortgage loans in 2Q18 NEUTRAL
* Unipetrol: CNB approves purchase of the remaining shares by PKN Orlen NEUTRAL
* EME Strategy: CPS and ENA removed from WisdomTree Dividend indices NEUTRAL
* Short News (MDG, TPE, RO SOEs)
Underlyings
BANK POLSKA KASA OPIEKI SA

Bank Polska Kasa Opieki (the Bank) is a commercial bank providing a range of banking services, mainly in Poland. The segments of the Bank are as follows: Retail banking, which comprises all banking activities related to retail customers and small and micro companies; Private banking, which comprises all banking activities related to the affluent individual customers; Corporate and Investment banking, which comprises all banking activities related to the companies, interbank market, debt securities and other instruments; and Assets and Liabilities Management and other, which is engaged in the supervision and monitoring of fund transfers, and other activities centrally managed.

Cyfrowy Polsat SA

Enea S.A.

ENEA is engaged in production of electricity and heat; trade in electricity; and distribution of electricity.

Livechat Software SA

Livechat Software SA is a Poland-based company engaged in the software industry. The Company is a producer and global provider of software as a service (SaaS) LiveChat, communication software for business. LiveChat enables fast and intuitive communication between company's employees and customers visiting corporate Website. The application also tracks customers' activity on a Website. The Company produces and distributes software for business-to-consumer (B2C) and business-to-business (B2B) communication. Its product portfolio includes three types of LiveChat plans: Solo, dedicated to single user and offering such features as unlimited chats, ticketing system, enhanced security and basic reporting; Team, for numerous teams that additionally includes chat routing and groups creation; and Enterprise, for companies that, additionally to previous ones, provides advanced reporting, work scheduler and unlimited visits on a Website.

MOL Nyrt

S.C. Bursa de Valori Bucuresti S.A.

Unipetrol a.s.

Unipetrol is a holding company, engaged in oil and petroleum products processing, production of commodity chemicals, polymer materials, mineral lubricants, plastic lubricants, paraffins, road and insulation bitumen, special refinery and petrochemical products. Co. is also engaged in the distribution of fuels and operation of gas stations. Co. operates two refineries with an annual conversion capacity of 5.9 million tons of crude oil, three polyolefin units with an annual capacity of 595,000 tons, steam cracker, 339 fuel filling stations, and transport services. Co.'s core business segments include downstream (combining refining and petrochemicals), and retail distribution of fuels.

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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