Report
Research Team

WOOD Daily: PEO PW; SNN RO; SNG RO; PGE PW; CCOLA TI; BOCH CY; ZB CZ; MOL HB; NRP NA; COTE RO; NLBR SV; DIGI RO; Macro/Strategy – HR; Macro/Strategy – MK; CDR PW; KCEL KZ; LTS PW; CGEO LN; PL Telecoms; RTKM RX

HEADLINES:
• Bank Pekao: provides solid 4Q20 delivery, as LLPs subside materially POSITIVE
• Nuclearelectrica: reports better-than-expected 4Q results, on higher revenues
• Nuclearelectrica: calls GMS to approve strategy for reactors 3 and 4
• Romgaz: preliminary 4Q20 results - big miss on EBITDA
• PGE: 4Q20 results review - 4% EBITDA beat NEUTRAL
• Coca-Cola Icecek: 4Q20 numbers and 2021E guidance in line NEUTRAL
• Bank of Cyprus: 4Q20 results - restructuring and de-risking exercise on track
• Zagreb Stock Exchange: 4Q20 results review - lower other revenues, promising start for ETF market NEUTRAL
• MOL: 2021-25E strategy update POSITIVE
• NEPI Rockcastle: 2H20 - reinstates dividend, writes down 6% of the portfolio in FY20 NEUTRAL
• Conpet: FY20 net profit almost flat yoy
• NLB Group: conference call highlights
• DIGI Communications: key takeaways from the 4Q20 earnings call NEUTRAL
• EME Macro/Strategy: Croatia - business cycle and policy outlook - 2021E
• EME Macro/Strategy: North Macedonia - business cycle and policy outlook - 2021E
• CD Projekt: next big patch delayed until second half of March NEGATIVE
• Kcell: announces intention to delist its GDRs from LSE and AIX NEUTRAL
• Lotos: scheduled maintenance to reduce 2021E operating profit by PLN 130m
• Georgia Capital: reports 27% qoq rebound in NAV NEUTRAL
• Polish telecoms: Liberty Global looking at possible mobile deal in Poland NEUTRAL
• Rostelecom: 4Q20E - 13% yoy growth in pro-forma OIBDA expected (due on 9 March)
• Short News (TPE)
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.

Coca-Cola Icecek A.S.

Coca-Cola Icecek is a bottler and distributor of alcohol-free beverages in Turkey, Pakistan, Central Asia and the Middle East. Co. focuses on the production, sales and distribution of sparkling and still beverages with The Coca-Cola Company (TCCC) trademarks. Co. has rights to produce, sell and distribute TCCC branded beverages including Coca-Cola, Coca-Cola Zero, Coca-Cola Light, Fanta, Sprite, Cappy, Sen Sun, Powerade and Fuse Tea in TCCC authorized packages throughout Turkey. Co. also has the right to produce, sell and distribute Burn and Gladiator branded energy drinks throughout Turkey, as well as bottling and distribution rights in Turkey for Schweppes branded beverages.

Conpet SA

Digi Communications NV

Georgia Capital

Georgia Capital PLC. Georgia Capital PLC is a United Kingdom-based holding company. The Company is focused on investing in developing businesses in Georgia. Its portfolio companies include Georgian Global Utilities LLC (GGU), JSC m2 (m2), JSC Aldagi (Aldagi) and JSC Teliani Valley (Teliani). GGU carries on business in two areas: water utility and renewable energy generation. m2 is the Company's real estate business. m2 develops residential and commercial property in Georgia, outsourcing design while focusing on project and construction management, and sales. m2 also focuses on developing hotels with outsourced operations. Aldagi is a provider of property and casualty insurance products in Georgia. Aldagi primarily focuses on the Georgian motor vehicle, property, credit life, and liability insurance markets and also on other markets offering cargo and agricultural (Agro) insurance. Teliani is a wine and beer producer in Georgia and its sells its products across 15 countries.

Grupa LOTOS S.A.

Grupa Lotos is an oil concern which deals with oil extraction and processing and trading of high quality oil products. Co. supplies the market with, unleaded petrol, diesel oil, fuel oil, aviation fuel, industrial oil, asphalt and paraffin, among other things. Co. is engaged in the production and sales of engine oils and bitumen in Poland. Co. maintains oil exploration and production activities in the Baltic, North Sea and Norwegian Sea and operates three refineries in Gdansk, Jaslo and Czechowice, Poland. Co. markets its products in wholesale markets, as well as in retail markets through a network of petrol stations.

Kcell Joint Stock Company

MOL Nyrt

NEPI Rockcastle Plc

NEPI Rockcastle is engaged in developing, acquiring and holding commercial properties, either directly or indirectly through the acquisition of listed equities.

PGE Polska Grupa Energetyczna S.A.

PGE Polska Grupa Energetyczna is an electricity company based in Poland. Co. is engaged in the generation and selling of electricity. Co. is a predominant power producer and supplier in Poland and a major heat and power sector company in Central and Eastern Europe. Co. supplies over 5 million households, businesses and institutions through a combination of its own fuel resources (lignite), power generation and final distribution networks. Co.'s activities focus on the following areas: Conventional Power Generation, Renewable Power Generation, Nuclear Power Generation, Wholesale, Distribution and Retail. Co. has 12.2 GW of installed generation capacity.

Rostelecom PJSC

Rostelecom PJSC provides communication services (including local, intra-zone, long-distance domestic and international fixed-line telephone services, mobile services), data transmission, Internet, Pay TV, VPN and data centers services, rent of communication channels and radio communication services in the territory of Russian Federation. Co. operates the main intercity network and the international telecommunications gateways of the Russian Federation, carrying voice and data traffic that originates in its own network and other national and international operators' networks to other national and international operators for termination.

Societatea Nationala Nuclearelectrica SA

Zagrebacka Burza dd

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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.

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