Report
Research Team

WOOD Morning (2 May)

HEADLINES:
* Rosneft: major steps towards boosting shareholder value (upgraded to BUY)
* EME Macro/Strategy: good news! (Alas, the best is still behind us)
* Surgutneftegas: 1Q18 RAS results - broadly in line, accrued dividend on preferred shares at RUB 0.6
* Emlak Konut: strong 1Q18 P&L, but tenders and unit sales remain crucial POSITIVE
* Podravka: 1Q18 results strong compared to 1Q17 and 4Q17 NEUTRAL
* NIS: 1Q18 results significantly below expectations NEGATIVE
* Nostrum Oil & Gas: 1Q18 operational update NEUTRAL
* LiveChat Software: disappointing net adds of 347 in April 2018 NEGATIVE
* OMV: 1Q18E preview (due out tomorrow, before the open) NEUTRAL
* OMV Petrom: 1Q18 preview (due out tomorrow, before the open) NEUTRAL
* BRD-GSG: 1Q18 results preview (due on 4 May)
* Waberer's International: 1Q18E results - EBITDA of EUR 19m expected (due on 8 May)
* Bucharest Stock Exchange: 1Q18E preview (due on 9 May)
Underlyings
BRD-Groupe Societe Generale

Emlak Konut Gayrimenkul Yatirim Ortakligi A.g.

Emlak Konut Gayrimenkul Yatirim Ortakligi AS (Emlak Konut) is a Turkey-based real estate investment trust. It is engaged in coordinating and executing real estate property projects mostly housing, besides, commercial units, educational units, social facilities, and all related aspects, controlling and building audit services of the ongoing projects, marketing and selling the finished housing. The ultimate parent and ultimate controlling party of the Company is T.C. Basbakanlik Toplu Konut Idaresi Baskanligi (the Housing Development Administration of Turkey, TOKI). The Company's projects include Agaoglu My Towerland, Alemdag Emlak Konutlari, Varyap Meridian, Mavisehir Modern, Spradon Quartz and Gebze Emlak Konutlari.

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.

Naftna Industrija Srbije Nova Sad

Petrom S.A.

Podravka

Rosneft Oil Co. Sponsored GDR RegS

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

Waberer's International Zrt

Waberer's International Nyrt, formerly Waberer's International Zrt, is a Hungary-based company engaged in the provision of the transportation services in the region of Central and Eastern Europe. The Company provides international road transportation, forwarding of LTL and groupage cargo, overseas and air transportation management, customs services, vehicle repair, second hand vehicle sales and logistics services. The Company operates also through subsidiaries, including Waberer's Logisztika Ltd that is charge of domestic transportation activities and operates with four divisions - gas, food, dry-cargo transportation and large truck operation, and H-Rapid service that operates within the dry-cargo division, delivering freight to its destination within 24 hours. Waberer's International Nyrt manages also subsidiaries in Romania, Poland and Slovakia as well as in the western region, in Spain and Germany.

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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