Report
Research Team

Focus: Hungary – the normalisation phase has begun; Lukoil starts buying back shares, implying c.USD 1.5bn to be spent in one year; CA Immo issues EUR 150m bond with a 7.5Y maturity and a 1.875% fixed interest rate

HEADLINES:
• Hungary: the normalisation phase has begun
• Lukoil: starts buying back shares, implying c.USD 1.5bn to be spent in one year POSITIVE
• CA Immo: issues EUR 150m bond with a 7.5Y maturity and a 1.875% fixed interest rate POSITIVE
• CCC: Investor Day takeaways
• Richter: re-obtains licence for Romanian wholesale NEUTRAL
• CD Projekt: Thronebreaker and Gwent release dates NEUTRAL
• Pegasus Airlines: Pegasus Hava applies to regulator to merge with IzAir NEUTRAL
• Unipetrol: to be delisted from the PSE; coverage discontinued
• Philip Morris CR: 1H18E preview - margin enhancement across the board (due on 25 September) NEUTRAL
• Short News (ALR, OTP, RBI)
Underlyings
CA Immobilien Anlagen AG

CA Immobilien Anlagenis a real estate investment company. Co. invests in commercial real estate, comprising hotel, residential, office, industrial, storage space, and logistics. Co. is also active in project development business. Co.'s activities are focused in Austria, Germany and Eastern Europe. Co. has 263 subsidiaries (including 24 joint ventures) in the following countries: Germany, Austria, Hungary, Luxembourg, Bulgaria, Netherlands, Slovakia, Cyprus, Russia, Czech Republic, Poland, Croatia, Ukraine, Romania and Serbia. Co., through its subsidiaries, is engaged in creation of entire urban districts, acquisition of real estate, project development, as well as property renovation.

CCC SA

CCC is engaged in the wholesale and retail trade of clothing and footwear. Co. offers its products to wide range of consumers, from demanding clientele of trendy boutiques to value-oriented medium segment customers, to less wealthy customers seeking reasonably priced quality footwear. Co. pursues a strategy of brand diversification, which is reflected in its three autonomous distribution channels: a chain of official CCC stores, BOTI footwear shops and QUAZI boutiques. Co. offers more than 2,500 designs of footwear. Co. also owns more than 67 proprietary brand names e.g. Lasocki.

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.

Oil company LUKOIL PJSC Sponsored ADR

Pegasus Hava Tasimaciligi AS

Pegasus Hava Tasimaciligi is a low-cost airline group based in Turkey. Co. provides reasonably-priced transportation opportunities on point-to-point basis in short and medium range flight lines on its domestic and international network. Co. primarily provides transportation opportunities from its main hub in Istanbul Sabiha Gokcen International Airport, but also offers scheduled flights from other domestic hubs, primarily in Adana, Antalya and Izmir. Co.'s fleet is composed of 49 airplanes in total. Co.'s flight network consists of 76 locations (45 abroad and 31 domestic flight locations in 30 countries). Co. also provides cargo services and provides various training services.

Philip Morris CR AS

Philip Morris CR is engaged in the production, sale, distribution and marketing of cigarettes and other tobacco products and the provision of related services. Co. manufactures the following brands of cigarettes: L & M, Bond, Marlboro, Philip Morris, Petra, Start, Sparta, and Chesterfield.

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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