Report
Research Team

WOOD Daily: PEN CP; STH PW; SNN RO; TGN RO; MBK PW; GPP PW; MONET CP; KOMB CP

HEADLINES:
• Photon Energy: expanding beyond physical assets (stays BUY)
• STS Group: 4Q22 - strong, as expected POSITIVE
• Nuclearelectrica: 2022 preliminary results in line, but 2023E budget far below our expectations
• Transgaz: weak FY22 preliminary results and guidance for 2023E
• mBank: creates PLN 430.1m of CHF mortgage portfolio provisions NEUTRAL
• Grupa Pracuj: new online job ads up 5% yoy in December 2022 POSITIVE
• MONETA Money Bank: 4Q22E preview (due on 3 February)
• Komercni Banka: 4Q22E preview (due on 8 February)
• Short News (TEN, SNP)
Underlyings
GRUPA PRACUJ DA

Komercni banka a.s.

Komercni banka is a universal banking group based in the Czech Republic. Co. is engaged in the provision of a range of financial services in retail, corporate and investment banking. Co.'s operating segments include: Retail Banking, the provision of products and services to individuals, such as among others building savings, pension insurance, overdrafts, credit card and personal loans and mortgages; Corporate Banking, the provision of products and services to corporate entities such as foreign currency and derivative products, syndicated and export financing, and guarantee transactions; and Investment Banking, which involves trading in financial instruments.

MBANK SA

mBank is a provider of comprehensive corporate banking services in Poland. Co. and its subsidiaries make up the mBank Group which is engaged in offering financial services. Co.'s service offering includes a comprehensive financial offer tailored to the needs of corporate clients, Private Banking clients, and retail clients. The business activities of Co. is conducted in the following business segments: Retail Banking and Corporates and Markets.

MONETA Money Bank AS

Moneta Money Bank as is a Czech Republic-based retail and expanding small and medium enterprises (SME) bank. The Company holds an universal banking licence and provides a range of retail and SME-focused financial products and services. The Company operates through a national distribution network of 229 branches and through alternative distribution channels, such as the internet, its call centre, auto dealers, brokers and approximately 4,700 leasing partners. The Company together with its controlled subsidiaries offers current accounts, savings accounts, term deposits and transactional banking products including payment services and debit cards, consumer loans, credit cards, overdrafts, mortgages and auto loans, auto leases and other complementary products such as bancassurance and sales of investment funds.

Photon Energy NV

Photon Energy NV. Photon Energy NV is a company engaged in renewable energy industry. The Company offers solutions and maintenance services for photovoltaic (PV) systems. It divides its activity into five segments: Wholesale and Import of PV Components that includes purchasing and sale of PV systems components and sales, distribution and support; Engineering and Construction Services that comprises project engineering and turnkey construction of PV plants; Production of Electricity that includes special purpose entities (SPE) engaged in building of PV plants and distribution network and electricity production; Operations, Maintenance and Supervision of PV Power Plants of third parties and internally owned; PV Investment that represents joint venture (JV) companies; Corporate Operations that comprises financing and insurance solutions for PV investors, investments in PV projects, among others. On September 3, 2014, it established new wholly owned subsidiary, Global Investment Protection AG (GIP).

Societatea Nationala de Transport Gaze Naturale Transgaz S.A.

Societatea Nationala Nuclearelectrica SA

STS Group AG

STS Group AG is a Germany-based supplier of vehicle parts. The Company develops and manufactures solutions for acoustic and thermal insulation (soft trim) and components made of plastics or composite material (hard trim) for the automobile and trucking industries, focusing on four categories of vehicles: medium and heavy commercial vehicles (MHCV), light commercial vehicles (LCV), agriculture and construction vehicles (ACV), and light vehicles (LV), and supplying its products directly to Original Equipment Manufacturers (OEMs). The Company operates through three business segments: STS Acoustics, which includes mainly soft trim products with acoustic and thermal features that reduce noise and protect against heat; STS Plastics, which includes mainly hard trim products used for exterior body parts or interior modules, and Materials, which includes semi-finished goods from mixed composite recyclables. The Company operates production facilities in Europe, China, Mexico and Brazil.

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
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