Report
Research Team

WOOD Morning (26 February)

HEADLINES:
* Romanian coverage universe: growth normalising (TLV, BRD, BVB, FP, SNN, SNP, SNG, COTE, EL, TEL, TGN, M, DIGI, SIF1, SIF2, SIF3, SIF4, SIF5)
* Polish banks: parliament reignites works on FX mortgage bill draft NEGATIVE
* JSW: 4Q17 trading update - lower-than-expected volumes NEGATIVE
* PKN Orlen: settlement of the tender offer for Unipetrol NEUTRAL
* Bank of Cyprus: 4Q17E results preview - marginal profitability in 4Q (due out tomorrow)
* Kernel: 2Q FY18E preview - continuation of negative dynamics (due on 28 February)
* Hellenic Bank: 4Q17E results preview (due on 1 March)
* NIS: 4Q17E results preview - another strong quarter expected (due on 1 March)
* Ciech: 4Q17E preview - unexpectedly strong quarter ahead (due on 26 March)
* Short News (PL banks, CPS, BZW)
Underlyings
Banca Transilvania S.A.

Bank of Commerce Holdings

Bank of Commerce is a bank holding company. Through its subsidiary, the company provides a range of financial services and products for business and retail customers. The services the company provides include those offered by banks of similar size and character in California. The company's principal deposit products include the following types of accounts; checking, interest-bearing checking, money market, savings and certificates of deposit. The company also provides sweep arrangements, commercial loans, construction loans, term loans, consumer loans, safe deposit boxes, and electronic banking services. The company does not provide trust services or international banking services.

BRD-Groupe Societe Generale

C.N.T.E.E. Transelectrica

Ciech S.A.

Ciech is engaged in the production, trade and distribution of chemicals as well as comprehensive service activities directed at the domestic and foreign market. The main products sold by Co. are soda ash, TDI, plastics, resins, chemical fertilizers, plant protection chemicals, glass blocks and glass packaging, salt and other chemicals.

Conpet SA

Digi Communications NV

Fondul Proprietatea

Hellenic Bank Ltd.

Kernel Holding S.A.

Kernel Holding is a holding company. Co.'s is a diversified agribusiness engaged in the production and sale of bottled sunflower oil (sold under brand names Schedry Dar, Stozhar and Chumak Zolota), the production and subsequent export of bulk sunflower oil and meal, the wholesale trade of grain (mainly wheat, barley and corn), farming, and the provision of logistics and transshipment services n the ports of Ilyichevsk, Taman and Mykolaiv. The majority of Co.'s manufacturing facilities are primarily based in Ukraine and Russia. In addition, Co. is a private provider of inland silo services in Ukraine.

Naftna Industrija Srbije Nova Sad

Petrom S.A.

Polski Koncern Naftowy ORLEN S.A.

Polski Koncern Naftowy Orlen's activities are divided into three main business segments: the Refining Segment that comprises crude oil processing as well as wholesale and retail trade in refinery products. The Petrochemical Segment that encompasses production and sale of petrochemicals and chemicals. The Retail Segment that comprises of sales at petrol stations. Co.'s basic products include gasolines, diesel oils, light heating oil, Jet fuel, liquid gas, polyetylene, polypropylene, benzene, butadiene, acetone, phenol, glycols, toluen, ortoxylene.

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

SIF Banat-Crisana S.A.

SIF Moldova S.A.

SIF Muntenia S.A.

SIF Transilvania S.A.

Societatea de Investitii Financiare Oltenia SA

Societatea Energetica Electrica

Societatea Nationala De Gaze Naturale ROMGAZ SA

Societatea Nationala de Transport Gaze Naturale Transgaz S.A.

Societatea Nationala Nuclearelectrica SA

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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