Report
Research Team

WOOD Morning (27 February)

HEADLINES:
* KAZ Minerals: results in line, guidance slightly conservative (stays BUY)
* Bank Pekao: 4Q17 - beat due to one-offs; solid underlying net profit POSITIVE
* Emlak Konut: 4Q17 - strong quarter; NAV up to TRY 5.7/share, dividend reinstated (6.8% yield) POSITIVE
* VTB Bank: 4Q17 wrap-up and some highlights from the conference call NEUTRAL
* Richter: HUF 42bn impairment on Esmya temporary measures NEGATIVE
* PKP Cargo: highest turnover growth in January since May 2017 POSITIVE
* Aselsan: mandates local consortium for its planned SPO NEGATIVE
* Sabanci Holding: 4Q teleconference notes - 2018E guidance, genco IPO, revision to dividend policy NEUTRAL
* Turkish automotive: LV vehicle exports down by 10% yoy in January NEUTRAL
* Siauliu Bankas: 4Q17E results preview (due out tomorrow)
Underlyings
Aselsan Elektronik Sanayi ve Ticaret A.S. Class B

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.

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.

Haci Omer Sabanci Holding A.S.

Hace Omer Sabanci Holding is the holding company of Sabanci Group. Co. is organized under seven strategic business units: Banking, Tire, Tire Reinforcement Materials and Automotive, Retail, Cement, Energy, and Insurance. Co.'s other activities consists of tourism facilities management, information technology and telecommunication services, and tobacco production and distribution. Co. operates in 18 countries and exports products to Europe, the Middle East, Asia, North Africa, North and South America. Co. has partnerships with international companies such as Ageas, Aviva, Bridgestone, Carrefour, Citigroup, Dia, Heidelberg Cement, International Paper, Philip Morris and Verbund.

PKP Cargo

PKP Cargo SA is a Poland-based company active in the transportation sector. The Company's main activity is domestic and international transport of goods by rail and provision of logistic services in the field of railway cargo transport services. The Company divides its services into six divisions: Transport, offering rail transport carried out by PKP Cargo, road transport and ferry transport; Intermodal, providing intermodal rail transport; Forwarding, services carried out by Trade Trans, Cargosped and PKP Cargo International; Terminals, offering service of reloading terminals; Sidings, providing railway sidings; and Rolling Stock, which provides repairs of the rolling stock. It operates through Advanced World Transport BV (AWT).

VTB Bank (GDR)

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.

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