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Research Team
  • Research Team

WOOD Daily: INPST NA; ACP PW; ECH PW; EXAE GA; LPP PW; KRU PW; PZU PW;...

HEADLINES: • InPost: 4Q23 strong, as expected; neutral FY24E guidance; volume acceleration in 1Q24 NEUTRAL • Asseco Poland: 4Q23 review – net profit up 10% yoy, in line with preliminaries; strong 2024 backlog recorded POSITIVE • Echo Investment: 4Q23 – residential good, offices bad NEUTRAL • Athens Exchange Group: 4Q23 results NEUTRAL • LPP: key takeaways from the conference call on the exit from Russia, 2.0 POSITIVE • Kruk: 2023 net profit DPS proposal of PLN 18, in line with our expectations N...

Research Team
  • Research Team
CEZ CEZ AS
LPP LPP S.A. ... (+10)

WOOD Daily: TOASO TI; LPP PW; ASELS TI; HU Macro; LOGO TI; WPS LN; WPL...

HEADLINES: • Tofas: fortune favours the bold (stays BUY) • LPP: 4Q23 in line with prelims; FY24E guidance maintained; stellar rollout plans NEUTRAL • Aselsan: strong pre-IAS29 4Q23 results, bullish FY24E guidance POSITIVE • Hungary macro: MNB turns cautious, with a slower pace of rate cuts • Logo Yazilim: weak 4Q23 results, but the details matter NEGATIVE • Eurowag: takeaways from the 2H23 earnings call NEUTRAL • Wirtualna Polska: key takeaways from the 4Q23 earnings call POSITIVE • Ten Square G...

Research Team
  • Research Team

WOOD Daily: TEN PW; WPL PW; CZG CP; FP RO; PKO PW; CEZ CP; EL RO; EME ...

HEADLINES: • Ten Square Games: 4Q23 adjusted EBITDA 8% above our forecast, but trading update disappoints NEUTRAL • Wirtualna Polska: 4Q23 results review – adjusted EBITDA up 3% yoy, in line with the consensus POSITIVE • Colt CZ Group SE: weak 4Q23 results, but bullish FY24E guidance NEGATIVE • Fondul Proprietatea: proposes RON 0.06 DPS (11.8% dividend yield) POSITIVE • PKO BP: new acting CEO and two new board members appointed; more to come; but CRO Mazur stays • CEZ: starts divestment of Polis...

Research Team
  • Research Team

WOOD Daily: EME Macro/Strategy Weekly; RICHT HB; SNG RO; TBCG LN; TLV ...

HEADLINES: • EME Macro/Strategy: macro all-in-one (18-24 March) • Richter: proposes dividend of HUF 423/share POSITIVE • Romgaz: makes two dividend proposals NEGATIVE • TBC Bank: notes from the Uzbekistan webinar POSITIVE • Banca Transilvania: AGM convocation NEUTRAL • Short News (HUG)

Research Team
  • Research Team
MOL MOL NYRT
CEZ CEZ AS ... (+8)

WOOD Daily: TR macro, HU macro, ASELS TI, DNP PW, BFT PW, 11B PW, CEZ ...

HEADLINES: • Türkiye macro: MPC surprises with a 500bp hike • Hungary macro: Hungary ends the cap on bank deposits • Aselsan: new USD 0.6bn contract • Dino: 8-10% EBITDA miss in 4Q23 - qoq sales erosion • Benefit Systems: conference call takeaways - solid 2024E outlook, Türkiye promising, churn-related risks from the Czech Republic should not materialise in Poland • 11 bit studios: Indika release date set for 8 May • CEZ: takeaways from the 4Q23 earnings call • Jahez: conference call takeaways •...

Research Team
  • Research Team

WOOD Daily: AIRA LI; ELM AB; PZU PW; CEZ CP; BFT PW; TKNSA TI; CAI AV;...

HEADLINES: • Air Astana Group: a cash-accretive airline from the heart of Eurasia (BUY - initiation of coverage) • Elm: still a digital champion (stays HOLD) • PZU: reports solid 4Q23; high DPS potential POSITIVE • CEZ: misses on 4Q23 net profit, tepid 2024E guidance NEGATIVE • Benefit Systems: strong 4Q23 beats expectations, but company trims 2024E guidance for card additions abroad NEUTRAL • Teknosa: mixed results in 4Q23 NEGATIVE • CA Immo: 4Q23 – all about the disposals POSITIVE • Brisa: 4Q2...

Research Team
  • Research Team

WOOD Daily: PL Banks Sector Update; KAP LI; JAHEZ AB; BRD RO; MGROS TI

HEADLINES: • Polish Banks: not done yet (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • Kazatomprom: digging the margins (stays BUY) • Jahez: mixed 2023 financial results NEUTRAL • BRD-GSG: publishes 2024 budget NEUTRAL • Migros: BoD to propose DPS of TRY 6.904 NEUTRAL • Short News (M, BRISA)

Research Team
  • Research Team

WOOD Daily: LPP PW, DOM PW, MGROS TI

• LPP: key takeaways from the conference call on the exit from Russia • Dom Development: 4Q23 results - stronger than we had expected • Migros: 4Q23 results – mixed picture

Research Team
  • Research Team

WOOD Daily: BGEO LN, HSBK LI, ARABIAND AB, EME Macro/Strategy, RO Ener...

• Bank of Georgia: 4Q23 highlights and notes from the conference call • Halyk Bank: 4Q23 highlights • Arabian Drilling 4Q23 results and dividend announcement • EME Macro/Strategy: macro all-in-one (11-17 March) • Romanian Energy: Energy Ministry draft publication of changes to current regulations • Huuuge Games: USD 6m investment in a minority stake in Bananaz Studios, with a call option for a larger investment • Huuuge Games: earnings call takeaways - solid 2024E outlook, broadly in line with o...

Research Team
  • Research Team

WOOD Daily: HUG PW; KMGZ KZ; ENA PW; MONET CP; KOMB CP; MOL HB; SAR GA...

HEADLINES: • Huuuge Games: 4Q23 slightly above the consensus; up to USD 70m buyback announced (14% yield) POSITIVE • KazMunayGas: 4Q23 results – weaker than expected NEGATIVE • Enea: announces significant impairment charges (PLN 2.9bn) affecting the FY23 figures NEGATIVE • MONETA Money Bank/Komercni Banka: negative impact from the drop in mortgage rates NEGATIVE • MOL: updated strategy for 2030E – conference call takeaways NEUTRAL • Sarantis: key takeaways from the Investor Day • Allegro: key ta...

Research Team
  • Research Team

WOOD Daily: ASELS TI; GE Macro; CEZ CP; ALE PW; VER AV; CCOLA TI; OPAP...

HEADLINES: • Aselsan: quo vadis? New contracts, new products and upcoming transition to inflation accounting POSITIVE • Georgia macro: NBG cuts policy rate by 75bps • CEZ: press reports CEZ has won tender for 55% of GasNet, could weigh on the 2023 dividend payout NEGATIVE • Allegro: 4Q23 results above expectations; guidance for a strong 1Q24E POSITIVE • Verbund: 4Q23 results in line with guidance NEUTRAL • Coca-Cola Icecek: 4Q23 results – in line operationally NEUTRAL • OPAP: 4Q23 results and FY...

Research Team
  • Research Team

WOOD Daily: EME Macro/Strategy March Update; AEGN GA; SAR GA; ETE GA; ...

HEADLINES: • EME Macro/Strategy: good news and challenges – the state of play in March • Aegean Airlines: caps off another strong year with a good 4Q, to pay out a EUR 0.75 DPS POSITIVE • Sarantis: 2H23 results slightly above guidance NEUTRAL • National Bank of Greece: 4Q23 and 2024-26E outlook highlights • Budimex: annual conference takeaways – targeting maintaining 2024E revenues and margins flat yoy NEUTRAL • Nuclearelectrica: shareholders called to approve continuation of SMR project, based...

Research Team
  • Research Team

WOOD Daily: EL RO; ELM AB; HTO GA; OMV AV; INPST NA

HEADLINES: • Electrica: takeaways from the FY23 earnings call NEGATIVE • Elm: 4Q23 conference call takeaways NEUTRAL • OTE: planning to spin off its mobile infrastructure POSITIVE • OMV: acquires retail sites in Austria and Slovakia NEUTRAL • InPost: 4Q23E preview – adjusted EBITDA growth of 41% yoy expected (due on 28 March)

Research Team
  • Research Team

WOOD Daily: ELM AB; CAR PW; EME Macro/Strategy Weekly; AKCNS TI; PZU P...

HEADLINES: • Elm: strong 4Q23 financial results POSITIVE • Elm: signs three MoUs at LEAP 2024, to boost tourism and healthcare in Saudi Arabia POSITIVE • Inter Cars: 4Q23 preliminary net profit misses our forecast by 32% NEGATIVE • EME Macro/Strategy: macro all-in-one (4-10 March) • Akcansa: proposes dividend almost in line with our estimate NEUTRAL • PZU: 4Q23E preview (due on 21 March) • Short News (SNN)

Research Team
  • Research Team

WOOD Daily: OTP HB; ALPHA GA; EUROB GA; FP RO; ARCLK TI; DAT PW; KMGZ ...

HEADLINES: • OTP Bank: 4Q23 profits largely in line; 2024E guidance assumes continuation of profits, but ROE is likely start to normalise • Alpha Bank: 4Q23 highlights • Eurobank: 4Q23 highlights • Fondul Proprietatea: Court of Appeal admits Fund’s request to annul share capital increase decision at Bucharest Airports POSITIVE • Arcelik: CMA approves Arcelik-Whirlpool Deal POSITIVE • DataWalk: key takeaways from the preliminary 4Q23 earnings call POSITIVE • KazMunayGas: 4Q23E results preview ...

Research Team
  • Research Team

WOOD Daily: PKO PW; PL Macro; CTPNV NA; JMT PL; EL RO; PGE PW; DAT PW;...

HEADLINES: • PKO BP: posts solid 4Q23/2023 results NEUTRAL • Poland macro: NBP on hold, with a cautious bias • CTP: 4Q23 – yet another quarter with a strong, positive revaluation gain POSITIVE • Jeronimo Martins: 4Q23 in line with expectations; FY24E guidance for possibly deeper margins erosion NEGATIVE • Electrica: rather disappointing 2024E budget NEGATIVE • Electrica: proposes RON 0.1178 DPS and looking to issue green bonds NEUTRAL • PGE: weaker qoq EBITDA in 4Q23, but expected NEUTRAL • Data...

Research Team
  • Research Team

WOOD Daily: PGSUS TI; FROTO TI; ONE RO; ALK MS; EU Oil & Gas Monthly; ...

HEADLINES: • Pegasus Airlines: 4Q23 – decent end to another very good year NEUTRAL • Ford Otosan: strong set of results in 4Q23 POSITIVE • ONE United Properties: FY23 – ramping up, with almost 1k units sold in 2023 • Alkaloid: 4Q23 – reaping the benefits of recent investments • Alkaloid: rating and price target changes • European oil and gas monthly: February 2024 – return of the crack • Transgaz: takeaways from the 4Q23 earnings call POSITIVE • Auto Partner: February sales growth accelerates...

Research Team
  • Research Team

WOOD Daily: OMV AV; PGSUS TI; TUPRS TI; AROBS RO; SIPCHEM AB; ETEL EY;...

HEADLINES: • OMV: Chemical Brothers (stays BUY) • Pegasus Airlines: 4Q23 – decent end to another stellar year NEUTRAL • Tupras: FY23 results, using inflation accounting POSITIVE • AROBS Transilvania Software: FY23 results – awaiting the calming of IT spending headwinds NEUTRAL • Sipchem: 4Q23 interim results NEGATIVE • Telecom Egypt: key takeaways from the 4Q23 earnings call NEUTRAL • Tofas: proposes distribution of a DPS of TRY 20 NEUTRAL • 11 bit studios: strong player reviews of The Thaumatur...

Research Team
  • Research Team

WOOD Daily: ETEL EY; ARCLK TI; EME Macro/Strategy Weekly; 4IG HB; WINE...

HEADLINES: • Telecom Egypt: 4Q23 results review – EBITDA up 24% yoy, 7% below the consensus NEUTRAL • Arcelik: weak operating performance in 4Q23 results NEGATIVE • EME Macro/Strategy: macro all-in-one (26 February-3 March) • 4iG: key takeaways from the 4Q23 earnings call • Purcari Wineries: takeaways from the 4Q23 earnings call NEUTRAL • Huuuge Games: February bookings estimate at USD 13m, up 5% mom POSITIVE • Ten Square Games: February total bookings estimate flat mom, but further declines in ...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: February mostly green, despite det...

EME Equity Market – February 2024 Market performance – a positive February, with the Polish WIG20 outperforming. The MSCI EM Europe Index added 4.2% mom in EUR terms and 3.7% mom in USD in February. The Polish WIG20 saw the strongest performance, adding 6.4% mom in EUR terms, followed by the Greek ASE (+4.2% mom), the Turkish ISE30 (+4.0% mom) and the Romanian BET (+2.6% mom) (all in EUR terms). There was a relatively muted performance in Hungary (+0.6% mom in EUR terms) and a decline in the Cze...

BRE MBANK SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AUG1L AGROWILL GROUP AB
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
ONE KAZMUNAYGAS NC JSC
KLKIM ONE UNITED PROPERTIES SA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
7202 AROBS TRANSILVANIA SOFTWARE SA
ELPE ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
BOROUGE ARABIAN CONTRACTING SERVICES CO
H2O BOROUGE
AQ HIDROELECTRICA S.A.
AQUILA PART PROD COM
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