WOOD Daily: RBW PW; EBS AV; JMT PL; EUROB GA; ETE GA; OPTIMA GA; TITC ...

HEADLINES: • Rainbow Tours: on the road to riches (BUY - initiation of coverage) • Erste Bank: 2Q25 results beat on positive one-off; solid performance in core result leads to 2025E guidance uplift POSITIVE • Jeronimo Martins: minor beat in 2Q25; FY25E guidance maintained POSITIVE • Eurobank Ergasias Services: 2Q25 highlights – a clean 14% beat vs. our estimate POSITIVE • National Bank of Greece: 2Q25 highlights – in line, with guidance upgrade POSITIVE • Optima Bank SA: bottom-line beat in 2Q25...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/31/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 31/07/2025

Bank Brunch/Credit Agricole, Societe Generale, RBI, USD supply

Crédit Agricole reports resilient earnings, capital remains strong. Société Générale reports stronger earnings. RBI earnings drop to a loss, we expect AT1 call to depend on refinancing. USD denominated sustainable issuances drop in 1H25

Bank Brunch/Credit Agricole, Societe Generale, RBI, USD supply

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Komercni Banka : Q2 beat on risk costs release despite weak revenues, ...

WOOD Daily: MBK PW; KOMB CP; ING PW; KTY PW; FROTO TI; GARAN TI; BRD R...

HEADLINES: • mBank: 2Q25 results – strong quality beat • Komercni Banka: beat on bottom line in 2Q25, driven solely by LLPs releases NEUTRAL • ING BSK: 2Q25 results – strong other income and lower provisions charges NEUTRAL • Kety: full 2Q25 results fully in line with the preliminaries NEUTRAL • Ford Otosan: 2Q25 results – as expected NEUTRAL • Garanti Bank: 2Q25 highlights – still ahead of peers and soft 2026E guidance POSITIVE • BRD-GSG: solid 2Q25 results beat expectations POSITIVE • OMV Petr...

WOOD Daily: SPL PW; RBI AV; TUPRS TI; AKBNK TI; OTKAR TI; THEON NA; TI...

HEADLINES: • Santander Bank Polska: 2Q25 results – solid dividend flow expected • Raiffeisen Bank International: 2Q25 results • Tupras: 2Q25 results – EBITDA beats expectations POSITIVE • Akbank: 2Q25 highlights – guidance downgrade, but probably not a surprise for the market NEUTRAL • Otokar: 1H25 inflation-adjusted financials • Theon International: 1H25 trading update POSITIVE • Titan: weak 2Q25 results for Titan America, but guidance remains unchanged NEGATIVE • ADNOC Drilling: 2Q25 results –...

WOOD Daily: AEGN GA; HSBK LI; MONET CP; WIZZ LN; PEO PW; GTC PW; CTPNV...

HEADLINES: • Aegean Airlines: after a strong 1Q, earnings momentum may slow (downgrade to HOLD) • Halyk Savings Bank: acquires 49% of Uzbekistan’s Click POSITIVE • MONETA: 2Q25 results in line - guidance offers CZK 300-400m of upside risk to the bank's 2025E net profit forecast NEUTRAL • Wizz Air: 1QF26 results - EBITDA 5% below our estimate, 14% below consensus NEGATIVE • Bank Pekao: Polish FinMin is drafting a bill to ban the sale of the State-owned shares of the bank NEUTRAL • GTC: Fitch down...

WOOD Daily: EME Macro/Strategy Weekly; OPAP GA; SOLUTION AB; BOROUGE U...

HEADLINES: • EME Macro/Strategy: macro all-in-one (14-20 July) • OPAP: acquires remaining 15.5% stake in Stoiximan POSITIVE • Solutions by STC: 2Q25E financial results preview (due out tomorrow) • Borouge: 2Q25E results preview (due on 31 July) NEUTRAL • Grupa Pracuj: 2Q25E results preview – 3% yoy adjusted EBITDA growth expected (due on 28 August) • Erste Bank: 2Q25E preview (due on 1 August) • OTP Bank: 2Q25E preview (due on 5 August) • Bank Pekao: 2Q25E preview (due on 7 August) • PKO BP: 2Q2...

WOOD Daily: ASELS TI; RO Macro; WIZZ LN; PEO PW; GPP PW; LAMDA GA; MON...

HEADLINES: • Aselsan: to tap DIRCM market POSITIVE • Romania macro: Government survives vote of no confidence, as expected • Wizz Air: to exit Abu Dhabi by the end of the summer • Bank Pekao: to book PLN 417m of extra provisions related to various legal risks in 2Q25E NEUTRAL • Grupa Pracuj: new job ads on Pracuj.pl at 395,000 in 1H25, flat yoy NEUTRAL • Lamda Development: completes early repayment of EUR 230m retail bond NEUTRAL • MONETA Money Bank: 2Q25E preview (due on 24 July) • Bank Millenn...

WOOD Daily: RO Banks; KOMB CP; MONET CP; PCO PW; BELA GA; PL Utilities...

HEADLINES: • Romanian Banks: fishing in Romania’s murky waters (Banca Transilvania stays BUY, BRD-GSG stays HOLD) • Komercni Banka: closing the rerating bet (downgraded to HOLD) • MONETA Money Bank: priced for perfection, but needs to deliver (stays HOLD) • Pepco Group: 3Q25 revenues of New Pepco up 8% yoy, in line with expectations; FY25E guidance maintained; EUR 50m buyback NEUTRAL • Jumbo: 1H25 sales up by a solid 8% yoy, as largely expected NEUTRAL • Polish utilities: Ministry of State Asset...

MONETA Money Bank: priced for perfection, but needs to deliver (stays ...

We have increased our 12M price target (PT) for MONETA Money Bank to CZK 149.4/share (from CZK 116.2/share), while we keep our HOLD rating on the stock, due to its dividend angle. However, with a 2025E P/E and P/BV of 11.4x and 2.2x, respectively, we see its valuation as full, with no room for a multiples rerating, and we consider MONETA as one of our least preferred names in the CE3 banking space. On the one side, if there is any issue with the bank’s equity story, e.g., political risks after t...

Komercni Banka: closing the rerating bet (downgraded to HOLD)

We have downgraded Komercni Banka to HOLD (from Buy), and we set our updated 12M price target (PT) at CZK 1,108 (up from CZK 959/share), 7% upside. We see the c.9% annual dividend yield as the key return for shareholders in the next 12 months. We believe that the high yield should be sustainable over the next two years, as we have prolonged our assumption of a 100% dividend payout ratio by one year, beyond management’s explicit current guidance. Komercni Banka is trading at our 2025-26E P/Es of ...

OTP Bank Plc: 5 directors

Five Directors at OTP Bank Plc sold after exercising options/sold 23,535 shares at between 27,498.000HUF and 27,639.000HUF. The significance rating of the trade was 65/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by a...

Bank Capital/It's getting hot in here

We take a look at the broad developments in euro-denominated AT1 markets. So far this year the tight trading levels have reflected as banks continuing to remain very active in primary markets. With the uncertain geopolitical landscape, we would remain selective on issuers and in terms of bonds.

Bank Brunch/Monte Paschi's covered, OTP Mortgage Bank's return to EUR ...

Banca Monte dei Paschi is part of today's heavy covered bond flow. Hungarian covered bonds to reclaim spotlight in the EUR market. We expect European banks to remain active in AT1 despite high supply so far

Credit Outlook update/An unstoppable force against an immovable object

As we approach summer and reflect upon the already very busy and volatile first half of the year, we review our Credit Markets Outlook for 2025 and offer an update on our views, positioning and forecasts for the remainder of the year. We include our Picks and Pans on the Utilities, TMT, Real Estate and Bank sectors.

Bank Brunch/Norwegian preferred senior, ECB rating rules, RBI damages,...

Norwegian preferred senior to face some performance boundaries. ECB collateral: Rating rule changes will hardly impact preferred senior. Raiffeisen Bank International completes payment of damages. Commerzbank AT1 tender results

Bank Brunch/Norwegian preferred senior, ECB rating rules, RBI damages,...

Norwegian preferred senior to face some performance boundaries. ECB collateral: Rating rule changes will hardly impact preferred senior. Raiffeisen Bank International completes payment of damages. Commerzbank AT1 tender results