reports
- FIMA Research
Fima Daily Insight 03 May 2024
Please find enclosed our daily market report.Market CommentCroatia Tankerska to bid for remaining shares of Atlantska Plovidba Luka Ploce cons pre-tax profit down 27% YoY in Q1 Kras proposes EUR 1.50 per share dividend (DIVY 1.3%) Meritus proposes EUR 2.30 DPS (1.1.%) Loans in Croatia up 4.8% YoY in March Slovenia OECD upgrades Slovenia's growth outlook Romania BRD sees net profit down 5% to RON 326 mil in Q1 Bulgaria Bulgarian banks' Q1 net profit grows 4.3% YoY
- Research Team
WOOD Daily: KOMB CP; BRD RO; YKBNK TI; CZ Macro; WPL PW; TL Automotive...
HEADLINES: • Komercni Banka: 1Q24 below market's expectations, on late-cycle provisions and revenue headwinds NEGATIVE • BRD-GSG: high level of provisions booked leads to bottom-line miss in 1Q24 NEUTRAL • Yapi Kredi: 1Q24 highlights • Czech Republic macro: MPC preparing the ground for slower rate cuts • Czech Republic macro: a sound recovery, despite stagnant exports • Wirtualna Polska: Itaka ends cooperation with Wakacje.pl NEGATIVE • Turkish automotive: ADA releases April light vehicle sales ...
- Research Team
The Rear-View Mirror – EME markets: all geographies in the green in Ap...
EME Equity Market – April 2024 Market performance – green across all geographies, with Turkey outperforming. The MSCI EM Europe Index was up 5.3% mom in EUR terms and 4.2% mom in USD in April; while the Turkish ISE30 saw the strongest performance, adding 11.6% mom; followed by the Hungarian BUX (+5.0% mom); the Czech PX (+2.8% mom); the Greek ASE (+1.8% mom), the Polish WIG20 (+1.2% mom) and the Romanian BET (+0.1% mom) (all in EUR terms).
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS 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
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
GEB BANK OF GEORGIA
M MED LIFE
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
PCO PEPCO GROUP NV
GPP KAZMUNAYGAS NC JSC
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
2381 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN DRILLING CO.
SHO JAHEZ INTERNATIONAL CO
BOROUGE SHOPER SA
AIRA BOROUGE
GEV AIR ASTANA JSC
GEVORKYAN A.S.
Moody's Ratings affirms EVN`s A1 rating; stable outlook
Moody's Ratings (Moody's) has today affirmed the A1 ratings of the euro medium term notes of EVN AG (EVN). Concurrently, Moody's has affirmed the (P)A1 rating of the senior unsecured euro medium term note (EMTN) programme. The outlook remains stable. A full list of affected ratings can be found at...
- Research Team
WOOD Daily: MONET CP; ALR PW; SHO PW; MBR PW; WIZZ LN; ASELS TI; OPL P...
HEADLINES: • MONETA Money Bank: strong 1Q24 delivery, on better-than- expected revenues POSITIVE • Alior Bank: books small beat on 1Q24 delivery, driven by low credit risk charges; robust 2024E outlook supported POSITIVE • Shoper: 1Q24 adjusted EBITDA 9% above our expectations; FY23 results in line with prelims POSITIVE • Mo-BRUK: 4% miss vs. our 4Q23 adjusted EBITDA forecast, weak cash flows NEGATIVE • Wizz Air: fiscal 2024 post-close trading update POSITIVE • Aselsan: CEO's comments on exports...
TPS ORANGE POLSKA S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
MONET MONETA MONEY BANK AS
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
INPST INPOST S.A.
SHO SHOPER SA
BOROUGE BOROUGE
AIRA AIR ASTANA JSC
- Research Team
WOOD Daily: KSPI LI; KRU PW; TUPRS TI; TL Banks; SIPCHEM AB; JMT PL; E...
HEADLINES: • Kaspi.kz: 1Q24 highlights Kruk: buys more portfolios in Italy • Tupras: launches USD 256m propylene investment NEUTRAL • Turkish banks: coverage UNDER REVIEW • Sipchem: 1Q24E results preview (due on 25 April) NEUTRAL • Jeronimo Martins: 1Q24E results preview – 11% yoy EBITDA growth expected (due on 26 April, before the open) • Erste Bank: 1Q24E preview (due on 30 April) • BRD-GSG: 1Q24E preview (due on 2 May) NEUTRAL • PKO BP: 1Q24E preview (due on 9 May) • Banca Transilvania: 1Q24E...
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
MIL BANK MILLENNIUM SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
TUPRS TURKIYE PETROL RAFINERILERI A.S.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
- Research Team
WOOD Daily: PGSUS TI, 11B PW, VGO PW, GPP PW, APR PW, CCC PW, KAP TI
• Pegasus Airlines: 1Q24 traffic - international ASK up 85% vs. 1Q19 • 11 bit studios: Frostpunk 2 Beta now available for seven days, first gameplay deep dive trailer released • VIGO Photonics: 1Q24 sales down 16% yoy to PLN 15.8m • Grupa Pracuj: new online job ads number down 19% yoy in March 2024 • Auto Partner: earnings call takeaways - solid FY24E outlook maintained, despite disappointing March sales • CCC: key takeaways from the recent site visit • Kazatomprom: awarded a licence for Rare Ea...
- Lukasz Wachelko
- CFA
WOOD Flash - CCC: key takeaways from the recent site visit
Last week (10-12 April) we attended a site visit at CCC’s HQ, which presented new collections and discussed new agreements with suppliers, including exclusive licences. After a long struggle with excess and outdated inventories, over 90% of its stock now comes from fresh collections. Moreover, new supply agreements, including licences with Reebok, Hunter, Nine West, Kappa and Mexx, and renegotiated deals with the remaining suppliers, coupled with the “circle” mechanism of co-financing the sell-d...
- Research Team
WOOD Daily: ALPHA GA; EUROB GA; ETE GA; TPEIR GA; CPS PW; PKN PW; ING ...
HEADLINES: • Greek banks: life after the windfall (Alpha, Eurobank, NBG and Piraeus – transfer of coverage) • Cyfrowy Polsat: key takeaways from the 4Q23 earnings call NEUTRAL • Orlen: announces PLN 1.6bn of probable trading losses NEGATIVE • ING BSK: AGM approves PLN 33.35 DPS NEUTRAL • Public Power Corporation: partners with Mytilineos for 2GW solar portfolio NEUTRAL • InPost: PPF realises option to buy 10% stake • ONE United Properties: founders and others selling up to 9.5% in ABB • PKO BP: ...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
WPL WIRTUALNA POLSKA HOLDING SA
MONET MONETA MONEY BANK AS
NBGGY NATIONAL BANK OF GREECE S.A. ADS
INPST INPOST S.A.
ONE ONE UNITED PROPERTIES SA
- Research Team
WOOD Daily: BDX PW; CCC PW; PGE PW; HU Macro; PL Macro; BDX PW; PCF PW...
HEADLINES: • Budimex: stands out, but deserves a pause (downgraded to HOLD) • CCC: 4Q23 slightly below prelims; sales acceleration and gross margin widening in 1Q24E POSITIVE • PGE: takeaways from the 4Q23 earnings call NEUTRAL • Hungary macro: the rise of the “Peter Magyar” phenomenon • Poland macro: local elections and NBP decision show continuity • Budimex: UOHS cancels decision on choosing BDX's offer for the D11 highway NEGATIVE • Budimex: potential new contract in road construction (PLN 0...
- Research Team
The Rear-View Mirror – EME markets: mixed market performances in March
EME Equity Market – March 2024 Market performance – mixed performances in March, with the Romanian BET outperforming. The MSCI EM Europe Index declined by 0.3% mom in EUR terms and 0.4% mom in USD in March. The Romanian BET reported the strongest performance, adding 7.1% mom in EUR terms, followed by the Czech PX and the Polish WIG20 (+4.1% and 1.0% mom, in EUR terms, respectively). Greece saw a relatively muted performance (-0.2% mom in EUR terms), while Hungary (-1.1% mom in EUR terms) and Tür...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ECH ECHO INVESTMENT
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
CTPNV KAZMUNAYGAS NC JSC
ONE CTP NV
GPP ONE UNITED PROPERTIES SA
AROBS GRUPA PRACUJ DA
2381 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN DRILLING CO.
4071 JAHEZ INTERNATIONAL CO
H2O ARABIAN CONTRACTING SERVICES CO
7203 HIDROELECTRICA S.A.
AQ ELM CO
AIRA AQUILA PART PROD COM
AIR ASTANA JSC
- 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...
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
ACP ASSECO POLAND SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LPP LPP S.A.
CCC CCC SA
ECH ECHO INVESTMENT
TEL C.N.T.E.E. TRANSELECTRICA
ADNOCDIST ADNOC DISTRIBUTION PJSC
INPST INPOST S.A.
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
- 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)
PEO BANK POLSKA KASA OPIEKI SA
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
MGROS MIGROS TICARET A.S
ALR ALIOR BANK SA
BRD BRD-GROUPE SOCIETE GENERALE
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
9526 JAHEZ INTERNATIONAL CO
- 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
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
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...
EQS-News: AUSTRIAN POST 2023 Results: Increase in 2023 revenue and ear...
EQS-News: Österreichische Post AG / Key word(s): Annual Results AUSTRIAN POST 2023 Results: Increase in 2023 revenue and earnings driven by strong parcel growth and improvement in bank99 13.03.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. AUSTRIAN POST 2023 RESULTS: Increase in 2023 revenue and earnings driven by strong parcel growth and improvement in bank99 Revenue in 2023 Revenue +8.7 % to EUR 2,740.8m Mail –2.3 % to EUR 1,190.4m Parcel & Logistics +16.6 % to EUR 1,416.5m Retail & Bank +37.6 % to ...
EQS-News: ÖSTERREICHISCHE POST 2023: Umsatz- und Ergebnisanstieg 2023 ...
EQS-News: Österreichische Post AG / Schlagwort(e): Jahresergebnis ÖSTERREICHISCHE POST 2023: Umsatz- und Ergebnisanstieg 2023 geprägt von starkem Paketwachstum und Verbesserung der bank99 13.03.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. ÖSTERREICHISCHE POST 2023: Umsatz- und Ergebnisanstieg 2023 geprägt von starkem Paketwachstum und Verbesserung der bank99 Umsatz 2023 Umsatzerlöse +8,7 % auf 2.740,8 Mio EUR Brief & Werbepost –2,3 % auf 1.190,4 Mio EUR Paket & Logistik +16,6 % auf 1.416,5 Mio EUR ...
- Gabor Bukta
Impressive guidance in line with our estimates
Richter posted clean EBIT of HUF 59.1bn (+18% YoY) on net sales of HUF 203.2bn(-9% YoY) for Q4/23. Clean EBIT was 36% ahead of the consensus estimate of HUF43.5bn and our estimate of HUF 43.4bn, respectively, while net revenue beatestimate significantly. As a result, clean EBIT (incl. extra taxes) margin stood at29.2% compared to our estimate of 23.7%.
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