The main indexes closed near session highs on Wednesday, building on their weekly gains and settling at new 15-years highs. The financial sector, represented by First Investment Bank (FIB, BGN 3.56, +5.95%), Central Cooperative Bank (CCB, BGN 1.63, +7.24%) and Chimimport (CHIM, BGN 0.72, +7.46%) was on focus in this session and was traded with positive bias but lack of fresh news raises questions. Sirma Group (SGH, BGN 0.77, +6.21%) was another mover within SOFIX (829.14, +0.74%) with increased ...
The Bulgarian equity market started the final session of the week on higher note, building on gains throughout the week. Reloaded buying interest in First Investment bank (FIB, BGN 3.08, +8.45%) and Shelly Group (SLYG, BGN 68.00, +0.59%) provided a boost to the participants, which led SOFIX (818.59, +0.41%) to new 15-years high. The broad indexes BGTR30 (822.07, +0.31%) and BGBX40 (165.97, +0.31%) underperformed the benchmark indexes with significant part of untraded names and expectations for t...
Mixed trading session fixed SOFIX (784.03, +0.08%) and BGREIT (191.49, +0.26%) positive while BGBX40 (161.66, -0.11%) and BGTR30 (805.07, -0.01%) closed negative on Wednesday. First Investment Bank (FIB, BGN 2.84, +3.65%), BSE (BSE, BGN 15.35, +2.68%) and Chimimport (CHIM, BGN 0.72, +2.27%) led the daily gainers on the ground of moderate daily volume. The negative impact on SOFIX came from M+S Hydraulic (MSH, BGN 10.30, -1.90%) and Neochim (NEOH, BGN 21.10, -1.86%).
A director at Cognor Holding S.A. bought 253,000 shares at 7.850PLN and the significance rating of the trade was 96/100. 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 all the company's directors over the last two years c...
All major indexes advanced modestly last week with the exception of BGREIT (192.94, +1.4%), which advanced the most, reflecting the impressive performance of the index member Bulgarian Real Estate Fund (BREF, BGN 2.60, +7.4%). The local benchmark SOFIX added 0.2% to settle at 766.84 as the broad ones - BGBX40 (158.18, 0.2%) and BGTR30 (799.52, +0.0%) finished similar. A total of 14 out of 29 names in our universe finished on green territory last week, 9 weighted on the red side, 6 remained uncha...
The trading entered 2024 on a mixed note with slight advance of the gainers and the major indexes reflected the trading in range between BGTR30 (798.97, -0.06%) and SOFIX (768.87, +0.49%). Shelly Group (SLYG, BGN 48.00, +1.91%) touched record high at BGN 48.60 in early hours and lately settled at lower level as some profit-taking retail went active. Gradus (GR6, BGN 1.40, -6.67%) and First Investment Bank (FIB, BGN 3.00, +2.74%) opposite moves offset each other but the impact came after trades w...
We are putting our coverage of the following stocks UNDER REVIEW, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks: Addiko Bank Alro Arion banki Bogdanka Cognor Holding DataWalk Gradus Grenevia Islandsbanki Kety TeraPlast
The benchmark SOFIX (742.09, +0.15%) remained in green on Thursday, despite of the significant drops in Central Cooperative Bank (CCB, BGN 1.50, -3.23%) and Bulgarian Real Estate Fund (BREF, BGN 2.40, -4.76%). The daily gainers within the index were Sopharma (SFA, BGN 5.78, +1.05%) and Shelly Group (SLYG, BGN 46.70, +1.52%). The trades with Sopharma and Central Cooperative Bank formed more than 70% of SOFIX turnover which remained far below 3-months average numbers.
HEADLINES: • mBank: to book PLN 1.2bn of CHF mortgage costs in 4Q23E; 2023E earnings to break even POSITIVE • Czech Republic macro: CNB begins the easing cycle • Turkey macro: CBT hikes by 250bp to 42.5% • Georgia macro: NBG cuts the policy rate by 50bp to 9.5% • DataWalk: key takeaways from an interview with the CEO in ISBtech; sale to UEFA NEUTRAL • Conpet: 2024 transport tariffs raised NEUTRAL • Electrica, Transelectrica: 2024 tariffs approved at the recently-announced levels • Short News...
HEADLINES: • Greek oil refiners: working in a Margin Wonderland (HELLENiQ Energy and Motor Oil Hellas upgraded to BUY) • Hungary macro: MNB signalling more optimism • Colt CZ Group SE: conference call on S&B acquisition POSITIVE • Raiffeisen Bank International: acquires a 27.8% stake in Strabag • TeraPlast: acquires pipe manufacturer Palplast, based in Republic of Moldova POSITIVE • PCF Group: CEO maintains release date plans for Bifrost and Victoria NEUTRAL • Short News (BFT, TEN, SNG)
HEADLINES: • WOOD's Winter Wonderland EME Conference 2023: postcards from Prague • CEZ: postcard from Prague • Colt CZ Group SE: postcard from Prague • Eurowag: postcard from Prague • Pilulka Lekarny: postcard from Prague • Athens Exchange Group: postcard from Prague • Elbit Systems: postcard from Prague • Siauliu Bankas: postcard from Prague • Budimex: postcard from Prague • CD Projekt: postcard from Prague • Cyber_folks: postcard from Prague • Cyfrowy Polsat: postcard from Prague ...
The Bulgarian stock market ended last week on a somber note, as investors remained cautious with decreasing activity. The leading local index SOFIX lost 0.4% to close at 745.97 as the broad one BGBX40 (156.98, -0.3%) performed similar, while the sector-specific BGREIT (186.87, -0.8%) lost the most. The weekly top performer within our list of selected companies was Industrial Capital Holding (HIKA, BGN 2.80, +7.7%), followed by Telematic Interactive Bulgaria (TIB, BGN 15.00, +5.6%) and Bulgarian ...
Buying activity at lower market levels of the heaviest members of SOFIX (745.97, -0.03%) was the key point for the first monthly trading session. The advance of Chimimport (CHIM, BGN 0.67, +3.08%) was offset by the decline of First Investment Bank (FIB, BGN 2.58, -2.27%), while the volumes were concentrated in Sopharma (SFA, 7.10, -0.28%) and Doverie (DUH, BGN 8.40, 0.00%), which were traded almost without change. Finally the major indexes closed mixed, depending by the weight of large cap names...
EME Equity Market – November 2023 Market performance – Greeks in the lead, in a month with only green across the region. The MSCI EM Europe Index added 5.6% mom in EUR terms and 8.7% mom in USD in November. The Greek ASE Index was the top performer in our region (+6.9% mom), followed by the Polish WIG20 (+5.5% mom) and the Hungarian BUX (+4.0% mom). The Czech PX Index saw the most muted performance, advancing 2.8% mom.
The major indexes closed near their lows for the day, registering declines due to weaken buying power. SOFIX (742.57) slipped the most by 0.54% as the daily movers Doverie (DUH, BGN 8.34, -2.34%) and Sopharma Trading (SFT, BGN 5.85, -2.50%) kept the direction till the end of the session. There was an underlying positive bias for Bulgarian Stock Exchange (BSE, BGN 10.85, 0.00%) after the announcement of better than expected financial results, but faded as the session progress. Finally decliners l...
HEADLINES: • ADNOC Distribution: fuelled by non-fuel (stays BUY) • Allegro: 3Q23 results a notch above expectations; guidance for a strong 4Q23E in Poland POSITIVE • Benefit Systems: better-than-expected 3Q23, solid 2023-24E outlook but also higher capex guidance POSITIVE • AROBS Transilvania Software: qoq margin expansion in 3Q23 POSITIVE • Krka: 3Q results normalising, in line with our FY23E outlook NEUTRAL • DataWalk: actual 3Q23 numbers fully in line with preliminaries NEUTRAL • VIGO Photon...
HEADLINES: • Aegean Airlines: en route to the best year on record, by far (stays HOLD) • Alro: deep net loss of RON 230m in 3Q23 NEGATIVE • Nuclearelectrica: 3Q23 reported net profit 4% lower yoy, fully in line with our estimate NEUTRAL • Banca Transilvania: solid 3Q23 results, but spoiled, once again, by the Volksbank saga • Graphisoft Park: 3Q23 - steady as she goes • OTE: key takeaways from the 3Q23 earnings call NEUTRAL • MedLife: targeting return to c.15% EBITDA margins NEUTRAL • ADNOC D...
HEADLINES: • Bank Pekao: 3Q23 results solid as a rock, 25%+ ROE remains, high dividend yield possible POSITIVE • BIM: strong set of results in 3Q23 financials, beating expectations POSITIVE • Richter: 3Q23 EBITDA in line; guidance raised on strong Vraylar POSITIVE • Petkim: 3Q23 results • Eurobank: 3Q23 results • National Bank: 3Q23 results • Addiko Bank: 3Q23 results - bottom-line beat POSITIVE • Transgaz: no approval from EC for EUR 500m grants for non-priority projects NEUTRAL • Auto Par...
HEADLINES: • Czech Republic macro: CNB begins rate cut deliberations • Komercni Banka: solid 3Q23 delivery, but not implying any major changes in medium-term outlook NEUTRAL • Raiffeisen Bank: beats 3Q23 expectations, improves guidance, but valuation still at deep discounts NEUTRAL • BRD-GSG: 3Q23 results - strong bottom line with still provision releases POSITIVE • Dino: 2-5% beat in 3Q23 NEUTRAL • HELLENiQ Energy: 3Q23 results - above the consensus, plus interim dividend of EUR 0.3/share • ...
EME Equity Market – October 2023 Market performance – election results prompt stellar market reaction in Poland; sell-off in Turkey. The MSCI EM Europe Index added 1.7% mom in EUR terms and 2.0% mom in USD in October. Poland staged a massive rebound, post the elections, with the WIG20 advancing 16.4% mom in EUR terms. Apart from Turkey, where October was a sell-off, with the ISE30 declining 13.7% mom in EUR terms, there were relatively muted performances everywhere else (BUX +2.1% / PX +0.4% / B...
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