Magyar Telekom has reported a very strong Q1 2024 results, beating the consensusestimates on all lines. Group revenues increased by 14.5% YoY in Q1/24 andslightly decreased by 2.2% QoQ, driven by continuous demand for mobile data andfixed broadband services on the back of inflation-based fee adjustments.
BT’s reported net income came to RON 1,132 mln in the first quarter, up by35% and 63% y-o-y and q-o-q, respectively. Better results stemmed fromlower provisioning, higher revenues and a solid bargain gain from theacquisition of the BCR Chișinău S.A. Net interest income went up by 9% q-o-q and 24% y-o-y as a result of higherlending flows and higher NIM while net fees also increased thanks to strongclient activity. Net trading was also better after a weak Q4 due to higher incomefrom derivatives....
After some relief for markets on the data front this week, a period of quiet in terms of macro news should offer a further window for new supply to come from EM issuers ahead of an expected summer lull. Spread levels remain well anchored and EM credit should continue to see robust demand from yield-seeking investors.
HEADLINES: • Georgia Capital: announces two new buyback programmes POSITIVE • HELLENiQ Energy: 1Q24 results – mildly above expectations POSITIVE • Warsaw Stock Exchange: bottom-line miss and further margin compression in the 1Q24 results NEGATIVE • Bank of Cyprus: 1Q24 highlights POSITIVE • Alpha Services and Holdings: 1Q24 highlights – trading-related beat, but NIM and fees evolve better than expected • Eurobank Ergasias Services: 1Q24 highlights – helped by trading income, but good quarter ove...
Overall, we see the bank’s 1Q24 results as positive. Despite the core pre-provision profit coming in largely in line with our expectations, we view the resilience of the NIM and the strong loan book expansion as constructive. The bargain gain was a positive surprise and, together with the very low COR, provided most of the c.27% bottom-line beat vs. our expectations.
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
HEADLINES: • Benefit Systems: strong 1Q24, but May card base estimate disappoints POSITIVE • Magyar Telekom: 1Q24E results review – EBITDA up 46% yoy, 6% above the consensus; 2024E guidance upgraded POSITIVE • Patria Bank: strong bottom-line print in 1Q24, but loan book development remains absent POSITIVE • GEVORKYAN: 1Q24 EBITDA up 24% yoy, 17% above our estimate POSITIVE • Mo-BRUK: 1Q24 EBITDA 5% above our forecast, 6% miss vs. the consensus NEUTRAL • DataWalk: 1Q24 numbers fully in line with ...
>On track for a robust Q4 despite high one-offs - voestalpine is due to publish its Q4 2023-24 results on 5 June (closing 31 March). Despite a sluggish European backdrop, we think the quarter should post robust activity driven by favourable seasonality and resilient end-markets (energy, rail systems and, to a lesser extent, automotive). We are forecasting EBITDA of € 361m, down 2% on Q4 which puts us 4% below the below the Visible Alpha consensus of.€ 373m. Excluding ...
>Vers un T4 solide malgré des one offs élevés - voestalpine publiera le 5 juin ses résultats T4 2023-24 (clos au 31 mars). Malgré un contexte difficile en Europe, le trimestre devrait voir, selon nous, une activité solide tirée par la saisonnalité favorable et la résilience de certains débouchés (énergie, systèmes ferroviaires et dans une moindre mesure l’automobile). Nous tablons sur un EBITDA de 361 M€ en baisse de 2% sur le T3 ce qui nous place 4% sous le consensus...
A sound first quarter was sustained by a strong operational trend. The top line was up 17.5% with 5.0% LFL and EPRA earnings up 11.7%. Average Yield on Cost (YoC) is stable at 10.3% while new developments are at a 10.7% YoC. 2024 guidance is confirmed and points to 10-12% bottom line growth and a LTV at c.45%. The 12.0% 2024-26F EPS CAGR and 9.7% NTA growth give us confidence in our BUY rating and €19 target price. We see strong profitability and attractive multiples, as CTP trades at a 5.2% dis...
OTP reported higher than expected profit for Q1/24. Consolidated PAT totalled HUF 240bn(+8% vs. consensus), driven by improving NIM QoQ, cost efficiency and credit quality.Total risk cost surprisingly comprised HUF +7bn, massively beating analysts’ expectationsof HUF -20bn and our estimate of HUF -25bn) due to provision releases in OTP Core, CRand UKR, offset by UZB, RU and RO. Importantly, Uzbekistan risk cost dropped two-thirdQoQ. Total assets grew +5% QoQ to HUF 41,482bn), driven by a 1% incr...
HEADLINES: • Banca Transilvania: NIM resilience and strong loan book expansion the key positives of 1Q24 bottom-line beat, on non-recurring revenue, low provisions and a one-off POSITIVE • ADNOC Drilling: 1Q24 results – new venture and updated dividend policy POSITIVE • Otokar: lacklustre 1Q24 results, but strong backlog NEGATIVE • TBC Bank: 1Q24 results and conference call NEUTRAL • Elm: mixed 1Q24 financial results NEGATIVE • Isbank: 1Q24 highlights – margin pressure worsening • Polish banks: ...
HEADLINES: • mBank: solid 1Q24 results justify one of the top market valuations (1Q24 P/BV of 2.1x) POSITIVE • OTP Bank: books solid 1Q24, keeps 2024E guidance unchanged NEUTRAL • Bank Millennium: 1Q24 results in line • CCC: 40% EBITDA beat in 1Q24, on opex control POSITIVE • Dino: 2-7% EBITDA miss in 1Q24 NEGATIVE • AmRest: 1Q24 broadly in line with our forecasts, but below the consensus NEGATIVE • MOL: 1Q24 results – EBITDA below expectations on maintenance NEUTRAL • MedLife: 1Q24 results poin...
Some signs of cooling economic data out of the US, and the start of DM rate-cutting cycles has offered some optimism for EM assets, with the grind tighter in credit spreads continuing as seen for much of this year. We expect the benign environment to offer further opportunities for new issuance, while spread levels look fairly tight.
HEADLINES: • PKO BP: strong 1Q24, with 9% beat, but big part due to lower quarterly tax charge POSITIVE • Kruk: 1Q24 results in line with earlier communication; strong trend continues, but digested by the market already NEUTRAL • Bank Handlowy: books neutral 1Q24, questions on future capital management NEUTRAL • NLB Group: guidance upgrade spices up vanilla 1Q24 bottom-line beat POSITIVE • Pegasus Airlines: 1Q24 in line, guidance for mild margin compression and 10-12% ASK growth maintained NEUTR...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.