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).
HEADLINES: • Santander Bank Polska: 1Q24 results – 19%+ headline ROE affected only slightly by FX mortgage saga costs • Bank Pekao: 1Q24 results in line with market's expectations NEUTRAL • PCF Group: 4Q23 headlines hit heavily by write-offs, but a more limited EBITDA loss than we had expected NEUTRAL • Erste Bank: 1Q24 results NEUTRAL • OMV: 1Q24 results – chemicals stronger than expected NEUTRAL • Borouge: 1Q24 results – better than expected POSITIVE • OMV Petrom: 1Q24 results NEUTRAL • Garan...
HEADLINES: • Arcelik: weak bottom-line performance in 1Q24 NEGATIVE • Sipchem: 1Q24 results – weak net income NEGATIVE • Kruk: issues flash 1Q24 net profit of PLN 338m NEUTRAL • EME Macro/Strategy: macro all-in-one (22-28 April) • Türkiye macro: MPC takes a pause, but hiking cycle not over yet • OTP Bank: CEO Csanyi speaks at AGM on future acquisitions and Russian exposure POSITIVE • Budimex: BXF Energia acquires 60 MW photovoltaic project NEUTRAL • Inter Cars: dividend policy for 2023-25E and p...
BAWAG Group erzielte in Q1 2024 Nettogewinn von 167 Mio. € und RoTCE von 23,7% Q1 ’24 Nettogewinn in Höhe von 167 Mio. €, EPS von € 2,11 und RoTCE von 23,7%Kundeneinlagen +1% und Kundenkredite stabil gegenüber Q4’23 (jeweils im Durchschnitt)Ergebnis vor Risikokosten in Höhe von 258 Mio. € (+4% im Vergleich zum Vorjahr) undCost/Income Ratio von 32,9%Risikokosten-Quote von 28 Basispunkten … NPL-Quote bei 1%CET1 Quote von 15,6% nach Abzug der abgegrenzten Dividende in Höhe von 92 Mio. € für Q1’242024 Ziele bestätigt: Ergebnis vor Steuern > 920 Mio. €, RoTCE > 20% und CIR < 34% Die BAWAG...
BAWAG Group publishes Q1 2024 results: Net profit € 167 million and RoTCE 23.7% Q1 ’24 net profit of € 167 million, EPS of € 2.11 and RoTCE of 23.7%Average customer deposits +1% and average customer loans flat versus prior quarterPre-provision profit of € 258 million (+4% vPY) and CIR at 32.9%Risk-cost ratio of 28 basis points … NPL ratio at 1.0%CET1 ratio of 15.6% post-deduction of dividend accrual of € 92 million for Q1 ‘24Targets for 2024 reconfirmed: Profit before tax > € 920 million, RoTCE >20%, and CIR < 34% Today, BAWAG Group released its results for the first quarter 2024, re...
The CEE region is expected to deliver a moderate rebound of GDP growth in 2024,following the preceding year’s weak growth, fuelling expectations of sustainable profits inthe banking sector. Inflation is seen to be twin faced in our region, similar to most of the coreeconomies. Even with a diminished potential for much intra-year improvement of the inflationpath in 2024, this inflation provides several CEE central banks more room to cut policy ratesthis year. Lower interest rates are expected to ...
HEADLINES: • Jeronimo Martins: small beat in 1Q24 NEUTRAL • Inter Cars: 4Q23 net profit in line with prelims, a miss vs. our initial forecasts due to lower gross margin NEUTRAL • Mo-BRUK: 4Q23 earnings call takeaways – supportive 2024E outlook POSITIVE • Shoper: earnings call takeaways – strong April, optimistic on 2024E outlook POSITIVE • Türkiye macro: MPC takes a pause, but hiking cycle not over yet • Uzbekistan macro: CBU keeps rates on hold • Polish banks: Polish Supreme Court reconfirms th...
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...
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: ...
BAWAG Group: Hauptversammlung genehmigt Dividende in Höhe von 5 € je Aktie WIEN – Die Aktionäre der BAWAG Group haben heute dem Vorschlag des Vorstands und des Aufsichtsrats zugestimmt, für das Geschäftsjahr 2023 eine Dividende von 5,00 € je Aktie auszuschütten. Die Dividende wird am 15. April 2024 ausgezahlt, Ex-Dividenden-Tag ist der 10. April 2024. Anas Abuzaakouk, CEO der BAWAG Group, berichtete in der ordentlichen Hauptversammlung: "Seit dem Börsengang im Oktober 2017 haben wir eine Gesamtaktienrendite von 67%, ein Wachstum des Ergebnisses je Aktie von 9% pro Jahr und einen durchsch...
BAWAG GROUP: ANNUAL GENERAL MEETING APPROVES DIVIDEND OF €5.00 PER SHARE VIENNA, Austria – Today, BAWAG Group’s shareholders approved the proposal from the Management Board as well as the Supervisory Board for a dividend of € 5.00 per share for the 2023 financial year. The dividend will be paid out on April 15, 2024, ex dividend day will be April 10, 2024. Anas Abuzaakouk, CEO, presented at the Annual General Meeting: “Since our IPO in October 2017, we delivered a total shareholder return of 67%, EPS growth of 9% per year, and an average RoTCE of 16%. We have also extended € 47 billion ...
Refining margins retreated in March, to USD 13.7/bbl, after the highs of February, but remain about 50% higher than usual for the season. Petrol cracks have begun their seasonal rising trend. Petrochemicals margins are largely rising, albeit marginally, despite the higher oil prices.
A director at Banca Transilvania Cluj sold 18,000 shares at 27.900RON and the significance rating of the trade was 58/100. 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...
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...
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)
OTP’s reported net income came to HUF 132.6 bln, while adjusted net income was atHUF 230.0 bln in the 4th quarter. This is 4% ahead of the market consensus of HUF221.3 bln while the figure remained below our estimate of HUF 271 bln (our net profitestimate was HUF 203 bln). Lower results stemmed from a (1) miss in the other income line (2) higher provisioning and (3) badwill release at Ipoteka given the weakerresults from the segment. Also, the Romanian loss on sale as well as the interest rateca...
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 ...
After a slow retreat from their extraordinary highs, refining margins bounced back in February to USD 19.8/bbl, helped by the lengthened supply chain. Once again diesel is the main driver, but other product cracks also improved. Oil prices were a little higher than last month.
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