HEADLINES: * Coca-Cola Icecek: 1Q18 - 26% EBITDA beat on international, strong volume growth in all markets POSITIVE * OMV: 1Q18 results review - better than expected POSITIVE * OMV Petrom: 1Q18 review - big beat on net income POSITIVE * TSKB: 1Q18 wrap up - Stage 2 may create downbeat sentiment NEGATIVE * Aselsan: 1Q18 in line NEUTRAL * CCC: April sales up 32.5% yoy to PLN 455m POSITIVE * Fondul Proprietatea: asks Hidroelectrica to pay a dividend of RON 2.6bn NEUTRAL *...
EME Equity Market – April 2018 Market performance – ASE gained the most in April, while the ISE30 lost the most. The MSCI EME dropped by 3.2% mom in EUR terms. The ASE index (+10% mom) reported the largest rate of return, followed by the Polish WIG20 index (+2.9%), and the BUX (+2.7% mom); while the Turkish ISE30 lost -10.4% mom, followed by the Russian MICEX (-6.3% mom), and the Czech PX index (-1.4% mom). The Romanian BET index stayed fairly flat (-0.1% mom).
EME Equity Market – February 2018 Market performance –Moscow the regional top performer in February. In February, the MSCI EME lost 1.1% mom in EUR terms, vs. the 6.6% gain in the previous month. The largest rate of return in February was realised by the MICEX, up 2.1%, followed by Bucharest’s BET (+0.9% mom) and the Turkish ISE30 (+0.7%). The other regional indices ended the month in negative territory, with Warsaw’s WIG20 recording the largest drop (-7.9%) and Budapest’s BUX followin...
HEADLINES: * Romanian coverage universe: growth normalising (TLV, BRD, BVB, FP, SNN, SNP, SNG, COTE, EL, TEL, TGN, M, DIGI, SIF1, SIF2, SIF3, SIF4, SIF5) * Polish banks: parliament reignites works on FX mortgage bill draft NEGATIVE * JSW: 4Q17 trading update - lower-than-expected volumes NEGATIVE * PKN Orlen: settlement of the tender offer for Unipetrol NEUTRAL * Bank of Cyprus: 4Q17E results preview - marginal profitability in 4Q (due out tomorrow) * Kernel: 2Q FY18E preview ...
After a decent correction in 2H17, driven by increased concerns about higher inflation and risk free rates, and against the background of heightened political noise, the Romanian market has had a good start to 2018. The economy seems to be moving back onto a more balanced growth path, with GDP growth estimated at 4.5% and disposable income at 6%. Even though some imbalances remain (the budget deficit likely to exceed 3%) the low starting point for most of the indicators (public debt-to-GDP below...
​Fondul Proprietatea is a closed-end investment fund trading on the Bucharest Stock Exchange and London Stock Exchange through GDRs. The Fund’s portfolio consists of 47 companies mostly in energy sector. At present, total number of listed companies is 13 and rest of the portfolio includes non-listed names and cash. Due to its specific structure the only objective method of the Fund’s valuation is sum of the parts method (“SOTPâ€) which is in our opinion optimal for determining Fund’s ...
Fondul Proprietatea is a closed-end investment fund trading on the Bucharest Stock Exchange and London Stock Exchange through GDRs. The Fund’s portfolio consists of 48 companies mostly in energy sector. At present, total number of listed companies is 14 and rest of the portfolio includes non-listed names and cash. Due to its specific structure the only objective method of the Fund’s valuation is sum of the parts method (“SOTPâ€) which is in our opinion optimal for determining Fund’s val...
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