reports
- Research Team
The Rear-View Mirror – EME markets: Greece rebounds, elsewhere mostly ...
EME Equity Market - September 2024 EME indices mostly in the red in September; rebound in Greece. The MSCI EM Europe Index declined 2.0% in EUR terms and 1.1% in USD terms in September. The Greek ASE Index was the best performer in our region, advancing 1.4% mom in EUR terms. Muted performances were seen in Czechia and Hungary (+0.3% and +0.2% mom, respectively in EUR terms), with declines in Poland, Romania and Turkey (-3.6%, -2.9% and -1.5% mom, respectively in EUR terms).
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
KLKIM VERCOM SA
SHO KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
4071 SHOPER SA
TRESTATES ARABIAN CONTRACTING SERVICES CO
GEV TRADE ESTATES REIC SA
NOVAL GEVORKYAN A.S.
BOCHGR NOVAL PROPERTY
BANK OF CYPRUS
- Research Team
WOOD Daily: 11B PW (downgraded to HOLD); LAMDA GA (stays BUY); GE macr...
HEADLINES: • 11 bit studios: risk profile increased materially (downgraded to HOLD) • Lamda Development: breaking ground (stays BUY) • Georgia macro: important elections approaching • CTP: 2024 CMD, the demand led growth continues • NEPI Rockcastle: buys Magnolia Park in Wroclaw for EUR 373m POSITIVE • PZU: has paid more than PLN 111m of claims related to floods, and serviced 70% of filed cases so far POSITIVE • Bank Pekao: incoming CEO talks to Forbes • 11 bit studios: interview with the CEO on...
- Egor Fedorov
- James Wilson
EM Credit Spark/EM credit weekly
EM issuance continued at a healthy pace this week, while the macro backdrop continues to point to further monetary easing in developed markets. We expect a slowing in the pace of supply to act as a technical tailwind, keeping spreads well anchored into the end of the year.
Banca Transilvania Cluj: 1 director
A director at Banca Transilvania Cluj sold 70,710 shares at 27.854RON and the significance rating of the trade was 79/100. 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...
- Research Team
WOOD Daily: LAMDA GA; CZG CP; PKN PW; VGO PW; KMGZ KZ; PCO PW
HEADLINES: • Lamda Development: 2Q24 – good sales at the Ellinikon, capex to accelerate NEUTRAL • Colt CZ Group SE: 1H24 results – better than expected POSITIVE • Orlen: discussing possible deals for Grupa Azoty’s polyolefins business NEUTRAL • VIGO Photonics: signs a conditional agreement with the EIB for the financing of the HyperPIC project NEUTRAL • KazMunayGas: begins construction of a polyethylene complex NEUTRAL • Pepco Group: 4Q24E trading update preview (due on 26 September)
- Egor Fedorov
- Maureen Schuller
CEE bank bonds/Outperforming with a good case for more
The lower supply pressure and turning interest rate cycle have helped CEE bank bonds outperform this year, particularly in the unsecured segment. The relative value metrics of CEE bank bonds remain enticing though versus European comparables, from a bank fundamental and instrument rating angle. We expect to see a further outperformance of CEE names.
- Egor Fedorov
- Maureen Schuller
CEE bank bonds/Outperforming with a good case for more
The lower supply pressure and turning interest rate cycle have helped CEE bank bonds outperform this year, particularly in the unsecured segment. The relative value metrics of CEE bank bonds remain enticing though versus European comparables, from a bank fundamental and instrument rating angle. We expect to see a further outperformance of CEE names.
- Jonathan Lamb
European Oil and Gas Monthly: August 2024 – refining decline continues
Benchmark refining margins fell by USD 1.7/bbl in August to USD 8.6/bbl, continuing the trend of recent months. Falling petrol cracks were the main driver, although crude differentials are still a weakness. Petrochemicals margins have benefited from lower oil prices, but remain well below average levels.
- Research Team
The Rear-View Mirror – EME markets: only Czech PX index in positive te...
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
BOCH BANK OF COMMERCE HOLDINGS
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.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
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.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
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.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: PKO PW; CPS PW; BFT PW; GTC PW; PKN PW; HSBK LI; CEZ CP; K...
HEADLINES: • PKO BP: posts very solid 2Q24 delivery, implying upside risk for 2024E forecasts POSITIVE • Cyfrowy Polsat: 2Q24 results review – EBITDA up 8% yoy, 3% above our estimate POSITIVE • Benefit Systems: better-than-expected 2Q24 and FY24E profitability outlook revised upwards POSITIVE • GTC: 2Q24 in line, 2026 EUR 500m refinancing should be priority NEUTRAL • Orlen: 2Q24 results – in line with previous estimates NEUTRAL • Halyk Bank: 2Q24 conference call takeaways • CEZ: FinMin proposes ...
- Research Team
WOOD Daily: MGROS TI; NRP NA; TLV RO; TKNSA TI; AKCNS TI; TL Macro; NL...
HEADLINES: • Migros: solid operating results in 2Q24 POSITIVE • NEPI Rockcastle: 1H24 – robust NOI growth and strong tenant sales POSITIVE • Banca Transilvania: 2Q24 bottom-line beat on higher trading income and lower provisions booked POSITIVE • Teknosa: weak set of results in 2Q24 NEGATIVE • Akcansa: 2Q24 conference call takeaways • Türkiye macro: CBT reaffirms prolonged pause • NLB Group: threshold for Addiko acquisition not met, plan shelved NEGATIVE • Bank Pekao and Commerzbank: notify Nati...
EQS-News: Kapsch TrafficCom – Ergebnis für das erste Quartal 2024/25.
EQS-News: Kapsch TrafficCom AG / Schlagwort(e): Quartals-/Zwischenmitteilung Kapsch TrafficCom – Ergebnis für das erste Quartal 2024/25. 21.08.2024 / 07:15 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Kapsch TrafficCom – Ergebnis für das erste Quartal 2024/25. Highlights. Umsatz um 5 % auf EUR 139 Mio. gesteigert. Wesentliche operative Verbesserung, aber EBIT aufgrund von Entkonsolidierungseffekten mit EUR -3 Mio. weiterhin negativ und auf Vorjahresniveau. Nettoumlaufvermögen und Free Cashflow zeigen finanzielle Erholung. Ausb...
EQS-News: Kapsch TrafficCom – Result for the first quarter of 2024/25.
EQS-News: Kapsch TrafficCom AG / Key word(s): Quarterly / Interim Statement Kapsch TrafficCom – Result for the first quarter of 2024/25. 21.08.2024 / 07:15 CET/CEST The issuer is solely responsible for the content of this announcement. Kapsch TrafficCom – Result for the first quarter of 2024/25. Highlights. Revenues increased by 5% to EUR 139 million. Significant operating improvement, but EBIT remains negative at EUR -3 million due to deconsolidation effects and at previous year’s level. Net working capital and free cash flow show financial recovery. Outlook to fina...
EQS-News: Kapsch TrafficCom secures 50-year Tolling Contract for Louis...
EQS-News: Kapsch TrafficCom AG / Key word(s): Contract Kapsch TrafficCom secures 50-year Tolling Contract for Louisiana Bridge Project 19.08.2024 / 14:15 CET/CEST The issuer is solely responsible for the content of this announcement. Kapsch TrafficCom secures 50-year Tolling Contract for Louisiana Bridge Project Significant Public Private Partnership infrastructure initiative led by the Louisiana Department of Transportation and Development Valued at USD 230 million over a period of fifty years Duluth, August 19, 2024 – Kapsch TrafficCom announces the Financial Clos...
EQS-News: Kapsch TrafficCom AG: First sustainable toll gantry installe...
EQS-News: Kapsch TrafficCom AG / Key word(s): Miscellaneous Kapsch TrafficCom AG: First sustainable toll gantry installed on Austrian highway 14.08.2024 / 13:15 CET/CEST The issuer is solely responsible for the content of this announcement. First sustainable toll gantry installed on Austrian highway Wooden gantry rings in next phase of sustainable traffic infrastructure Meets all relevant European norms and standards Duluth, August 14, 2024 – Kapsch TrafficCom is proud to announce that together with Austrian roadway operator Asfinag, the first operational Green Gantry w...
- Research Team
WOOD Daily: BCG LN; ALARABIA AB; JAHEZ AB; TBCG LN; EME Macro/Strategy...
HEADLINES: • Baltic Classifieds Group: niche diamond (HOLD - initiation of coverage) • Al Arabia Outdoor Advertising: weak 2Q24 financial results NEGATIVE • Jahez: mixed 1H24 financial results NEGATIVE • TBC Bank: 2Q24 results and conference call NEUTRAL • EME Macro/Strategy: macro all-in-one (5-11 August) • Orlen: 2Q24E EBITDA estimates published NEUTRAL • Mo-BRUK: still challenging 2Q24E expected, with weaker yoy EBITDA, but up slightly qoq already (due on 29 August) • PZU: 2Q24E preview (due ...
- Research Team
WOOD Daily: TLV RO; FROTO TI; ING PW; SHO PW; PPC GA; RICHT HB; 11B PW...
HEADLINES: • Banca Transilvania: still some gas in the tank (stays BUY) • Ford Otosan: weak set of results in 2Q24 NEGATIVE • ING Bank: posts neutral set of 2Q24 results NEUTRAL • Shoper: preliminary 2Q24 adjusted EBITDA up by a strong 32% yoy, as expected NEUTRAL • Public Power Corporation: 2Q24 beats, on lower receivables provisioning and tax rate NEUTRAL • Richter: takeaways from the 2Q24 earnings call NEUTRAL • 11 bit studios: PAP interview with the CEO – key takeaways NEUTRAL • MOL: 2Q24E r...
- Marta Jezewska-Wasilewska
- Miguel Dias
Banca Transilvania: still some gas in the tank (stays BUY)
We maintain our BUY rating on Banca Transilvania (TLV), with an increased price target (PT) of RON 31.89/share, implying 16.4% upside. We have rolled forward our model, updated our underlying business assumptions, and integrated the recent OTP Romania acquisition into our forecasts, and we believe that the market might not be fully pricing in TLV’s potential yet. The stock might not appear particularly cheap at this juncture, trading at 1.5x P/BV, on our 2024E figures, but it also does not scre...
What can polluted Polish cities learn from Spain? Kapsch TrafficCom ex...
WARSAW, Poland--(BUSINESS WIRE)-- Polish cities' problems with air pollution are well known. A report by researchers from the Medical University of Bialystok highlights the harmful effects of air pollution on people's health, from asthma and cardiovascular disease to cancer. The researchers calculated that if air pollution levels were reduced to WHO standards, 25 000 deaths could have been avoided over the past 10 years in eastern Poland alone. Urgent need for action Immediate action is needed, especially in cities, as no Polish city meets the WHO criteria for air quality. Traffic, which...
EQS-News: Premier portique de péage durable installé sur une autoroute...
EQS-News: Kapsch TrafficCom AG / Mot-clé(s) : Autres Premier portique de péage durable installé sur une autoroute autrichienne 16.07.2024 / 07:25 CET/CEST Le portique en bois pour une évolution vers des infrastructures routières durables Conforme à toutes les normes et standards européens en vigueur Le 16 juillet 2024 - Kapsch TrafficCom est fier d'annoncer qu'en collaboration avec l’exploitant routier autrichien Asfinag, le premier portique vert a été mis en service en Carinthie. Contrairement aux portiques de péage traditionnels en acier ou aluminium, qui génèrent des ém...
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.