We discontinue our coverage of the following stocks, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks: AD Plastik Arena Hospitality Group Bittnet Ciech Conpet Dogus Otomotiv Ekspress Grupp Fintel Energija Immofinanz Kcell Kernel KGHM Komercijalna Banka NLB Banka Petrol Group S Immo Sava Re Shelly Group (formerly Allterco) STS Group Turk Telekom Turkcell Ulker Zagreb Stock Exchange
EME Equity Market – September 2022 Market performance – in a rough month for the markets, Turkey emerges as the top-performing region, once again. The MSCI EM Europe Index declined 8.3% mom in EUR terms and 10.7% mom in USD in September; while the ISE index outperformed all the other indices once again, but with a muted performance this time, adding just 1.0% mom in EUR terms and 0.1% in local currency terms. All the other indices recorded negative performances, with the Czech PX Index losing 4....
HEADLINES: • EME macro/strategy: shock therapy to curb inflation, but test institutions and keep FX pressure high • Fintel Energija: growth without windfall taxes or price caps (stays BUY) • AD Plastik: fairly valued until the risks fade away (stays HOLD) • Polish banks: resolution procedures begin for Getin Noble Bank • PKO BP and PZU: are buying shares in PKN Orlen from the State Treasury NEUTRAL • Alior Bank: to pay PLN 53m into the mortgagors' support fund in 2022E NEUTRAL • PCF Group: ...
We reiterate our BUY rating on Fintel Energija with a new price target (PT) of RSD 858/share (down from RSD 868), implying 34% upside. In our July report, we highlighted that Fintel’s earnings were not being boosted by rallying power prices. With EU windfall tax discussions to exploit generators’ revenues, and also, in some countries, net profit, we now see Fintel as one of the safest picks in terms of its upside, earnings outlook and capacity growth, as we are not aware of any measures planned ...
EME Equity Market – August 2022 Market performance – Turkey the biggest winner, in a predominantly bad month. The MSCI EM Europe Index declined 1.2% mom in EUR and 2.8% mom in USD terms. Turkey’s ISE index outperformed all other indices, adding 24.9% mom in EUR terms and 25.1% in local currency terms. Hungary’s benchmark, the BUX Index, added 1.1% mom and 0.2% mom in EUR and HUF terms, respectively. Greece’s ASE Index had a muted performance and added only 0.6% mom. All the other indices across ...
HEADLINES: • Cognor Holding: 2Q22 results review - 6% EBITDA beat; financials to be under pressure going forward NEUTRAL • Bank of Cyprus: Board rejects takeover bid from Lone Star • ONE United Properties: 2Q22 – stellar margin on residential, revaluation gains offset share-based payment one-off NEUTRAL • Fintel Energija: 1H22 results in line with estimates • Kazatomprom: strong 1H22 results, production growth plans POSITIVE • Dino: 2Q22 results call with management - key takeaways • Electric...
EME Equity Market – July 2022 Market performance – markets mostly up during the month, but Russia’s MOEX down 9.4% in EUR terms. The MSCI EM Europe Index added 2.3% mom in EUR, but lost 0.5% mom in USD in July. The Greek ASE Index was the best performing benchmark, advancing 5.0% mom in EUR. Hungary’s benchmark, the BUX Index, added 4.4% mom and 6.5% mom in EUR and HUF terms, respectively. Romania’s BET Index gained 1.7% mom in EUR terms and 1.3% mom in local currency, while Turkey’s ISE20 added...
HEADLINES: • CEE utilities: pricing in the windfall taxes (CEZ, Fintel Energija, Ignitis Group and Photon Energy stay BUY) • Lotos: EGM passes motion to merge with PKN Orlen • Alro: shutting down alumina plant temporarily NEUTRAL • TeraPlast: 2Q22E results preview (due on 25 July) • OMV: 2Q22E results preview (due on 28 July) • OMV Petrom: 2Q22E results preview (due on 28 July) • Titan Cement: 2Q22E - gradual recovery (due on 28 July) • Benefit Systems: 2Q22E EBIT expected to be above pre-p...
We reiterate our positive view on the utilities. Among the larger names, we favour the Polish utilities, with Tauron as our top pick. Even with the windfall tax being floated in Poland, the carve-out story remains compelling and overshadows the potential hit, in our view. CEZ offers the smallest upside but here, the windfall tax seems to be priced in and the stock is trading at a very generous dividend yield, even if the tax is imposed. We find decent upside for the less liquid names that are le...
EME Equity Market – December 2021 Market performance – despite most markets being in the black, MSCI EM Europe declined by 1.7%. The MSCI EM Europe Index declined by 1.7% in EUR terms and 1.0% in USD terms. The Czech PX Index continued with its solid performance and advanced by 7.7% in EUR terms and 5.1% in CZK. The Romanian BET Index added 7.1% in both EUR and local currency. Turkish equities, represented by the ISE30 Index, grew 5.3% in EUR and 4.2% in TRY. Poland’s WIG20 Index gained 4.8% in ...
HEADLINES: • Fintel Energija: the calm before the storm (stays BUY) • Turkey macro: new measures provide temporary rally for TRY • MONETA Money Bank: EGM approves the capital increase and acquisition of Air Bank • Cyfrowy Polsat: updates its strategy and plans to invest PLN 5.5bn in clean energy in 2022-26E NEGATIVE • PKN Orlen: fertiliser project to be delayed • CD Projekt: season 2 of the Netflix series triggers some increased interest in The Witcher 3 NEUTRAL • OMV: makes FID for plastics...
We reiterate our BUY recommendation on Fintel Energija with a new price target (PT) of RSD 814/share (from RSD 803), implying 31% upside. This year, Fintel’s wind portfolio is running at full speed, leading to much higher EBITDA and a significantly stronger balance sheet. The company stands ready for more capacity to be added from its c.1.5GW solar and wind pipeline. By now, we had expected the RES auction to be announced. Serbia’s Regulator has announced a price cap for the auctions, however, w...
EME Equity Market – August 2021 Market performance - The Hungarian BUX Index gained 9.8% in EUR terms. The MSCI EM Europe Index rose 5.1% in EUR terms and 4.6% in USD terms. The best-performing equity index was the BUX, which added 9.8% in EUR terms and 6.9% in the local currency (LCU). The ISE30 Index advanced 7.7% in EUR terms and 5.8% in LCU, while Prague’s PX Index gained 6.5% in EUR terms and 6.2% in LCU. The Polish benchmark WIG20 Index added 6.1% in EUR terms and 5.1% in LCU, followed by ...
HEADLINES: • Fintel Energija: all set for the auctions ahead (stays BUY) • Migros: 2Q21 results in line with expectations NEUTRAL • HansaMatrix: strong 2Q21 network demand, solid normalised net profit POSITIVE • DIGI Communications: key takeaways from the 2Q21 earnings call NEUTRAL • Nuclearelectrica: 2Q21 - conference call takeaways • Alro: 2Q21 results conference call takeaways • Poland macro: 2Q GDP print in line with expectations • Polish media: ad market increases by 41.5% yoy in 2Q21,...
We reiterate our BUY recommendation on Fintel, with a new price target (PT) of RSD 803/share (from RSD 824), implying 34% upside. This year, Fintel’s wind portfolio should unlock its full potential, in our view, after the COVID-19 related measures imposed by the government hit its profitability last year. We expect its 2021E EBITDA to grow by 64% yoy. Separately, by September, the form of the new support mechanism should be known, followed by auctions later either this or next year. Fintel could...
EME Equity Market – July 2021 Market performance – Turkish ISE30 Index gains 6.0% in July, while Russian MOEX declines by 1.9%. The MSCI EM Europe Index declined 1.1% in EUR terms and 1.0% in USD terms in July, despite most of the followed sub-indices being in the black. The best-performing equity market was in Turkey, which added 6.0% in EUR terms and 2.6% in TRY terms, followed by the Czech PX Index, which gained 4.9% in both EUR and CZK terms. The Hungarian BUX Index added 1.1% in EUR and 2.9...
HEADLINES: • Turkey macro: CBT - bulk of policy easing pushed into 2022E • Orange Polska: to record PLN 1.6bn one-off gain on FiberCo valuation POSITIVE • Wizz Air: EU signals it is serious about jet fuel tax, impact on costs could be substantial NEGATIVE • Public Power Corporation: sells EUR 500m sustainability-linked notes at 3.375% POSITIVE • Bogdanka: preliminary 2Q21 data • CEZ: state passes support cuts for older solar farms NEUTRAL • Fintel Energija: planning a 640MW solar project with...
EME Equity Market – April 2021 Market performance – Greek and Polish equities the best performers in April. The MSCI EM Europe lost 0.7% in EUR terms, but advanced 1.7% in USD terms in April. The best-performing index was the WIG20 Index, +6.9% in EUR terms and 5.1% in PLN terms. The Greek ASE Index advanced by 5.2% in EUR terms; followed by the Czech benchmark, the PX Index (+1.8% in EUR terms and +0.9% in CZK). Romania’s BET Index added 1.2% in EUR terms and 1.4% in RON. On the other hand, Tur...
HEADLINES: • Ford Otosan: 1Q21 results - strong set of numbers, small changes in FY21E guidance POSITIVE • Brisa: 1Q21 beats on strong EU demand POSITIVE • Yapi Kredi: 1Q21 results - bottom line in line, but strong comprehensive income NEUTRAL • Turkcell: 1Q21 - results in line, FY21E guidance maintained NEUTRAL • Fintel Energija: 2H20 results review - slightly weaker than our estimates NEUTRAL • EME Macro/Strategy: Czech Republic - improving and prudent, but deep labour market divide • EME Ma...
EME Equity Market – August 2020 Market performance – most indices end August in the black, but the ISE30 Index decline continues, down 9.6%. In August, the MSCI EM Europe Index declined by 1.2% in EUR terms, but stayed mostly flat (+0.1%) in local currency terms. Romania’s BET Index performed the best, up 7.2%; followed by the Greek ASE Index (+2.7%); the Czech Republic’s PX Index (+2.4%); Poland’s WIG20 Index (+2.3%); and the MOEX Index (+0.5%). The Hungarian BUX Index declined by 2.6...
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.