HEADLINES: • Bank Pekao: 3Q23 results solid as a rock, 25%+ ROE remains, high dividend yield possible POSITIVE • BIM: strong set of results in 3Q23 financials, beating expectations POSITIVE • Richter: 3Q23 EBITDA in line; guidance raised on strong Vraylar POSITIVE • Petkim: 3Q23 results • Eurobank: 3Q23 results • National Bank: 3Q23 results • Addiko Bank: 3Q23 results - bottom-line beat POSITIVE • Transgaz: no approval from EC for EUR 500m grants for non-priority projects NEUTRAL • Auto Par...
EME Equity Market – April 2023 Market performance – in the black across all geographies, except for Turkey. The MSCI EM Europe Index gained 3.4% mom in EUR terms and 4.9% mom in USD in April. The Polish WIG20 Index saw the biggest gains (+11.5% mom in EUR terms), followed by the Hungarian BUX Index (+7.8% mom in EUR terms) and the Greek ASE Index (+2.9% mom in EUR terms). More muted performances were witnessed in the Czech PX Index and Romanian BET Index, both adding 1.7% mom in EUR terms for th...
HEADLINES: • Poland macro: NBP extends hold • Pilulka Lekarny: weak FY22 earnings, proposed capital increase of up to 500k new shares NEGATIVE • Bank Millennium: to add PLN 821m of FX mortgage litigation risk provisions NEUTRAL • Huuuge Games: preliminary 1Q23 bookings -15% yoy and -8% qoq NEUTRAL • Wirtualna Polska: real users in March 2022 NEUTRAL • Greek banks: floating-rate mortgages to be frozen at current levels • Purcari Wineries: BoD proposes a RON 0.55 DPS (6% DY), in line with expec...
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: • Pilulka Lekarny: blowing with the e-commerce wind (HOLD - initiation of coverage) • Wizz Air: thoughts on capital increase post 1Q FY23 results, CASK and RASK comparison vs. RYA • Mytilineos: strong second quarter, 2H22E should be even better • Titan Cement: 2Q22 - price increases restoring profitability • Garanti: 2Q22 highlights - beat, with lower quality • Ford Otosan: 2Q22 results - strong beat POSITIVE • Siauliu Bankas: 2Q22 - another strong quarter POSITIVE • Arena Hosp...
We initiate coverage of Pilulka Lekarny (Pilulka), with a HOLD rating and a 12M price target (PT) of CZK 1,120/share, implying 6.6% upside. Pilulka is an e-pharmacy company, operating in Czechia, Slovakia, and Romania. The online channel is limited to consumer healthcare (CHC) and personal care products, with prescription (Rx) sales made via its smaller bricks & mortar retail footprint. Pilulka benefited greatly from the pandemic (2019-21 revenues CAGR of 39%), but we anticipate a slowdown in t...
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