HEADLINES: • Al Arabia Outdoor Advertising: waiting for better times (downgraded to HOLD) • Noval Property: 1H24 – recurring results in line with our estimates NEUTRAL • Motor Oil Hellas: fire at refinery NEGATIVE • Inter Cars: key takeaways from the 2Q24 earnings call NEUTRAL • Lamda Development: another land plot sales tranche, to lift NAV by 6% POSITIVE • mBank: UniCredit seeks regulator's approval to reach 30% stake in Commerzbank • CTP: raises EUR 300m through an ABB, at EUR 16.0/share • 11...
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...
>Dutch real estate transfer tax to be reduced from 10.4% to 8% - The Dutch government will reduce the transfer tax for commercial buyers to 8%, according to leaked documents that newspaper De Telegraaf released. This is still more than the 6% it was before 2021, but less than the current 10.4%. The budget has now been sent to the Council of State. On “Prinsjesdag”, September 17, the House of Representatives will officially receive the plans, and the budget will be mad...
CTP's underlying dynamics are very strong: sound tenant demand is driving the solid development pipeline and impressive 1H profitability (YoC >10%). 1H results impressed once again, with strong growth (rental income +14%, LFL +4.8%, earnings +12%, YoC at 10.7%) and good valuation results. NTA per share is up 7% YTD, on the back of new development and positive valuation on the existing portfolio. We are confident about CTP's outlook and the long-term drivers of the Eastern European logistics mark...
B&S: Preview - chasing growth, battling cost inflation. CTP: 1H24 results call highlights. D'Ieteren: Belron US peer Boyd reports slightly better 2Q24 but outlook still weak. Fastned: Preview 1H24. Lotus Bakeries: Strong volume growth beat. Xior Student Housing: 1H24 results call highlights. Coverage change
With its full-year FFO guidance reiterated, CTP’s equity story seems to be on track, in our view. We continue to see CTP as one of the highest-quality real estate plays in CEE, with the developments-driven growth of both earnings and BV the key driver of value for shareholders. The key risks include the relatively high leverage (a net LTV of 46% as of 1H24), and any possible softening of demand for logistic assets, which could have repercussions for both rent levels and the viability of the deve...
HEADLINES: • Trade Estates: Greek retail parks – a dividend growth story (HOLD - initiation of coverage) • Wizz Air: thrust issues (stays BUY) • Bank Pekao: posts bottom line slightly below expectations, NPL ratio down to below 5%, solid 19%+ ROE intact NEUTRAL • CCC: 12% EBITDA beat in 2Q24, on opex control POSITIVE • Logo Yazilim: 2Q24 results – strong margin recovery, FY24E guidance reiterated POSITIVE • CEZ: 2Q earnings beat, EBITDA guidance up 2-3%, but net guidance unchanged NEUTRAL • CTP:...
Corbion: Swings and roundabouts. CTP: Good operational trends, guidance reiterated. dsm-firmenich: Another cheque from BASF. Euronav: 2Q beats expectations. KBC: 2Q well above, NII guidance up, ready for 3Q State Bond release of c.€22bn. SBM Offshore: Strong set of 1H24 results, more to come. TKH Group: 2Q is not going to be the quarter. Xior Student Housing: Positive portfolio revaluation
Net Rental income grew 14.4% to EUR 320.9m vs. 320.2m expected (KBCS) and benefited from 4.8% lfl growth. The EPRA EPS of 0.40 also comes in line with expectations. The FY24 EPS outlook is confirmed at 0.80-0.82. The LTV increased slightly to 46.2% from 46.0% at FY23 end. The Cost of debt rose to 2.38% from 1.95% (FY23).The occupancy on standing assets decreased 1% to 93% vs FY23 end. Despite 328k sqm deliveries (92% let) over 1H24, CTP maintained its development pipeline to a record breaking GL...
>FY2024 Outlook reiterated, with strong revaluations (both lfl and developments) - CTP confirms its €0.80 - €0.82 guidance for FY2024.Like for like rental growth of 4.8% (Q1 2024: 5.0%). Like-for-like revelations were up 3.0% in H1 2024. Total revaluations in H1 2024 came to €437m, driven by IPuD projects (+€175m), landbank (+€32m), and the standings assets (+€229m). CTP expects yields to have peaked in the CEE region.LTV 46.2% (Q1 2024: 45.9% and 40-45...
EME Equity Market – June 2024 Another positive month for most of the EME indices, with the Hungarian BUX Index outperforming. The MSCI EM Europe Index rose by 1.0% in EUR terms, but declined -0.2% in USD terms in June. The Hungarian BUX index reported the strongest performance, adding 4.8% in EUR terms, followed by the Romanian BET and the Polish WIG20 (+3.7% and 2.1%, in EUR terms, respectively), and the Turkish ISE30 (+0.9% in EUR terms). Greece and the Czech Republic were in negative territor...
EM debt markets approach the mid-year threshold in good shape. New issue activity remains remarkably high. Average spreads on sovereign bonds have contracted by 48bp YTD, delivering a 3.7% YTD total return as the UST curve has shifted up by 35-40bp. Average spreads in the corporate segment tightened by 36bp to 200bp, resulting in a 3.0% total return since the beginning of the year. Next week new issuance is likely to stay strong, and we don't anticipate significant further tightening of spreads ...
HEADLINES: • mBank: 2Q24E CHF mortgage saga cost at PLN 1bn NEGATIVE • CTP: issues EUR 500m unsecured loan at 4.7% fixed, buys back EUR 500m of outstanding bonds POSITIVE • Europe macro: June surveys confirm stagnant industry, but rising inflation expectations • Türkiye macro: CBT extends the hawkish hold • Czech Republic macro: CNB preparing the ground for slower rate cuts • Warsaw Stock Exchange: OGM approves dividend of PLN 3/share NEUTRAL • Cyfrowy Polsat: to invest in 500 MW wind farm proje...
Peu de secteurs polarisent autant que le luxe automobile sportif. A la pointe de l’innovation technologique et artistique pour les uns, il est le reflet d’inégalités excessives pour les autres. Nous estimons que le secteur a un rôle prépondérant à jouer sur l’atténuation du changement climatique, mais aussi l’économie circulaire ou la transition juste. Considérant les impacts, risques et opportunités matériels, nous plaçons Ferrari en Best-in-Class ESG, Porsche en Neutre ESG, et Aston...
Few sectors are as polarising as luxury sports cars. At the cutting edge of technological and artistic innovation for some, they reflect excessive inequality for others. We believe the sector has a key role to play in climate change mitigation, as well as in the circular economy and just transition. Taking into account material impacts, risks and opportunities, we see Ferrari as ESG Best-in-Class, Porsche as ESG Neutral and Aston-Martin Lagonda as ESG Not Recommended. - ...
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