HEADLINES: • EME Strategy: Türkiye - inflation accounting - demystifying the enigma • Greek refiners: Finance Ministry to impose an unexpected windfall tax on refiners • GEK Terna: agrees to sell Terna Energy to Masdar of Abu Dhabi • LPP: the Prosecutor’s office has opened an investigation against Hindenburg Research • Uzbekistan macro: notes from our recent trip • Short news (MTELEKOM)
HEADLINES: • EME Macro/Strategy: how big should the political risk premium in Europe be? • Lamda Development: 1Q24 – with the wind in its sails • BIM: strong set of results in 1Q24 POSITIVE • LPP: 1Q24 strong, as expected; FY24E guidance maintained POSITIVE • CCC: 1Q24 results in line with prelims; positive trends maintained in 2Q24 NEUTRAL • US macro: Fed pushes back on rate cuts • Jahez: announces SAR 150m real estate purchase NEUTRAL • Text: 4Q23-24E preview – 1% yoy EBITDA drop expected (due...
Lamda – the largest and most liquid listed play on the Greek real estate – reported its 1Q24 results yesterday (12 June), after the market closed. Its portfolio of four malls continues to generate robust rental growth, underpinned by the turnover growth of its tenants. The marinas are also performing very well. At the Ellinikon, the apartments are selling quickly, with prices that appear ahead of the original budgeted levels. Around half of the first-phase residential apartments have been sold a...
HEADLINES: • Erste Bank: strong capital position, strong returns (stays BUY) • NLB Group: presentation of offer to Addiko shareholders – takeaways NEUTRAL • Wirtualna Polska: concludes conditional agreement to acquire Romanian travel e-commerce business POSITIVE • ADNOC Drilling JV increases its stake in Gordon Technologies POSITIVE • Richter: Mithra declares bankruptcy, Richter talks continue NEUTRAL • OMV: starts up co-processing biofuels plant at Schwechat refinery NEUTRAL • LPP: 1Q24E result...
HEADLINES: • Europe macro: ECB delivers cautious introductory cut • National Bank of Greece: declares EUR 0.36/share dividend, following SSM approval POSITIVE • NLB Group: publishes takeover offer to acquire Addiko Bank NEUTRAL • European oil and gas monthly: May 2024 – gas prices’ surprising comeback • Georgia Capital: in civil dispute over education investment NEGATIVE • Auto Partner: Investor Day takeaways NEUTRAL • CCC: 5.8m shares admitted to trading NEUTRAL • Romgaz: share split; new price...
EME Equity Market – May 2024 Turkish equities lead, in the mostly green month of May. The MSCI EM Europe Index rose by 0.7% mom in EUR terms and 1.8% mom in LCU terms in May. The Turkish ISE30 index reported the strongest performance, adding 3.6% mom in EUR terms, followed by the Romanian BET and the Czech PX (+2.7% and 2.1% mom in EUR terms, respectively). The Hungarian BUX index and the Polish WIG20 remained broadly flat (+0.4% and +0.2% mom in EUR terms, respectively); although, in LCU terms,...
• KazMunayGas: 1Q24 results - strong EBITDA • 11 Bit studios: quite positive first reviews of The Alters after the hands-on event • Tofas: the Competition Board extends the final review period for Tofas’s takeover of Stellantis Otomotiv • BIM: BoD proposes a DPS of TRY 10 • FTSE GEIS June 2024 quarterly review • Aegean Airlines: 1Q24 - ASK 24% above 1Q19, but revenue >50% higher, as RASK continues to trend up
HEADLINES: • Jahez: shifting up a gear (upgraded to BUY) • Ilirija d.d.: on track for another solid summer season (NOT RATED) • Ford Otosan: 1Q24 results – operating margin evolution as expected NEUTRAL • Tofas: 1Q24 results – operating performance as expected NEUTRAL • Auto Partner: 1Q24 results in line with the prelims; 34% yoy increase in logistics costs is the major concern NEUTRAL • CA Immo: 1Q24 – rents up 6% yoy lfl, more sales above book, pre-tax FFO I of EUR 26m NEUTRAL • Wirtualna Pols...
We have transferred coverage of Jahez, and upgraded the stock to BUY (from Hold), with an updated 12M price target (PT) of SAR 37, offering upside potential of 21% from the current price. Over the past two years, the company has achieved significant progress in the logistics and non-KSA segments, and continued to gain market share in the non-central KSA regions. We continue to see significant growth potential for the company, with a GMV acceleration in 2024E and room to increase its profitabilit...
HEADLINES: • CEZ: 1Q24 – strong beat on supply and generation POSITIVE • Eurocash: weak 1Q24 across the board NEGATIVE • BIM: 4Q23 results – strong beat POSITIVE • Richter: 1Q24 operations in line, net beat on FX revaluation NEUTRAL • Arabian Drilling: 1Q24 interim results – net income below expectations NEUTRAL • CE4/Greece macro: the consumption recovery – pivoting from necessities to discretionary • Türkiye macro: our takes from our Symposium; a focus on Coca-Cola Icecek, Tupras, and Aselsan ...
HEADLINES: • mBank: solid 1Q24 results justify one of the top market valuations (1Q24 P/BV of 2.1x) POSITIVE • OTP Bank: books solid 1Q24, keeps 2024E guidance unchanged NEUTRAL • Bank Millennium: 1Q24 results in line • CCC: 40% EBITDA beat in 1Q24, on opex control POSITIVE • Dino: 2-7% EBITDA miss in 1Q24 NEGATIVE • AmRest: 1Q24 broadly in line with our forecasts, but below the consensus NEGATIVE • MOL: 1Q24 results – EBITDA below expectations on maintenance NEUTRAL • MedLife: 1Q24 results poin...
EME Equity Market – April 2024 Market performance – green across all geographies, with Turkey outperforming. The MSCI EM Europe Index was up 5.3% mom in EUR terms and 4.2% mom in USD in April; while the Turkish ISE30 saw the strongest performance, adding 11.6% mom; followed by the Hungarian BUX (+5.0% mom); the Czech PX (+2.8% mom); the Greek ASE (+1.8% mom), the Polish WIG20 (+1.2% mom) and the Romanian BET (+0.1% mom) (all in EUR terms).
HEADLINES: • Arcelik: weak bottom-line performance in 1Q24 NEGATIVE • Sipchem: 1Q24 results – weak net income NEGATIVE • Kruk: issues flash 1Q24 net profit of PLN 338m NEUTRAL • EME Macro/Strategy: macro all-in-one (22-28 April) • Türkiye macro: MPC takes a pause, but hiking cycle not over yet • OTP Bank: CEO Csanyi speaks at AGM on future acquisitions and Russian exposure POSITIVE • Budimex: BXF Energia acquires 60 MW photovoltaic project NEUTRAL • Inter Cars: dividend policy for 2023-25E and p...
HEADLINES: • MONETA Money Bank: strong 1Q24 delivery, on better-than- expected revenues POSITIVE • Alior Bank: books small beat on 1Q24 delivery, driven by low credit risk charges; robust 2024E outlook supported POSITIVE • Shoper: 1Q24 adjusted EBITDA 9% above our expectations; FY23 results in line with prelims POSITIVE • Mo-BRUK: 4% miss vs. our 4Q23 adjusted EBITDA forecast, weak cash flows NEGATIVE • Wizz Air: fiscal 2024 post-close trading update POSITIVE • Aselsan: CEO's comments on exports...
A director at Lamda Development S.A. sold 5,000 shares at 7.061EUR and the significance rating of the trade was 53/100. 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 cl...
• LPP: the glass is half full (stays BUY) • Eurocash: 4Q23 beat on costs, profit warning for 1Q24E • 11 bit studios: 4Q23 adjusted EBITDA beats expectations on a solid top line • Polish banks: 2024 contributions to the BFG • MOL: oil production starts on a new platform at ACG field • Ford Otosan: completes the Eurobond book-building process • Kalekim: 2023 IAS 29 results - strong operating results • Lamda: 4Q23 results - a significant step-up in Ellinikon revenues, revaluation gain on existing m...
Lamda released its 4Q23 results yesterday morning (18 April), and management held a conference call to discuss the results yesterday afternoon. The results were dominated by a rapid increase in the revenues recognised for Ellinikon, driven by good sales results in the initial projects, and construction progress. The malls and marinas continued to perform strongly, in line with the trends of previous quarters, and above the expectations we outlined in our June 2023 initiation. This was partly off...
We maintain our BUY rating for LPP, with a new 12M price target (PT) of PLN 20,842/share. Its image of superior corporate governance has been challenged with accusations of continued operations in Russia. In our view, while the management has proven the discontinuation of legal or personal links to its former operations, the damage has been done, especially in transparency. Despite declarations that all direct sales to Russia were suspended in 2Q22, LPP maintains indirect supplies to ReTrading. ...
HEADLINES: • Lamda: 4Q23 results - significant step-up in Ellinikon revenues, revaluation gain on existing malls • Electrica: proposed changes to the regulatory framework • Bank Pekao: AGM chooses new Supervisory Board members, approves PLN 19.2 DPS • 11 bit studios: release date of INDIKA moved to 2 May • Nuclearelectrica: shareholders abstain from voting on the items from yesterday’s GMS • EMEA airlines: 1Q24 traffic - a good start to the year • Budimex: 1Q24E flat yoy - profitability improvem...
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.