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).
HEADLINES: • Medicover: private healthcare pioneer keeps on rolling (BUY - initiation of coverage) • OTE: safe dividend play (upgraded to BUY) • National Bank of Greece: HFSF launches the sale of a 10% stake in NBG NEUTRAL • PCF Group: 2Q24 results in negative territory, below our expectations NEGATIVE • mBank: issues traditional profit warning related to the CHF mortgage saga, ahead of 3Q24E results NEUTRAL • InPost: 4.9% price hike for Allegro NEUTRAL • Allegro: introduction of spirits from 21...
HEADLINES: • Kruk: forging forward (stays BUY) • CCC: 2Q24 results a notch above prelims; positive trends maintained in 2Q24 POSITIVE • VIGO Photonics: miss on adjusted EBITDA and bottom line NEGATIVE • Kaspi.kz: issues response to short seller report • Hungary macro: MNB resumes the easing cycle • 11 bit studios: Frostpunk 2 falls to 20th position on Steam top seller list, player reviews recover marginally NEUTRAL • National Bank of Greece: HFSF to sell up to 12% of its stake
A director at Eurobank Ergasias Services And Holdings sold 50,000 shares at 2.047EUR and the significance rating of the trade was 58/100. 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...
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...
HEADLINES: Dino Polska: 5-13% EBITDA miss in 2Q24, first yoy EBITDA drop since IPO NEGATIVE Bank of Georgia: 2Q24 highlights NEUTRAL Kazatomprom: 2Q24 results and 2025E production guidance POSITIVE Brisa: bottom line hit by financing costs, taxes; FY24 demand outlook remains challenging NEUTRAL Warsaw Stock Exchange: 2Q24 results NEGATIVE Budimex: 2Q24 results fully in line with the prelims NEUTRAL Benefit Systems: earnings call takeaways – supportive 2025E profitability outlook for Poland NEUTR...
HEADLINES: • OTP Bank: 2Q24 results broadly in line, FY24E guidance unchanged, new taxes in Hungary to bite a little NEUTRAL • Bank of Cyprus: 2Q24 highlights POSITIVE • Bucharest Stock Exchange: good volumes drive solid bottom-line delivery in 2Q24 NEUTRAL • MOL: 2Q24 results NEUTRAL • Magyar Telekom: key takeaways from the 2Q24 earnings call NEUTRAL • CEZ: takeaways from the 2Q24 earnings call POSITIVE • Inter Cars: July sales growth jumps to 18% yoy, after disappointing May-June POSITIVE • DI...
Magyar Telekom has doubled its net profit in Q2 2024 compared to the same period one year earlier. Given the second consecutive strong result, mgmt. elevated the expectations for FY 2024, guiding HUF 150bn for adjusted net profit and HUF 140bn free cashflow now. Group revenues increased by 15.6% YoY and 7.3% QoQ in Q2/24, thanks to the unbeatable impact of the inflation-based fee adjustments and stronger revenues from SI/IT segment. Mobile revenues were up by 15.9% YoY, mainly driven by ...
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:...
HEADLINES: • Alior Bank: posts strong 2Q24 and upgrades medium-term COR outlook POSITIVE • Alior Bank: management board nominations POSITIVE • Erste Banks: books solid 2Q24; guides for 2024E DPS at an attractive level; awaiting opening conclusions from the new CEO POSITIVE • Tofas: highly weak set of results in 2Q24 NEGATIVE • National Bank of Greece: 2Q24 highlights – positive 2H24E, with guidance upgrade • NLB Group: solid print in 2Q24, beating estimates, due to release of provisions POSITIVE...
EME Equity Market – July 2024 Greece the biggest winner, while Poland the clear loser in July. The MSCI EM Europe Index declined by 1.1% in EUR terms and 0.3% in USD terms in July. The Greek ASE Index posted the best performance for the month, advancing by 5.3% mom in EUR terms. There was a broadly similar performance in Hungary, Czechia and Romania (+ 2.9%, 2.7% and 2.1% mom in EUR terms, respectively). The Turkish ISE30 Index declined by 1.6% mom in EUR terms, but the clear loser was the Polis...
HEADLINES: • Solutions by STC: slower growth on the horizon (stays HOLD) • Wizz Air: 1Q FY25 – a miss, and FY guidance reviewed down NEGATIVE • mBank: posts solid 2Q24 results; evolution of the CHF mortgage saga a key catalyst NEUTRAL • Komercni Banka: 2Q24 results – slight miss • BRD-GSG: small miss on 2Q24 bottom line, but good dynamics in loan book development NEUTRAL • Eurobank Ergasias Services: 2Q24 highlights – in line in 2Q24, but trends indicate upside for full-year NI estimate • Euroba...
HEADLINES: • Bank Millennium: 2Q24 – big beat on headline profit, underlying results largely in line NEUTRAL • Budimex: preliminary 2Q24 EBIT in line with our expectations NEUTRAL • EMEA airlines: 2Q24 traffic; summertime sadness • EME Macro/Strategy: macro all-in-one (22-28 July) • Text: secures new (fifth) patent in the US POSITIVE • Arcelik: change of CFO NEUTRAL • Greek banks: 2Q24E previews (reporting season starts on 31 July) POSITIVE • Wirtualna Polska: 2Q24E preview – flat adjusted EBITD...
The Greek banks’ earnings season will kick off on 31 July, with Piraeus Financial Holdings and Eurobank Ergasias Services’ results, followed by National Bank of Greece on 1 August and Alpha Services and Holdings on 2 August. On the adjusted / before one-offs net income level, for the sector as a whole, we expect an 11% qoq contraction and 6% yoy growth. We believe that trading income is likely to be a significant factor behind the qoq decline in earnings. We do not expect radical qoq changes in ...
HEADLINES: • Metlen Energy & Metals: the art of continued growth (BUY - reinitiation of coverage) • Kaspi.kz: 2Q24 highlights – in line with guidance in 1H24 • Solutions by STC: mixed 2Q24 financial results NEGATIVE • Magyar Telekom: 2Q24E preview – 25% yoy growth in EBITDA expected (due on 7 August) • Cyfrowy Polsat: 2Q24E preview – 3% yoy increase in adjusted EBITDA expected (due on 21 August) • Short News (PPC)
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...
HEADLINES: • WAG Payment Solutions (Eurowag): migration season starts now (stays BUY) • OMV: the company and its Partners have been awarded a second CO2 storage licence in Norway • GEK Terna: agrees to sell Terna Energy to Masdar of Abu Dhabi • Terna Energy: coverage discontinued • Short News (WPL, MTELEKOM)
HEADLINES: • WAG Payment Solutions (Eurowag): migration season starts now (stays BUY) • OMV: the company and its Partners have been awarded a second CO2 storage licence in Norway • GEK Terna: agrees to sell Terna Energy to Masdar of Abu Dhabi • Terna Energy: coverage discontinued • Short News (WPL, MTELEKOM)
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)
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