reports
- Research Team
WOOD Daily: TL Food Retailers; AIRA LI; CZ Macro; HU Macro; APR PW; CA...
HEADLINES: • Turkish Food Retailers: entering a new era (BIM and Migros stay BUY, Sok Marketler downgraded to HOLD) • Air Astana Group: margins attracting rivals (downgraded to HOLD) • Czech Republic macro: September inflation rises as food inflation reaccelerates • Hungary macro: September inflation slows slightly more than expected • Auto Partner: September sales growth decelerates further, to a limited 5% yoy NEGATIVE • Inter Cars: September sales growth slows down to 5% yoy, below our expect...
- Adrian Kowollik
- Research Team
WOOD Daily: CCC PW (stays BUY); TXT PW; DOM PW; MIL PW; Poland macro; ...
HEADLINES: • CCC: Shaq attaq (stays BUY) • Text: 2Q24-25 (calendar 3Q24) preliminary results - MRR of USD 7.04m (-0.4% qoq, +8.8% yoy) NEGATIVE • Dom Development: strong sales performance in 3Q24 POSITIVE • Bank Millennium: to set aside PLN 470m of FX mortgage provisions in 3Q24E, cost of credit holidays lower NEUTRAL • Poland macro: NBP extends the pause • GEVORKYAN: EUR 31m long-term contract in the defence industry xx POSITIVE • Cimsa: completes the acquisition of Mannok DAC POSITIVE • Dino P...
- Research Team
The Rear-View Mirror – EME markets: Greece rebounds, elsewhere mostly ...
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).
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
KLKIM VERCOM SA
SHO KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
4071 SHOPER SA
TRESTATES ARABIAN CONTRACTING SERVICES CO
GEV TRADE ESTATES REIC SA
NOVAL GEVORKYAN A.S.
BOCHGR NOVAL PROPERTY
BANK OF CYPRUS
- Research Team
WOOD Daily: 11B PW (downgraded to HOLD); LAMDA GA (stays BUY); GE macr...
HEADLINES: • 11 bit studios: risk profile increased materially (downgraded to HOLD) • Lamda Development: breaking ground (stays BUY) • Georgia macro: important elections approaching • CTP: 2024 CMD, the demand led growth continues • NEPI Rockcastle: buys Magnolia Park in Wroclaw for EUR 373m POSITIVE • PZU: has paid more than PLN 111m of claims related to floods, and serviced 70% of filed cases so far POSITIVE • Bank Pekao: incoming CEO talks to Forbes • 11 bit studios: interview with the CEO on...
- Maureen Schuller
- Suvi Platerink Kosonen
- Maureen Schuller
- Suvi Platerink Kosonen
- Research Team
WOOD Daily: ALARABIA AB; NOVAL GA; MOH GA; CAR PW; LAMDA GA; MBK PW; C...
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...
- Research Team
WOOD Daily: WPL PW; ASELS TI; CAR PW; CAR PW; PCF PW; SPL PW; KAP LI
HEADLINES: • Wirtualna Polska: WP boosts media margins (stays BUY) • Aselsan: 2Q24 IAS 29 results – strong execution POSITIVE • Inter Cars: 2Q24 EBITDA 10% above our forecast and 5% above the consensus, on higher margin POSITIVE • Inter Cars: August sales growth at 8% yoy, in line with our expectations NEUTRAL • PCF Group: new work-for-hire agreement with Krafton; PLN 7m write-off on Project Red POSITIVE • Santander Bank Polska: strategic investor wants to reduce its stake • Kazatomprom: obtains...
- Egor Fedorov
- Maureen Schuller
CEE bank bonds/Outperforming with a good case for more
The lower supply pressure and turning interest rate cycle have helped CEE bank bonds outperform this year, particularly in the unsecured segment. The relative value metrics of CEE bank bonds remain enticing though versus European comparables, from a bank fundamental and instrument rating angle. We expect to see a further outperformance of CEE names.
- Lukasz Wachelko
- CFA
- Maria Mickiewicz
Auto Parts Distribution: 2024E challenges already priced in (Auto Part...
We maintain our BUY rating on Inter Cars (CAR) and our HOLD on Auto Partner (APR). The 2024E outlook now seems more challenging for auto parts distributors than we assumed in our February update. We believe, however, that this has already been priced in by the market. The key differences in the 2024E outlook between APR and CAR were reflected in the 1Q24 yoy SG&A dynamics, with CAR weathering the cost pressure better, in our view. Despite the short-term challenges, we believe the long-term funda...
- Research Team
The Rear-View Mirror – EME markets: only Czech PX index in positive te...
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...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
BOCH BANK OF COMMERCE HOLDINGS
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: BOCH LN; BHW PW; TXT PW; SFG RO; M RO; ELPE GA; MBR PW; NO...
HEADLINES: • Bank of Cyprus: room for further rerating (stays BUY) • Bank Handlowy: writes down remaining goodwill on retail banking fully in 2Q24 NEUTRAL • Text: 1Q24-25 (calendar 2Q24) results – EBITDA down 2% yoy, but 5% above the consensus POSITIVE • Sphera Group: strong 2Q24 results, as expected NEUTRAL • MedLife: 2Q24 confirms operational earnings recovery, net profits still weak NEUTRAL • HELLENiQ Energy: 2Q24 results – weak net income, due to one-off costs NEUTRAL • Mo-BRUK: earnings cal...
- Research Team
WOOD Daily: DIGI RO; PZU PW; MOH GA; CDR PW; MBR PW; DOM PW; CAI AV; D...
HEADLINES: • DIGI Communications: heavyweight European telco champion (upgraded to BUY) • PZU: posts PLN 1.19bn of net profit in 2Q24; results affected by higher combined ratio in P&C NEUTRAL • Motor Oil Hellas: 2Q24 results POSITIVE • CD Projekt: 2Q24 EBITDA 4-7% above expectations; Polaris to enter production phase “very soon” NEUTRAL • Mo-BRUK: 2Q24 EBITDA 8% above our forecast, but in line with the consensus NEUTRAL • Dom Development: 2Q24 – in line, at first glance NEUTRAL • CA Immo: 2Q24 i...
- Research Team
WOOD Daily: BCG LN; ALARABIA AB; JAHEZ AB; TBCG LN; EME Macro/Strategy...
HEADLINES: • Baltic Classifieds Group: niche diamond (HOLD - initiation of coverage) • Al Arabia Outdoor Advertising: weak 2Q24 financial results NEGATIVE • Jahez: mixed 1H24 financial results NEGATIVE • TBC Bank: 2Q24 results and conference call NEUTRAL • EME Macro/Strategy: macro all-in-one (5-11 August) • Orlen: 2Q24E EBITDA estimates published NEUTRAL • Mo-BRUK: still challenging 2Q24E expected, with weaker yoy EBITDA, but up slightly qoq already (due on 29 August) • PZU: 2Q24E preview (due ...
- Research Team
WOOD Daily: OTP HB; BOCH LN; BVB RO; MOL HB; MTELEKOM HB; CEZ CP; CAR ...
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...
- Research Team
WOOD Daily: EME Macro/Strategy; RICHT HB; TUPRS TI; THYAO TI; ARABIAND...
HEADLINES: • EME Macro/Strategy: how strong are the recession signals? • Richter: well-rounded 2Q24 beat vs. the consensus POSITIVE • Tupras: 2Q24 results and dividend announcement POSITIVE • Turkish Airlines: 2Q24 – RASK up 1% and CASKX up 8% yoy, driving margins lower from peak levels, as expected NEUTRAL • Arabian Drilling: 2Q24 results below expectations NEGATIVE • Air Astana Group: 2Q24 in line, but 1H24 EBIT and FCFE both down yoy, and VietJet entry into Kazakhstan a risk NEUTRAL • KazMuna...
- Research Team
The Rear-View Mirror – EME markets: Greek ASE – best performer in July
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...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
PCO PEPCO GROUP NV
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
SHO SHOPER SA
BOROUGE BOROUGE
7203 ELM CO
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: MIL PW; BDX PW; EMEA Airlines; EME Macro/Strategy Weekly; ...
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...
WIZZ WIZZ AIR HOLDINGS PLC
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
AEGN AEGEAN AIRLINES SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
WPL WIRTUALNA POLSKA HOLDING SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
- Research Team
WOOD Daily: SPL PW; OPL PW; HU Macro; TL Macro; MGROS TI
HEADLINES: • Santander Bank Polska: posts solid 2Q24 results POSITIVE • Orange Polska: 2Q24 results – EBITDAaL up 4% yoy, 1% above the consensus; 2024E EBITDAaL guidance raised POSITIVE • Hungary macro: MNB cuts by 25bps, to 6.75% • Türkiye macro: CBT on firm hold • Migros: sells entire stake in Ramstore Kazakhstan LLC POSITIVE
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