reports
- Research Team
The Rear-View Mirror – EME markets: rebound in Türkiye
EME Equity Market – June 2025 All EME indices in the green in June, with a rebound in Türkiye. The MSCI EM Europe Index advanced by 3.2% mom in EUR terms and 6.9% in USD terms. The Turkish ISE 30 Index was the best performer in our region, recouping the losses from the previous month and adding +6.6% mom in EUR terms. The Hungarian BUX and the Polish WIG indices added 3.1% and 2.8% mom in EUR terms, respectively, followed closely by the Romanian BET and the Greek ASE, with both adding 2.0% mom i...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
OMV OMV AG
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
PBK PATRIA BANK SA
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
VRC VERCOM SA
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
BOROUGE BOROUGE
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: LPP PW; ADNOCDRI UH; RICHT HB; HUG PW; TEN PW; GPW PW; Mac...
HEADLINES: • LPP: fire at Romanian warehouse causes temporary disruption in SEE operations; c.PLN 400m in assets destroyed (all insured) NEGATIVE • ADNOC Drilling: oilfield services awarded a five-year contract for hydraulic fracturing POSITIVE • Richter: European Commission approval for denosumab biosimilars NEUTRAL • Huuuge Games: June Sensor Tower bookings estimate flat mom NEUTRAL • Ten Square Games: June Sensor Tower bookings estimate flat mom NEUTRAL • Warsaw Stock Exchange: PLN 3.15/share...
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the green in...
EME Equity Market – May 2025 EME indices mostly in the green in May, apart from Türkiye. The MSCI EM Europe Index added 3.6% mom in EUR and USD terms. The Greek ASE index (+7.8% mom) was the best performer, followed by the Czech PX (+6.6% mom) and Romanian BET indices (+5.0% mom), the Hungarian BUX (+4.0% mom) and the Polish WIG20 (+2.0% mom; all in EUR terms). The Turkish ISE30 Index was, again, the worst performer, with a more modest decline (-1.4% mom in EUR terms) this time.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCOLA COCA-COLA ICECEK A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
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.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
GIG GAMING INNOVATION GROUP
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
OPTIMAr OPTIMA BANK S.A.
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: Middle Eastern Oil Services – ADNOCDRI UH, ARABIAND AB; PL...
HEADLINES: • Middle Eastern oil services: time to switch horses (ADNOC Drilling downgraded to HOLD, Arabian Drilling upgraded to BUY) • Poland macro: Presidential election – final results and implications • 4iG: 1Q25 results review – 11% yoy increase in reported EBITDA, in line with our estimate NEUTRAL • GTC: 1Q25 – some notes, post the results • PCF Group: suspension of development works on Gemini and Bifrost, over 60 people to be laid off NEGATIVE • OMV: to sell stake in Ghasha sour gas proje...
- Bram Buring
- CFA
- Jonathan Lamb
Middle Eastern Oil Services: time to switch horses (ADNOC Drilling dow...
We have downgraded ADNOC Drilling to HOLD (from Buy), with an updated price target (PT) of AED 5.61 (from AED 5.01); and upgraded Arabian Drilling to BUY (from Hold), with an updated PT of SAR 104.0 (from SAR 163.0). ADNOC Drilling was the star of 2024, while Arabian Drilling suffered from the fallout from Saudi Aramco’s cancelled expansion projects. Increased liquidity in ADNOC Drilling saw its index inclusion and new investors driving the share price performance. We expect 2025E to bring highe...
- Research Team
WOOD Daily: OPAP GA; CDR PW; VGO PW; DAT PW; KAP LI; LAMDA GA; AEGN GA...
HEADLINES: • OPAP: 1Q25 – strong, as expected NEUTRAL • CD Projekt: 1Q25 EBIT broadly as expected, guidance on three unannounced projects POSITIVE • VIGO Photonics: adjusted EBITDA up 2x yoy (on a low base), in line with our estimate NEUTRAL • DataWalk: actual 1Q25 numbers fully in line with the preliminaries NEUTRAL • Kazatomprom: 1Q25 results – much weaker than expected NEGATIVE • Lamda Development: 1Q25 results – opex outside the Ellinikon better than expected, but quarterly capex still slow ...
CDR CD PROJEKT S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
LAMDA LAMDA DEVELOPMENT S.A.
KTY GRUPA KETY SA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
VGO VIGO SYSTEM SA
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HUGE HUUUGE
ADNOCDRILL ADNOC DRILLING CO
- Research Team
WOOD Daily: Polish Food Retail – DNP PW; EUR PW; JMT PL; ZAB PW; BFT P...
HEADLINES: • Polish food retail: turning the corner (initiating on Zabka with a BUY, Eurocash and Jeronimo stay BUY, Dino stays SELL) • Benefit Systems: 1Q25 adjusted EBIT up 14% yoy, 10% above our forecast POSITIVE • Grupa Pracuj: 1Q25 results – adjusted EBITDA up 11% yoy, in line with our forecast, 4% above the consensus POSITIVE • Wirtualna Polska: 1Q25 results review – adjusted EBITDA up 2% yoy, 2% above the consensus NEUTRAL • Athens Exchange Group: 1Q25 results in line with expectations NE...
EXAE HELLENIC EXCHANGES SA
OMV OMV AG
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
EUR EUROCASH S.A.
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
DNP DINO POLSKA S.A.
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
ZAB ZABKA GROUP
- Research Team
WOOD Daily: PZU PW; CEZ CP; EUR PW; GPW PW; SFG RO; TLV RO; BVB RO; DI...
HEADLINES: • PZU: solid 1Q25 results, ahead of the market's expectations; some upside risk for2025E EPS forecasts POSITIVE • CEZ: 1Q25 beat on distribution and sales segments, disposal of Polish assets POSITIVE • Eurocash: 1Q25 – weak, as expected NEGATIVE • Warsaw Stock Exchange: strong 1Q25, with a significant net income beat POSITIVE • Sphera Group: 1Q25 softer than expected; FY25E budget below our forecasts NEGATIVE • Banca Transilvania: bottom-line miss, due mainly to asset quality deterior...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
OTP OTP BANK NYRT
EUR EUROCASH S.A.
GPW WARSAW STOCK EXCHANGE
VGO VIGO SYSTEM SA
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
GIG KAZMUNAYGAS NC JSC
4071 GAMING INNOVATION GROUP
ARABIAN CONTRACTING SERVICES CO
- Research Team
WOOD Daily: OPTIMA GA; PKO PW; SOKM TI; RICHT HB; ARABIAND AB; TPE PW;...
HEADLINES: • Optima Bank: a touch of Midas, none of Icarus (BUY - initiation of coverage) • PKO BP: solid 1Q25 results, in line with expectations NEUTRAL • Sok Marketler Ticaret: 1Q25 results – significant miss NEGATIVE • Richter: 1Q25 results in line NEUTRAL • Arabian Drilling: 1Q25 results NEUTRAL • Tauron: 1Q25 preliminary EBITDA 16% above our expectations POSITIVE • Kaspi.kz: 1Q25 highlights; 2025E guidance revised down NEGATIVE • Bank of Cyprus: 1Q25 results highlights • Zabka (NOT RATED): ...
Kaspi.kz 1Q 2025 Financial Results
Kaspi.kz 1Q 2025 Financial Results ALMATY, Kazakhstan, May 12, 2025 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”, “we”) (Nasdaq:KSPI) which operates the Kaspi.kz and Kaspi Pay Super Apps in Kazakhstan and owns 65.41% of Hepsiburada in Türkiye, today published its unaudited consolidated IFRS financial results for the quarter ended 31 March 2025 (“1Q 2025”). 1Q 2025 Highlights Our results for the first quarter of the year were broadly as we expected them to be.1Q 2025 Revenue up 21% year-over-year (“YoY”), net income up 16% YoY. This and all references below exclude Türk...
- Research Team
WOOD Daily: MIL PW; JAHEZ AB; CCC PW; APR PW; CAR PW; RICHT HB; FROTO ...
HEADLINES: • Bank Millennium: solid, but neutral, set of 1Q25 results; FX mortgage saga still eating material part of profits • Jahez: mixed 1Q25 results, affected by seasonality and intensified competition NEGATIVE • CCC: preliminary 1Q25 EBITDA beats expectations by 2-8%, on FX differences NEUTRAL • Auto Partner: April sales growth slows down to 5% yoy NEGATIVE • Inter Cars: April sales growth decelerates to 6% yoy NEGATIVE • Richter: Trump promises 30-80% cuts in US drug prices NEGATIVE • For...
MIL BANK MILLENNIUM SA
CCC CCC SA
APR AUTO PARTNER SA
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
GPW WARSAW STOCK EXCHANGE
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
R22 R22
VRC VERCOM SA
GPP GRUPA PRACUJ DA
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
- Research Team
WOOD Daily: ING PW; JMT PL; BHW PW; BDX PW; MGROS TI; TBCG LN; CGEO LN...
HEADLINES: • ING BSK: 1Q25 results in line with expectations and our annual 2025E expectations NEUTRAL • Jeronimo Martins: beat in 1Q25; Biedronka margin stabilised, despite adverse calendar effect; FY25E guidance maintained POSITIVE • Bank Handlowy: dull 1Q25 results; dividend recommendation due later in May; uncertainty over impact of sale of retail operations persisting NEUTRAL • Budimex: 1Q25 EBITDA misses forecast slightly, backlog down marginally qoq, but rising amount of pending contracts...
MOL MOL NYRT
BHW BANK HANDLOWY W WARSZAWIE S.A.
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
CAR INTER CARS S.A.
BELA JUMBO S.A.
CGEO GEORGIA CAPITAL
ALG ALLEGRO.EU SA
CTPNV CTP NV
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ADNOCDRILL ADNOC DRILLING CO
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: RBI AV; ADNOCDIS UH; ENA PW; TITC GA; RO Macro; BRISA TI; ...
HEADLINES: • Raiffeisen Bank International: 1Q25 results largely in line NEUTRAL • ADNOC Distribution: 1Q25 results NEUTRAL • Enea: preliminary 1Q25 EBITDA 13% above our expectations, driven by strong Supply; only 8% of 2025E capex plan realisation POSITIVE • Titan America: soft 1Q25 results, guidance unchanged NEUTRAL • Romania macro: reflections on the resignation of PM Ciolacu • Brisa: takeaways from the 1Q25 earnings call NEUTRAL • Inter Cars: earnings call takeaways - targeting 2025E revenu...
RBI RAIFFEISEN BANK INTERNATIONAL AG
TITK TITAN CEMENT CO. SA
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENA ENEA S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
CPS CYFROWY POLSAT SA
WPL WIRTUALNA POLSKA HOLDING SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
INPST INPOST S.A.
ADNOCDRILL ADNOC DRILLING CO
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
- Research Team
WOOD Daily: BRISA TI; AIRA LI; VGO PW; DSPW CP; PCF PW; CIMSA TI; AKCN...
HEADLINES: • Brisa: reports weak 1Q25 numbers, as expected NEGATIVE • Air Astana Group: 1Q25 – first take broadly in line • VIGO Photonics: full 4Q24 results – miss on adjusted EBITDA, slight beat on net profit NEUTRAL • Doosan Skoda Power: 2024 P&L numbers fully in line with the preliminaries NEUTRAL • PCF Group: post-4Q24 earnings call takeaways NEUTRAL • Cimsa: 1Q25 conference call takeaways • Akcansa: 1Q25 conference call takeaways • Solutions by STC: 1Q25 conference call takeaways • CEZ: to...
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
VGO VIGO SYSTEM SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
EAT AMREST HOLDINGS SE
KSPI KASPI KZ
PCF PCF GROUP SA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
AIRA AIR ASTANA JSC
DSPW DOOSAN SKODA POWER A.S.
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the red in A...
EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR ...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
BOROUGE BOROUGE
7203 ELM CO
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: THEON NA; KRU PW; SAB1L LH; MCOVB SS; OTKAR TI; TOASO TI; ...
HEADLINES: • Theon International: 1Q25 trading update – strong execution, rich options POSITIVE • Kruk: 1Q25 results, beat driven by Wonga, debt purchased segment in line, but slowing growth dynamics NEUTRAL • Siauliu Bankas: rather weak 1Q25, but maintained outlook should provide some support NEGATIVE • Medicover: 1Q25 beat on admin costs and other financial income POSITIVE • Otokar: 1Q25 results – continuing losses on the operating and bottom lines • Tofas: weak set of results in 1Q25, as anti...
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CDR CD PROJEKT S.A.
MYTIL MYTILINEOS S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
TEN TEN SQUARE GAMES
HUGE HUUUGE
THEON THEON INTERNATIONAL PLC
Kaspi.kz to Announce 1st Quarter 2025 Financial Results on 12th May
Kaspi.kz to Announce 1st Quarter 2025 Financial Results on 12th May ALMATY, Kazakhstan, April 15, 2025 (GLOBE NEWSWIRE) -- Kaspi.kz (KSPI US) will report its financial results for the quarter March 31, 2025, on Monday, 12th May, 2025. On that day, management will hold a conference call and webcast at 8.00am EST (1pm GMT, 5.00pm Astana time) to review and discuss the company's results for the period. 1st Quarter 2025 Financial Results Conference Call Monday, 12th May, 2025 To pre-register for this call, please go to the following link: You will receive your access details ...
- Research Team
WOOD Daily: MAVI TI; TL Banks; GPW PW; BFT PW; MOL HB; EU Macro; DNP P...
HEADLINES: • Mavi: a mispriced story with solid fundamentals (BUY - reinitiation of coverage) • Turkish banks: weather vs. climate (reinitiating on Akbank, Garanti, Isbank and Yapi Kredi with HOLDs) • Warsaw Stock Exchange: just move on up (stays BUY) • Benefit Systems: March sports cards addition surprises positively, mostly in Poland POSITIVE • MOL: announces dividend proposal of HUF 275/share NEUTRAL • EU macro: cohesion funds can be deployed for defence, housing and energy investments • Dino...
- Research Team
The Rear-View Mirror – EME markets: Türkiye in the red, again
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
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.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
M MED LIFE
R22 R22
SOKM SOK MARKETLER TICARET AS
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
BCG GRUPA PRACUJ DA
KLKIM BALTIC CLASSIFIEDS GROUP PLC
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS GAMING INNOVATION GROUP
9526 AROBS TRANSILVANIA SOFTWARE SA
SHO JAHEZ INTERNATIONAL CO
7203 SHOPER SA
AQ ELM CO
AIRA AQUILA PART PROD COM
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
- Marta Jezewska-Wasilewska
- Miguel Dias
Warsaw Stock Exchange: just move on up (stays BUY)
We maintain our BUY on Warsaw Stock Exchange (GPW), with a slightly higher price target (PT) of PLN 56.5/share (from PLN 55.4), implying 24.6% upside from the current share price. Despite the significant ytd rally, we believe that Polish equities are still attractively valued and offer exposure to one of the fastest-growing economies in Europe, creating a compelling argument for a strong stock market performance in the years ahead. Equity turnover is set to be quite strong this year, which could...
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