reports
- Research Team
The Rear-View Mirror – EME markets: all geographies in the green in Ap...
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).
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
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
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
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.
ARCLK ARCELIK A.S.
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.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
GEB BANK OF GEORGIA
M MED LIFE
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
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
PCO PEPCO GROUP NV
GPP KAZMUNAYGAS NC JSC
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
2381 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN DRILLING CO.
SHO JAHEZ INTERNATIONAL CO
BOROUGE SHOPER SA
AIRA BOROUGE
GEV AIR ASTANA JSC
GEVORKYAN A.S.
Lamda Development S.A.: 1 director
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...
- Research Team
WOOD Daily: LPP - the glass is half full (stays BUY), EUR PW, 11B PW, ...
• 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...
PEO BANK POLSKA KASA OPIEKI SA
MOL MOL NYRT
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
LAMDA LAMDA DEVELOPMENT S.A.
LPP LPP S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
EUR EUROCASH S.A.
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
- Jakub Caithaml
WOOD Flash - Lamda Developments: 4Q23 results - a significant step-up ...
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...
- Research Team
WOOD Daily: LAMDA GA, EL RO, PEO PW, 11B PW, SNN RO, EMEA airlines, BU...
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...
- Research Team
WOOD Daily: CIMSA TI; INPST NA; CAR PW; EME Macro/Strategy Weekly; H2O...
HEADLINES: • Cimsa: announces the completion of the 10.1% SBS shares transfer POSITIVE • InPost: PPF executes only part of the option, at this stage NEUTRAL • Inter Cars: 2024E revenue growth target at 13-15% yoy NEUTRAL • Inter Cars: November sales growth decelerated to a limited 10% yoy NEGATIVE • EME Macro/Strategy: macro all-in-one (4-10 December) • Hidroelectrica: signs agreement to acquire assets and personnel from manufacturer of hydro equipment NEUTRAL • WOOD's Winter Wonderland EME Con...
LAMDA LAMDA DEVELOPMENT S.A.
CAI CA IMMOBILIEN ANLAGEN AG
CIMSA CIMENTO SANYAI VE TICARET A.S.
AEGN AEGEAN AIRLINES SA
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
CAR INTER CARS S.A.
ECH ECHO INVESTMENT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
EAT AMREST HOLDINGS SE
INPST INPOST S.A.
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
H2O HIDROELECTRICA S.A.
- Research Team
The Rear-View Mirror – EME markets: Greek stocks in the lead
EME Equity Market – November 2023 Market performance – Greeks in the lead, in a month with only green across the region. The MSCI EM Europe Index added 5.6% mom in EUR terms and 8.7% mom in USD in November. The Greek ASE Index was the top performer in our region (+6.9% mom), followed by the Polish WIG20 (+5.5% mom) and the Hungarian BUX (+4.0% mom). The Czech PX Index saw the most muted performance, advancing 2.8% mom.
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
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
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
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.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
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
TBCB TBC BANK JOINT STOCK CO
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.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
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.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
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
ADKO ADDIKO BANK
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
PCO PEPCO GROUP NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
- Jakub Caithaml
WOOD Flash – Lamda Development: 3Q23 – tenant sales (+23% yoy in 9M23)...
Lamda's 3Q23 results were – on the key recurring lines – in line with both our expectations and the trends visible in 1Q and 2Q23. The continued strong sales growth of the malls' tenants is encouraging, as is the good performance of the marinas. For the Ellinikon, the jury is out, and will remain so for some time, in our view. While the demand for the early-stage projects is very encouraging, we will also have visibility on the actual levels of the construction capex spent and, hence, on the mar...
- Research Team
WOOD Daily: PZU PW; HUG PW; LAMDA GA; GPP PW; ENA PW; TPE PW; CAR PW; ...
HEADLINES: • PZU: posts solid 3Q23 results, raising hopes for a solid dividend pick-up next year NEUTRAL • Huuuge Games: adjusted EBITDA in line, reported line affected by USD 1.7m provision for litigation NEUTRAL • Lamda Development: 3Q23 - tenant sales (+23% yoy in 9M23) still at a very brisk pace NEUTRAL • Grupa Pracuj: 3Q23 results - adjusted EBITDA up 3% yoy, 5% above the market consensus NEUTRAL • Enea: 3Q23 results in line with preliminary figures • Tauron: 3Q23 results in line with prel...
- Research Team
The Rear-View Mirror – EME markets: only Romania and Turkey in the bla...
EME Equity Market – September 2023 Market performance – positive developments in Romania and Turkey, declines everywhere else. The MSCI EM Europe Index lost 3.7% mom in EUR terms and 6.0% mom in USD in September. Romania took the spotlight, with the BET Index advancing 7.4% mom in EUR terms, followed by the Turkish ISE30 (+4.6% mom). The Polish WIG20 declined the most (-8.7% mom), followed by the Greek ASE, the Hungarian BUX and, finally, the Czech PX (-7.9%, -1.9% and -0.6% mom, respectively).
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
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
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ECH ECHO INVESTMENT
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
NLBR NLB GROUP
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
- Research Team
WOOD Daily: INPST NA; AROBS RO; LAMDA GA; PCO PW; ASELS TI; CDR PW
HEADLINES: • InPost: not there yet (stays BUY) • AROBS Transilvania Software: 2Q23 results • Lamda Development: 2Q23 - call takeaways (capex, cash inflows, malls IPO, margin of building by BIG) • Pepco Group: business model in question NEGATIVE • Aselsan: AESA radar ready to fly with Baykar drones POSITIVE • CD Projekt: Phantom Liberty down slightly in top-sellers list NEGATIVE • Short News (SNG)
- Research Team
WOOD Daily: ALE PW; LAMDA GA; CZ Macro; PGE PW; PCO PW; DIGI RO; SNP R...
HEADLINES: • Allegro: 2Q23 results above expectations; guidance for EBITDA acceleration in 3Q23E POSITIVE • Lamda Development: 1H23 - existing malls NOI ahead of our estimates, NAV stable at EUR 7.8/share POSITIVE • Czech Republic macro: CNB preparing for the first rate cut • PGE: 2Q23 earnings call takeaways • Pepco Group: another profit warning and management reshuffle NEGATIVE • DIGI Communications: in talks with Macquarie and Abrdn to sell stake in its Spanish fibre network NEUTRAL • OMV P...
- Research Team
The Rear-View Mirror – EME markets: Turkey back on top, again
EME Equity Market – August 2023 Market performance – Turkey the top performer in August, once again. The MSCI EM Europe Index lost 0.7% mom in EUR terms and 2.2% mom in USD in August. Turkey, yet again, outperformed its peers, with the ISE30 gaining 9.4% mom in EUR terms. The Hungarian BUX index saw a solid performance in August, adding 6.1% mom in EUR terms, while the Romanian BET had a lacklustre month, barely making any gains (0.1% mom in EUR terms). Elsewhere, the index performances were neg...
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI 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
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON 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
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.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
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.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
TRP TERAPLAST
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
PEN PHOTON ENERGY NV
DUNAHOUSE DUNA HOUSE
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
7203 ELM CO
- Research Team
WOOD Daily: ISCTR TI; CCOLA TI; BRISA TI; RO Macro; LAMDA GA; ACP PW; ...
HEADLINES: • Isbank: 2Q23 highlights - subsidiary profits boom • Coca-Cola Icecek: 2Q23 - better than expected results POSITIVE • Brisa: 2Q23 EBITDA margin up to 22%, volumes fall 8% yoy on exports • Romania macro: NBR holds the policy rate unchanged • Lamda Development: rundown of key value drivers (highlights from the CMD) POSITIVE • Asseco Poland: 2Q23 preliminary net profit reaches PLN 120m, 3% above the consensus POSITIVE • CEZ: State reportedly seeking to acquire gas network operators N...
- Jakub Caithaml
WOOD Flash – Lamda Development: rundown of key value drivers (highligh...
During its 2023 Investor Day, Lamda’s management presented its vision for The Ellinikon project and its detailed key strategic targets up to 2026E, along with some broader guidance up to 2037E. Based on our reconciliation, Lamda expects the NAV to reach EUR 2.4bn by 2026E, up from EUR 1.4bn as of the end of 2022. Market conditions permitting, Lamda plans to separate and IPO the Malls Co by the end of 2024E (looking to raise c.EUR 150m of new capital, to be used for deleveraging and development c...
- Research Team
The Rear-View Mirror – EME markets: gains in all geographies – Turkey ...
EME Equity Market – July 2023 Market performance – gains keep on rolling in all geographies, with special mention of Turkey’s stellar performance. The MSCI EM Europe Index gained 8.6% mom in EUR terms and 9.5% mom in USD in July. Turkey clearly outperformed its peers, gaining 18.6% mom in EUR terms. Most other geographies performed more or less at similar levels, with the Polish WIG20 in the upper part of the range, advancing 7.3% mom in EUR terms, followed by the Romanian BET and Czech PX indic...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
AKBNK AKBANK TAS
CCC CCC SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
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.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
CGEO GEORGIA CAPITAL
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
KSPI KASPI KZ
PCF PCF GROUP SA
HUGE HUUUGE
4IG ALRO SLATINA
PCO 4IG NYRT
GPP PEPCO GROUP NV
2381 GRUPA PRACUJ DA
7202 ARABIAN DRILLING CO.
4071 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE ARABIAN CONTRACTING SERVICES CO
BOROUGE
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; LAMDA GA; OMV AV; SNP RO; JMT P...
HEADLINES: • EME Macro/Strategy: macro all-in-one (3-9 July) • Lamda Development: highlights from the investor day • OMV: 2Q23 trading results • OMV Petrom: 2Q23 trading results • Jeronimo Martins: 2Q23E results preview - 16% yoy EBITDA growth expected (due on 26 July) NEUTRAL
- Research Team
The Rear-View Mirror – EME markets: markets rally as inflation continu...
EME Equity Market – June 2023 Market performance – in the mostly green month of June, Czech Index’s red performance stands out; Turkish gains eclipsed by TRY devaluation. The MSCI EM Europe Index gained 3.3% mom in EUR terms and 6.0% mom in USD in June. The Polish WIG20 advanced the most (+11.1% mom in EUR terms), followed by the Hungarian BUX Index (+6.2% mom in EUR terms), the Greek ASE Index (+4.9% mom in EUR terms) and the Romanian BET Index (with a more modest, but positive performance: +2....
JMT JERONIMO MARTINS SGPS S.A.
OMV OMV AG
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
LAMDA LAMDA DEVELOPMENT S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
AUG1L AGROWILL GROUP AB
LVC LIVECHAT SOFTWARE SA
OTP OTP BANK NYRT
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
PEN PHOTON ENERGY NV
ALG ALLEGRO.EU SA
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
BOROUGE BOROUGE
- Research Team
WOOD Daily: MBK PW, PL macro, GR macro, LAMDA GR, CZ banks, CCOLA TI, ...
HEADLINES: • mBank: to book PLN 1,512.9m of FX mortgage saga costs in 2Q23E • Poland macro: latest opinion poll shows PiS and KO neck-and-neck • Greek macro: PM Mitsotakis secures an outright majority in the general election second round • Lamda: payment of second instalment for Ellinikon, reduced bank funding needs POSITIVE • Czech banks: may benefit from updated retail mortgage law • Coca-Cola Icecek: potential acquisition of Coca-Cola Bangladesh Beverages POSITIVE • EME Macro/Strategy: ma...
- Research Team
WOOD Daily: LAMDA GA; PCF PW; MIL PW; TGN RO; SOLUTION AB; GTC PW; EME...
HEADLINES: • Lamda Development: a bet on the transformation of Athens (BUY - initiation of coverage) • PCF Group: non-binding term sheet regarding new VR game for USD 16-24m POSITIVE • Bank Millennium: to spend PLN 680m on FX mortgage saga in 2Q23E NEUTRAL • Transgaz: signs order to begin construction of pipeline linking Black Sea to BRUA NEUTRAL • Solutions by STC: announces signing of a binding offer to acquire 40% of Devoteam Middle East POSITIVE • GTC: considering entry into European luxur...
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