RO: Medlife - Medlife bought a 60% stake in Pro Life Clinics (neutral) RO: One United Properties - One acquires a plot of land with an area of 3,065 sqm to expand One Lake Club (positive) RU: Petropavlovsk - Major shareholder remains in business (neutral) RU: Polyus - Major shareholder sold a 29.99% stake and left the board (neutral) RU: Sberbank - Included on the SDN list (negative)
AT: Andritz - Andritz received a batt forming line order from South Africa (neutral) AT: BAWAG Group - Q4 21 net profit slightly ahead of consensus and 24% ahead of RBIe / 2022 ROTE guidance >17% vs. 16% in 2021 / DPS plan of EUR 3.00 / no exposure to Russia and Ukraine (positive) AT: OMV - Fitch rating agency confirmed OMV's A- rating with a negative outlook (neutral) AT: OMV - Shell's decision to exit its Russian ventures, including Nord Stream 2, could mount pressure on other project...
The independent financial analyst theScreener just downgraded the general evaluation of SBERBANK OF RUSSIA SPN. (RU), active in the Money Center Banks industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Slightly Negative. As of the a...
In late-2020, the value of bonds trading with negative yields reached an all-time high value of USD 18trn. Since then, yields have started growing worldwide, and the sum halved to c.USD 9trn as of the end of January 2022. Although rising bonds yields do not usually favour high-dividend yielding stocks (HDY), we still believe that the latter may remain an attractive investment opportunity. As these equities usually tend to have strong balance sheets (low leverage, solid cash holdings), combined w...
The Russian stock market has declined over 11% since the start of the year and is off 27% since its highs in October 2021, on the new phase of geopolitical escalation. Assuming that open military conflict is avoided, Russian stocks are attractively priced, especially in the context of rising commodity prices. It is hard, if not impossible, to call the bottom in this market, and we do not attempt to forecast if and when the process of de-escalation could start. Generally, we have observed, many t...
EME Equity Market – December 2021 Market performance – despite most markets being in the black, MSCI EM Europe declined by 1.7%. The MSCI EM Europe Index declined by 1.7% in EUR terms and 1.0% in USD terms. The Czech PX Index continued with its solid performance and advanced by 7.7% in EUR terms and 5.1% in CZK. The Romanian BET Index added 7.1% in both EUR and local currency. Turkish equities, represented by the ISE30 Index, grew 5.3% in EUR and 4.2% in TRY. Poland’s WIG20 Index gained 4.8% in ...
HEADLINES: • AUGA Group: crisis brings opportunity! (stays BUY) • EME Macro/Strategy: US - Fed positioned for a steep lift-off • Sberbank: highlights from the investor day NEUTRAL • CD Projekt: conclusion of settlement term sheet in US, USD 1.85m to be paid NEUTRAL • OTE: accelerated FTTH rollout could harm dividend payouts NEGATIVE • Short News (ENA, FMF, TEN, PGE, TPE, COTE, FP)
Yesterday afternoon (15 December), Sber held an investor day and announced its 2022E targets. We do not believe that our estimates will need significant revisions in the light of the new guidance. That said, we stick to our stance on Sber. We appreciate the tail risk that the Russia-Ukraine tension imposes. However, we are still more interested in buying from the current levels, compared to RUB 370-380, which did not incorporate any geopolitical baggage. Sber’s commons are trading at 1.0x P/TBV ...
EME Equity Market – November 2021 Market performance – most markets down, with Czech PX Index (+3.0%) the exception. The MSCI EM Europe Index lost 8.9% in EUR terms and 10.7% in USD in November. Prague’s PX Index added 3.0% in EUR terms and 2.3% in local currency, followed by the Romanian BET Index, which declined 3.2% in both EUR and RON terms. Greece’s ASE Index declined by 3.4% in EUR terms, while Hungary’s BUX Index declined by 6.2% in EUR and 5.0% in HUF. The Russian MOEX Index declined 8.6...
HEADLINES: • Sberbank: banks, germs and steel (upgraded to BUY) • Ozon: near-term losses fuel higher growth (stays BUY) • Aegean Airlines: 3Q21 beat on stronger revenue, balance sheet boosted by equity raise and state aid • Huuuge Games: 3Q21 adjusted EBITDA more than doubles yoy, broadly as expected NEUTRAL • TCS Group Holding: 3Q21 highlights • LiveChat Software: 2Q21-22 (calendar 3Q21) results - EBITDA up 47% yoy, 10% above the consensus POSITIVE • CCC: final 3Q21 results a notch below th...
We have upgraded Sberbank’s commons (new price target (PT) RUB 422/share) and prefs (new PT RUB 359/share) to BUYs. We believe that geopolitics and profit-taking from the oil rally have played a role in the recent drawdown. We would not downplay the risk of an escalation in the Ukraine and Russia conflict but, if we accept this as a tail risk, the historical IRRs show that the current levels are significantly more compelling as entry points compared to a few weeks ago. In our view, Sber’s bottom...
HEADLINES: • Komercni Banka: posts solid 3Q21 results, situation improving in a solid manner POSITIVE • Bank Pekao: posts solid 3Q21 results, with a good quality mix NEUTRAL • ING BSK: 3Q21 delivery is a sign of business growth strength POSITIVE • Turkish Airlines: 3Q21 - tangible beat, on better cost control • BRD-GSG: 3Q21 - another strong quarter • Kruk: posts strong bottom line and is on track for a record-high year POSITIVE • Wizz Air: 2Q FY22 - broadly in line, strong ramp-up ahead of ...
HEADLINES: • MONETA Money Bank: strong 3Q21 bottom line on LLPs releases, 2021E net profit outlook upgraded POSITIVE • Sberbank: 3Q21 highlights - solid quarter • VK (formerly Mail.ru): 3Q21 results review • Komercijalna Banka: 3Q21 results review - strong figures, 2021E beat now likely POSITIVE • Lotos: 3Q21 results - strong downstream results, upstream weak due to maintenance • OMV: 3Q21 results - strong EBITDA, disappointing bottom line • OMV Petrom: 3Q21 results - EBITDA in line, net in...
HEADLINES: • Bank Millennium: 3Q21 - big progress settling FX mortgage portfolio, strong underlying performance POSITIVE • Orange Polska: 3Q21 results - adjusted EBITDAaL up 7% yoy, in line with our estimates NEUTRAL • Logo Yazilim: 3Q21 results in line NEUTRAL • Kaspi.kz: 3Q21 results, and updated FY21E net income guidance • TeraPlast: 3Q21 results - strong sales growth, but lower EBITDA margin NEGATIVE • Zagreb Stock Exchange: 3Q21 results review - reports HRK 0.2m loss, on lower revenues • ...
HEADLINES: • Polish banks: powering through to higher ROE outlooks • Poland macro: NBP delivers strong hike, exceeding expectations • Bank Millennium: adds to FX mortgage litigation risk provision pile in 3Q21 • LPP: key takeaways from the 2Q21 call • Fondul Proprietatea/Nuclearelectrica: PM says PNL and government support cap on energy prices • Jumbo: September sales growth +2.5% yoy • Bogdanka: Enea might sell Bogdanka's shares to PFR or IDA • Mail.ru/Sberbank: provide RUB 12.2bn to O2O...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
EME Equity Market – July 2021 Market performance – Turkish ISE30 Index gains 6.0% in July, while Russian MOEX declines by 1.9%. The MSCI EM Europe Index declined 1.1% in EUR terms and 1.0% in USD terms in July, despite most of the followed sub-indices being in the black. The best-performing equity market was in Turkey, which added 6.0% in EUR terms and 2.6% in TRY terms, followed by the Czech PX Index, which gained 4.9% in both EUR and CZK terms. The Hungarian BUX Index added 1.1% in EUR and 2.9...
HEADLINES: • Raiffeisen Bank International: 2Q21 results - huge beat vs. market's expectations POSITIVE • Erste Bank: posts very solid 2Q21 results, upgrades 2021E guidance and commits to more dividends POSITIVE • Mail.ru: mixed 2Q21 results; guidance implies a strong recovery in 2H • Magnit: releases 2Q21 results - EBITDA in line with market's expectations NEUTRAL • Sberbank: 2Q21 highlights • Garanti: 2Q21 highlights - good quarter, with robust fees and subsidiary performance • Ekspress G...
HEADLINES: • Santander Bank Polska: posts strong bottom line, as LLPs benefit from COVID-19 provisions releases • Wizz Air: 1Q FY22 - broadly in line with the consensus • Lotos: 2Q21E estimates - stronger than expected • OMV: 2Q21 results - EBITDA above our expectations POSITIVE • OMV Petrom: 2Q21 results - EBITDA in line with expectations • Mytilineos: 2Q21 results fully in line • Hungary macro: MPC delivers strong hike, with hawkish reinforcement • TeraPlast: 1H21 results conference call...
AT: AGRANA - Weak final Q1 21 in line with ad-hoc-released figure, FY outlook unchanged (neutral) AT: OMV - Q2 21 operating results a mix bag of below-market realized gas prices, better refining margins and sales volume, significantly stronger petchem margins (neutral) PL: Bank Millennium - Huge FX provisioning turning Q2 21 likely into the red (negative) RO: OMV Petrom - Q2 21 operating results point to lower output and sales volume in upstream, better refining margins and sales volume ...
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