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....
Headlines Large-cap companies news … 2 PZU: CEO on outlook Santander BP: Prolongation for SME credit repayments Millennium: Rating affirmed at BBB- in an annual review IT sector: KSI development tender at ZUS announced Banks: Higher acceptance of credit approval levels for companies Banks: No cost of capital compensation in FX litigation? Banks: 3Q20 data for court proceeding on CHF mortgage litigation Banks: Press on rising number of loss-making banks Small- and mid-cap companies news...
Headlines Conferences calendar … 2 Large-cap companies news … 3 PKN Orlen: 3Q20 results preview CD Projekt: Resale update; 92% of resale target achieved by Wednesday; resale terminated on Friday; members of the board acquired remaining shares in the motivation program Small- and mid-cap companies news … 6 Celon Pharma: Strong 2Q20 financials, above expectations Famur: Appeal to tax authorities successful Arctic Paper: Financing from NCBR secured OEX: Insider buying CI Games: Changes...
Polish Equities Monthly: July 2020 Worlds apart Nasdaq Composite at its all-time high (and +11.7% ytd) and S&P500 a tad in the positive territory from the ytd RoR perspective – that was the world of the stock market just a few days ago. It hardly reconciled not only with realistic, in our view, scenarios for the economic recovery (discussed in our previous Monthly research report, 6/2020/MR(59), dated May 19), but also with the mathematics of changes in the U.S. earnings expectations (the abru...
Headlines Conferences calendar … 2 Large-cap companies news … 3 PGNiG: Capex in 2020 at a similar level as in 2019 Orange PL: 2Q20 results to be lifted by release of provisioning on jubilee bonuses following deal with unions mBank: Management obtains shares in the incentive program PZU: Role of banks in the group Handlowy: AGM voted resolutions Funds flow: Industry insiders on funds flows in May Banks: ZBP on problems in the sector Banks: Challenges for the sector Debt collection: Dem...
Headlines Large-cap companies news KGHM: 4Q19 results revealed; Disappointing results of KGHM Polska due to higher than expected operating costs, good operating cash flow performance driven by extensive use of factoring Cyfrowy Polsat: Bid for Interia placed Cyfrowy Polsat: Insider buying PZU: CFO on outlook PKO BP: Insider buying Millennium: Insider buying Eurocash: Insider buying Tauron: PLN 121 million of additional impairments Banks: MPC cuts interest rates Banks: ZBP wants to lim...
Headlines Large-cap companies news CCC: Mediocre outlook for 1Q20. Lotos: Refining production slate for February revealed – poor production figures due to unplanned stoppages of coker unit Lotos: Expected synergies from merging with PKN? Pekao: CEO on outlook Pekao: Blackrock below 5% threshold Kruk: CEO on outlook PGNiG: Another drilling executed in Pakistan Tauron, Rafako: Jaworzno launch by the end of July Alior: Insider buying ING BSK: AGM called ING BSK: FY19 financial report co...
Headlines Large-cap companies news Cyfrowy Polsat: 4Q19 results’ forecast – down-trend in like-for-like (accounting-standard-neutral) EBITDA fading away? PGNiG: Operating figures regarding 4Q19 revealed PGNiG: Management outlook Ciech: CEO on soda ash price contracts CD Projekt: The Company received a positive tax interpretation regarding IP BOX Pekao: Mortgage arm to book PLN 35 million provisions Pekao: Financing of takeover at PLL LOT Pekao: Blackrock ups its stake over 5% threshold ...
Polish Equities Monthly: January 2020 Delivering the goods FY19 performance of our top potential out- and underperformers portfolio shows that acute stock selection accompanied by patience is capable of yielding satisfying rates of return also in periods when the broad stock market is not supportive, moving side-ways: last year our top potential out- and underperformers portfolio generated absolute positive rate of return (including intra-year month-on-month compounding effect, yet excluding t...
Polish Equities Monthly: December 2019 2020 equity strategy At a critical junction The US equity market is, in our view, at a crossroads at the moment. Whereas some of the economic leading indicators (UST curve, industrial production, ISM manufacturing PMI, US corporate profit margins), historically doing decent job in signaling stock market peaks, explicitly imply risk of looming change in the cyclical trend in US equities, the other key ones (ISM non-manufacturing PMI, trend in initial jobl...
With the turn of the year closing near, one is tempted to figure out the next year’s outlook. How long the current synchronized slow-down in growth for the key countries/ regions may last? How persistent may be the recent dovish twist in main central banks’ policy bias? 30% of the world’s sovereign debt outstanding stock has negative yield – does it really matter? Are there any material risks to the stability of global financial system? What’s the priority of president Trump (apart from his re-e...
Sanok has been hit by a coexistence of several factors leading to a severe drop of production margins including: (i) growing cost of raw materials, labor and energy, (ii) ongoing large investment projects (incl. a new factory in Mexico and a new production warehouse in Sanok) and (iii) extensive launches of new contracts in the automotive segment happening throughout the whole 2019. All the above have led to the decrease of gross margin in the biggest automotive segment from the record high 19.7...
• Short term: positive attitude. Shares ↑, EM>DM, WIG20WIG20 • WIG20: S-T +10%; L-T WIG20 • Our thesis is that the market is currently in an ‘unreasonably cheap’ phase and we are only just ahead of a phase of doubt, especially in the segment of small companies. • The economic cycle is already behind its peak phase. • The upcoming slowdown will be a classic recession rather than a crisis. • Poland: slowdown in growth, especially in 2H19; strong consumption maintained (although s...
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