We are putting our coverage of the following stocks UNDER REVIEW, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks: Addiko Bank Alro Arion banki Bogdanka Cognor Holding DataWalk Gradus Grenevia Islandsbanki Kety TeraPlast
HEADLINES: • Polish Banks: conditional BUYing opportunity (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • Kety: 2Q22 preliminary EBITDA beats consensus, 2022E forecasts hiked POSITIVE • Poland macro: inflection point • Czech Republic macro: last of the outsized rate hikes • CEZ: PM Fiala presents support for energy consumers and comments on energy market transformation POSITIVE • Public Power Corporation: may receive PSO payment, regulator to d...
HEADLINES: • Hellenic Bank: strong 1Q22, due to provision reversals • Poland macro: April current account deficit sinks further • Turkey macro: April current account surprises positively • Kety: 2Q22E preview - all-time high EBITDA expected (due on 22 June) • Short News (SNN)
EME Equity Market – May 2022 Market performance – markets down mostly, as MSCI EM Europe Index declines 3.6%. The MSCI EM Europe Index fell 3.6% mom and 2.0% mom in EUR and USD terms, respectively, in May. The best-performing index was the Russian MOEX, which added 6.3% mom in EUR terms, but declined 3.7% mom in local currency. However, we note that, with the CBR ban on short selling and restrictions on international investors, as well various sanctions, this performance is not fully comparable ...
HEADLINES: • Hungary macro: Orban 5 begins with a bang • Bittnet Systems: 1Q22 results confirm full-year outlook (stays HOLD) • EME Macro/Strategy: overview charts for peripheral countries • Colt CZ Group SE: strong 1Q22 beat, FY22E guidance intact POSITIVE • Eurobank: strong 1Q22, upside risk for targets and our forecasts • CCC: final 1Q22 results below prelims on write-downs related to Russian market; strong start to 2Q NEGATIVE • STS Group: 1Q22 strong, as expected; FY22E guidance maintai...
HEADLINES: • Bank of Georgia: 1Q22 review • Magyar Telekom: 1Q22 results, strong with 24% yoy EBITDA growth, 5% above consensus POSITIVE • Nuclearelectrica: 14% higher than expected 1Q22 reported net profit • Bucharest Stock Exchange: 1Q22 results review - very strong numbers as volatility has increased POSITIVE • Cyfrowy Polsat: 1Q22 organic EBITDA down 12% yoy to PLN 801m, in line with our expectations NEGATIVE • Enea: 1Q22 results review - strong EBITDA reading driven by generation and mi...
On 10-11 May 2022, we co-organised our second edition of Kety Investor Days, and visited plants operating in all three of the company’s segments (Extruded Products, Flexible Packaging, and Aluminium Systems) in Oswiecim, Bielsko-Biala and Kety. Below, we list the key takeaways from our site visits.
EME Equity Market – April 2022 Market performance – regional benchmarks performance rather mixed in April. The MSCI EM Europe Index declined by 5.3% in EUR terms and by 9.9% in USD. The best-performing market was Turkey, whose equities gained 13.3% in EUR terms and 9.2% in local currency. Russia’s MOEX Index added 9.0% in EUR terms, but declined by 9.6% in local currency. In Greece, the ASE Index advanced by 4.9% in EUR terms, the last to end the month in the black; while Romania’s BET Index rec...
HEADLINES: • Russian commodities: the long and short side of it • Arcelik: 1Q22 results - as expected NEUTRAL • Turkish banks: number of changes by the CBT • Ten Square Games: management recommends PLN 10 DPS from the 2021 net profit POSITIVE • Kety: management recommends PLN 52.4 DPS (8% dividend yield) from the 2021 profit NEUTRAL • Norilsk Nickel: final 2021 dividend yield at 5.9%, ADR holders may not receive payment • Alrosa: Russian rough diamonds stop flowing to main Indian manufacturi...
HEADLINES: • InPost: e-commerce growth at courier multiples (upgraded to BUY) • Ciech: bumpy road, but got there finally (stays BUY) • Patria Bank: profitability set to grow, but valuation remains fair (stays HOLD) • Astarta Holding: 1Q22 trading update - strong volumes, despite the war POSITIVE • CCC: final 4Q21 results above prelims, mainly on one-off POSITIVE • LPP: 4Q21 slightly below prelims on war-related write-downs; no surprises in FY22E guidance NEUTRAL • Shoper: 4Q21 broadly in line...
HEADLINES: • Dom Development: homebuilders critical to alleviating shortage (stays BUY) • 11 bit studios: solid 4Q21 results, with good quality beat vs. both our and market's expectations POSITIVE • Kety: final 4Q21 EBITDA 7% above preliminary forecast POSITIVE • Asseco Poland: key takeaways from the 4Q21 earnings call NEUTRAL • Cyfrowy Polsat: key takeaways from the 4Q21 earnings call NEUTRAL • PKO BP/Alior Bank: another switch in the management board NEGATIVE • Transelectrica: proposes to dis...
HEADLINES: • Arena Hospitality Group: more pleasure, less business (upgraded to BUY) • Bank of Cyprus: unjustified valuation gap (stays BUY) • PZU: very strong 4Q21, on strong real estate investment result and restarting of GWP growth POSITIVE • Ceska zbrojovka Group: big miss in 4Q21 due to one-offs, but FY22E guidance is upbeat POSITIVE • CA Immo: 4Q21 - massive revaluation gain and strong sales result, but weak underlying FFO • Aegean Airlines: 4Q21 - capacity continues to recover, but pro...
The general evaluation of GRUPA KETY SA (PL), a company active in the Aluminium industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 18, 2022, the closing price was PLN 625....
ATX indices review - FFF and NoS changes in BAWAG, IMMOFINANZ, Marinomed; BAWAG to replace Wienerberger in the ATX five CECE index review - Add Kofola, Santander Bank Polska; Del CZG FTSE Index March review - AllCap (SML) add: MedLife; del: Eurocash; TotalCap (Micro+SML) add: Conpet, Purcari Wineries, Sphera Franchise Group; L->M: MOL STOXX Europe 600 Index review - No changes of index constituents in our Coverage Universe WIG index review - WIG20 add: mBank, Pepco; Del: Mercator, Taur...
HEADLINES: • EME Macro/Strategy: ECB - very behind the curve • Alrosa: US announces ban on imports of Russian diamonds NEGATIVE • Romanian energy: support scheme for gas and power consumers could include regulated gas prices NEUTRAL • Ten Square Games: acquires 24.8% stake in Gamesture for USD 3.5m NEUTRAL • Richter: R&D collaboration with AbbVie, dividend proposal NEUTRAL • CEZ: 4Q21E - solid results expected, to be followed by strong 2022E guidance (due out tomorrow) • Titan Cement: 4Q21E -...
CECE index review - Add Kofola, Santander Bank Polska; Del CZG WIG index review - WIG20 add: mBank, Pepco; Del: Mercator, Tauron; WIG30 add: Kety, Kruk; Del: Eurocash, XTB AT: Lenzing - Lenzing opens 100 ktpa lyocell plant in Thailand (positive) AT: Telekom Austria - Telekom Austria announces DPS of EUR 0.28 (positive) HU: OTP - Q4 broadly in line, RU/UA insights, no DPS decision, conditional 2022 outlook (positive) PL: Bank Pekao - RU/UA/BY exposure at approximately PLN 2bn (neutral...
EME Equity Market – February 2022 Market performance – Russia’s equities bled in February due to the country’s invasion of Ukraine. The MSCI EME Europe Index declined by 38.7% in EUR terms and 38.8% in USD terms. Russian stocks, represented by the MOEX Index, lost the most in February, declining by 34.6% in EUR terms and 30.0% in RUB terms. The Hungarian BUX Index lost 21.8% in EUR terms and 18.2% in HUF terms; while the Polish WIG20 Index declined by 11.7% in EUR and 9.5% in PLN. In Prague, the...
Early yesterday morning (24 February), Russia launched a military assault on Ukraine. We have contacted the companies under our coverage with exposure to these countries, and we gather our initial comments below. We intend to monitor the development of these events and update our views further, in due course.
EME Equity Market – January 2022 Market performance – Russia’s equities lost 9.3%, while Turkish and Hungarian stocks advanced 8.6% and 9.3%, respectively, in January. The MSCI EM Europe Index declined 4.5% in EUR terms and 5.9% in USD. Hungary’s equities were the best performers in January, adding 9.3% in EUR and 5.4% in HUF terms; followed by Turkish equities, with an 8.6% gain in EUR and an 8.8% gain in TRY. In Greece, the ASE Index added 4.9%, while the PX Index, the Czech benchmark, gained ...
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...
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