reports
- Research Team
WOOD Flash – Coverage discontinued
We discontinue our coverage of the following stocks, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks: AD Plastik Arena Hospitality Group Bittnet Ciech Conpet Dogus Otomotiv Ekspress Grupp Fintel Energija Immofinanz Kcell Kernel KGHM Komercijalna Banka NLB Banka Petrol Group S Immo Sava Re Shelly Group (formerly Allterco) STS Group Turk Telekom Turkcell Ulker Zagreb Stock Exchange
PETG PETROL D.D.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
KGH KGHM POLSKA MIEDZ S.A.
SPI S IMMO AG
CIE CIECH S.A.
EEG1T EKSPRESS GRUPP A.S.
ULKER ULKER BISKUVI SANAYI A.S.
POSR POZAVAROVALNICA SAVA
KMB KOMERCIJALNA BANKA AD SKOPJE
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
COTE CONPET SA
A4L ALLTERCO AD
IIA IMMOFINANZ AG
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
ARNT-R-A ARENATURIST D.D.
FINT FINTEL ENERGIJA
KCEL KCELL JSC
TNB NLB TUTUNSKA BANKA AD SKOPJE
- Research Team
The Rear-View Mirror – EME markets: multi-month rally interrupted in T...
EME Equity Market – January 2023 Market performance – strong start to 2023 in Czechia and Greece; multi-month rally interrupted in Turkey. The MSCI EM Europe Index gained 3.2% mom in EUR terms and 4.6% mom in USD in January. The Czech PX and the Greek ASE were the best performers, posting double-digit gains of 12.3% and 10.0% mom in EUR terms, respectively. There were also very decent performances from Poland, Hungary and Romania, with gains of 5.5% mom, 5.5% mom and 4.7% mom in EUR terms, respe...
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KGH KGHM POLSKA MIEDZ S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
CCOLA COCA-COLA ICECEK A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
OTOEL AUTOHELLAS S.A.
BELA JUMBO S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
HMX1R HANSAMATRIX AS
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
M MED LIFE
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
PEN PHOTON ENERGY NV
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
PCO PEPCO GROUP NV
GPP GRUPA PRACUJ DA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
- Research Team
WOOD Daily: KGH PW; GPP PW; RBI AV; JMT PL; DNP PW; CDR PW; EUR PW; HU...
HEADLINES: • KGHM: US certifies KGHM's partner's small nuclear reactor technology design NEUTRAL • Grupa Pracuj: new job ads on Pracuj.pl down 13% yoy in 4Q22 NEGATIVE • Raiffeisen Bank International: updated 4Q22E preview - preliminary results (due on 1 February) NEUTRAL • Jeronimo Martins: 4Q22E results preview - 20% yoy EBITDA growth expected (due on 9 March, TBC) NEUTRAL • Dino: 4Q22E results preview - 47% yoy EBITDA growth expected (due on 10 March, TBC) NEUTRAL • CD Projekt: strong 4Q22E e...
- Research Team
WOOD Daily: GR Banks; KGH PW; KLKIM TI; MTELEKOM HB
HEADLINES: • Greek banks: dividend payments possible, if conditions are met POSITIVE • KGHM: 12% yoy wage increase in 2023 a starting point for negotiations with labour unions NEUTRAL • KGHM: working on enabling the sale of gold to individual investors NEUTRAL • Kalekim: to invest in a solar power plant POSITIVE • Magyar Telekom: 4Q22E preview - 2% yoy drop in EBITDA expected (due on 22 February) • Short News (TEN)
- Research Team
WOOD Daily: TL Macro; ALR RO; WINE RO; HUG PW; KGH PW; JAHEZ AB; BHW P...
HEADLINES: • Turkey macro: CBT on hold, with an emphasis on macroprudential measures • Alro: 4Q22 trading update POSITIVE • Purcari Wineries: 4Q22 trading update; COO resignation POSITIVE • Huuuge Games: two new publishing agreements NEUTRAL • KGHM: exploring opportunities in copper processing plants/smelters as a consultant/designer in Chile NEUTRAL • Jahez: Impact Finance to transfer its 31.3% stake in Jahez to its unitholders NEGATIVE • Bank Handlowy: 4Q22E preliminary results preview (due ...
- Research Team
The Rear-View Mirror – EME markets: 2022 ends with Turkey still on top
EME Equity Market – December 2022 Market performance – Turkey closed the year by outperforming the other markets, yet again. The MSCI EM Europe Index gained 2.0% mom in EUR terms and 5.9% mom in USD in December. Turkey was, again, the best performer, with the ISE30 index adding 6.3% mom in EUR terms and 10.8% mom in local currency terms. Positive performances were recorded by the WIG20 (+3.1% EUR / 3.2% lcl mom) and the ASE indices (+1.9% EUR mom) as well. On the other side, the Hungarian BUX de...
MOL MOL NYRT
CDR CD PROJEKT S.A.
OMV OMV AG
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
DOM DOM DEVELOPMENT SA
AUG1L AGROWILL GROUP AB
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
OTOEL AUTOHELLAS S.A.
HB HELLENIC BANK LTD.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
ETEL TELECOM EGYPT
BNET BITTNET SYSTEMS
HMX1R HANSAMATRIX AS
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
A4L ALLTERCO AD
RICHT RICHTER
NLBR NLB GROUP
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
SHO SHOPER
PCO PEPCO GROUP NV
ISB ISLANDSBANKI HF
ONE ARION BANKI HF
GPP ONE UNITED PROPERTIES SA
GRUPA PRACUJ DA
- Research Team
WOOD Daily: Kaspi.kz (stays BUY), CZ macro, KGH PW, CCC PW, HB CY
HEADLINES: • Kaspi.kz: possible trinity (stays BUY) • Czech Republic macro: the CNB ends the year with a pause • KGHM: presents its budget assumptions for 2023E; significant rise in capex ahead NEGATIVE • KGHM: BoD approves new deputy CEO in charge of finance NEUTRAL • CCC: extends pre-emptive right to acquire a 5% stake in Modivo NEUTRAL • Hellenic Bank: new medium-term targets POSITIVE • Short news (PEN)
- Research Team
WOOD Daily: OTP HB; SNN RO; BNET RO; Postcards from Prague – GPP PW; J...
HEADLINES: • OTP Bank: gets started in Uzbekistan NEUTRAL • Nuclearelectrica: update on support agreement for new reactors NEGATIVE • Bittnet Systems: acquires 70% stake in Dataware for RON 18.55m POSITIVE • WOOD's Winter Wonderland EME Conference 2022: postcards from Prague • Grupa Pracuj: postcard from Prague • JSW: postcard from Prague • KGHM: postcard from Prague • Fondul Proprietatea: postcard from Prague • Nuclearelectrica: postcard from Prague • OMV Petrom: postcard from Prague • R...
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
OTP OTP BANK NYRT
FROTO FORD OTOMOTIV SANAYI A.S.
TRP TERAPLAST
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BNET BITTNET SYSTEMS
SNP PETROM S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
GPP GRUPA PRACUJ DA
- Research Team
WOOD Daily: PKO PW; KGH PW; Postcards from Prague – CZG CP; 4IG HB; MT...
HEADLINES: • PKO BP: 2025E strategic targets sensible and quite conservative, but too little to inspire the marke • KGHM: signs option on potential acquisition of 50% stake in Kukamas project NEUTRAL • WOOD's Winter Wonderland EME Conference 2022: postcards from Prague • Colt CZ Group SE: postcard from Prague • 4iG: postcard from Prague • Magyar Telekom: postcard from Prague • 11 bit studios: postcard from Prague • AmRest: postcard from Prague • Benefit Systems: postcard from Prague • CC...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
EAT AMREST HOLDINGS SE
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
SHO SHOPER
- Research Team
WOOD Daily: FP RO; WOOD’s Universe – ESG; KZ Macro; EU Energy; KGH PW
HEADLINES: • Fondul Proprietatea: NAV discount to shrink with Hidroelectrica IPO (stays BUY) • WOOD's Universe - ESG: regional disclosure is rising to the occasion • Kazakhstan macro: NBK hikes above consensus, confirming commitment to tame inflation • European oil and gas monthly: November 2022 • KGHM: CFO Kensbok may be dismissed by supervisory board today
- Research Team
WOOD Daily: ETEL EY (initiation), KGH PW (reinitiation), TENERGY GA, C...
HEADLINES: • Telecom Egypt: the jewel of the Nile (BUY - initiation of coverage) • KGHM: medium-term headwinds, followed by long-term strength (Hold - reinitiation of coverage) • Terna Energy: 9M22 review - strong performance on higher trading and load factors • CCC: final 3Q22 results a notch above the prelims; 29% yoy sales growth in November POSITIVE • Shoper: GMV growth over Black Friday-Cyber Monday decelerated to 10% yoy, 22ppt below 3Q22 NEGATIVE • Polish media: WP TV's audience share ...
- Artem Bagdasaryan
- Ondrej Slama
KGHM: medium-term headwinds, followed by long-term strength (Hold - re...
We reinitiate coverage of KGHM with a HOLD recommendation and a price target (PT) of PLN 123.7/share. The company is likely to face several headwinds, in our view, including increased costs, on the back of the EU energy crisis, and a higher mineral extraction tax starting from end-2022. Although, our longer-term view on copper and, hence, KGHM (as one of the largest copper producers globally) is favourable, the risks described above could result in a negative impact on its profitability in the m...
- Research Team
WOOD Morning (25 November 2022)
HEADLINES: • Erste Bank: double-digit sustainable ROE for 0.7x P/BV (stays BUY) • Motor Oil Hellas: announces new strategy and acquisition of waste management company Thalis • Kofola: 3Q22 financial results NEUTRAL • Turkey macro: CBT ends rate cut cycle; but will continue with other tools • STS Group: key takeaways from the 3Q22 management call POSITIVE • Grupa Pracuj: key takeaways from the 3Q22 earnings call NEGATIVE • Asseco Poland: key takeaways from the 3Q22 earnings call NEUTRAL • KG...
- Research Team
WOOD Daily: ALPHA GA; EUROB GA; ETE GA; TPEIR GA; DOM PW; KGH PW; ALR ...
HEADLINES: • Greek banks: earnings upgrades cycle (Alpha Bank, Eurobank, NBG and Piraeus Bank stay BUY) • Dom Development: 3Q22 - en route to another year of record profit POSITIVE • KGHM: 3Q22 results review - net income beat, but operating cash flow remains weak • Alro: takeaways from the 3Q22 earnings call POSITIVE • Purcari Wineries: takeaways from the 3Q22 earnings call NEUTRAL • Romgaz: takeaways from the 3Q22 earnings call NEUTRAL • Polish banks: PLN mortgage loan agreements subject t...
EXAE HELLENIC EXCHANGES SA
KGH KGHM POLSKA MIEDZ S.A.
DOM DOM DEVELOPMENT SA
TPEIR PIRAEUS BANK SA
BANK OF CYPRUS PCL
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
HMX1R HANSAMATRIX AS
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ALPHA ALPHA BANK
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
- Research Team
WOOD Daily: PKO PW, PL macro, CPS PW, TPE PW, KGH PW, BFT PW, POSR SV,...
HEADLINES: • PKO BP: posts solid 2Q22 results NEUTRAL • Poland macro: GDP slows, but remains well above trend • Cyfrowy Polsat: 2Q22 results - pro-forma EBITDA down 6% yoy to PLN 893m, in line with consensus NEUTRAL • Tauron: 2Q22 results review - strong figures hit by provisions in generation NEUTRAL • KGHM: EBITDA miss, net income beat, negative operating cash flow • Benefit Systems: takeaways from the call, optimistic 2H22E outlook NEUTRAL • Sava RE: 2Q22 results review - annualised ROE de...
- ACF Extractives
Silver Thematic ACF Equity Research 11082022
Silver (Ag) is half store of value and half industrial metal. A hawkish Federal Reserve and spiking bond yields will create significant headwinds for the Ag price 2H22E. Any expectations for global recession, leading to an industrial cycle downturn will also push the silver price down. In 2H22E we assess that both weakening industrial activity (>50% of global silver demand) and monetary policy trends will exert downward pressure on silver’s price. Beyond YE22E the physical silver supply deficit...
- Research Team
WOOD Daily: EME Macro/Strategy; EAT PW; COTE RO; TITC GA; ELPE GA; TEL...
HEADLINES: • EME Macro/Strategy: housing affordability considerations • AmRest: 1Q22 strong, but below our expectations NEGATIVE • Conpet: generous net profit beat in 1Q22 POSITIVE • Titan Cement: 1Q22 results - solid start in volumes, but continued pressure on EBITDA margins • Hellenic Petroleum: 1Q22 results - net income boosted by inventory gains • Transelectrica: better-than-expected 1Q22 net result, on high interconnection revenues POSITIVE • MedLife: 1Q22 results in line, margins weake...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
TITK TITAN CEMENT CO. SA
KGH KGHM POLSKA MIEDZ S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LVC LIVECHAT SOFTWARE SA
CPS CYFROWY POLSAT SA
HMX1R HANSAMATRIX AS
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
ELPE HELLENIC PETROLEUM
EAT AMREST HOLDINGS SE
PCF PCF GROUP SA
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
- Research Team
WOOD Daily: ARNT CZ; BOCH CY; PZU PW; CZG CP; CAI AV; AEGN GA; KTY PW;...
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...
ACP ASSECO POLAND SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
CAI CA IMMOBILIEN ANLAGEN AG
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
CPS CYFROWY POLSAT SA
BANK OF CYPRUS PCL
TLV BANCA TRANSILVANIA S.A.
OGZD GAZPROM (GDR)
ELSA SOCIETATEA ENERGETICA ELECTRICA
ARNT-R-A ARENATURIST D.D.
CZG CESKA ZBROJOVKA GROUP
ONE ONE UNITED PROPERTIES SA
Despite a better risk assessment and improving to Neutral, KGHM POLSKA...
KGHM POLSKA MIEDZ SA (PL), a company active in the Non Ferrous Metals industry, improves its market behaviour and slightly increases its general evaluation. The independent financial analyst theScreener just upgraded the stock market behaviour as moderately risky. At a fundamental level, theScreener confirms 1 out of 4 possible stars; the general evaluation is slightly increased to Neutral but the title remains under pressure. As of the analysis date January 11, 2022, the closing price was PLN 1...
- Research Team
WOOD Flash – Coverage under review (FXPO LN, RICHT HB, KGH PW, KRKG SV...
We are putting our coverage of the stocks listed below under review, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks. Ferrexpo Gedeon Richter KGHM Krka JSW
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