reports
- Egor Fedorov
- Maureen Schuller
CEE bank bonds/Outperforming with a good case for more
The lower supply pressure and turning interest rate cycle have helped CEE bank bonds outperform this year, particularly in the unsecured segment. The relative value metrics of CEE bank bonds remain enticing though versus European comparables, from a bank fundamental and instrument rating angle. We expect to see a further outperformance of CEE names.
- Maureen Schuller
- Suvi Platerink Kosonen
- Maureen Schuller
- Suvi Platerink Kosonen
- Research Team
WOOD Daily: CBF PW; SAR GA; VRC PW; EME Macro/Strategy – DE Macro; KZ ...
HEADLINES: • cyber_Folks: 2Q24 results review – 21% yoy adjusted EBITDA growth, 4% above our estimate POSITIVE • Sarantis: 1H24 EBITDA up 45% yoy, 8% ahead of our expectations; FY24E guidance maintained POSITIVE • Vercom: 2Q24 results review – 29% yoy EBITDA growth, 6% above our estimate POSITIVE • EME Macro/Strategy: reflections on the consequences of a weak Germany • Kazakhstan macro: Tokayev’s 2024 state-of-the-nation address • Türkiye macro: GDP underperforms in 2Q • 4iG: key takeaways from ...
- Research Team
The Rear-View Mirror – EME markets: only Czech PX index in positive te...
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
BOCH BANK OF COMMERCE HOLDINGS
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
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.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
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.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Nikola Kalanoski
- Research Team
WOOD Daily: KRU PW; EUR PW; ACP PW; 11B PW; GPP PW; ONE RO; WPL PW; TE...
HEADLINES: • Kruk: 2Q24 results – recently-announced miss caused by higher costs and negative revaluations in Spain NEUTRAL • Eurocash: weak 2Q24 across the board NEGATIVE • Asseco Poland: 2Q24 review – net profit down 10% yoy, 7% above the consensus POSITIVE • 11 bit studios: 2Q24 adjusted EBITDA slightly below our expectations, but bottom line boosted by associates NEUTRAL • Grupa Pracuj: 2Q24 results – adjusted EBITDA flat yoy, 2% above the market consensus; bottom-line miss on revaluation of...
- Research Team
WOOD Daily: KOMB CP; MONET CP; TEN PW; WPL PW; MBR PW; ELPE GA; MOH GA...
HEADLINES: • Komercni Banka: awaiting a NII inflection point (stays BUY) • MONETA Money Bank: valuation prices in higher ROE and strong yield (stays HOLD) • Ten Square Games: 2Q24 adjusted EBITDA 16% above our forecast; TEN confirms mom bookings recovery in July POSITIVE • Wirtualna Polska: 2Q24 results review – adjusted EBITDA down 2% yoy, in line with the consensus NEGATIVE • Mo-BRUK: new tenders for ecological bombs decommissioning on the market NEUTRAL • HELLENiQ Energy: 2Q24E results previe...
- Research Team
WOOD Daily: KRU PW; EME Macro/Strategy Weekly; EME Strategy FTSE GEIS;...
HEADLINES: • Kruk: expects PLN 603m of 1H24E net profit (flash estimate) NEGATIVE • EME Macro/Strategy: macro all-in-one (19-25 August) • EME Strategy: FTSE GEIS September 2024 Semi-Annual Review • OMV: announces gas discovery in the Norwegian Sea NEUTRAL • Eurocash: 2Q24E results preview – 19% yoy EBITDA decline expected (due on 28 August)
- Research Team
WOOD Daily: PKO PW; CPS PW; BFT PW; GTC PW; PKN PW; HSBK LI; CEZ CP; K...
HEADLINES: • PKO BP: posts very solid 2Q24 delivery, implying upside risk for 2024E forecasts POSITIVE • Cyfrowy Polsat: 2Q24 results review – EBITDA up 8% yoy, 3% above our estimate POSITIVE • Benefit Systems: better-than-expected 2Q24 and FY24E profitability outlook revised upwards POSITIVE • GTC: 2Q24 in line, 2026 EUR 500m refinancing should be priority NEUTRAL • Orlen: 2Q24 results – in line with previous estimates NEUTRAL • Halyk Bank: 2Q24 conference call takeaways • CEZ: FinMin proposes ...
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Nikola Kalanoski
- Research Team
WOOD Daily: ELM AB; ALPHA GA; AIRA LI; ADNOCDRI UH; ADNOCDRI UH; EME M...
HEADLINES: • Elm: 2Q24 financial results review POSITIVE • Alpha Services and Holdings: 2Q24 highlights – similar trends vs. peers, guidance upgrade, catching up on CET1 and NPE ratios • Air Astana Group: 2Q24 – first look – in line NEUTRAL • ADNOC Drilling: 2Q results and interim dividend NEUTRAL • ADNOC Drilling: Enersol JV makes third acquisition NEUTRAL • EME Macro/Strategy: macro all-in-one (29 July-4 August) • Garanti Bank: CEO resigns NEUTRAL • Turkish automotive: ADA releases July light ...
- Research Team
WOOD Daily: ALR PW; EBS AV; TOASO TI; ETE GA; NLBR SV; KAP LI; WIZZ LN...
HEADLINES: • Alior Bank: posts strong 2Q24 and upgrades medium-term COR outlook POSITIVE • Alior Bank: management board nominations POSITIVE • Erste Banks: books solid 2Q24; guides for 2024E DPS at an attractive level; awaiting opening conclusions from the new CEO POSITIVE • Tofas: highly weak set of results in 2Q24 NEGATIVE • National Bank of Greece: 2Q24 highlights – positive 2H24E, with guidance upgrade • NLB Group: solid print in 2Q24, beating estimates, due to release of provisions POSITIVE...
WIZZ WIZZ AIR HOLDINGS PLC
CPS CYFROWY POLSAT SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
HUGE HUUUGE
7203 ELM CO
- Research Team
The Rear-View Mirror – EME markets: Greek ASE – best performer in July
EME Equity Market – July 2024 Greece the biggest winner, while Poland the clear loser in July. The MSCI EM Europe Index declined by 1.1% in EUR terms and 0.3% in USD terms in July. The Greek ASE Index posted the best performance for the month, advancing by 5.3% mom in EUR terms. There was a broadly similar performance in Hungary, Czechia and Romania (+ 2.9%, 2.7% and 2.1% mom in EUR terms, respectively). The Turkish ISE30 Index declined by 1.6% mom in EUR terms, but the clear loser was the Polis...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
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.
MBR MO-BRUK S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
PCO PEPCO GROUP NV
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
SHO SHOPER SA
BOROUGE BOROUGE
7203 ELM CO
NOVAL NOVAL PROPERTY
- Research Team
- Research Team
WOOD Daily: KRKG SV; PZU PW; PKO PW; MBR PW; RICHT HB; SNP RO; ARABIAN...
HEADLINES: • Krka: 2Q24 earnings review NEUTRAL • PZU: AGM refuses to discharge entire management board from performance of duties for 2023 • PKO BP: Supervisory Board updates its recommendations for the AGM, due to reconvene next week • Mo-BRUK: signs PLN 9m contract for ecological bomb decommissioning in Katowice NEUTRAL • Richter: EMA accepts Denosumab submission NEUTRAL • OMV Petrom: 2Q24E results preview (due on 30 July) NEUTRAL • Arabian Drilling: 2Q24E results preview (due on 4 August) NE...
Unibep S.A.: 1 director
A director at Unibep S.A. sold 500,000 shares at 9.000PLN and the significance rating of the trade was 84/100. 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 clearly sho...
- Research Team
WOOD Daily: CEZ CP; SIPCHEM AB; OMV AV; PEO PW; OTP HB; TEN PW; HUG PW
HEADLINES: • CEZ: State selects Korea’s KHNP for new nuclear NEUTRAL • Sipchem: 2Q24E results preview (due on 25 July) NEUTRAL • OMV: 2Q24E results preview (due on 31 July) NEUTRAL • Bank Pekao: 2Q24E preview (due on 8 August) • OTP Bank: 2Q24E preview (due on 9 August) • Ten Square Games: 2Q24E adjusted EBITDA down 14% qoq, but up 8% yoy (due on 26 August) • Huuuge Games: 2Q24E adjusted EBITDA down 12% qoq, on lower bookings (due on 5 September) • Short News (PPC)
- Research Team
WOOD Daily: European Oil and Gas Monthly; HUG PW; TEN PW; PL Homebuild...
HEADLINES: • European oil and gas monthly: June 2024 – refining margins continue down • Huuuge Games: 2Q24 bookings estimate down 7% qoq NEUTRAL • Ten Square Games: 2Q24 booking estimate down by a limited 3% qoq, slightly better than expected • Polish homebuilders: government to present subsidy plan after the summer • Sipchem: signs contract for EVA plant expansion NEUTRAL • Coca-Cola Icecek: BoD decides to raise paid-in capital by 1,000% bonus issue NEUTRAL
- Research Team
WOOD Daily: BFT PW; WIZZ LN; HUG PW; TEN PW; Rear-View Mirror – EME ma...
HEADLINES: • Benefit Systems: card base in Poland contracts slightly further mom in June NEGATIVE • Wizz Air: flat capacity yoy in June NEGATIVE • Huuuge Games: June bookings estimate down 8% mom, but flat in core titles NEUTRAL • Ten Square Games: June bookings estimate flat mom, slight downward pressure in flagship games NEUTRAL • The Rear-View Mirror – EME markets: another positive month for most EME indices • Orange Polska: 2Q24E – 2% yoy EBITDAaL growth expected (due on 23 July) • Short New...
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