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 Conferences calendar … 2 Large-cap companies news … 3 PGE: 2Q20 results released – EBITDA in line with the preliminary showing CD Projekt: Resale update; 48.2% of resale target achieved Banks: Loosening of mortgage lending policies at banks Real-estate: Office tenants on working space plans Small- and mid-cap companies news … 5 Votum: 2Q20 results overview Netia: NN OFE above 5% threshold CI Games: SGWC2 marketing campaign launched; trailer revealed; the game will debut on De...
Headlines Conferences calendar … 2 Large-cap companies news … 3 Bogdanka: 2Q20 preliminary results revealed; below our expectations due to poor sale volumes Unimot: Sales for June revealed JSW: PLN 1.75 billion of anti-crisis shield compensation to be obtained? JSW: Asset impairments in 2Q20 likely to be booked due to COVID-19 PKN Orlen, Lotos: PLN 1-2 billion synergy effects per annum based purely on mutual crude oil purchases? PGE: CEO on the Company’s outlook mBank: Withdrawal of the...
Headlines Large-cap companies news … 2 JSW: 2Q20 results preview PKN Orlen: Management outlook Pekao: Distribution of COSME guarantees mBank: Charges for the FX mortgage portfolio litigation to be booked in 2Q20 mBank: Commissioner for human rights joins FX mortgage borrowers in a landmark case Banks: Interest rate cuts to result in switch to riskier investments? Banks: Pressure on the bottom line to intansify Small- and mid-cap companies news … 6 Bogdanka: 2Q20 results preview Mercor...
We reinitiate coverage for the telecommunications sector with a Buy for Play and Cyfrowy Polsat, and a Hold for Netia and Orange Polska. We expect that the operators will use 5G to further gradually increase prices, while consolidation of mobile and fixed-line players may be one of the potential triggers next year (Play vs. Orange Polska). Less exposure to the business customer in the face of economic downturn, higher cost-effectiveness and higher recurring cash flows and dividend rates favours ...
Headlines Large-cap companies news … 2 JSW, Bogdanka, Famur, PGG: Temporary closure of mines amid COVID-19 mBank: Bond repurchase results mBank: Shares granted in an incentive program mBank, Santander: Financing of the solar power plants PZU: Claims due to tornados in Kaniow Kruk: Insider selling Telecommunications services: Greater delay in 5G auction? Banks: Impact of interest rate cuts on NII Banks: Senate to work on a bill introducing credit vacations Banks: Instalment loans back ...
The general evaluation of NETIA SA (PL), a company active in the Integrated Telecommunications industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 1 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 5, 2020, the closing price was PL...
ï‚§ AT: Frequentis - B&C stake falls below 10% (neutral) ï‚§ AT: UBM Development - UBM and ARE enter into strategic partnership to diversify exposure (positive) ï‚§ HU: Gedeon Richter - 1Q 20 top line and earnings above consensus despite lower qoq contribution of Vraylar (positive) ï‚§ HU: OTP - 1Q net loss on higher risk costs (negative) ï‚§ PL: CCC - Execution of agreements related to share placement (neutral) ï‚§ PL: Netia - 1Q 20 results in line with expectations (neutral) ï‚§ PL: PKP Cargo ...
The coronavirus crisis also affects companies' dividend payments, first, due to AGMs being postponed and foremost due to the economic turmoil, potential regulatory intervention and cash restraints. Below we present an overview of the biggest dividend risks and potential timelines for AGMs and subsequent 2019 dividend pay-outs in our Coverage universe. Dividend risks We clearly see the highest risk for dividends in the banking sector as many regulators have already issued recommendations to su...
ï‚§ AT: Atrium - Polish mall owners ask for aid as cabinet plans to cut rents (negative) ï‚§ AT: CA IMMO - 4Q 19 FFO I of EUR 31.9 mn, EPRA NAV EUR 38.4 mn broadly in line with RCBe (neutral) ï‚§ AT: Erste Group - AGM postponed, dividend proposal under review (neutral) ï‚§ AT: S&T - 4Q 19 EBITDA & margin above expectations, EUR 0.19 DPS, 2020 guidance suspended (neutral) ï‚§ AT: SBO - Management statement regarding the Annual General Meeting (neutral) ï‚§ CZ: Komercni Banka - CFO statements on c...
We have developed a speedy test for the companies under coverage to capture their risk profiles in the current environment Scorecard based on - Industry risk - Revenue resilience - Margin resilience - Debt level - Refinancing risk - CAPEX flexibility Last week we collected feedback from companies to assess the impact from COVID-19 with the focus on China and other hotspots (especially Italy). By now, the framework has changed dramatically, and the half-life of recent scenarios seems to equal t...
ï‚§ AT: OMV - Negotiating the acquisition of additional stake in Borealis for USD 4.7 bn (negative) ï‚§ EU: Utilities - German power prices drop >4% in the wake of the oil price collapse (negative) ï‚§ HR: Valamar Riviera - Higher than expected DPS (positive) ï‚§ HU: OTP - Conference call takeaways (neutral) ï‚§ Oil sector - OPEC+ failure to reach an agreement last Friday triggers a price war (negative) ï‚§ PL: Agora - Helios cuts ticket prices to PLN 14.9 in response to Cinema City (negative) ï...
Headlines Large-cap companies news Pekao: Management on outlook KGHM: PLN 64 million of net impairment reversals to be booked in 4Q19 PKN Orlen, Energa: Focus on CCGT investments in Energa? PGNiG: New management board member PKO BP: Insider buying ING BSK: Supervisory board member steps down Banks: BFG contribution to resolution and deposit guarantee funds to grow at 15% yoy Small- and mid-cap companies news Asseco BS: (i) 4Q19 results released – strong (above the expectations), (ii) m...
Headlines Large-cap companies news Alior: Management on outlook PKN Orlen, Lotos: Deadline for decision of EC on merger with Lotos extended to June 30 PKN Orlen: Increases in salaries accepted by management mBank, PKN Orlen: Lawsuit for reimbursement of interchange fees mBank: FY19 financial report released mBank: AGM called, profits to be unallocated JSW: Reversal of impairments of Koksownia Radlin of PLN 189.8 million JSW: New management board member PKO BP: Insider buying Kruk: Adj...
ï‚§ AT: CA Immo - CA Immo sues the Republic of Austria/Carinthia Province for damages related to Buwog privatization in 2004 (neutral) ï‚§ AT: Erste Group - 4Q in line, guidance and DPS proposal confirmed (neutral) ï‚§ HR: Adris - Top line growth and lesser pressure from operating costs in 4Q 19 (neutral) ï‚§ HU: Gedeon Richter - Submission of marketing authorisation application to EMA (positive) ï‚§ HU: Wizz Air - Wizz Air cancels some flights to nothern Italy as a result of Coronavirus (negat...
Event: 4Q19 results released – EBITDA excl. IFRS 16 in line with the expectations. Yesterday after the session Netia released its 4Q19 consolidated financial results, which came broadly in line with market consensus estimates.
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