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: Turkey still on top (resend)
EME Equity Market – November 2022 Market performance – Turkey does it again, breezing past everyone else, once more, in November. The MSCI EM Europe Index advanced 11.6% mom in EUR terms and 16.7% mom in USD. The ISE30 index, again, boasted the best performance among our coverage, adding 18.6% mom in EUR terms and 23.9% mom in local currency (lcl) terms. Positive performances were also recorded in the WIG (+14.0% EU /13.0% lcl mom), the BUX (+12.6% EUR/12.0% lcl mom), the BET (+8.4% EUR/8.6% lcl...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SFA SOPHARMA AD
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.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
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BNET BITTNET SYSTEMS
SNP PETROM S.A.
HMX1R HANSAMATRIX AS
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
PEN PHOTON ENERGY NV
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
IGN1L 4IG NYRT
SHO IGNITIS GRUPE
KCEL SHOPER
GPP KCELL JSC
TNB GRUPA PRACUJ DA
7202 NLB TUTUNSKA BANKA AD SKOPJE
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
HELLENIQ ENERGY
Raiffeisen Research Institutional Equity Daily 28.11.2022
AT: IMMOFINANZ - Reaches agreement with former COO Dietmar Reindl on the use of affordable housing concept (neutral) AT: PORR - FY 22 outlook fine-tuned to the upside, now in line with RBIe (neutral) AT: S IMMO - Mandate of Herwig Teufelsdorfer extended until December 2025 (neutral) AT: S IMMO - Q3 earnings ahead of estimates (positive) DE: Encavis - Encavis acquired a 69 MW wind park in Lithuania (neutral) PL: PKN - Domestic gas producer to be compensated for gas price difference (n...
- Research Team
WOOD Daily: ADNOCDIS DH; BOCH CY; OPAP GA; PPC GA; FOYRK GA; HUG PW; G...
HEADLINES: • ADNOC Distribution: pumped for growth (BUY - initiation of coverage) • Bank of Cyprus: strong ROTE uplift on the cards already (stays BUY) • OPAP: 3Q22 review - solid set of results, driven by strong online presence • Public Power Corporation: 3Q keeps company on track to meet FY22E guidance NEUTRAL • Fourlis: 3Q22 review - decent quarter and gross margin recovery • Huuuge Games: adjusted 3Q22 EBITDA in line with the preliminary figure, supportive FY guidance NEUTRAL • Warsaw St...
CDR CD PROJEKT S.A.
FOYRK FOURLIS HOLDINGS S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SPI S IMMO AG
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
TENERGY TERNA ENERGY S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PPC PUBLIC POWER CORPORATION S.A.
GPW WARSAW STOCK EXCHANGE
DAT DATAWALK SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
ADNOCDIST ADNOC DISTRIBUTION PJSC
TEN TEN SQUARE GAMES
KOFOL KOFOLA CESKOSLOVENSKO A.S.
HUGE HUUUGE
IGN1L IGNITIS GRUPE
- Jakub Caithaml
WOOD Flash – S Immo: CPIPG increases its stake to 88.4%, Immofinanz to...
The extended offer period of CPIPG’s bid for S Immo expired on 18 November. Currently, CPIPG controls 88.37% of S Immo, 45.5m shares (61.9%) directly, and additional 19.5m shares (26.5%) via Immofinanz. Not having exceeded 90%, we understand that the purchase should not trigger an obligation to pay taxes in Germany. Following the offer, CPIPG indicated that it plans to sell part of the stake to Immofinanz, which should become a controlling shareholder in S Immo. This should allow Immofinanz to f...
Raiffeisen Research Institutional Equity Daily 22.11.2022
AT: IMMOFINANZ, S IMMO - IMMOFINANZ to buy S IMMO stake from CPI Property Group (negative, positive) AT: S IMMO - CPI Property Group holds 88.37% stake following additional acceptance period (neutral) HU: OTP - Government caps interest rates on banks' deposits from financial institutions and retail clients (neutral) SI: NLB Group - Issued EUR 225 mn Tier 2 subordinated bonds at 10-75% coupon (neutral)
Raiffeisen Research Institutional Equity Daily 09.11.2022
AT: FACC - Negative EBIT and bottom line loss in Q3 22, FY outlook confirmed (negative) AT: S IMMO - Acquiring properties in Budapest from CPI Property Group (neutral) AT: Vienna Insurance Group - Application for listing on the Budapest Stock Exchange submitted (neutral) AT: voestalpine - Q2 results live up to pre-announced indication, NWC remains cash flow burden (neutral) CEE: Banks - KBC reports lower Q3 net profit qoq in CZ, but higher in BG and HU (neutral) CZ: CTP - Q3 trends i...
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SPI S IMMO AG
OTP OTP BANK NYRT
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
FACC FACC AG
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ADKO ADDIKO BANK
CAP ENCAVIS AG
CTPNV CTP NV
Raiffeisen Research Institutional Equity Daily 05.10.2022
AT: Andritz - Order from Minhan Paper to supply OCC line (neutral) AT: IMMOFINANZ, S IMMO - CPI Property Group downgraded by one notch (negative) PL: Bank Pekao - O-SII buffer increase by 25 bps to 1% (neutral) PL: CD Projekt - Pipeline of new games presented (positive) PL: Dino - 256 news stores opened in Q1-Q3 22 (neutral) RO: Medlife - Acquisition of a 51% stake in Provita Group (positive)
Raiffeisen Research Institutional Equity Daily 04.10.2022
AT: Andritz - Four tissue lines order from Bracell (neutral) AT: Flughafen Wien - The management continues to advise its shareholders not to accept the purchase offer (neutral) AT: Frequentis - Frequentis completes urban airspace drone test series (neutral) AT: Lenzing - Commissioning of first half of 5.56 MWp PV park (neutral) AT: OMV - OMV starts two geothermal projects (neutral) AT: PORR - Share buyback programme of up to 785,565 shares, or 2% of the capital, announced (neutral) ...
Raiffeisen Research Institutional Equity Daily 29.09.2022
AT: Flughafen Wien - City of Vienna and province of Lower Austria increase their holdings slightly (neutral) AT: S IMMO, IMMOFINANZ - Letter of intent signed with regards to S IMMO acquiring HU offices (negative, neutral) PL: E-commerce - Allegro guidance cut could put pressure on e-com plays (negative) RO: One United Properties - AGM approved a DPS of RON 0.013 for H1 2022 and allocation of a free share to 3 already held (neutral) RO: Transgaz - Proposes to increase the capital throug...
Raiffeisen Research Institutional Equity Daily 28.09.2022
AT: FACC - Changes in the management board (neutral) AT: S IMMO - Receives two awards for sustainability reporting (neutral) AT: UBM Development - Sale of joint venture project in Berlin (neutral) AT: Wienerberger - Share buyback programme completed, partial cancellation allows for more buybacks in due course (positive) PL: Banks - KNF plans to fully replace WIBOR by the beginning of 2025 (neutral) PL: mBank - Profit warning Nr. 2: Huge FX mortgage risk provision in Q3 triggering net...
Raiffeisen Research Institutional Equity Daily 16.09.2022
ATX indices review - FFF changes in S IMMO and Flughafen Wien, small NoS changes in IMMOFINANZ and Marinomed; Andritz to replace voestalpine in the ATX five; CECE index review - No additions/deletions but changes in FFF and/or NoS in Colt, Moneta, Magyar Telekom, OTP, PKN, PGE FTSE Index September review - AllWorld (ML) add: Medlife, One United Properties; AllWorld (ML) del: CD Projekt, Cyfrowy Polsat, ams-OSRAM; M->L: Moneta Money Bank, MOL, Gedeon Richter, Banca Transilvania, OMV Petrom ...
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
VOE VOESTALPINE AG
LNZ LENZING AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SPI S IMMO AG
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
RICHTER CHEMICAL WORKS OF GEDEON RICHTER PLC
OTP OTP BANK NYRT
ANDR ANDRITZ AG
CPS CYFROWY POLSAT SA
FLU FLUGHAFEN WIEN AG
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
M MED LIFE
IIA IMMOFINANZ AG
CAP ENCAVIS AG
ONE ONE UNITED PROPERTIES SA
- Research Team
WOOD Daily: SPI AV; RO Macro; AEGN GA; DAT PW; PL Utilities; KRU PW; E...
HEADLINES: • S Immo: it was good while it lasted (downgraded to SELL) • EME Macro/Strategy: Romania - once again, the most compelling growth story • Aegean Airlines: 2Q22 in line, guidance on 3Q trading encouraging • DataWalk: key takeaways from the call on the 2Q22 results and the strategic update NEUTRAL • Polish utilities: Poland planning households power price freeze next year NEGATIVE • Kruk: parliament proceeds with law limiting costs of non-banking loans NEGATIVE • AmRest: Orkla acqui...
- Jakub Caithaml
- Ondrej Slama
S Immo: it was good while it lasted (downgraded to SELL)
We see CPI’s offer as attractive and recommend shareholders who remained invested in S Immo to accept it during the extended offer period, which runs until to 18 November. Since we upgraded the stock to Buy in July 2021, the shares are up 19%, and the stock outperformed the broader European real estate EPRA Index by 50% over the period. We see a risk that the combination of a weak economy and rising yields could weigh on property values, and believe that, in the absence of the support from the o...
Raiffeisen Research Institutional Equity Daily 07.09.2022
ATX indices review - FFF changes in S IMMO and Flughafen Wien, small NoS changes in IMMOFINANZ and Marinomed; Andritz to replace voestalpine in the ATX five; AT: S IMMO - CEO Ettenauer leaving S IMMO effective immediately (negative) AT: voestalpine - Order wins from aerospace customers (neutral) PL: CCC - Cautious language by CEO (negative)
Raiffeisen Research Institutional Equity Daily 29.08.2022
AT: Macro - S&P lowers outlook to "stable" while confirming AA+ rating AT: S IMMO - Solid Q2 results, supported by rental income growth, hotels and valuations (neutral) HU: MOL - Suspected financial damage at INA of more than HRK 1 bn (negative) RO: Purcari Wineries - Q2 22 net profit decreased with 12% yoy (negative)
S IMMO Q2 22 - Solid Q2 results, supported by strong rental income gr...
Strong rental income growth dynamics of acquisitions & lfl growth Revaluation effects, gains on hedges support bottom line FFO I in line with expectations and only minor decline yoy, despite lack of CA Immo dividend As the trends are broadly in line with expectations and other real estate managers we rate the release as neutral
Raiffeisen Research Institutional Equity Daily 24.08.2022
AT: S IMMO - Change of control triggers termination right for two additional bonds (neutral) AT: Verbund - Gas emergency regulation delayed due to clash over reimbursement of coal-fired power plants' restart cost (negative) RO: Purcari Wineries - Investment in an irrigation system that covers 300 ha of vineyard (neutral)
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