WOOD Daily: RO Oil & Gas; AKCNS TI; EME Macro/Strategy – Dividends; HU...

HEADLINES: • Romanian oil & gas: just have a little patience (OMV Petrom stays BUY, Romgaz downgraded to HOLD – transfer of coverage) • Akcansa: recovery on the horizon (stays BUY) • EME Macro/Strategy: dividends in EMEA – if growth is in doubt, opt for payout • Huuuge Games: 3Q24 broadly in line with our expectations, slightly above the consensus NEUTRAL • Colt CZ Group SE: 3Q24 results – slow quarter; FY24E guidance confirmed NEUTRAL • Türkiye macro: CBT signals a dovish turn • Cyfrowy Polsat:...

Wedbush Morning Call - Nov 21 2024 7:10AM

Polaris Release Timing Remains Uncertain; PT to PLN 160

WOOD Flash – AROBS Transilvania Software: coverage UNDER REVIEW

We are putting our coverage of AROBS Transilvania Software UNDER REVIEW, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on this stock.

WOOD Flash – AROBS Transilvania Software: FY24E budget cut, but 3Q24 r...

The main message from the 3Q24 earnings call is that customers, particularly in the automotive sector, are sitting on the budgets earmarked for outsourced work, as they reassess their own priorities. While this happens. AROBS is positioning itself to capture new business where customer demand is strongest – cyber security, AI and data engineering. This quarter, management did put personnel and other opex cuts in place, the results of which are visible already: it reversed the gross margin erosio...

WOOD Daily: 11B PW; SFG RO; AEGN GA; ELPE GA; HTO GA; SNG RO; MTELEKOM...

HEADLINES: • 11 bit studios: 3Q24 surprises slightly positively, but ytd Frostpunk 2 sales disappoint NEGATIVE • Sphera Group: small beat in 3Q24 – new Cioccolatitaliani franchise signed for Italy POSITIVE • Aegean Airlines: 3Q24 – flat RASK, CASKX up 14%; 27% lower EBIT, on 4% lower ASK (in line) NEUTRAL • HELLENiQ Energy: 3Q24 results and interim dividend NEUTRAL • OTE: 3Q24 results review – soft quarter, with flat yoy adjusted EBITDA, in line with expectations NEUTRAL • Romgaz: 3Q24 results N...

WOOD Daily: EAT PW; EUR PW; CBF PW; MBR PW; ALE PW; VRC PW; TEN PW; PK...

HEADLINES: • AmRest: 3Q24 in line, on a EUR 9m positive one-off NEGATIVE • Eurocash: 3Q24 weak, as expected; FY25E guidance cancelled NEGATIVE • cyber_Folks: 3Q24 results review – 26% yoy adjusted EBITDA growth, 2% above our estimate POSITIVE • Mo-BRUK: 3Q24 EBITDA up 26% yoy, 22-28% above our and the market's expectations POSITIVE • Allegro: 3Q24 EBITDA beat, but yoy decline guided for 4Q24E, due to international operations NEUTRAL • Vercom: 3Q24 results - 28% yoy EBITDA growth, in line with ou...

WOOD Daily: BIMAS TI; CEZ CP; PGSUS TI; RICHT HB; APR PW; SNP RO; PPC ...

HEADLINES: • BIM: weak operating results in 3Q24 NEGATIVE • CEZ: 3Q24 bottom-line miss due to accounting changes; EBITDA guidance raised by 7% POSITIVE • Pegasus Airlines: 3Q24 – 22% higher caskx alleviated by 4% higher RASK and 12% lower fuel cask (in line with the consensus) • Richter: 3Q24 operating results in line NEUTRAL • Auto Partner: preliminary 3Q24 EBIT falls 22% yoy, 9-12% below our expectations and the market NEGATIVE • Auto Partner: October sales growth at 13% yoy, broadly as expect...

WOOD Daily: TLV RO; LOGO TI; SOKM TI; ONE RO; ALARABIA AB; ALPHA GA; C...

HEADLINES: • Banca Transilvania: stellar 3Q24 print sponsored by OTP RO integration POSITIVE • Logo Yazilim: 3Q24 results – small beat; FY24E guidance reiterated; buyback programme expires POSITIVE • Sok Marketler: highly weak set of results in 3Q24 NEGATIVE • ONE United Properties: 3Q24 broadly in line with recent trends NEUTRAL • Al Arabia Outdoor Advertising: weak 3Q24 financial results NEGATIVE • Alpha Services and Holdings: 3Q24 results highlights – improved outlook NEUTRAL • Inter Cars: Oc...

WOOD Daily: ILRA CZ; MGROS TI; KLKIM TI; FROTO TI; TUPRS TI; THYAO TI;...

HEADLINES: • Ilirija d.d.: ADRs growth pace cools, cost inflation persists (NOT RATED) • Migros: good set of operating results in 3Q24 POSITIVE • Kalekim: strong bottom-line performance in 3Q24 POSITIVE • Ford Otosan: 3Q24 results – quarterly margin improvement tempered by lower export guidance NEUTRAL • Tupras: 3Q24 results – net income beats the consensus; comment on the fire at the Izmit refinery NEUTRAL • Turkish Airlines: 3Q24 – strong cargo and investments offset steep growth in staff cost...

WOOD Daily: OTKAR TI; TPEIR GA; BRISA TI; ELM AB; JAHEZ AB; ALK MS; EM...

HEADLINES: • Otokar: weak set of 3Q24 results NEGATIVE • Piraeus Financial Holdings: 3Q24 highlights – decent quarter, with revised guidance POSITIVE • Brisa: profitability should return in 4Q, on October price hikes NEUTRAL • Elm: strong 3Q24 financial results POSITIVE • Jahez: strong 3Q24 results POSITIVE • Alkaloid AD Skopje: strong 3Q24 sales and a qoq margin rebound POSITIVE • EME Macro/Strategy: macro all-in-one (28 October-3 November) • Magyar Telekom: reaches agreement with the trade uni...

The Rear-View Mirror – EME markets: only the Czech Republic in the bla...

EME Equity Market – October 2024 A red October for the EME indices, only Czechia in positive territory. The MSCI EM Europe Index declined by 6.0% in EUR terms and 8.4% in USD terms in October. The Czech PX index was the only one spared, adding 1.3% mom in EUR terms. Türkiye was battered the most, with the Turkish ISE30 declining by 7.3% mom in EUR terms, followed closely by the Polish WIG20 (-6.7% mom in EUR terms). Greece fell 4.8% mom in EUR terms, while the Hungarian BUX index lost 2.7% mom i...

WOOD Daily: ACP PW; EME Macro/Strategy Weekly; GE Macro; ARCLK TI; SOL...

HEADLINES: • Asseco Poland: profitability rebound slower than expected (downgraded to HOLD) • EME Macro/Strategy: macro all-in-one (21-27 October) • Georgia macro: early takes following the parliamentary election • Arcelik: weak set of results in 3Q24 NEGATIVE • Solutions by STC: 3Q24 results NEGATIVE • Budimex: 3Q24 EBIT marginally above our and the market's expectations NEUTRAL • Cimsa: 3Q24 conference call takeaways • PKO BP: three of four largest minority shareholders act jointly to call EGM...

Asseco Poland: profitability rebound slower than expected (downgraded ...

We have downgraded Asseco Poland (ACP) to HOLD (from Buy) and cut our price target (PT) to PLN 102.5 (from PLN 103.0), implying 12% upside potential. We take profit after ACP’s stock price has rallied 31% ytd, but we remain positive on the name and would take advantage of any price correction. We continue to believe that ACP should benefit from easing pressure on salaries, AI-powered tools application and EU funds inflows into Poland. However, the profitability improvement story is unfolding mor...

PSA Media & Entertainment: Video Games Round-Up

It has been a busy week for bean counters in the video games industry, with the release of global console sales data for September, US software and hardware markets for September, and weekly software sales for UK, Japan and Steam. These figures seem to paint a similar picture: hardware sales are bad, though not as bad as over the summer, while software sales are okay. Pelham Smithers elaborates.

WOOD Daily: MONET CP; ALR PW; OPL PW; KTY PW; CEZ CP; WPS LN; GE Macro...

HEADLINES: • MONETA Money Bank: solid, good, 3Q24 results in line with expectations NEUTRAL • Alior Bank: 3Q24 in line, but we may be at the peak NEUTRAL • Orange Polska: 3Q24 results – EBITDAaL up 3% yoy, 2% above consensus on one-offs; EBITDAaL excluding one-offs in line; 2024E guidance reiterated NEUTRAL • Kety: full 3Q24 results below preliminaries NEGATIVE • CEZ: Babis promoting a buyout of the CEZ minorities POSITIVE • Eurowag: solid 3Q24 trading update POSITIVE • Georgia macro: NBG keeps ...

WOOD Daily: FTSHP CP; PL Macro; SAR GA; HU Macro; PKO PW; WPL PW; MYTI...

HEADLINES: • Footshop (FTSHP CP): a sneakerhead’s dream – soft coverage (NOT RATED) • Poland macro: weaker consumption boosts prospects for early rate cuts • Sarantis: 3Q trading update in line, FY24E guidance maintained NEUTRAL • Hungary macro: MNB signals a longer pause • PKO BP: CEO Midera gives the gist of key strategic directions in Puls Biznesu interview NEUTRAL • Wirtualna Polska: Wakacje.pl and Itaka extend cooperation NEUTRAL • Metlen Energy & Metals: 9M24 trading update preview (due ou...

WOOD Daily: ASELS TI; KTY PW; KAP LI; SHO PW; MIL PW; BHW PW; VRC PW; ...

HEADLINES: • Aselsan: 3Q24 results – top-down small beat POSITIVE • Kety: wants to increase its share in the French market NEUTRAL • Kazatomprom: EGM announced to ratify a Chinese contract NEUTRAL • Shoper: 24% yoy growth expected in 3Q24E adjusted EBITDA (due on 24 October) • Bank Millennium: 3Q24E preview (due on 29 October) • Bank Handlowy: 3Q24E preview (due on 13 November) • Vercom: 3Q24E results preview – 29% yoy adjusted EBITDA growth (due on 13 November) • CD Projekt: 3Q24E EBITDA up 35%...

WOOD Daily: ELPE GA; MOH GA; VGO PW; ALE PW; INPST NA; OPL PW; CPS PW;...

HEADLINES: • Greek oil refiners: need a little time to shake things up (HELLENiQ Energy downgraded to HOLD, Motor Oil Hellas stays BUY) • VIGO Photonics: 3Q24 sales down 5% yoy, to PLN 15.7m NEGATIVE • Allegro: announces another change in CEO post NEGATIVE • InPost: acquisition of remaining 70% stake in Menzies for GBP 60m POSITIVE • Orange Polska: key takeaways from an interview with the CFO NEUTRAL • Polish media: TVN put on sale for PLN 5bn, according to Newsweek NEUTRAL • ING BSK: 3Q24E prev...

WOOD Daily: TL Food Retailers; AIRA LI; CZ Macro; HU Macro; APR PW; CA...

HEADLINES: • Turkish Food Retailers: entering a new era (BIM and Migros stay BUY, Sok Marketler downgraded to HOLD) • Air Astana Group: margins attracting rivals (downgraded to HOLD) • Czech Republic macro: September inflation rises as food inflation reaccelerates • Hungary macro: September inflation slows slightly more than expected • Auto Partner: September sales growth decelerates further, to a limited 5% yoy NEGATIVE • Inter Cars: September sales growth slows down to 5% yoy, below our expect...