reports
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; TXT PW; SPL PW; DNP PW; ASELS T...
HEADLINES: • EME Macro/Strategy: macro all-in-one (2-5 January) • Text: 3Q24-25 (calendar 4Q24) preliminary results – MRR of USD 7.10m (+0.9% qoq, +9.4% yoy); 927 net LiveChat customers outflow NEGATIVE • Santander Bank Polska: to book PLN 1,174m of FX mortgage saga provisions in 4Q24E NEUTRAL • Dino Polska: 116 new stores added in 4Q24, shopping space +12% yoy POSITIVE • Aselsan: reorganises MGEO division POSITIVE • The Rear-View Mirror – EME markets: positive performances from all indices in D...
- Research Team
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...
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
MGROS MIGROS TICARET A.S
ARCLK ARCELIK A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
WPS W.A.G PAYMENT SOLUTIONS PLC
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
- Research Team
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%...
- Research Team
The Rear-View Mirror – EME markets: Greece rebounds, elsewhere mostly ...
EME Equity Market - September 2024 EME indices mostly in the red in September; rebound in Greece. The MSCI EM Europe Index declined 2.0% in EUR terms and 1.1% in USD terms in September. The Greek ASE Index was the best performer in our region, advancing 1.4% mom in EUR terms. Muted performances were seen in Czechia and Hungary (+0.3% and +0.2% mom, respectively in EUR terms), with declines in Poland, Romania and Turkey (-3.6%, -2.9% and -1.5% mom, respectively in EUR terms).
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
KLKIM VERCOM SA
SHO KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
4071 SHOPER SA
TRESTATES ARABIAN CONTRACTING SERVICES CO
GEV TRADE ESTATES REIC SA
NOVAL GEVORKYAN A.S.
BOCHGR NOVAL PROPERTY
BANK OF CYPRUS
- Research Team
WOOD Daily: WPL PW; ASELS TI; CAR PW; CAR PW; PCF PW; SPL PW; KAP LI
HEADLINES: • Wirtualna Polska: WP boosts media margins (stays BUY) • Aselsan: 2Q24 IAS 29 results – strong execution POSITIVE • Inter Cars: 2Q24 EBITDA 10% above our forecast and 5% above the consensus, on higher margin POSITIVE • Inter Cars: August sales growth at 8% yoy, in line with our expectations NEUTRAL • PCF Group: new work-for-hire agreement with Krafton; PLN 7m write-off on Project Red POSITIVE • Santander Bank Polska: strategic investor wants to reduce its stake • Kazatomprom: obtains...
- Research Team
The Rear-View Mirror – EME markets: Turkish equities in the lead
EME Equity Market – May 2024 Turkish equities lead, in the mostly green month of May. The MSCI EM Europe Index rose by 0.7% mom in EUR terms and 1.8% mom in LCU terms in May. The Turkish ISE30 index reported the strongest performance, adding 3.6% mom in EUR terms, followed by the Romanian BET and the Czech PX (+2.7% and 2.1% mom in EUR terms, respectively). The Hungarian BUX index and the Polish WIG20 remained broadly flat (+0.4% and +0.2% mom in EUR terms, respectively); although, in LCU terms,...
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
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
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.
TENERGY TERNA ENERGY S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
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.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
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
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
ADNOCDRILL GRUPA PRACUJ DA
AROBS ADNOC DRILLING CO
2381 AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
7203 ARABIAN CONTRACTING SERVICES CO
AQ ELM CO
GEV AQUILA PART PROD COM
GEVORKYAN A.S.
- Research Team
WOOD Daily: SOKM TI; ETEL EY; BGEO LN; ASELS TI; TENERGY GA; OPAP GA; ...
HEADLINES: • Sok Marketler Ticaret: very weak results in 1Q24 NEGATIVE • Telecom Egypt: 1Q24 results review – EBITDA up 19% yoy, 3% above the consensus NEUTRAL • Bank of Georgia: 1Q24 highlights – first quarter with Ameria • Aselsan: 1Q24 results – strong backlog, execution on track POSITIVE • Terna Energy: strong set of 1Q24 results, as very much expected NEUTRAL • OPAP: 1Q24 earnings fall, expectedly, on increased opex, but outlook remains bright NEUTRAL • Huuuge Games: earnings call takeaways...
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
TENERGY TERNA ENERGY S.A.
MBR MO-BRUK S.A.
VGO VIGO SYSTEM SA
ETEL TELECOM EGYPT
GEB BANK OF GEORGIA
SOKM SOK MARKETLER TICARET AS
HUGE HUUUGE
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
- Alessio Chiesa
- Atinc Ozkan
- Can Yurtcan
WOOD Flash – Türkiye macro: our takes from our Symposium; a focus on C...
Last week, WOOD held its second annual symposium in Istanbul (hosting the C-level management of 12 BIST-listed bluechips), which was highly appreciated by both investors and corporates. Overall, sentiment was consistent with our recent pre-elections trip report (followed by our report concerning the elections). The transition towards a more orthodox macroeconomic framework appears both credible and convincing, in terms of the measures implemented, in our view. In the paragraphs below, we focus o...
- Research Team
The Rear-View Mirror – EME markets: all geographies in the green in Ap...
EME Equity Market – April 2024 Market performance – green across all geographies, with Turkey outperforming. The MSCI EM Europe Index was up 5.3% mom in EUR terms and 4.2% mom in USD in April; while the Turkish ISE30 saw the strongest performance, adding 11.6% mom; followed by the Hungarian BUX (+5.0% mom); the Czech PX (+2.8% mom); the Greek ASE (+1.8% mom), the Polish WIG20 (+1.2% mom) and the Romanian BET (+0.1% mom) (all in EUR terms).
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
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.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
GEB BANK OF GEORGIA
M MED LIFE
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
PCO PEPCO GROUP NV
GPP KAZMUNAYGAS NC JSC
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
2381 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN DRILLING CO.
SHO JAHEZ INTERNATIONAL CO
BOROUGE SHOPER SA
AIRA BOROUGE
GEV AIR ASTANA JSC
GEVORKYAN A.S.
- Research Team
WOOD Daily: MONET CP; ALR PW; SHO PW; MBR PW; WIZZ LN; ASELS TI; OPL P...
HEADLINES: • MONETA Money Bank: strong 1Q24 delivery, on better-than- expected revenues POSITIVE • Alior Bank: books small beat on 1Q24 delivery, driven by low credit risk charges; robust 2024E outlook supported POSITIVE • Shoper: 1Q24 adjusted EBITDA 9% above our expectations; FY23 results in line with prelims POSITIVE • Mo-BRUK: 4% miss vs. our 4Q23 adjusted EBITDA forecast, weak cash flows NEGATIVE • Wizz Air: fiscal 2024 post-close trading update POSITIVE • Aselsan: CEO's comments on exports...
TPS ORANGE POLSKA S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
MONET MONETA MONEY BANK AS
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
INPST INPOST S.A.
SHO SHOPER SA
BOROUGE BOROUGE
AIRA AIR ASTANA JSC
- Research Team
The Rear-View Mirror – EME markets: mixed market performances in March
EME Equity Market – March 2024 Market performance – mixed performances in March, with the Romanian BET outperforming. The MSCI EM Europe Index declined by 0.3% mom in EUR terms and 0.4% mom in USD in March. The Romanian BET reported the strongest performance, adding 7.1% mom in EUR terms, followed by the Czech PX and the Polish WIG20 (+4.1% and 1.0% mom, in EUR terms, respectively). Greece saw a relatively muted performance (-0.2% mom in EUR terms), while Hungary (-1.1% mom in EUR terms) and Tür...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
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.
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
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.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ECH ECHO INVESTMENT
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
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)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
CTPNV KAZMUNAYGAS NC JSC
ONE CTP NV
GPP ONE UNITED PROPERTIES SA
AROBS GRUPA PRACUJ DA
2381 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN DRILLING CO.
4071 JAHEZ INTERNATIONAL CO
H2O ARABIAN CONTRACTING SERVICES CO
7203 HIDROELECTRICA S.A.
AQ ELM CO
AIRA AQUILA PART PROD COM
AIR ASTANA JSC
- Research Team
WOOD Daily: TOASO TI; LPP PW; ASELS TI; HU Macro; LOGO TI; WPS LN; WPL...
HEADLINES: • Tofas: fortune favours the bold (stays BUY) • LPP: 4Q23 in line with prelims; FY24E guidance maintained; stellar rollout plans NEUTRAL • Aselsan: strong pre-IAS29 4Q23 results, bullish FY24E guidance POSITIVE • Hungary macro: MNB turns cautious, with a slower pace of rate cuts • Logo Yazilim: weak 4Q23 results, but the details matter NEGATIVE • Eurowag: takeaways from the 2H23 earnings call NEUTRAL • Wirtualna Polska: key takeaways from the 4Q23 earnings call POSITIVE • Ten Square G...
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
WPL WIRTUALNA POLSKA HOLDING SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TEN TEN SQUARE GAMES
WPS W.A.G PAYMENT SOLUTIONS PLC
AIRA AIR ASTANA JSC
- Research Team
WOOD Daily: TR macro, HU macro, ASELS TI, DNP PW, BFT PW, 11B PW, CEZ ...
HEADLINES: • Türkiye macro: MPC surprises with a 500bp hike • Hungary macro: Hungary ends the cap on bank deposits • Aselsan: new USD 0.6bn contract • Dino: 8-10% EBITDA miss in 4Q23 - qoq sales erosion • Benefit Systems: conference call takeaways - solid 2024E outlook, Türkiye promising, churn-related risks from the Czech Republic should not materialise in Poland • 11 bit studios: Indika release date set for 8 May • CEZ: takeaways from the 4Q23 earnings call • Jahez: conference call takeaways •...
- Research Team
WOOD Daily: ASELS TI; GE Macro; CEZ CP; ALE PW; VER AV; CCOLA TI; OPAP...
HEADLINES: • Aselsan: quo vadis? New contracts, new products and upcoming transition to inflation accounting POSITIVE • Georgia macro: NBG cuts policy rate by 75bps • CEZ: press reports CEZ has won tender for 55% of GasNet, could weigh on the 2023 dividend payout NEGATIVE • Allegro: 4Q23 results above expectations; guidance for a strong 1Q24E POSITIVE • Verbund: 4Q23 results in line with guidance NEUTRAL • Coca-Cola Icecek: 4Q23 results – in line operationally NEUTRAL • OPAP: 4Q23 results and FY...
- Atinc Ozkan
WOOD Flash – Aselsan: quo vadis? New contracts, new products and upcom...
In this flash note, we evaluate the recent newsflow on Aselsan’s latest contract wins, its new product launches and the recent management changes. We also offer our preliminary insights on the forthcoming impact of the IAS29 inflation accounting shift on Aselsan (slated to commence with the release of its FY23E financials in the coming weeks). Despite a strong surge (+45 % in TRY and 20% in USD terms) since our rating upgrade (6 September 2023), propelling the stock price close to our 12M price ...
- Research Team
WOOD Daily: WOOD's Winter Wonderland 2023 – Postcards from Prague – CE...
HEADLINES: • WOOD's Winter Wonderland EME Conference 2023: postcards from Prague • CEZ: postcard from Prague • Colt CZ Group SE: postcard from Prague • Eurowag: postcard from Prague • Pilulka Lekarny: postcard from Prague • Athens Exchange Group: postcard from Prague • Elbit Systems: postcard from Prague • Siauliu Bankas: postcard from Prague • Budimex: postcard from Prague • CD Projekt: postcard from Prague • Cyber_folks: postcard from Prague • Cyfrowy Polsat: postcard from Prague ...
CEZ CEZ AS
CDR CD PROJEKT S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
DAT DATAWALK SA
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
ELSA SOCIETATEA ENERGETICA ELECTRICA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
SOKM SOK MARKETLER TICARET AS
CZG CESKA ZBROJOVKA GROUP
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
WPS W.A.G PAYMENT SOLUTIONS PLC
GPP GRUPA PRACUJ DA
- Research Team
The Rear-View Mirror – EME markets: stellar market reaction in Poland ...
EME Equity Market – October 2023 Market performance – election results prompt stellar market reaction in Poland; sell-off in Turkey. The MSCI EM Europe Index added 1.7% mom in EUR terms and 2.0% mom in USD in October. Poland staged a massive rebound, post the elections, with the WIG20 advancing 16.4% mom in EUR terms. Apart from Turkey, where October was a sell-off, with the ISE30 declining 13.7% mom in EUR terms, there were relatively muted performances everywhere else (BUX +2.1% / PX +0.4% / B...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
19XX NEPI ROCKCASTLE PLC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
WPS 4IG NYRT
PCO W.A.G PAYMENT SOLUTIONS PLC
KLKIM PEPCO GROUP NV
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
7202 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO JAHEZ INTERNATIONAL CO
4071 SHOPER SA
BOROUGE ARABIAN CONTRACTING SERVICES CO
7203 BOROUGE
ELM CO
- Research Team
WOOD Daily: ASELS TI; CCOLA TI; LOGO TI; SAB1L LH; SNP RO; CZ Macro; O...
HEADLINES: • Aselsan: 3Q23 results - backlog hits historical peak of USD 11bn, execution on track POSITIVE • Coca-Cola Icecek: strong beat in 3Q23 financials POSITIVE • Logo Yazilim: 3Q23 results - in line NEUTRAL • Siauliu Bankas: 3Q23 results highlights • OMV Petrom: takeaways from the 3Q23 earnings call NEUTRAL • Czech Republic macro: GDP disappoints in 3Q • OMV: joint venture to build Europe's largest plastics sorting facility • Jahez: announces lapse of period to fulfil the SPA condition...
- Research Team
WOOD Daily: ASELS TI; ENA PW; LPP PW; ADNOCDRI UH; SNG RO; SNP RO; DIG...
HEADLINES: • Aselsan: issues compliance policy on controversial weapons POSITIVE • Enea: signs preliminary agreement with State Treasury on Bogdanka sale NEUTRAL • LPP: changes in the management board NEUTRAL • ADNOC Drilling: announces interim dividend • OMV Petrom/Romgaz: proposal introduced in Parliament by right-wing party to triple royalties level NEUTRAL • DIGI Communications: update on FTTH rollout in Spain NEUTRAL • Jeronimo Martins: 3Q23E results preview - 15% yoy EBITDA growth expecte...
- Research Team
The Rear-View Mirror – EME markets: only Romania and Turkey in the bla...
EME Equity Market – September 2023 Market performance – positive developments in Romania and Turkey, declines everywhere else. The MSCI EM Europe Index lost 3.7% mom in EUR terms and 6.0% mom in USD in September. Romania took the spotlight, with the BET Index advancing 7.4% mom in EUR terms, followed by the Turkish ISE30 (+4.6% mom). The Polish WIG20 declined the most (-8.7% mom), followed by the Greek ASE, the Hungarian BUX and, finally, the Czech PX (-7.9%, -1.9% and -0.6% mom, respectively).
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ECH ECHO INVESTMENT
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
NLBR NLB GROUP
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
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