Regulated electricity tariffs have been revised effective April 5, 2025: Residential tariffs have increased by 25.0% m/m, while industrial tariffs rose by 10.0% m/m. Tariffs for agricultural use have been adjusted upward by 12.4% m/m, as per tariffs prepared by the Energy Market Regulatory Authority (EMRA) and published in the Official Gazette. These tariff revisions are likely to remain in effect for a standard three-month period. Key details and implications are as follows: • Additionally, the...
Summary Yapi Merkezi Holding Inc - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Yapi Merkezi Holding Inc (Yapi Merkezi) is a provider of heavy construction contracting services. The company provides general construction contracting services for the mass transit systems, in...
HEADLINES: • EMEA airlines: 7M22 traffic, strong travel demand driving fares, cheaper fuels leading to a share re • Tekfen: 2Q22 - strong beat, driven by long expected recovery in E&C margins POSITIVE • Aselsan: 2Q22 results - top down beat, but no guidance upgrade POSITIVE • Photon Energy: 2Q22 results review - strong beat, FY guidance hiked POSITIVE • Transelectrica: 2Q22 net profit 44% below our expectations NEUTRAL • Nuclearelectrica: 2Q22 net profit 23% below our expectations • DIGI Comm...
Due to a change in analyst responsibilities, we are discontinuing our coverage of Bizim Toptan and Enka Insaat, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks.
Early yesterday morning (24 February), Russia launched a military assault on Ukraine. We have contacted the companies under our coverage with exposure to these countries, and we gather our initial comments below. We intend to monitor the development of these events and update our views further, in due course.
A director at Enka Insaat ve Sanayi A S bought 300,000 shares at 15.415TRY and the significance rating of the trade was 54/100. 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 ...
The independent financial analyst theScreener just lowered the general evaluation of ENKA INSAAT VE SANAYI A (TR), active in the Heavy Construction industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date December 28, 2021, the closing price was TRY 13.95 an...
HEADLINES: • Polish food retail: the good, the expensive, and the ugly (duckling) (Dino stays SELL, Eurocash upgraded to BUY, Jeronimo Martins stays HOLD) • Fondul Proprietatea: power lift (upgraded to BUY) • OMV Petrom: 2030 Strategy - towards a lower carbon future POSITIVE • O2 Czech Republic: PPF obtains central bank approval to buy out remaining stake in O2 CZ NEUTRAL • Orange Polska: signs Social Agreement for 2022-23 with the trade unions NEUTRAL • PKN Orlen: to set up nuclear joint ventu...
EME Equity Market – November 2021 Market performance – most markets down, with Czech PX Index (+3.0%) the exception. The MSCI EM Europe Index lost 8.9% in EUR terms and 10.7% in USD in November. Prague’s PX Index added 3.0% in EUR terms and 2.3% in local currency, followed by the Romanian BET Index, which declined 3.2% in both EUR and RON terms. Greece’s ASE Index declined by 3.4% in EUR terms, while Hungary’s BUX Index declined by 6.2% in EUR and 5.0% in HUF. The Russian MOEX Index declined 8.6...
HEADLINES: • Enka Insaat: 3Q21 results - strong operating line beat, NI miss POSITIVE • Isbank: 3Q21 highlights - does not tick all the boxes, but still cheap • Migros: 3Q21 results beat POSITIVE • Richter: strong 3Q21 net profit boosted by FX revaluation POSITIVE • Petkim: 3Q21 results - big beat on net income • PGNiG: 3Q21 estimates - EBITDA well above expectations POSITIVE • Inter Cars: 3Q21 preliminary net profit 34% above consensus POSITIVE • Tauron: 3Q21 prelims review - weak results, b...
EME Equity Market – September 2021 Market performance – Turkish equities performed the worst, followed by Greek stocks. The MSCI EM Europe Index advanced 4.5% in EUR terms and 2.4% in USD terms in September. Turkey’s ISE30 Index declined by 9.7% in EUR terms and lost 5.2% in TRY terms, while the Greek ASE Index declined 6.3% in EUR terms. In Poland, the WIG20 Index declined by 4.3% in EUR terms and 2.4% in local currency. The Hungarian BUX Index fell by 1.3% in EUR terms, but advanced 1.7% in lo...
HEADLINES: • Asseco Poland: on the crest of a digitisation wave (BUY - initiation of coverage) • Echo Investment: 2Q21 - mixed bag, with number of one-offs linked to Archicom deal NEUTRAL • Shoper: 2Q21 results in line with preliminary figures NEUTRAL • Kety: preliminary 3Q21 results slightly below our figures, but still very strong POSITIVE • Russian metals & mining: to face increase in taxation from 2022 NEGATIVE • Enka Insaat: Namakhvani HPP project terminated NEUTRAL • CCC: PLN 360m of bon...
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....
EME Equity Market – May 2021 Market performance – Polish equities continued to outperform in May. The MSCI EM Europe Index gained 6.9% in EUR terms and 8.7% in USD terms; while the WIG20 continued with its strong performance from April, advancing 11.4% in EUR terms and 9.6% in PLN terms. The BUX Index, the Hungarian benchmark and the worst performer in April, gained 11.4% in EUR terms and 7.4% in HUF terms in May. Prague’s PX index grew 7.5% in EUR terms and 5.7% in CZK terms; followed by the Ru...
HEADLINES: • Allterco: +60% sound good? Not yet, not for us (stays BUY) • Halyk Savings Bank: 1Q21 results review - business on track and still inexpensive • Aegean Airlines: capital increase priced at EUR 3.2/sh, rights can be exercised for next two weeks POSITIVE • Rosneft: 1Q21 results review • Enka Insaat: 1Q21 results - strong beat, due to one-off collections POSITIVE • HansaMatrix: strong network demand, net profit hit by warrant revaluation POSITIVE • Bittnet Systems: 1Q21 results rev...
EME Equity Market – January 2021 Market performance – MSCI EM Europe Index -1.6% in EUR terms and -2.4% in local currency terms. The Hungarian BUX Index performed the best in January, adding 5.7% in EUR terms and 3.5% in HUF terms; followed closely by the Romanian BET, with a 5.0% gain in EUR terms and +5.1% in local currency. All the other markets ended the month in the red: the PX Index, the Czech benchmark, lost 0.2% in EUR terms and -1.0% in CZK terms; the Polish WIG20 Index was also down, -...
HEADLINES: • Benefit Systems: a year to regain condition (BUY - transfer of coverage) • Turkey Strategy: drought risk - view on potential implications • Magnit: FY20 sales up 11.9% yoy, vs. our 12.0% forecast NEUTRAL • Jeronimo Martins: 4Q sales up 2.4%, vs. flattish expectations POSITIVE • CCC: takeaways from the management videoconference NEUTRAL • Moscow Exchange: solid equities and derivatives volumes in December, client balances up as well POSITIVE • Cyfrowy Polsat: announces new 5G mobi...
Given the recently intensified newsflow (and the Turkish authorities’ statements) on the extremely dry weather conditions in Turkey and the alarming decline in water reservoir levels across the country, in this report, we try to provide an initial assessment of the potential risks from a prolonged drought hazard at the stock and macro levels in 2021E. Our focus is food price inflation, and the implications for consumer staples and brewers (Ulker, CCI, Anadolu Efes) and food retailers (Migros, BI...
HEADLINES: • EME Macro/Strategy: US elections - our take • Turkey macro: implications of key changes • Turkcell: 3Q20 results - strong beat, FY20E guidance upgraded POSITIVE • Isbank: 3Q20 review - decent quarter and we still see some value, despite outperformance POSITIVE • Enka Insaat: 3Q20 results - poor operating line NEGATIVE • Atrium: 3Q20 - postpones decision on dividend; does not expect significant yield shift by year-end NEUTRAL • Migros: 3Q20 broadly in line with expectations, lever...
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