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....
GUBRE FABRIKALARI TAS (TR), a company active in the Specialty Chemicals industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 3 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Slightly Positive. As of the analysis date December 21, 2018, the closing price w...
EME Equity Market – November 2018 Market performance – Turkey up by 13.3% mom in EUR terms in November. The MSCI EME gained 2.2% in November, while the Turkish ISE rose by 13.3% in EUR terms, which was driven mostly by the appreciation of the TRY against EUR, as the index gained 6.1% mom in TRY terms. The Hungarian BUX was up by 8.3% mom, followed by the Polish WIG20 (+7.7% mom) and Romania’s BET (+1.8% mom). The Czech PX index was flat mom, while the Russian MOEX and the Greek ASE ended t...
HEADLINES: • Greek banks: Athens trip notes - no magic bullet (Alpha, Eurobank, NBG and Piraeus stay BUY) • Vakifbank: 3Q18 highlights - positive on financial standing POSITIVE • BIM: 3Q18 results - 21% beat on EBITDA, with another upward guidance revision POSITIVE • Georgia Healthcare Group: 3Q18 results broadly in line, but healthcare earnings remain soft NEUTRAL • Gubretas: 3Q18 review - operational improvements, but bottom line disappoints again NEUTRAL • OMV: forms joint vent...
Market performance – Turkey down 28% mom in August. The MSCI EME lost 6.7% mom in August, while the Bucharest Stock Exchange outperformed its peers, rising 3.7%. The BUX came in second, recording a rise of 2.1%, while Warsaw’s WIG20 followed with gains of 0.7%. On the other hand, the Turkish ISE30 recorded the largest drop, -28.0%, while Russia lost 5.8%, the Greek ASE index was down 4.2% and Prague’s PX fell 2.5% (all performances measured in EUR terms).
HEADLINES: * Famur: going GLOBAL from Polish stronghold (BUY - initiation of coverage) * Erdemir: 2Q18 financial results - 8% above consensus EBITDA, but weak FCF NEUTRAL * Erdemir: capex plans - some clarity, but many questions remain NEGATIVE * Gubretas: 2Q18 review - operational improvements NEUTRAL * EME Strategy: FFGRP may be removed from FTSE indices NEUTRAL * Nostrum Oil & Gas: 2Q18E preview (due on 21 August) * Medicalgorithmics: rather disappointing 2Q18E expected...
HEADLINES: * Romania macro: negative political and policy developments * Banca Transilvania: 2Q18 net profit above our expectations, but results full of one-offs * Medicalgorithmics: strong data in a weak month, +13% yoy POSITIVE * MedLife: 2Q18 price hikes add to the case for margin expansion POSITIVE * Petkim: highlights from our site visit * Norilsk Nickel: 1H18E - marginally above consensus, strong FCF, falling leverage (due out today) NEUTRAL * Georgia Healthcare G...
EME Equity Market – May 2018 Market performance – only Russia in positive territory, while Athens the worst performer. The MSCI EME lost 2% mom in May, continuing the negative trend after April’s 3.2% contraction. The best performer for May was the Russian MOEX index, which outperformed its peers (+4.6%). All the other indices were in negative territory: the Greek ASE realised the largest drop (-11.9%); Budapest’s BUX lost 9.7%; the Turkish ISE30 was down 9.4%; the Warsaw WIG20 fell 7.3%...
HEADLINES: * OTP Bank: 1Q18 - strong bottom line beat on low provision charges POSITIVE * Eurocash: 1Q showing first signs of recovery in wholesale POSITIVE * Bank Handlowy: 1Q18 - strong bottom line, but very weak quality mix NEUTRAL * Halkbank: 1Q18 - in line on the bottom line, but leaves much to be desired in operational metrics NEGATIVE * Nuclearelectrica: 1Q18 results above expectations POSITIVE * Pegasus Airlines: 1Q18 results - minor beat on stronger yields POSITIVE ...
HEADLINES: * BRD-GSG: 1Q18 results strongly above expectations POSITIVE * Erste Bank: 1Q18 net profit at EUR 33m, 4-6% beat vs consensus amid positive provision charges NEUTRAL * KOMB: 1Q18 - small beat on positive LLPs, but neutral due to pressured revenues; 2020E strategy POSITIVE * MOL 1Q18 results mildly below expectations NEUTRAL * Petkim: 1Q18 results - missed by a mile NEGATIVE * Yapi Kredi: 2020 Strategy - seeing is believing (especially on COR) NEUTRAL * Turkish a...
In our previous report, in November 2017, our base-case scenario was another leg up for the market in 1H18E, helped by upside for growth expectations and TRY stability supported by the CBRT, despite the significant volatility at the time. After a brief rally, during which the BIST100 peaked at nearly 20% above its November bottom, it seems we are back to where we started, with the market hit with another bout of currency and interest rate spikes. This time, we believe that the upside in equities...
HEADLINES: * Norilsk Nickel: don't beliEVe the hype (HOLD - reinitiation of coverage) * CCC: 4Q soft, as expected NEGATIVE * Motor Oil Hellas: 4Q17 results, great performance despite market conditions POSITIVE * National Bank: impact of IFRS 9 implementation * JSW: 4Q financial results - 29% miss vs. consensus EBITDA on higher costs, despite improved pricing NEGATIVE * Gubretas: 4Q17 review - beats both consensus and our expectations POSITIVE * Eurobank: 4Q17 - reassurin...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Market performance – Russian MICEX and Greek ASE indices up the most in November in EUR terms. In November, the MSCI EME index increased by 2.2% mom in EUR terms. The Russian MICEX managed to rise the most (+8.2% mom), followed by the Greek ASE (+6.4% mom). The only other EME index to end the month in positive territory was the Romanian BET (+0.2% mom). The worst-performing EME index was the Turkish ISE30, which lost 12.2% mom, while the Czech PX (-4.5% mom) and Polish WIG20 (-4.1% mom) also f...
The unattractive combination of a slowing economy, potential upward pressure on inflation due to TRY depreciation and increasing political/geopolitical risks make it difficult to get excited about Turkish assets in their own right. As a result, Turkey’s derating has been in the making for some time, making valuations look depressed on a number of metrics including against its peers. With little room for successful structural reform execution however, we believe that Turkey’s appeal remains c...
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