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Research Team
  • Research Team

WOOD Daily: IIA AV; SGH BU; TL Macro; PEO PW; DAT PW; CPS PW; PL Retai...

HEADLINES: • Immofinanz: will they, won't they, when? (upgraded to HOLD) • Sirma Group Holding: ambitious agenda, fair valuation (stays HOLD) • Turkey macro: CBT on hold • Bank Pekao: guides to book full two-year mortgage holiday costs in 2Q22E NEUTRAL • DataWalk: sells additional licences to PKN Orlen and Ally Financial POSITIVE • Cyfrowy Polsat: AGM decides on PLN 1.2 DPS vs. PLN 1.0 management board recommendation POSITIVE • Polish retail: another profit warning, on tough macro conditions...

Research Team
  • Research Team

WOOD Daily: PL Banks; KTY PW; PL Macro; CZ Macro; CEZ CP; PPC GA; TPE ...

HEADLINES: • Polish Banks: conditional BUYing opportunity (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • Kety: 2Q22 preliminary EBITDA beats consensus, 2022E forecasts hiked POSITIVE • Poland macro: inflection point • Czech Republic macro: last of the outsized rate hikes • CEZ: PM Fiala presents support for energy consumers and comments on energy market transformation POSITIVE • Public Power Corporation: may receive PSO payment, regulator to d...

David Lojkasek ... (+2)
  • David Lojkasek
  • Marta Jezewska-Wasilewska

Polish Banks: conditional BUYing opportunity (PKO BP, Bank Pekao, Sant...

The WIG Banks index has sunk by 35% ytd. In this report, we try to work out what has been priced in by such a profound derating. In our view, this move has already priced in the potential cost of: i) the private IPS contribution; ii) the credit holidays (we assume a 66% take-up rate); and iii) the Mortgagors Support Fund contribution, and keeps a cautious stance with regards to the trading multiples for the banks with CHF mortgage exposures. On top of this, we have also tried to forecast 2023E a...

Benefit Systems S.A.: 1 director

A director at Benefit Systems S.A. bought 250 shares at 500.000PLN and the significance rating of the trade was 53/100. 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 years cl...

Research Team
  • Research Team

WOOD Daily: A4L BU; OMV AV; CZ Macro; RO Macro; RU macro; CPS PW; EBS ...

HEADLINES: • Allterco: taking 120%+ profit (downgraded to HOLD) • OMV: incident at Schwechat Refinery could cost EUR 200m • Czech Republic macro: inflation reaches 16% yoy in May • Romania macro: inflation reaches 14.5%yoy in May • Russia macro: CBR cuts to 9.50%, with more to come • Cyfrowy Polsat: establishes collateral for liabilities of Great Wind and grants loan to PAK-PCE NEUTRAL • Erste Bank: potential new CEO at Erste Bank may be announced next week • 11 bit studios: publishing agr...

Research Team
  • Research Team

Raiffeisen Research Institutional Equity Daily 10.06.2022

 AT: IMMOFINANZ - No FY 21 dividend, lack of support from CPI Property Group (negative)  AT: Zumtobel - Marcus Frantz appointed as Chief Digital Transformation Officer (neutral)  PL: Banks - Lower chamber of PL Parliament approves moratoria framework (neutral)  PL: Dino/Eurocash - Discounters and local supermarkets experience double digit growth (positive/neutral)  RO: One United Properties - The maximum subscription price for the first phase will be RON 1.42 per share (neutral)

Research Team
  • Research Team

WOOD Daily: EU Macro; PL Banks; CAR PW; SGH BU; Postcards from Prague ...

HEADLINES: • Europe macro: ECB formulates tightening trajectory • Polish banks: Sejm approves draft bill on credit holidays NEGATIVE • Inter Cars: all-time high sales in May - PLN 1.3bn (+30% yoy) POSITIVE • Sirma Group Holding: proposes BGN 1.4m dividend POSITIVE • Benefit Systems: postcard from Prague • Wirtualna Polska: postcard from Prague • OMV Petrom: postcard from Prague • Purcari Wineries: postcard from Prague • Krka: postcard from Prague • Brisa: postcard from Prague • Short Ne...

Gabor Bukta
  • Gabor Bukta

ANY Security printing-Awesome earnings boosted by elections

Summary: ANY Security Printing Co. surprisingly reported a solid set of results as it achieved a net income of HUF 1,086mn (+618mn or +132% YoY) on net sales of HUF 11.6bn (+2.0bn or +20% YoY) in the first quarter of 2022. The significant jump in earnings was driven by "the steady increase in document orders as the June deadline for renewal of expiring documents approaches, as well as the uninterrupted completion of printing works for the parliamentary elections and the excellent performance o...

Research Team
  • Research Team

Raiffeisen Research Institutional Equity Daily 07.06.2022

 AT: OMV - Austria to release diesel and gasoline from strategic reserves due to a delayed restart of OMV's Schwechat refinery (neutral)  AT: Vienna Insurance Group - Tender offer for 5.5% 2043 notes, Tier 2 placement (neutral)  HU: Magyar Telekom - New tax to amount to approx. HUF 25 bn for FY 22; guidance downgrade (negative)  HU: OTP - Joint Venture established in China (neutral)  PL: Banks - KNF warns on troubles from planned moratoria for banks with large mortgage portfolios (neutral)...

Research Team
  • Research Team

Raiffeisen Research Institutional Equity Daily 02.06.2022

 STOXX Europe 600 Index review - No changes of index constituents in our Coverage Universe  AT: Addiko Bank - Decision on CHF law expected this year; expansion into other markets not ruled out (neutral)  AT: S IMMO - AGM lifts shareholder voting restriction, meeting precondition for offer from CPI Property Group (positive)  HR: Croatia ready to join eurozone in 2023 (positive)  Oil&Gas: OPEC+ meeting - Saudi Arabia is reportedly prepared to raise oil production  PL: Banks - Poland won't t...

Research Team
  • Research Team

WOOD Daily: Polish banks, KOFOL CP, AUG1L LH, CIE PW, DAT PW, HUG PW, ...

HEADLINES: • Polish banks: the draft bill on mortgagors' aid is proceeding in the Parliamentary Commission • Kofola: 1Q22 financial results review POSITIVE • AUGA Group: 1Q22 review - good results, 2022 outlook remains solid • Ciech: tax office challenges PLN 2.7m tax settlement NEUTRAL • DataWalk: sales to an e-commerce platform and the BC Assembly of First Nations NEUTRAL • DataWalk: announces new incentive scheme NEGATIVE • Huuuge Games: May bookings estimate down 6% mom, but flat in flagsh...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: Hungarian equities down 13.6% in M...

EME Equity Market – May 2022 Market performance – markets down mostly, as MSCI EM Europe Index declines 3.6%. The MSCI EM Europe Index fell 3.6% mom and 2.0% mom in EUR and USD terms, respectively, in May. The best-performing index was the Russian MOEX, which added 6.3% mom in EUR terms, but declined 3.7% mom in local currency. However, we note that, with the CBR ban on short selling and restrictions on international investors, as well various sanctions, this performance is not fully comparable ...

BRE MBANK SA
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
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
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
SISE TURKIYE SISE VE CAM FABRIKALARI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
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
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
M MED LIFE
ELPE HELLENIC PETROLEUM
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
PEN PHOTON ENERGY NV
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
SHO SHOPER
KCEL KCELL JSC
ONE ONE UNITED PROPERTIES SA
Research Team
  • Research Team

WOOD Morning (30 May 2022)

HEADLINES: • Benefit Systems: regaining power post-pandemic (stays BUY) • National Bank: 1Q22 - another strong quarter, on track to meet guidance POSITIVE • S Immo: solid 1Q22 numbers, AGM to vote on removal of voting rights cap on 1 June 2022 NEUTRAL • Polish banks: ZBP's estimates on potential cost of credit holidays • Polish banks: 1Q22 - big drops in retail mortgage market • Orange Polska: key takeaways from PAP interview with CEO NEUTRAL • Astarta Holding/Kernel: coverage under review

Maria Mickiewicz ... (+3)
  • Maria Mickiewicz
  • Pawel Wieprzowski
  • PhD

Benefit Systems: regaining power post-pandemic (stays BUY)

We maintain our BUY recommendation on Benefit Systems (BFT). Our new 12M price target (PT) of PLN 730 (cut by 29%) offers sound 28% potential upside. The stock has underperformed the broader market (WIG index) by 27ppts over the past year, while its business seems to be well on track to regain its power post-pandemic, reflected in the strong cards base recovery in both Poland and abroad. While inflationary pressure and the post-pandemic increased activity of card users keep putting pressure on t...

Research Team
  • Research Team

WOOD Daily: COG PW; HU Macro; ALPHA GA; KER PW; AEGN GA; PPC GA; CDR P...

HEADLINES: • Cognor Holding: record results could serve as re-rating trigger (BUY - initiation of coverage) • Hungary macro: taxes and budget consolidation • Alpha Bank: strong 1Q22 numbers, with upside risk for FY22E estimates POSITIVE • Kernel: 3Q22 EBITDA materially below our estimates, amid weak farming segment result NEGATIVE • Aegean Airlines: 1Q22 - small beat, fare levels exceed expectations, summer outlook encouraging POSITIVE • Public Power Corporation: 1Q22 earnings in line, still ...

Research Team
  • Research Team

WOOD Daily: HU Macro; BNET RO; EME Macro/Strategy – Frontier; CZG CP; ...

HEADLINES: • Hungary macro: Orban 5 begins with a bang • Bittnet Systems: 1Q22 results confirm full-year outlook (stays HOLD) • EME Macro/Strategy: overview charts for peripheral countries • Colt CZ Group SE: strong 1Q22 beat, FY22E guidance intact POSITIVE • Eurobank: strong 1Q22, upside risk for targets and our forecasts • CCC: final 1Q22 results below prelims on write-downs related to Russian market; strong start to 2Q NEGATIVE • STS Group: 1Q22 strong, as expected; FY22E guidance maintai...

Research Team
  • Research Team

WOOD Daily: DOAS TI; FROTO TI; TOASO TI; TEN PW; FMF PW; DAT PW; FP RO...

HEADLINES: • Turkish automotive: ready for the ride (Ford Otosan and Tofas stay BUY, Dogus Otomotiv stays HOLD) • Ten Square Games: 1Q22 adjusted EBITDA in line with our and market's expectations NEUTRAL • Famur: 1Q22 EBITDA in line with expectations NEUTRAL • DataWalk: actual 1Q22 numbers fully in line with the preliminaries NEUTRAL • Fondul Proprietatea: takeaways from the call with Hidroelectrica's management NEUTRAL • Kofola: key takeaways from CEO interview with Seznam Zpravy NEUTRAL • Cyf...

 PRESS RELEASE

QIWI Announces First Quarter 2022 Financial Results

QIWI Announces First Quarter 2022 Financial Results NICOSIA, Cyprus, May 23, 2022 (GLOBE NEWSWIRE) -- QIWI plc (NASDAQ and MOEX: QIWI) (“QIWI” or the “Company”), a leading provider of cutting-edge payment and financial services in Russia and the CIS, today announced its first quarter 2022 financial results ended March 31, 2022. 1Q 2022 key operating and financial highlights1   1Q 20211Q 2022YoY 1Q 2022  RUB millionRUB million%USD million(1)Consolidated Group resultsRevenue                  9,234                  9,7175.2%                  115.6Total Net Revenue                  5,161    ...

Research Team
  • Research Team

WOOD Daily: GTC PW; DOM PW; CAR PW; IGN1L LH; GPW PW; BOCH CY; POSR SV...

HEADLINES: • GTC: 1Q22 - in line, stock cheap, but difficult and uncertain macro may continue to weigh on price • Dom Development: Polish residential - a difficult market environment, but we see value in Dom • Inter Cars: 1Q22 EBITDA 7% below our estimate, on lower EBITDA margin NEGATIVE • Ignitis Group: 1Q22 results review - solid beat, 2022E EBITDA guidance hiked POSITIVE • Warsaw Stock Exchange: 1Q22 preliminary EBITDA 4% above market's expectations NEUTRAL • Bank of Cyprus: 1Q22 - solid qu...

 PRESS RELEASE

QIWI to Announce First Quarter 2022 Financial Results on May 23, 2022

QIWI to Announce First Quarter 2022 Financial Results on May 23, 2022 NICOSIA, Cyprus, May 19, 2022 (GLOBE NEWSWIRE) -- QIWI plc (NASDAQ and MOEX: QIWI) (“QIWI” or the “Company”), a leading provider of cutting-edge payment and financial services in Russia and the CIS, today announced that the press release with first-quarter 2022 financial results will be published on May 23, 2022. Given persisting level of uncertainty and market volatility, the conference call and webcast to discuss the results is postponed. In the meantime, all our stakeholders are welcome to send any questions related...

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