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....
Following absorption by Eurobank, we are terminating our coverage of Grivalia. The stock has returned 58% since we upgraded the company to a BUY in November last year. We caution against using the forecasts, ratings and price target guidance issued previously on the stock.
EME Equity Market – February 2019 Market performance – ASE Index up 11.5% mom in February. The ASE index outperformed its rivals in February, rising by 11.5%, following a mom gain of 3.5% in January. Bucharest was the second-best performer, up 10.2% in February, while Prague’s PX recorded a mom gain of 3.2%. The MSCI EME was in correction mode in February, losing 1.6% mom, following January’s double-digit growth of 11.3% mom; while the MOEX and BUX both lost 1.3% mom in February; and the...
HEADLINES: • Isbank: 4Q18 results review NEUTRAL • Grivalia: bonuses for management and employees consume majority of 4Q18 FFO NEGATIVE • MTS: considering delisting from the NYSE NEGATIVE • CEZ: EU directive could end company's arbitration against Bulgaria NEUTRAL • Tofas: 4Q conference call takeaways NEUTRAL • Turkish automotive: January exports flat; Ford Otosan starting the year off right NEUTRAL • EME Strategy: MSCI February 2019 QIR predictions • Short News (KER, KTY)
EME Equity Market – December 2018 Market performance – all markets down in December. The BET index reported the highest loss, of 14.7%, in December; while the MSCI EME was down 4.3%, vs. November’s 2.2% gain; the Turkish ISE recorded a loss of 6.2%, following the 13.3% mom rise in November; Prague’s PX index fell 6.8%, after November’s flat performance; Moscow’s index lost 5.9%, vs. the 0.5% loss in the previous month; Budapest’s BUX ended December with a loss of 1.7%; and Greeceâ€...
HEADLINES: • Romania macro: budget saga - next steps in the emergency decree • Public Power Corporation: 3Q18 EBITDA driven by ETMEAR settlement and net writebacks NEUTRAL • KGHM: November production figures - down mom, but on track to meet 2018E guidance NEUTRAL • Grivalia: completes an office acquisition and sells floors in another building NEUTRAL • Hellenic Petroleum: successful completion of sale of 35% stake in DESFA NEUTRAL • Orange PL: fined PLN 11m by UKE NEUTRAL • Polish...
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...
A director at Grivalia Properties Real Estate Investment Co bought 10,000 shares at 8.244EUR and the significance rating of the trade was 59/100. 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 ...
We turned positive on Grivalia recently (Greece_Real Estate_Grivalia_Upgraded to BUY_13Nov2018.pdf): following the recent correction, we viewed the company as an attractive defensive play on the Greek recovery. Instead, Grivalia’s minority shareholders are now likely to end up with shares in a bank, a significantly higher beta investment. Even though Eurobank rebounded in this morning’s trading (at the pixel time, the stock traded at EUR 0.50/share, up from Friday’s close of EUR 0.47/share...
HEADLINES: • Eurobank: transformational deal to frontload NPE reduction POSITIVE • Grivalia: to merge with Eurobank; 15.8x merger ratio implies c.17% discount to NAV NEGATIVE • CCC: sale of German assets and partnership with HRG POSITIVE • Polish gencos: Energy Minister presents long-term energy policy draft NEUTRAL • Polish telecoms: Vectra resumes negotiations with Multimedia NEUTRAL • EME Strategy: FTSE Quarterly Index Review - SOK joins FTSE All Cap index as of 21 December close...
HEADLINES: • Grivalia: defensive play on Greek recovery (upgraded to BUY) • Wirtualna Polska: strong 3Q18 results, driven by online segment performance POSITIVE • Motor Oil Hellas: 3Q18 results,EUR 0.35 interim dividend - a refiner you can bank on • Play Communications: 3Q18 results in line, 2018E guidance maintained, mid-term guidance vague NEGATIVE • Atrium: 3Q18 - rental income and FFO spot on our estimates, EUR 0.27 DPS reinstated for 2019E NEUTRAL • Kofola: 3Q18 results - low-...
As a part of a broader Greek sell-off, Grivalia’s shares have lost over 20% since their peak in January, are down 16% ytd and are trading at the lowest levels since the end of 2016. We believe the weakness has created a compelling entry opportunity into a quality, low beta play on the Greek recovery. Grivalia’s low leverage (12% net LTV) offers substantial room for debt-financed expansion, which should drive top-line growth and ROE improvement, in our view. With 95% occupancy and a 9.7Y weig...
EME Equity Market – October 2018 Market performance – Turkey up only 1.4% mom in EUR terms in October 2018. The MSCI EME lost 3.4% in October, vs. September’s 6.1% gain; while the Turkish ISE rose by 1.4%, following September’s +17% mom; and the BET index recorded a gain of 1.1%. Prague’s PX index lost 4.2% in October, after September’s rise of 3.1%, while Moscow’s index lost 2.9%. Budapest’s BUX ended October marginally flat, losing 0.4%. A poor performance was seen by the ASE, ...
HEADLINES: • mBank: small miss on 3Q18 bottom line due to high admin costs and one-offs in other income • Lenta: 3Q18 trading update - soft operationally, but GDR buyback supports our positive message POSITIVE • Nostrum Oil & Gas: releases 3Q18 operational update NEGATIVE • Lotos: 3Q18 review - results generally in line with preliminary numbers NEUTRAL • Dom Development: 3Q18 - results in line; doing well operationally; shares look cheap NEUTRAL • Emlak Konut: 3Q18 review - predict...
EME Equity Market – September 2018 Market performance – Turkey up 17% mom in EUR terms in September. The MSCI EME gained 6.1% in September, rebounding from the 6.7% loss recorded in August. The Turkish ISE rose by 17% mom in EUR terms, while Moscow’s stock exchange gained 8.6%. Prague’s PX market rose 3.1% in September, while the Bucharest Stock Exchange recorded a mom gain of 1.3%. Budapest’s BUX also rose modestly, by 0.8%. On the other hand, Warsaw’s WIG20 fell by 1.8% mom, while ...
HEADLINES: • Russia macro: another round of sanctions likely in November • MONETA Money Bank: raises 2018E net profit and DPS guidance (again) POSITIVE • Greek banks: press reports on SSM targets • GTC: buys development project in Budapest, plans to build 35.5k sqm GLA office POSITIVE • Grivalia: acquires development project in Piraeus POSITIVE • Electrica: ANRE sets new rate of return at 5.66% NEUTRAL • Richter: acquires rights to assisted reproduction technology drug Cycloges...
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: * KAZ Minerals: Baimskaya acquisition - oversold * MOL: 2Q18 results, EBITDA in line NEUTRAL * MMK: 2Q18 financial results - broadly as expected * Tekfen: 2Q18 review - strong results, as expected, and guidance revised up NEUTRAL * Tauron: preliminary 2Q18 EBITDA beats consensus by 9% POSITIVE * Grivalia: acquires EUR 82m luxury resort in Greece through its hospitality subsidiary NEUTRAL * Richter: takeaways from the 2Q18 conference call NEUTRAL * Turkish au...
Grivalia has announced that its subsidiary, Grivalia Hospitality, has acquired Amanzoe, a luxury hospitality complex with a hotel and villas operated by Aman Resorts, in Greece, from Dolphin Capital Investors (DCI), from whom Grivalia acquired the Pearl Island in Panama in early-2017. Grivalia is purchasing an 85% stake, and Dolphin Capital Partners (DCP), the founding shareholders of DCI, are purchasing a 15% stake. The net consideration to be paid to DCI by the purchasers amounts to EUR 5.8m. ...
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