A director at Vestel Elektronik Sanayi Ve Ticaret sold 6,000,000 shares at 80.500TRY and the significance rating of the trade was 68/100. 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...
Due to a change in analyst responsibilities, we are discontinuing our coverage of Anadolu Efes, Aygaz, Enerjisa Enerji, Erdemir, Tekfen Holding and Vestel Beyaz with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks.
HEADLINES: • Coca-Cola Icecek: 1Q23 results - strong beat in operating performance POSITIVE • Vestel Beyaz: strong beat in 1Q23 results POSITIVE • Elbit Systems: management call highlights - improved outlook POSITIVE • OMV Petrom: amendments to the solidarity tax law introduced by the Senate POSITIVE • Fondul Proprietatea: to receive RON 867m dividends from Hidroelectrica • The Rear-View Mirror - EME markets: all geographies in the black, bar Turkey • Banca Transilvania: 1Q23E results preview ...
EME Equity Market – February 2023 Market performance – Greece and Czechia continue with good momentum; Turkey resumes rally. The MSCI EM Europe Index gained 4.9% mom in EUR terms and 2.4% mom in USD in February. The Greek ASE and the Czech PX were, again, the best performers, adding 10.4% mom and 7.6% mom in EUR terms, respectively; while the rally resumed in Turkey, with the ISE 30 index gaining 7.3% mom in EUR terms. There was a somewhat muted performance in Hungary and Romania, with the BUX a...
HEADLINES: • Vestel Beyaz: worse-than-expected results in 4Q22 NEGATIVE • Tofas: proposes distribution of DPS of TRY 6.00 NEUTRAL • ADNOC Distribution: proposes AED 0.2057/share dividend • 11 bit studios: presents official The Alters teaser trailer and official The Invincible trailer NEUTRAL
EME Equity Market – October 2022 Market performance – in a positive month across the board, Turkey outperforms yet again. The MSCI EM Europe Index advanced by 12.7% mom in EUR terms and 14.4% mom in USD. The ISE30 was, once again, the best-performing index in our coverage, adding 23.4% mom in EUR terms and 25.2% in local currency terms. All the other indices recorded positive performances as well, with the WIG (+14.8% EUR / 11.5% lcl), the BUX (+11.4% EUR / 8.5% lcl) and the ASE (+10.3% EUR) del...
HEADLINES: • Yapi Kredi: 3Q22 highlights - 14% beat, but spreads look tighter vs. peers • Electrica: impact of latest ordinance in the energy sector POSITIVE • Siauliu Bankas: 3Q22 - another positive surprise • Alkaloid: strong 3Q, driven by Russia/CIS and Western Europe POSITIVE • Arena Hospitality Group: reports record 3Q on strong ADRs POSITIVE • Brisa: 3Q earnings and conference call takeaways NEUTRAL • Coca-Cola Icecek: 3Q22 results - in line NEUTRAL • Vestel Beyaz: worse-than-expected r...
EME Equity Market – August 2022 Market performance – Turkey the biggest winner, in a predominantly bad month. The MSCI EM Europe Index declined 1.2% mom in EUR and 2.8% mom in USD terms. Turkey’s ISE index outperformed all other indices, adding 24.9% mom in EUR terms and 25.1% in local currency terms. Hungary’s benchmark, the BUX Index, added 1.1% mom and 0.2% mom in EUR and HUF terms, respectively. Greece’s ASE Index had a muted performance and added only 0.6% mom. All the other indices across ...
HEADLINES: • Siauliu Bankas: growth mindset (stays BUY) • Poland macro: worsening stance towards EU demands NEGATIVE • Poland macro: MPC member states that PLN is undervalued by 30% NEUTRAL • Romania macro: NBR hikes by 75bps, with more to come • AmRest: 2Q22 sales up 30% yoy POSITIVE • Vestel Beyaz: 2Q22 results - better-than-expected bottom line POSITIVE • Asseco Poland: preliminary 2Q22 net profit at PLN 140m, 4% above the consensus POSITIVE • European oil and gas monthly: July 2022 • CA ...
HEADLINES: • Kofola: a good drink, but for another time (HOLD - re-initiation of coverage) • Komercni Banka: solid 1Q22, strong ground for 2022E delivery NEUTRAL • BRD-GSG: 1Q22 - good start to 2022 • Shoper: preliminary 1Q22 sales up by a strong 67% yoy, but material margin dilution NEUTRAL • CCC: 1Q22 prelims ahead of expectations, but leverage remains excessive POSITIVE • Vestel Beyaz: 1Q22 results - better-than-expected bottom line POSITIVE • EME Macro/Strategy: US - Fed reinforces hawkish...
EME Equity Market – April 2022 Market performance – regional benchmarks performance rather mixed in April. The MSCI EM Europe Index declined by 5.3% in EUR terms and by 9.9% in USD. The best-performing market was Turkey, whose equities gained 13.3% in EUR terms and 9.2% in local currency. Russia’s MOEX Index added 9.0% in EUR terms, but declined by 9.6% in local currency. In Greece, the ASE Index advanced by 4.9% in EUR terms, the last to end the month in the black; while Romania’s BET Index rec...
HEADLINES: • Jumbo: solid 2H21 results • Motor Oil Hellas: 4Q21 results below expectations, dividend proposal of EUR 0.9/share • mBank: to create PLN 192.7m of FX mortgage litigation risk provisions in 1Q22E NEUTRAL • Famur: 4Q21 conference call takeaways NEGATIVE • Jeronimo Martins: Biedronka introducing fixed pricing for 150 basic SKUs by the end of June NEGATIVE • PKO BP: AGM scheduled for 12 May, to vote on the dividend and share buyback among other things • Alior Bank: EGM introduces ch...
EME Equity Market – February 2022 Market performance – Russia’s equities bled in February due to the country’s invasion of Ukraine. The MSCI EME Europe Index declined by 38.7% in EUR terms and 38.8% in USD terms. Russian stocks, represented by the MOEX Index, lost the most in February, declining by 34.6% in EUR terms and 30.0% in RUB terms. The Hungarian BUX Index lost 21.8% in EUR terms and 18.2% in HUF terms; while the Polish WIG20 Index declined by 11.7% in EUR and 9.5% in PLN. In Prague, the...
HEADLINES: • Kaspi.kz: 4Q21 results - solid, 10x P/E on 2022E guidance • Turkish Airlines: 4Q21 - strong results, driven by high unit revenues POSITIVE • AmRest: 4Q21 in line with expectations; leverage reduced to 2.3x POSITIVE • 4iG: 4Q21 results review - strong quarter, with 3.5x yoy EBITDA expansion, 24% above our estimate POSITIVE • Dogus Otomotiv: 4Q21 bottom-line beat vs. consensus, by a wide margin POSITIVE • Vestel Beyaz: 4Q21 results - strong bottom-line beat on deferred tax income POS...
HEADLINES: • Polish banks: can pay out up to 100% of 2021E net profit as dividends • PZU: insurance sector can pay up to 100% of 2020 net profit and up to 50% of 2021E net profit NEUTRAL • Inter Cars: all-time high sales (again) - PLN 1.2bn (+39% yoy) in November POSITIVE • Romania macro: finance minister says 2022 budget will not include new taxes • Electrica: shareholders reject acquisition of 29MW PV plant NEGATIVE • Richter: licenses denosumab biosimilar to Hikma for US market POSITIVE WO...
EME Equity Market – October 2021 Market performance – most markets end October in the black, WIG20 +4.1%. The MSCI EM Europe Index added 3.6% in EUR terms and 3.4% in USD. Poland was the best-performing equity market, gaining 4.1% in both EUR and PLN terms. The Russian MOEX followed, adding 3.9% in EUR and 1.1% in local currency. The Greek ASE Index added 3.8%, while the Hungarian BUX Index advanced by 2.3% and 2.5% in EUR and local currency, respectively. Turkey’s ISE30 Index gained 0.5% in EUR...
HEADLINES: • Alior Bank: strong 3Q21 results, due to revenues and low COR POSITIVE • Santander Bank Polska: books strong delivery, on low COR, strong fees and recovery trends POSITIVE • Tekfen: 3Q21 results - strong beat triggers guidance upgrade • Aselsan: 3Q21 results - major miss vs. the consensus • Otokar: 3Q21 results - in line NEUTRAL • Akbank: 3Q21 highlights - beat, with 0.0% COR • Shoper: strong preliminary 3Q21 top-line growth yoy, but further margin dilution NEUTRAL • Mytilineos: 9...
Following the CMB’s approval on 8 October, Vestel Beyaz’s earlier announced (board decision dated 20 August 2021) 742.10526% bonus issue, raising the number of outstanding shares from 190m to 1,600m, took place yesterday (25 October), with an adjustment in the stock price to TRY 50.5, from the TRY 6.00 close on 22 October. Therefore, we have adjusted our 12M price target (PT) of TRY 69.1/share for the Vestel Beyaz shares, to TRY 8.21/share, effective as of today. There are no changes in our earn...
HEADLINES: • CD Projekt: next-generation console versions of Cyberpunk and The Witcher 3 delayed to 1H21 NEGATIVE • Kety: 3Q21 EBITDA 3% above preliminary estimate; optimistic outlook for 4Q21E POSITIVE • Vestel Beyaz: 3Q21 results - in line operationally NEUTRAL • Jumbo: to pay additional DPS of EUR 0.30, increasing total FY21 DPS to EUR 0.77 (gross) • DIGI Communications: 3Q21E preview - 9% yoy adjusted EBITDA growth expected (due on 12 November) • Short News (RO Politics, TEL)
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....
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