reports
- Research Team
WOOD Daily: ING PW; PEO PW; ALE PW; TPEIR GA; ONE RO; TL Macro; PKN PW...
HEADLINES: • ING BSK: books miss in 2Q22, long-term outlook untouched, weak short-term headline earnings NEGATIVE • Bank Pekao: weaker-than-expected 2Q22 headline EPS, but results include lots of one-off charges NEGATIVE • Allegro: 2Q22 preliminary results in line for core business, but Mall Group disappoints NEGATIVE • Piraeus Bank: solid 2Q22, extreme discount vs. peers POSITIVE • ONE United Properties: raises EUR 52m in capital increase, vs. c.EUR 90m target, priced at 2.2x P/B POSITIVE • Tur...
MOL MOL NYRT
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BSK ING BANK SLASKI S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
AST ASTARTA HOLDING
MGROS MIGROS TICARET A.S
TPEIR PIRAEUS BANK SA
LTS GRUPA LOTOS S.A.
11B 11 BIT STUDIOS S.A.
SOKM SOK MARKETLER TICARET AS
ALG ALLEGRO.EU SA
INPST INPOST S.A.
ALR ALRO SLATINA
ONE ONE UNITED PROPERTIES SA
- 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
- Research Team
- Research Team
WOOD Daily: PZU PW; PKO PW; TBCG LN; GTC PW; NRP NA; CIE PW; AST PW; D...
HEADLINES: • PZU: 1Q22 - investment result holds up better than expected on equities and costs under control POSITIVE • PKO BP: 1Q22 results review - solid results • TBC Bank: 1Q22 highlights - good quarter • GTC: 1Q22 - results in line, DPS proposal of PLN 0.28 (a 5% yield) NEUTRAL • NEPI Rockcastle: 1Q22 - tenants' sales edging above 2019 levels NEUTRAL • Ciech: 2022-24E strategy - high EBITDA target, solid cash generation, regular dividends POSITIVE • Astarta: 1Q22 conference call takeaways...
PKO PKO BANK POLSKI S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
CIE CIECH S.A.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
TBCB TBC BANK JOINT STOCK CO
TRP TERAPLAST
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
19XX NEPI ROCKCASTLE PLC
ALG ALLEGRO.EU SA
ALR ALRO SLATINA
4IG 4IG NYRT
- Research Team
WOOD Daily: KCEL KZ; HSBK LI; AST PW; CEE Macro; PL Banks; WPL PW; SHO...
HEADLINES: • Kcell: attractively-valued frontier exposure (upgraded to BUY) • Halyk Savings Bank: 1Q22 highlights - trading income gives a boost, but still a good start • Astarta Holding: 1Q22 results weaker than expected, but leverage remains low NEUTRAL • CEE macro: strong, above-consensus growth in 1Q • Polish banks: government clears draft bill on mortgagors' aid measures; next step - parliament NEGATIVE • Wirtualna Polska: key takeaways from the 1Q22 earnings call POSITIVE • Shoper: post...
- Research Team
The Rear-View Mirror – EME markets: Turkish equities gain 13.3%, other...
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...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
TENERGY TERNA ENERGY S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFKS SISTEMA PJSFC
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
FMF FAMUR SA
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
PLZL POLYUS (GDR)
OGZD GAZPROM (GDR)
DNP DINO POLSKA S.A.
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
IIA IMMOFINANZ AG
ZB-R-A ZAGREBACKA BURZA DD
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
ALG ALLEGRO.EU SA
KSPI KASPI KZ
TNB NLB BANKA
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
SHO SHOPER
PCO PEPCO GROUP NV
KCEL KCELL JSC
- Research Team
WOOD Daily: EME Macro/Strategy – RU; EBS AV; KRU PW; TKFEN TI; TCELL T...
HEADLINES: • EME Macro/Strategy: Russia can live (but not thrive) without EU gas payments • Erste Bank: strong start to 2022 with the 1Q22 delivery POSITIVE • Kruk: publishes detailed 1Q22 - solid trends, but supported by positive revaluations, as suspected NEUTRAL • Tekfen Holding: 1Q22 results - another major miss NEGATIVE • Turkcell: 1Q22 results in line, except a 10% NI miss; FY22E guidance maintained NEUTRAL • Enerjisa Enerji: 1Q22 results review - mixed, but FY guidance revised up NEUTRA...
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
EBS ERSTE GROUP BANK AG
OMV OMV AG
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LPP LPP S.A.
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
TKFEN TEKFEN HOLDING
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
KMB KOMERCIJALNA BANKA AD SKOPJE
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
OGZD GAZPROM (GDR)
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
EAT AMREST HOLDINGS SE
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
KCEL KCELL JSC
- Research Team
WOOD Daily: INPST NA; CIE PW; PBK RO; AST PW; CCC PW; LPP PW; SHO PW; ...
HEADLINES: • InPost: e-commerce growth at courier multiples (upgraded to BUY) • Ciech: bumpy road, but got there finally (stays BUY) • Patria Bank: profitability set to grow, but valuation remains fair (stays HOLD) • Astarta Holding: 1Q22 trading update - strong volumes, despite the war POSITIVE • CCC: final 4Q21 results above prelims, mainly on one-off POSITIVE • LPP: 4Q21 slightly below prelims on war-related write-downs; no surprises in FY22E guidance NEUTRAL • Shoper: 4Q21 broadly in line...
ACP ASSECO POLAND SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
CIE CIECH S.A.
AST ASTARTA HOLDING
LTS GRUPA LOTOS S.A.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TRP TERAPLAST
PBK PATRIA BANK SA
A4L ALLTERCO AD
IIA IMMOFINANZ AG
INPST INPOST S.A.
SHO SHOPER
PCO PEPCO GROUP NV
- Research Team
WOOD Daily: Polish financials (PZU PW, PEO PW stay BUY; ALR PW upgrade...
HEADLINES: • Polish financials: PZU - higher rates and for longer (stays BUY); Bank Pekao - standing firm against the headwinds (stays BUY); Alior Bank - too cheap to ignore (upgraded to BUY) • Romania macro: the government announces a support package for both individuals and companies • Fondul Proprietatea: end-March NAV could be at least 5% higher mom • Famur: 4Q21 EBITDA 16% below market expectations NEGATIVE • LPP: FY22E rollout plans raised to 500k sqm POSITIVE • Inter Cars: CFO says tha...
- Research Team
WOOD Daily: CAR PW, AST PW, RU macro, HB CY, EEG1T ET, previews
HEADLINES: • Inter Cars: strong March sales, despite ailing Ukrainian business POSITIVE • Astarta: 4Q21 EBITDA slightly above our forecast NEUTRAL • Russia macro: the CBR cuts the key rate by 300bp in an unscheduled meeting last Friday • Hellenic Bank: NPE portfolio sale • Ekspress Grupp: proposes a share buyback programme • Orange Polska: 1Q22E - 2% adjusted EBITDAaL increase expected (due on 25 April) • STS Group: 4Q21E results preview - 25% yoy EBITDA drop from a high base (due on 27 Apri...
- Research Team
The Rear-View Mirror – EME markets: MSCI EM Europe Index loses half it...
EME Equity Market – March 2022 Market performance – regional benchmarks mostly in the black, despite the MSCI EM Europe Index losing half of its value. Following its decline in February, the MSCI EM Europe Index lost in March as well, declining by 49.5% in EUR terms and 50.1% in USD terms. Russia’s MOEX Index added 13.2% in EUR terms and 9.4% RUB terms (we note that Russian companies’ GDRs are still suspended for trading). The Turkish ISE30 Index added 8.2% in EUR terms and 13.3% in local curren...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
FOYRK FOURLIS HOLDINGS S.A.
GEKTERNA GEK TERNA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
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.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
ALPHA ALPHA BANK
EAT AMREST HOLDINGS SE
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
ONE 4IG NYRT
ONE UNITED PROPERTIES SA
- Research Team
WOOD Daily: OTP HB; MTSS RX; RTKM RX; VKCO LI; AST PW; CDR PW; 4IG HB;...
HEADLINES: • OTP Bank: 4Q21 results largely in line, but near-term outlook very uncertain due to geopolitics • Mobile TeleSystems: 4Q21 results review - OIBDA up 6% yoy, in line with the consensus • Rostelecom: 4Q21 results review - OIBDA up 10% yoy, in line with the consensus • VK: 4Q21 results broadly in line with guidance • Astarta Holding: current operations • CD Projekt: suspension of sales in Russia and Belarus NEGATIVE • 4iG: finalises agreement with Rheinmetall on purchase of 25.12%...
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
OTP OTP BANK NYRT
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
TRP TERAPLAST
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
4IG 4IG NYRT
- Research Team
WOOD Daily: BGEO LN; GSPARK HB; RU Macro; HU Macro; EME Strategy – FTS...
HEADLINES: • Bank of Georgia: 4Q21 highlights - good performance on NIM, similar trends vs. peer • Graphisoft Park: 4Q21 - stable results, guidance increased slightly, DPS proposal implies 4% yield NEUTRAL • Russia macro: initial sanctions from the EU and the US • Hungary macro: MNB hikes by 50bps, to 3.40%, as expected • EME Strategy: FTSE monitoring the situation in Russia; MSCI publishes Q&As on treatment of Russia NEUTRAL • Shoper: call takeaways - 2022E focus on revenue growth and furthe...
CCC CCC SA
AST ASTARTA HOLDING
POLY POLYMETAL INTERNATIONAL PLC
GSPARK GRAPHISOFT PARK SE
ALRS ALROSA PJSC
CCH COCA-COLA HBC AG
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
TLV BANCA TRANSILVANIA S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
ALR ALRO SLATINA
4IG 4IG NYRT
SHO SHOPER
- Research Team
WOOD Daily: KOMB CP, BRD RO, SISE TI, ALRS RM, CAR PW, AST PW, MSCI Fe...
HEADLINES: • Komercni Banka: solid 4Q21, 2022E outlook quite optimistic, but DPS guidance may disappoint NEUTRAL • BRD-GSG: strong quarter, high dividend • Sisecam: 4Q21 conference call - strong operations persisting POSITIVE • Alrosa: to allow its customers to buy rough diamonds ahead of schedule NEUTRAL • Inter Cars: January sales up 25% yoy POSITIVE • Astarta: to build new silo for USD 15m NEUTRAL • EME Strategy: MSCI's February QIR - no changes in EME, but EVRAZ drops out following spin-off...
- Research Team
WOOD Daily: MBK PW, TRP RO, EAT PW, GTC PW, TEN PW, Previews
HEADLINES: • mBank: 2021 was a breakthrough year, 4Q21 underlying results solid • Teraplast: 4Q21 results below expectations but 2022E guidance maintained NEUTRAL • AmRest: 4Q21 preliminary sales up 36% yoy POSITIVE • GTC: Hungary may liquidate Central Bank foundations • Ten Square Games: technical launch of a new game - Magical District: Hero's Story NEUTRAL • Moscow Exchange: strong volumes imply all-time high profits in 4Q21E (due out on 4 March) NEUTRAL • Dino Polska: 4Q21E results preview...
- Research Team
The Rear-View Mirror – EME markets: Russia’s equities down, while Turk...
EME Equity Market – January 2022 Market performance – Russia’s equities lost 9.3%, while Turkish and Hungarian stocks advanced 8.6% and 9.3%, respectively, in January. The MSCI EM Europe Index declined 4.5% in EUR terms and 5.9% in USD. Hungary’s equities were the best performers in January, adding 9.3% in EUR and 5.4% in HUF terms; followed by Turkish equities, with an 8.6% gain in EUR and an 8.8% gain in TRY. In Greece, the ASE Index added 4.9%, while the PX Index, the Czech benchmark, gained ...
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
FOYRK FOURLIS HOLDINGS S.A.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
EEG1T EKSPRESS GRUPP A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
AFKS SISTEMA PJSFC
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
ECH ECHO INVESTMENT
FMF FAMUR SA
GPW WARSAW STOCK EXCHANGE
2ET ETALON GROUP (GDR)
ALRS ALROSA PJSC
OTOEL AUTOHELLAS S.A.
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TELEC O2 CZECH REPUBLIC A.S.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLZL POLYUS (GDR)
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)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
19XX NEPI ROCKCASTLE PLC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
TNB NLB BANKA
INPST INPOST S.A.
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
GDEV NEXTERS INC
- Research Team
WOOD Daily: WIZZ LN; ETLN LI; AST PW; STH PW; HU Macro; ADKO AV; KRKG ...
HEADLINES: • Wizz Air: 3Q FY22 - miss on revenues, on lower ticket prices, EBIT largely in line NEUTRAL • Etalon: 2021 KPIs - prices drive higher yoy volumes sold; leverage down due to SPO, cash collections • Astarta Holding: 4Q21 trading update indicates 2021E revenues broadly in line with the consensus NEUTRAL • STS Group: PLN 3m fine for AML NEGATIVE • Hungary macro: MNB increases rates by 50bps, as inflation exceeds forecast • Addiko Bank: Slovenia to vote on a retroactive CHF loans law NE...
- Research Team
The Rear-View Mirror – EME markets: Mixed performance on generally low...
EME Equity Market – December 2021 Market performance – despite most markets being in the black, MSCI EM Europe declined by 1.7%. The MSCI EM Europe Index declined by 1.7% in EUR terms and 1.0% in USD terms. The Czech PX Index continued with its solid performance and advanced by 7.7% in EUR terms and 5.1% in CZK. The Romanian BET Index added 7.1% in both EUR and local currency. Turkish equities, represented by the ISE30 Index, grew 5.3% in EUR and 4.2% in TRY. Poland’s WIG20 Index gained 4.8% in ...
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL BANK MILLENNIUM SA
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
ANY ALLAMI NYOMDA
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
AFKS SISTEMA PJSFC
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
EUR EUROCASH S.A.
FMF FAMUR SA
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
ALRS ALROSA PJSC
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
A4L ALLTERCO AD
ALPHA ALPHA BANK
ELPE HELLENIC PETROLEUM
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
ZB-R-A ZAGREBACKA BURZA DD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
GR6 GRADUS
FINT FINTEL ENERGIJA
ILRA-R-A ILIRIJA D.D.
TNB NLB BANKA
HUGE HUUUGE
ALR ALRO SLATINA
4IG 4IG NYRT
SHO SHOPER
GDEV NEXTERS INC
- Research Team
WOOD Daily: KTY PW; RO Utilities; TEN PW; HUGE PW; EAT PW; CZ Macro; P...
HEADLINES: • Kety: strong 4Q21 preliminary figures, reassuring 2022E forecasts POSITIVE • Romanian regulated utilities: monopoly tax expired at end-2021 POSITIVE • Ten Square Games: USD 8m bookings in December 2021 vs. USD 7m in November 2021 POSITIVE • Huuuge Games: December bookings estimate at USD 18m, +6% mom NEUTRAL • AmRest: new long-term incentive plan approved NEUTRAL • Czech Republic macro: ending the year with a bang • Polish residential real estate: TAG buys Robyg for c.EUR 550m • A...
ACP ASSECO POLAND SA
KTY GRUPA KETY SA
ANY ALLAMI NYOMDA
AST ASTARTA HOLDING
FMF FAMUR SA
CPS CYFROWY POLSAT SA
RTKM ROSTELECOM PJSC
WPL WIRTUALNA POLSKA HOLDING SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
TNB NLB BANKA
HUGE HUUUGE
ALR ALRO SLATINA
4IG 4IG NYRT
- Research Team
WOOD Daily: ATRS AV; ALRS RM; ACP PW; OPL PW; KER PW; CDR PW; HSBK LI;...
HEADLINES: • Atrium: ISS and Glass Lewis recommend Atrium shareholders vote for the merger with Gazit • Alrosa: in November, total diamond sales up 8% mom and +11.7% vs. 2017-19 average NEUTRAL • Asseco Poland: Asseco SEE (ACP's subsidiary) acquires 60% stake in BS Telecom Solutions NEUTRAL • Orange Polska: key takeaways from interview with the CEO • Kernel: shareholders approve DPS of USD 0.44 (a 3% dividend yield) NEUTRAL • CD Projekt: independent counsellor comments on US claims NEUTRAL •...
JMT JERONIMO MARTINS SGPS S.A.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
AST ASTARTA HOLDING
TTKOM TURK TELEKOMUNIKASYON A.S.
ARCLK ARCELIK A.S.
SISE TURKIYE SISE VE CAM FABRIKALARI A.S.
ALRS ALROSA PJSC
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
NVTK NOVATEK JSC SPONSORED GDR REGS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ALG ALLEGRO.EU SA
OZON OZON HOLDINGS
WINE PURCARI WINERIES PCL
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