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....
Headlines Large-cap companies news … 2 Play: Cell towers to be put on sale? Cyfrowy Polsat: PLN 1.00 DPS to be voted by AGM on July 23 CD Projekt: AGM called on July 28 mBank: An appeal against suspension of installments Banks: Growth of CHF court cases at 400% yoy in April in Warsaw jurisdiction Banks: Industry insiders on the outlook Banks: PLN mortgages also threatened by lawsuits? Banks: Estimates of credit vacations numbers coming from the new bill Small- and mid-cap companies new...
Polish Equities Monthly: July 2020 Worlds apart Nasdaq Composite at its all-time high (and +11.7% ytd) and S&P500 a tad in the positive territory from the ytd RoR perspective – that was the world of the stock market just a few days ago. It hardly reconciled not only with realistic, in our view, scenarios for the economic recovery (discussed in our previous Monthly research report, 6/2020/MR(59), dated May 19), but also with the mathematics of changes in the U.S. earnings expectations (the abru...
Headlines Large-cap companies news Azoty, PuÅ‚awy, Police: 4Q19 results revealed; Azoty’s adjusted EBITDA broadly in line with expectations, poor results of PuÅ‚awy, very good cash flow triggered by extensive us of factoring Alior: Management on outlook PKN Orlen: No changes in planned capex despite impact of COVID-19, update on acquisitions PGE: 1Q20 results publication date changed PKO BP: 1Q20 financial report to come later Banks: Unified credit vacation offering? Insurers: Impact of ...
Headlines Large-cap companies news PKN Orlen: Model margins for March revealed JSW: Force majeure declared Ciech: Salt project in Germany update CCC: The Company’s management outlook Orange PL: Management on COVID-19 impact Dino: Shops openings in 1Q20 revealed PGE: Management outlook Tauron: Management outlook Pekao: Extended period for credit vacations PZU: Solvency report released ING BSK: AGM voted yesterday Banks: ZBP on further improvements in customers facilities Banks: Cost...
Headlines Large-cap companies news CCC: FY19 NL at PLN -27 million Kruk: FY19 financial report released PKN Orlen: Changes in supervisory board members Azoty: Sale of 3D printing materials planned Tauron: Improvement in Tauron Wydobycie on the horizon? Alior: Organic work in the corporate segment Pekao: Individual recommendation from the watchdog ING BSK: Management recommendation for dividends ING BSK: Fitch puts IDR rating on observation list Banks: Head of PFR on Pesa restructuring...
Headlines Large-cap companies news Santander BP: Preliminary FY19 results’ review – 4Q19 ahead consensus numbers, while meeting our forecasts PKN Orlen, Energa: Tender offer price is a fair one? RBI: Provisions for FX mortgage cases created Banks: 4Q19E results summary – dragged down by a new class of provisions Banks: Factoring grows at 16% pace Banks: Pengab increases Banks: Pension funds equity allocation floor to be revamped Small- and mid-cap companies news Ferro: 4Q19 financial f...
Headlines Large-cap companies news Play: 4Q19 results’ forecast + what may be the impact of the upcoming release of management’s FY20 guidance? Dino: 4Q19 results’ forecasts – strong profits expected Azoty, PuÅ‚awy, Police: 4Q19 results preview – poor EBITDA on weak fertilizer volumes Lotos: Refining production slate for December revealed JSW: Operating figures for 4Q19 revealed Alior: Changes in the management board Alior: Management board member on strategy Banks: Delays in CHF mortga...
Headlines Large-cap companies news Orange PL: 4Q19 results forecasts – EBITDAaL excl. real-estate disposal to show low single-digit yoy improvement Play: Award shares to three board members PGE: 450 MHz LTE communications network being considered to be built Lotos: PLN 100 million to be spent on fuel terminal expansion in Piotrków Trybunalski JSW: Supervisory board accepts cash withdrawal from stability fund Millennium: SOKiK maintains PLN 20 million fine mBank: Timeline for transaction ...
Headlines Large-cap companies news ING BSK: 4Q19E results – lower costs and impairment charges drive results PKN Orlen: Searching for technical advisor concerning wind farm project Banks: Press on deposits trends Banks: BIK data for December Banks: Pocztowy with PLN 11 million provisions for consumer lending Small- and mid-cap companies news Comarch: 4Q19 financial results’ forecast – yoy hike in profits? VRG: The Company’s management outlook Mercor: Value of orders collected in Decemb...
Polish Equities Monthly: January 2020 Delivering the goods FY19 performance of our top potential out- and underperformers portfolio shows that acute stock selection accompanied by patience is capable of yielding satisfying rates of return also in periods when the broad stock market is not supportive, moving side-ways: last year our top potential out- and underperformers portfolio generated absolute positive rate of return (including intra-year month-on-month compounding effect, yet excluding t...
Polish Equities Monthly: December 2019 2020 equity strategy At a critical junction The US equity market is, in our view, at a crossroads at the moment. Whereas some of the economic leading indicators (UST curve, industrial production, ISM manufacturing PMI, US corporate profit margins), historically doing decent job in signaling stock market peaks, explicitly imply risk of looming change in the cyclical trend in US equities, the other key ones (ISM non-manufacturing PMI, trend in initial jobl...
Headlines Large-cap companies news Pekao: Changes in the management board Pekao: New CEO on strategy CD Projekt: Gwent might have generated net US$ 0.4 million in November (SensorTower.com) Alior: Ruch transaction still in the cards PGNiG: Access to LNG terminal in KÅ‚ajpeda JSW: PLN 1.7 billion contract for coke delivery Azoty: Changes in management of Siarkopol Banks: Statistics for CHF litigation Small- and mid-cap companies news Polnord: 3Q19E results released – below expectations...
Event: 3Q19 results vs forecasts; the review of strategic options at dealership business. BAH released its 3Q19 financial results on Friday after the session. In line with our expectations, 3Q19 financials are poor, worse yoy.
With the turn of the year closing near, one is tempted to figure out the next year’s outlook. How long the current synchronized slow-down in growth for the key countries/ regions may last? How persistent may be the recent dovish twist in main central banks’ policy bias? 30% of the world’s sovereign debt outstanding stock has negative yield – does it really matter? Are there any material risks to the stability of global financial system? What’s the priority of president Trump (apart from his re-e...
• Short term: positive attitude. Shares ↑, EM>DM, WIG20WIG20 • WIG20: S-T +10%; L-T WIG20 • Our thesis is that the market is currently in an ‘unreasonably cheap’ phase and we are only just ahead of a phase of doubt, especially in the segment of small companies. • The economic cycle is already behind its peak phase. • The upcoming slowdown will be a classic recession rather than a crisis. • Poland: slowdown in growth, especially in 2H19; strong consumption maintained (although s...
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