Food retailers are well-placed to face the upcoming challenges: We believe consumers will experience the effects of the recent economic tightening measures implemented by the government starting more in 4Q23, as wage hikes’ impact erodes, back to school season ends, inflation rises and credit card costs surge. However, given the retailers’ competitive pricing strategies and demand elasticity of grocery spending, they should be able to effectively navigate these challenges. Regulatory risks have...
EME Equity Market – November 2022 Market performance – Turkey does it again, breezing past everyone else, once more, in November. The MSCI EM Europe Index advanced 11.6% mom in EUR terms and 16.7% mom in USD. The ISE30 index, again, boasted the best performance among our coverage, adding 18.6% mom in EUR terms and 23.9% mom in local currency (lcl) terms. Positive performances were also recorded in the WIG (+14.0% EU /13.0% lcl mom), the BUX (+12.6% EUR/12.0% lcl mom), the BET (+8.4% EUR/8.6% lcl...
Strong operating performances so far…: Food retailers have posted strong earnings growth in recent quarters, thanks to high food inflation and the resulting gains from operating leverage. Additionally, ongoing strong store opening momentum without cannibalisation, trading down to discounters; increased at-home eating; and tax cuts on staple foods from 8% to 1% to tackle high food inflation which have further eroded traditional segment’s competitiveness vs modern retailers have all supported the ...
HEADLINES: • EMEA airlines: 7M22 traffic, strong travel demand driving fares, cheaper fuels leading to a share re • Tekfen: 2Q22 - strong beat, driven by long expected recovery in E&C margins POSITIVE • Aselsan: 2Q22 results - top down beat, but no guidance upgrade POSITIVE • Photon Energy: 2Q22 results review - strong beat, FY guidance hiked POSITIVE • Transelectrica: 2Q22 net profit 44% below our expectations NEUTRAL • Nuclearelectrica: 2Q22 net profit 23% below our expectations • DIGI Comm...
Due to a change in analyst responsibilities, we are discontinuing our coverage of Bizim Toptan and Enka Insaat, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks.
A director at Bizim Toptan Satis Magazalari As bought 35,000 shares at 15.140TRY and the significance rating of the trade was 52/100. 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 las...
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....
EME Equity Market – November 2020 Market performance – all country indices rebound in November, with the ASE Index gaining 29.4%. The MSCI EM Europe Index rebounded strongly in November, recording increases of 19.5% in EUR terms and 22.7% in local currency terms. The strongest performance was recorded by the ASE Index, which added 29.4% in both EUR and local currency terms. The Polish WIG Index, which gained 24.4% in EUR terms and 20.7% in PLN terms, was the second-best performer in the month; f...
EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index decline...
HEADLINES: • Santander Bank Polska: 2Q20 - strong delivery on costs, revenues under pressure • Yandex: 2Q20 results - softer ad market, but recovering swiftly • Akbank: 2Q20 highlights - in line, but earnings quality somewhat weak, new guidance • Tofas: 2Q20 results - all-time high PBT margin, guidance raised POSITIVE • Ford Otosan: 2Q20 results - beat on EBITDA, guidance raised, but reflected in the price already NEUTRAL • Bizim Toptan: 2Q20 in line with expectations NEUTRAL •...
EME Equity Market – April 2020 Market performance – in contrast to March, all indices recorded positive changes in April, with the Greek ASE Index advancing the most in EUR terms. The MSCI EM Europe Index gained 10.5% in EUR terms and 10.2% in local currency terms. The ASE Index was the best performer, +12.5%; followed by the PX Index, +11.5% in EUR terms. The Russian MOEX grew 11.2%; while the WIG20, the Polish benchmark, added 9.4%. A solid performance was reported in Hungary as well, wher...
HEADLINES: • Yandex: 1Q20 results - gaining market share POSITIVE • Bizim Toptan: 1Q20 results - miss on EBITDA due to opex/sales ratio increase NEGATIVE • Akbank: 1Q20 results review - known unknowns NEUTRAL • Turkcell: 1Q20 results - 12% NI beat, driven by lower-than-expected financial expense and tax rate NEUTRAL • Kcell: 1Q20 results - strong, as expected, adjusted EBITDA up 13% yoy, in line with our forecasts NEUTRAL • Orange Polska: 1Q20 results - strong, with a 4.6% beat vs. ...
BIZIM TOPTAN SATIS (TR), a company active in the Food Retailers & Wholesalers industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date April 14, 2020, the closing price was TRY 11.38 and its potentia...
HEADLINES: • CEE banks: there are no winners, just survivors (coverage universe update) • CEE consumers: #stayathome (coverage universe update) • Warsaw Stock Exchange: 4Q19 EBIT misses consensus by 8% on higher-than-expected opex NEGATIVE • Norilsk Nickel: declares final dividend in line with expectations, and nominates new Board NEUTRAL • MOL: update on business conditions, dividend suspended • OMV: 1Q20 trading update • OMV Petrom: 1Q20 trading update • LPP: CEO expects s...
The development of the COVID-19 pandemic has changed the landscape for consumer names materially. While #stayathome is slowing down the contagion, it has infected the foundations of discretionary retailers severely. At the same time, the staples players have seen a sales boost, especially in the e-commerce space. Facing such a storm among the especially vulnerable players hurt by store lockdowns and carrying high leverage, we identify: AmRest, CCC, Kofola and Fourlis. On the other hand, FMCG dis...
EME Equity Market – February 2020 Market performance – Hungarian BUX lost the least, while the Greek ASE contracted the most in February, in EUR terms. While the MSCI Emerging Markets Europe Index lost 14% mom in EUR terms in February, the Hungarian BUX was down 7% mom in EUR terms, followed by the Romanian BET index (-9.7% mom) and the Czech PX index (also -9.8% mom). The rest of the regional indices contracted by double digits, with the largest drop in the Greek ASE index (-21% mom), follo...
HEADLINES: • EME Macro/Strategy: coronavirus impact - best guess • Alior Bank: publishes 2022E strategy, higher than expectations, but difference is cost POSITIVE • Alior Bank: posts ugly 4Q19 - not on headline numbers, but on quality mix NEGATIVE • Erste Bank: 4Q19 net profit largely in line with our forecasts NEUTRAL • Anadolu Efes: 4Q19 results in line, dividend a positive surprise POSITIVE • Graphisoft Park: 4Q19 in line; focus on buyback; valuation attractive • Sberbank: 4...
Anadolu Efes reported a net profit of TL183mn (+56% YoY) in 4Q19, better than market consensus of TL100mn and our expectation of TL138mn… EBITDA (the company’s calculation and including IFRS-16 impact) came in at TL862mn (+47% YoY) also better than consensus (TL687mn) and our expectation (TL749mn). Main deviation from our estimates was stronger than expected EBITDA in all segments and higher than expected income from other operations due to lower FX losses from operations. Net profit and EBI...
HEADLINES: • Bank Pekao: 4Q19 - posts PLN 684m of net profit, a touch above the market's expectations NEUTRAL • Coca-Cola Icecek: 4Q19 results - strong EBITDA beat, driven by international, solid 2020E guidance POSITIVE • Mail.ru: 4Q19 results - key numbers in line, good messages during the call • Play Communications: decent 4Q19 results - EBITDA up 3% yoy, but 3% below the consensus NEGATIVE • LiveChat Software: reports decent 3Q19-20 decent results, in line with expectations NEUTRAL...
HEADLINES: • Russia macro: inflation update • Polish utilities: 2024 capacity auction preliminary results POSITIVE • Famur: AO SUEK selects company's offer for delivery of power roof supports POSITIVE • Alior Bank: postcard from Prague NEUTRAL • Astarta: postcard from Prague • CCC: postcard from Prague • Famur: postcard from Prague • Kernel: postcard from Prague • Kety: postcard from Prague • PZU: postcard from Prague • MONETA Money Bank: postcard from Prague • O...
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