EME Equity Market – April 2024 Market performance – green across all geographies, with Turkey outperforming. The MSCI EM Europe Index was up 5.3% mom in EUR terms and 4.2% mom in USD in April; while the Turkish ISE30 saw the strongest performance, adding 11.6% mom; followed by the Hungarian BUX (+5.0% mom); the Czech PX (+2.8% mom); the Greek ASE (+1.8% mom), the Polish WIG20 (+1.2% mom) and the Romanian BET (+0.1% mom) (all in EUR terms).
HEADLINES: • OMV Petrom: 1Q24 trading statement POSITIVE • OMV: 1Q24 trading statement NEUTRAL • Bank Millennium: 1Q24E CHF mortgage saga provisions land at PLN 507m NEUTRAL • Polish gencos: IndMin floats notion of alternative solution to the NABE NEUTRAL • EME Macro/Strategy: macro all-in-one (1-7 April) • Halyk Savings Bank: pays off State aid fully POSITIVE • Orange Polska: key takeaways from the interview with the CTO NEUTRAL • Polish telecoms: mobile number portability in 1Q24 NEUTRAL • Pub...
EME Equity Market – March 2024 Market performance – mixed performances in March, with the Romanian BET outperforming. The MSCI EM Europe Index declined by 0.3% mom in EUR terms and 0.4% mom in USD in March. The Romanian BET reported the strongest performance, adding 7.1% mom in EUR terms, followed by the Czech PX and the Polish WIG20 (+4.1% and 1.0% mom, in EUR terms, respectively). Greece saw a relatively muted performance (-0.2% mom in EUR terms), while Hungary (-1.1% mom in EUR terms) and Tür...
• Bank of Georgia: 4Q23 highlights and notes from the conference call • Halyk Bank: 4Q23 highlights • Arabian Drilling 4Q23 results and dividend announcement • EME Macro/Strategy: macro all-in-one (11-17 March) • Romanian Energy: Energy Ministry draft publication of changes to current regulations • Huuuge Games: USD 6m investment in a minority stake in Bananaz Studios, with a call option for a larger investment • Huuuge Games: earnings call takeaways - solid 2024E outlook, broadly in line with o...
EME Equity Market – November 2023 Market performance – Greeks in the lead, in a month with only green across the region. The MSCI EM Europe Index added 5.6% mom in EUR terms and 8.7% mom in USD in November. The Greek ASE Index was the top performer in our region (+6.9% mom), followed by the Polish WIG20 (+5.5% mom) and the Hungarian BUX (+4.0% mom). The Czech PX Index saw the most muted performance, advancing 2.8% mom.
HEADLINES: • CD Projekt: solid long-term prospects, but a long way to go (upgraded to HOLD) • 11 bit studios: weak 3Q23, but losses more limited than expected NEUTRAL • Halyk Savings Bank: 3Q23 highlights - balance sheet working harder • Enea: reports 3Q23 EBITDA of PLN 1.1bn, 9% above the consensus, strong bottom-line beat POSITIVE • EME Macro/Strategy: macro all-in-one (13-19 November) • Hidroelectrica: cancels tender for feasibility study for 1.5 GW solar park • CEZ: IndMin comments on po...
EME Equity Market – October 2023 Market performance – election results prompt stellar market reaction in Poland; sell-off in Turkey. The MSCI EM Europe Index added 1.7% mom in EUR terms and 2.0% mom in USD in October. Poland staged a massive rebound, post the elections, with the WIG20 advancing 16.4% mom in EUR terms. Apart from Turkey, where October was a sell-off, with the ISE30 declining 13.7% mom in EUR terms, there were relatively muted performances everywhere else (BUX +2.1% / PX +0.4% / B...
HEADLINES: • EU macro: October sentiment positive in CEE and Turkey • mBank: 3Q23 results - key to us are the solid capital ratios and high FX mortgage portfolio coverage • Orlen: 3Q23 results review • Garanti Bank: 3Q23 results highlights NEUTRAL • Halyk Savings Bank: notes from the deep-dive session • OMV: 3Q23 results review • OMV Petrom: 3Q23 result good, but in line with expectations • RO utilities: RO state could consider selling shares in Hidroelectrica, Nuclearelectrica, Romgaz NE...
On 26 October, Halyk held a deep-dive session on its superapp, ecosystem offerings and data factory. This flash note includes our notes and takeaways from that meeting. This was the first time we have seen Halyk’s consumer and digital offerings in action. Halyk seems to have products with modern and good UX and UI, as well as a comprehensive offering. Although the full extent and details of potential new consumer loan regulations are unknown, management also mentioned that it would not expect to...
EME Equity Market – August 2023 Market performance – Turkey the top performer in August, once again. The MSCI EM Europe Index lost 0.7% mom in EUR terms and 2.2% mom in USD in August. Turkey, yet again, outperformed its peers, with the ISE30 gaining 9.4% mom in EUR terms. The Hungarian BUX index saw a solid performance in August, adding 6.1% mom in EUR terms, while the Romanian BET had a lacklustre month, barely making any gains (0.1% mom in EUR terms). Elsewhere, the index performances were neg...
HEADLINES: • CE4 macro: weak 2Q GDP, as expected • Benefit Systems: positive surprise in 2Q23 gross margin, strong FY23E guidance POSITIVE • Mo-BRUK: 2Q23 EBITDA 6% below our forecast on weaker top line NEGATIVE • Cyfrowy Polsat: 2Q23 results review - soft numbers, in line with expectations NEGATIVE • Transgaz: lower-than-expected net loss in 2Q23 NEUTRAL • Sok Marketler Ticaret: 2Q23 results - in line NEUTRAL • Halyk Savings Bank: 2Q23 results on track POSITIVE • Inter Cars: 2Q23 preliminary ...
Halyk Bank has reported KZT 177bn in 2Q23 net income, in line with both the KZT 171bn consensus collected by the bank and our KZT 178bn estimate. We see Halyk as on track to deliver on its >KZT 700bn net income guidance (KZT 365bn net income in 1H23). We also believe that the 2H23E margin can pick up without the accelerated amortisation of the State aid. The bank is trading at 2.5x P/E and 0.8x P/TBV, on our 2023E estimates. In our view, Halyk is mispriced, and we rate it a BUY. The conference c...
EME Equity Market – June 2023 Market performance – in the mostly green month of June, Czech Index’s red performance stands out; Turkish gains eclipsed by TRY devaluation. The MSCI EM Europe Index gained 3.3% mom in EUR terms and 6.0% mom in USD in June. The Polish WIG20 advanced the most (+11.1% mom in EUR terms), followed by the Hungarian BUX Index (+6.2% mom in EUR terms), the Greek ASE Index (+4.9% mom in EUR terms) and the Romanian BET Index (with a more modest, but positive performance: +2....
Despite the 77% total USD-based return from the stock in the past 12m, we still believe that Halyk is mispriced at 2.2x P/E and 0.7x P/TBV for 2023E. We believe that clarity on the regulations related to dividend distributions has also removed a significant risk. As hefty as it sounds, the 50% upside in our valuation indicates target 2023E multiples of only 3.4x P/E and 1.0x P/TBV. In our view, it is difficult to justify Halyk’s current market valuation without a macro meltdown scenario. We beli...
QIWI Announces First Quarter 2023 Financial Results NICOSIA, Cyprus, May 26, 2023 (GLOBE NEWSWIRE) -- QIWI plc (NASDAQ and MOEX: QIWI) (“QIWI” or the “Company”), a leading provider of cutting-edge payment and financial services in Russia and the CIS, today announced its financial results for the first quarter ended March 31, 2023. 1Q 2023 key operating and financial highlights1 2 1Q 20221Q 2023YoY 1Q 2023 RUB millionRUB million USD million(1) Consolidated Group resultsRevenue9,717 17,872 83.9% 231.8 Total Net Revenue6,305 8,552 35.6% 110.9 Adjusted EBITDA3,687 4,479 21.5% 58....
JSC Halyk Bank (HSBK) JSC Halyk Bank: Notice of Annual General Shareholders' Meeting 31-March-2023 / 11:55 GMT/BST The issuer is solely responsible for the content of this announcement. Halyk Savings Bank of Kazakhstan Joint Stock Company (40, Al-Farabi Ave., Medeu district, А26М3К5, Almaty, Republic of Kazakhstan) Announcement of the Annual General Shareholders’ Meeting of Halyk Savings Bank of Kazakhstan Joint Stock Company In accordance with Articles 35, 37-1, 37-3(3), and 41 of the Law of the Republic of Kazakhstan "On Joint Stock Companies", the Board ...
JSC Halyk Bank (HSBK) JSC Halyk Bank: S&P Global Ratings (“S&P”) has affirmed Halyk Bank’s Rating on improving banking system resilience, Outlook Stable. 27-March-2023 / 13:02 GMT/BST The issuer is solely responsible for the content of this announcement. S&P Global Ratings (“S&P”) has affirmed Halyk Bank’s Rating on improving banking system resilience, Outlook Stable. On March 20, 2023, S&P has affirmed 'BB+/B' long- and short-term issuer credit ratings on Halyk Bank, outlook stable. Rating agency continues to see Halyk Bank as a highly systemically important bank in Kazakhstan...
JSC Halyk Bank (HSBK) JSC Halyk Bank: Consolidated financial results for the year ended 31 December 2022 13-March-2023 / 08:50 GMT/BST The issuer is solely responsible for the content of this announcement. March 13, 2023 Joint Stock Company ‘Halyk Savings Bank of Kazakhstan’ Consolidated financial results for the year ended 31 December 2022 Joint Stock Company ‘Halyk Savings Bank of Kazakhstan’ and its subsidiaries (together “the Bank”) (LSE: HSBK) releases consolidated financial statements and independent auditors’ report for the year ended 31 December 2022. Conso...
JSC Halyk Bank (HSBK) JSC Halyk Bank: 12M & 4Q 2022 Results Conference Call Invitation 24-Feb-2023 / 09:23 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EquityStory RS. The issuer is solely responsible for the content of this announcement. 24 February 2023 Joint Stock Company “Halyk Savings Bank of Kazakhstan” 12M & 4Q 2022 Results Conference Call Invitation On Tuesday, 14 March 2023 at 1:00pm London / 7:00pm Almaty time, Joint Stock Company “Halyk Savings Bank of Kazakhstan” (Halyk Bank) (LSE: HSBK; KASE: HSBK, HSBKd; AIX: HSBK, HSBK.Y) ...
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