reports
- 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 Flash – Russian coverage universe: under review
Russia’s invasion of Ukraine has led to unprecedented dislocations of capital and resources, on top of human tragedies. The sanctions imposed, by the world’s key nations, on Russia, its politicians, institutions, companies and businessmen, as well as the counter-measures introduced by the Russian government, are wide-ranging and continue to be imposed on a daily basis. The most severe sanctions are related to the freezing of the CBR’s FX reserves, as well as the freezing of non-residents’ assets...
QIWI QIWI PLC SPONSORED ADR CLASS B
AFLT AEROFLOT RUSSIAN AIRLINES
AFKS SISTEMA PJSFC
POLY POLYMETAL INTERNATIONAL PLC
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
2ET ETALON GROUP (GDR)
ALRS ALROSA PJSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
NVTK NOVATEK JSC SPONSORED GDR REGS
5M71 MAGNIT PJSC SPONSORED GDR REGS
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLZL POLYUS (GDR)
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
SBNC SBERBANK RUSSIA PJSC SPONSORED ADR
ATAD TATNEFT (GDR)
904596 SURGUTNEFTEGAS (GDR)
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
OZON OZON HOLDINGS
GDEV NEXTERS INC
HHR HEADHUNTER GROUP PLC
- Research Team
WOOD Daily: CAR PW; BHW PW; OPL PW; AYGAZ TI; NVTK LI; TUPRS TI; AFKS ...
HEADLINES: • Inter Cars: value and growth (stays BUY) • Bank Handlowy: NII recovery delivered as the bank rebuilds its bond portfolio POSITIVE • Orange Polska: 4Q21 results - adjusted EBITDAaL up 8% yoy, 4% above our estimate, 2% above consensus POSITIVE • Aygaz: 4Q21 results review - strong, above the consensus POSITIVE • Novatek: 4Q21 - strong results, in line with the consensus estimates • Tupras: 4Q21 results - big beat for net income on inventory gains • Sistema: may conduct IPO of Binno...
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
TPS ORANGE POLSKA S.A.
AFKS SISTEMA PJSFC
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ALR ALIOR BANK SA
NVTK NOVATEK JSC SPONSORED GDR REGS
GR6 GRADUS
ONE ONE UNITED PROPERTIES SA
- Research Team
WOOD Daily: Sistema (stays BUY), PL macro, ISCTR TI, SISE TI, PPC GA, ...
HEADLINES: • Sistema: good progress, but higher risk (stays BUY) • Poland macro: NBP's tightening cycle continues at a steady pace • Isbank: 4Q21 highlights and 2022E targets; bottom line boosted by subsidiaries' earnings • Sisecam: 4Q21 EBITDA 11% above consensus, almost full utilisation of production capacity POSITIVE • PPC: receivables fall by c.EUR 100m last year (according to press reports) POSITIVE • Polyus: 4Q21 trading update - output in line with guidance, 2022E guidance confirmed NEU...
- Dmitry Vlasov
- Ildar Davletshin
- CFA
Sistema: good progress, but higher risk (stays BUY)
Following a sell-off in the Russian equity market, amid geopolitical uncertainty, we have updated our view on Sistema’s investment thesis, valuation and risks. We have reduced our price target (PT) to RUB 27.2 per share (from RUB 48.0). Although Sistema still offers substantial upside of 39% on our new PT, which equates to a BUY rating, we believe that investors would be better off buying some of the assets separately: for example, Ozon (BUY, USD 36 PT) has declined more than Sistema during the ...
- 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
- Anastasia Khakhaeva
- Andrey Gromadin
- Cole Akeson
- Ekaterina Usanova
- Fedor Kornachev
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - February 1, 2022
MARKET COMMENT - MARKETS MELTING UP; NEW US SANCTIONS BILL IMMINENTThe MSCI ACWI climbed 1.7% as global markets continued to climb on the last day of the month, with consumer discretionary and tech names in the lead. Easing US futures and a lack of fundamental drivers signal the global rally needs a new catalyst to push further. Russia melted up yesterday, the RTS climbing 2.0% to 1,435, while a new US sanctions bill and diplomatic headlines appear imminent today, as detailed below.STORIES> Luko...
- Anastasia Khakhaeva
- Andrey Gromadin
- Anton Chernyshev
- Cole Akeson
- Ekaterina Usanova
- Fedor Kornachev
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 1 февраля 2022
КОММЕНТАРИЙ И ПРОГНОЗ - НАСТРОЙ НА РЫНКАХ УЛУЧШИЛСЯ, В США ОЖИДАЕТСЯ НОВЫЙ ЗАКОНОПРОЕКТ О САНКЦИЯХИндекс MSCI ACWI вчера прибавил 1,7%, глобальные рынки в последний день января продолжали расти, при этом больше всего поднялись котировки потребительских и высокотехнологичных компаний. Снижение фьючерсов на фондовые индексы США и нехватка фундаментальных драйверов свидетельствуют о том, что для продолжения ралли на глобальных рынках необходим новый катализатор. На российском рынке вчера настрой ул...
- Research Team
WOOD Daily: KOMB CP; EBS AV; KRU PW; CCOLA TI; RO Macro; HUGE PW; CAR ...
HEADLINES: • Komercni Banka: dividend evergreen (stays BUY) • Erste Bank: some upside still left (stays BUY) • Kruk: strong 4Q21 trading update POSITIVE • Coca-Cola Icecek: announces 4Q21 trading update and 2022E guidance POSITIVE • Coca-Cola Icecek: launches tender offer programme for its notes due in 2024 NEUTRAL • Romania macro: NBR proceeding at a gentle pace • Huuuge Games: Take-Two to acquire Zynga at a 64% premium - positive read-across for the sector POSITIVE • Inter Cars: PLN 1.1bn ...
With a more favourable environment, SISTEMA JSFC improves to Slightly ...
SISTEMA JSFC (RU), a company active in the Integrated Telecommunications industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date January 7, 2022, the closing price was USD 0.32 and i...
- 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: SGH BU; AFKS RX; MTSS RX; BNET RO; PGN PW
HEADLINES: • Sirma Group Holding: wait and see (downgraded to HOLD) • Sistema: increases effective stake in Binnopharm Group to 75.3% POSITIVE • Mobile TeleSystems: acquires 100% stake in VisionLabs B.V. NEUTRAL • Bittnet Systems: acquires 74% stake in Global Resolution Experts NEUTRAL • PGNiG: increasing its access to short-term financing • Short News (AST)
- Research Team
WOOD Daily: PL Banks; PZU PW; CAR PW; RO Macro; EL RO; RICHT HB; Postc...
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...
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
KRKG KRKA D.D.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
AFKS SISTEMA PJSFC
LVC LIVECHAT SOFTWARE SA
OTP OTP BANK NYRT
CAR INTER CARS S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
FMF FAMUR SA
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
COTE CONPET SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
RICHT RICHTER
MPARK MLP SAGLIK HIZMETLERI AS
CGEO GEORGIA CAPITAL
- Research Team
The Rear-View Mirror – EME markets: Markets down in November, as MSCI ...
EME Equity Market – November 2021 Market performance – most markets down, with Czech PX Index (+3.0%) the exception. The MSCI EM Europe Index lost 8.9% in EUR terms and 10.7% in USD in November. Prague’s PX Index added 3.0% in EUR terms and 2.3% in local currency, followed by the Romanian BET Index, which declined 3.2% in both EUR and RON terms. Greece’s ASE Index declined by 3.4% in EUR terms, while Hungary’s BUX Index declined by 6.2% in EUR and 5.0% in HUF. The Russian MOEX Index declined 8.6...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
KER KERNEL HOLDING S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
PETG PETROL D.D.
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
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
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SBER SBERBANK RUSSIA PJSC
SFA SOPHARMA AD
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
SPI S IMMO AG
AKBNK AKBANK TAS
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENKAI ENKA INSAAT VE SANAYI A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CIE CIECH S.A.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
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.
AFKS SISTEMA PJSFC
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
SISE TURKIYE SISE VE CAM FABRIKALARI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
ICD ENERGA SA
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
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.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
MPARK MLP SAGLIK HIZMETLERI AS
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
TNB MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
OZON NLB BANKA
HUGE OZON HOLDINGS
4IG HUUUGE
IGN1L ALRO SLATINA
SHO 4IG NYRT
GDEV IGNITIS GRUPE
HHR SHOPER
NEXTERS INC
HEADHUNTER GROUP PLC
- Research Team
WOOD Daily: EME Macro/Strategy – 2022E; AFKS RX; MAIL LI; LOGO TI; KRU...
HEADLINES: • EME Macro/Strategy: 2022E - inflation, distrust and digitalisation • Sistema: 3Q21 financial results review POSITIVE • VK: major change in ownership • Logo Yazilim: new GIB regulations to expand e-fiscal solutions market POSITIVE • Kruk: commits to paying out a minimum of 30% of profit as dividends • 11 bit studios: Unreal Engine contract with Epic Games and short Projekt 8 presentation NEUTRAL • Titan Cement: new USD 35m investment in the US • Hellenic Petroleum: acquires 3...
- Anastasia Khakhaeva
- Andrew Keeley
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Fedor Kornachev
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - December 3, 2021
MARKET COMMENT - MARKETS DELIVER MORE OPTIMISTIC MESSAGES THAN DIPLOMATSThe RTS edged up 0.2% to 1,690 versus a 0.8% gain for the MSCI EM. Markets grew more optimistic amid strong macro data and stock performances in the US session, but that has led to a more mixed picture in markets this morning, as detailed below. Top Russian and US officials reported no breakthroughs in short talks yesterday, and investors will likely continue to watch Eastern European politics through the weekend.STORIES> Ru...
- Anastasia Khakhaeva
- Andrew Keeley
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Fedor Kornachev
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - 3 декабря 2021
КОММЕНТАРИЙ И ПРОГНОЗ - НАСТРОЙ НА РЫНКАХ БОЛЕЕ ОПТИМИСТИЧНЫЙ, ЧЕМ У ПОЛИТИКОВИндекс РТС в четверг подрос на 0,2% до 1 690 пунктов, а MSCI EM - на 0,8%. Оптимизм усилился на фоне хорошей макростатистики и позитивной динамики на рынке акций после начала торгов в США, но сегодня утром динамика более неоднородна. На выходных инвесторы, вероятно, продолжат следить за политическими новостями из Восточной Европы. НОВОСТИ> Цены на нефть упали и восстановились на фоне неожиданных результатов заседания О...
- Research Team
WOOD Daily: ATRS AV; KRU PW; CPS PW; PETG SV; CDR PW; OGZD LI; ATAD LI...
HEADLINES: • Atrium: Gazit's EUR 3.63 offer - attractive (downgraded to SELL) • Kruk: harder, better, faster, stronger (BUY - reinitiation of coverage) • Cyfrowy Polsat: awaiting the new strategy... (downgraded to HOLD) • Petrol Group: delivering, expanding, distributing (stays BUY) • CD Projekt: 3Q21 results miss our expectations, focus on improving sentiment on CP77 NEGATIVE • Gazprom: 3Q21 results and conference call takeaways NEUTRAL • Tatneft: 3Q21 results review NEUTRAL • Wizz Air: s...
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
PETG PETROL D.D.
CDR CD PROJEKT S.A.
WIZZ WIZZ AIR HOLDINGS PLC
SFA SOPHARMA AD
CAI CA IMMOBILIEN ANLAGEN AG
SPI S IMMO AG
CIE CIECH S.A.
AFKS SISTEMA PJSFC
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
ALRS ALROSA PJSC
SKK SIRMA GROUP HOLDING JSC
OGZD GAZPROM (GDR)
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ATAD TATNEFT (GDR)
IIA IMMOFINANZ AG
NLBR NLB GROUP
GR6 GRADUS
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
SHO SHOPER
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