HEADLINES: • Komercni Banka: safe harbour for yield seekers (stays BUY) • MONETA Money Bank: solid, but still locked, equity story (stays HOLD) • Kruk: publishes strong 2Q23 trading update • PCF Group: planning another share issue of up to 2.52m shares NEUTRAL • JSW: new coal WFT details announced • Grupa Pracuj: number of new online job ads down 3% yoy in June 2023 NEUTRAL
HEADLINES: • OTP Bank: gets started in Uzbekistan NEUTRAL • Nuclearelectrica: update on support agreement for new reactors NEGATIVE • Bittnet Systems: acquires 70% stake in Dataware for RON 18.55m POSITIVE • WOOD's Winter Wonderland EME Conference 2022: postcards from Prague • Grupa Pracuj: postcard from Prague • JSW: postcard from Prague • KGHM: postcard from Prague • Fondul Proprietatea: postcard from Prague • Nuclearelectrica: postcard from Prague • OMV Petrom: postcard from Prague • R...
HEADLINES: • Echo Investment: 3Q22 - beat on revaluation and JV result POSITIVE • CD Projekt: 3Q22 results just in line with our forecasts, no surprises during the earnings call NEUTRAL • PCF Group: 3Q22 EBIT above our forecast, below the consensus, but not game-changing NEUTRAL • PKN Orlen: 3Q22 results • JSW: 3Q22 results review - small P&L beat, strong cash flow generation POSITIVE • Allegro: PLN 2.3bn impairment of Mall Group NEGATIVE • Fondul Proprietatea: Enel's supply and distribution en...
HEADLINES: • Motor Oil Hellas: 2Q22 results - beat on net income • Asseco Poland: 2Q22 review - net profit up 1% yoy, to PLN 141m, in line with preliminary estimate NEUTRAL • Enea: 2Q22 prelims - weak, due to the provision announced shortly before the results • Fondul Proprietatea: Hidroelectrica's 2Q22 net profit up 45% yoy, 15% below our estimate NEUTRAL • JSW: 2Q22 results - in line with expectations, but production outlook disappointing • Purcari Wineries: takeaways from the 2Q22 earnings...
We are putting our coverage of the stocks listed below under review, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks. Ferrexpo Gedeon Richter KGHM Krka JSW
The independent financial analyst theScreener just lowered the general evaluation of JSW SA (PL), active in the Coal industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date November 23, 2021, the closing price was PLN 41.30 and its target p...
EME Equity Market – September 2021 Market performance – Turkish equities performed the worst, followed by Greek stocks. The MSCI EM Europe Index advanced 4.5% in EUR terms and 2.4% in USD terms in September. Turkey’s ISE30 Index declined by 9.7% in EUR terms and lost 5.2% in TRY terms, while the Greek ASE Index declined 6.3% in EUR terms. In Poland, the WIG20 Index declined by 4.3% in EUR terms and 2.4% in local currency. The Hungarian BUX Index fell by 1.3% in EUR terms, but advanced 1.7% in lo...
A director at Jastrzebska Spolka Weglowa Sa sold 2,464 shares at 58.000PLN 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 last two ...
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 – July 2021 Market performance – Turkish ISE30 Index gains 6.0% in July, while Russian MOEX declines by 1.9%. The MSCI EM Europe Index declined 1.1% in EUR terms and 1.0% in USD terms in July, despite most of the followed sub-indices being in the black. The best-performing equity market was in Turkey, which added 6.0% in EUR terms and 2.6% in TRY terms, followed by the Czech PX Index, which gained 4.9% in both EUR and CZK terms. The Hungarian BUX Index added 1.1% in EUR and 2.9...
EME Equity Market – May 2021 Market performance – Polish equities continued to outperform in May. The MSCI EM Europe Index gained 6.9% in EUR terms and 8.7% in USD terms; while the WIG20 continued with its strong performance from April, advancing 11.4% in EUR terms and 9.6% in PLN terms. The BUX Index, the Hungarian benchmark and the worst performer in April, gained 11.4% in EUR terms and 7.4% in HUF terms in May. Prague’s PX index grew 7.5% in EUR terms and 5.7% in CZK terms; followed by the Ru...
HEADLINES: • QIWI: better-than-expected 1Q21 results, reassuring messages during the conference call • Sava Re: 1Q21 results review - positive, on strong ROE delivery POSITIVE • NEPI Rockcastle: 1Q21 affected by lockdowns, but early indications after reopening are encouraging NEUTRAL • InterCars: 1Q21 EBITDA 20% above the consensus figure POSITIVE • PKO BP: Kaczynski suggests who could be the next CEO • JSW: 1Q21 results review - EBITDA misses estimates but some improvements visible NEGATIVE ...
EME Equity Market – April 2021 Market performance – Greek and Polish equities the best performers in April. The MSCI EM Europe lost 0.7% in EUR terms, but advanced 1.7% in USD terms in April. The best-performing index was the WIG20 Index, +6.9% in EUR terms and 5.1% in PLN terms. The Greek ASE Index advanced by 5.2% in EUR terms; followed by the Czech benchmark, the PX Index (+1.8% in EUR terms and +0.9% in CZK). Romania’s BET Index added 1.2% in EUR terms and 1.4% in RON. On the other hand, Tur...
HEADLINES: • Yandex: Russian anti-monopoly agency opens a case against Yandex NEGATIVE • AmRest: CEO departs, following other senior staff members NEGATIVE • Bank of Cyprus: refinancing of T2 notes • NLB Group: closing of takeover bid for Komercijalna Bank in Serbia • JSW: disappointing 1Q21 coal volumes but coking coal slightly better than expected • Piraeus Bank: trading suspended until 19 April • Jumbo: FY20E results preview - pre-announced sales -18% yoy (due out this evening)
EME Equity Market – March 2021 Market performance – Greek, Romanian and Russian equities performed the best in March. The MSCI EM Europe Index gained 4.5% in EUR terms and 1.6% in USD terms. The best-performing index was the Greek ASE (+9.2%), followed by the Romanian BET, which gained 8.7% in EUR terms and 9.7% in RON. The MOEX followed, advancing 7.6% in EUR terms and 5.8% in RUB. The PX Index, the Czech benchmark, gained 3.4% in EUR terms and 3.1% in CZK; while the Hungarian BUX Index gained ...
EME Equity Market – February 2021 Market performance – MSCI EM Europe Index rebounds slightly from its January decline, up 1.7% in EUR terms and 1.3% in local currencies. The best performing index was the Greek ASE, advancing 5.7%, followed by the Russian MOEX, which gained 4.1% in EUR terms and 2.1% in the local RUB. The PX Index, the Czech benchmark, was up 3.4% in EUR terms and 4% in the local currency. The Hungarian BUX declined 0.8% in EUR terms, but grew 0.6% in HUF terms. Romania’s BET In...
World demand for steel is recovering in step with a revival in manufacturing, and as a result in Europe we have witnessed a restart lately of a host of steel plants including ArcelorMittal in Belgium, Spain, and Italy, and VoestAlpine in Austria and Slovakia Increasing steel production in turn drives demand for metallurgical coke, whose price in the European market has reached €320-330/t compared to €230 last November, and is expected to hit $400 soon. All this makes very favorable market condi...
EME Equity Market – January 2021 Market performance – MSCI EM Europe Index -1.6% in EUR terms and -2.4% in local currency terms. The Hungarian BUX Index performed the best in January, adding 5.7% in EUR terms and 3.5% in HUF terms; followed closely by the Romanian BET, with a 5.0% gain in EUR terms and +5.1% in local currency. All the other markets ended the month in the red: the PX Index, the Czech benchmark, lost 0.2% in EUR terms and -1.0% in CZK terms; the Polish WIG20 Index was also down, -...
HEADLINES: • Fondul Proprietatea: renewables at a discount (HOLD - transfer of coverage) • Czech Republic macro: Minister of Health suggests c.10% of Czech COVID-19 cases may be new variant NEGATIVE • Allegro: launching B2B offer POSITIVE • Polish food retail: sales in small stores eased yoy for every month in 4Q NEGATIVE • Polish utilities: PGE, Tauron and Enea sign letter of intent regarding offshore wind NEUTRAL • JSW: dismisses CEO NEUTRAL • MedLife: five for one distribution of bonus share...
EME Equity Market – December 2020 Market performance – December saw the MSCI EM Europe Index continue to perform well, amid a return of 7.8% in EUR terms. The best-performing index was the Turkish ISE30 Index (+18.3% in EUR terms and +15.0% in TRY terms) in December; followed by the Greek ASE Index (+9.8%); the Hungarian BUX Index (+6.8% in EUR terms and +8.6% in HUF terms); the PX Index, the Czech benchmark (+6.4% in EUR terms and +6.3% in local currency terms); the Polish WIG20 Index (+6.1% in...
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