We are putting our coverage of the following stocks UNDER REVIEW, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks: Addiko Bank Alro Arion banki Bogdanka Cognor Holding DataWalk Gradus Grenevia Islandsbanki Kety TeraPlast
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...
HEADLINES: • Polish utilities: the Ugly Ducklings (TPE and PGE stay BUY, ENA upgraded to BUY, LWB stays HOLD) • CEZ: new comments from government officials on windfall taxation ideas • Hungary macro: MPC heading higher • PCF Group: Outriders Worldslayer available now for early access, gets 77 Metascore NEUTRAL • Short News (CDR, PCF, FP, SNN)
In this report, we update our views on PGE, Tauron, Enea and Bogdanka. Following the recent steps by the government, which should bring the long-discussed carve out of the coal assets to fruition, we reiterate our positive view on the Polish utilities sector. Separately, with power and coal prices at their all-time highs, we have updated our models, for both the carve-out scenarios and the status quo. While some uncertainty remains – which is well-understood by the market, in our view – we weigh...
HEADLINES: • Lotos: announces conditional dividend distribution POSITIVE • Bogdanka: Treasury kicks off acquisition of Enea's shares • CEZ: announces acquisition of Skoda JS, its major nuclear fleet supplier • Magyar Telekom: acquires fibre network covering 110k access points for HUF 6.95bn NEUTRAL • Polyus: buys 100% stake in Chulbatkan gold deposit from Highland Gold Mining POSITIVE • Short News (SNP, SNG, TGN)
EME Equity Market – March 2022 Market performance – regional benchmarks mostly in the black, despite the MSCI EM Europe Index losing half of its value. Following its decline in February, the MSCI EM Europe Index lost in March as well, declining by 49.5% in EUR terms and 50.1% in USD terms. Russia’s MOEX Index added 13.2% in EUR terms and 9.4% RUB terms (we note that Russian companies’ GDRs are still suspended for trading). The Turkish ISE30 Index added 8.2% in EUR terms and 13.3% in local curren...
HEADLINES: • Arena Hospitality Group: more pleasure, less business (upgraded to BUY) • Bank of Cyprus: unjustified valuation gap (stays BUY) • PZU: very strong 4Q21, on strong real estate investment result and restarting of GWP growth POSITIVE • Ceska zbrojovka Group: big miss in 4Q21 due to one-offs, but FY22E guidance is upbeat POSITIVE • CA Immo: 4Q21 - massive revaluation gain and strong sales result, but weak underlying FFO • Aegean Airlines: 4Q21 - capacity continues to recover, but pro...
BOGDANKA PDA SA (PL), a company active in the Coal industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 3 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Slightly Positive. As of the analysis date March 1, 2022, the closing price was PLN 39.90 and its pote...
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
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...
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 – October 2021 Market performance – most markets end October in the black, WIG20 +4.1%. The MSCI EM Europe Index added 3.6% in EUR terms and 3.4% in USD. Poland was the best-performing equity market, gaining 4.1% in both EUR and PLN terms. The Russian MOEX followed, adding 3.9% in EUR and 1.1% in local currency. The Greek ASE Index added 3.8%, while the Hungarian BUX Index advanced by 2.3% and 2.5% in EUR and local currency, respectively. Turkey’s ISE30 Index gained 0.5% in EUR...
HEADLINES: • Polish banks: powering through to higher ROE outlooks • Poland macro: NBP delivers strong hike, exceeding expectations • Bank Millennium: adds to FX mortgage litigation risk provision pile in 3Q21 • LPP: key takeaways from the 2Q21 call • Fondul Proprietatea/Nuclearelectrica: PM says PNL and government support cap on energy prices • Jumbo: September sales growth +2.5% yoy • Bogdanka: Enea might sell Bogdanka's shares to PFR or IDA • Mail.ru/Sberbank: provide RUB 12.2bn to O2O...
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 ...
HEADLINES: • Sava Re: downgrade amid stellar performance (downgraded to HOLD) • Jumbo: 1H21 review - strong 1H21 results, on cost containment POSITIVE • Warsaw Stock Exchange: 2Q21 results in line with preliminary estimates NEUTRAL • Enea: 2Q21 results review - fully in line with prelims NEUTRAL • Bogdanka: 2Q21 results review - fully in line with prelims NEUTRAL • Sistema: divests 70% stake in Sistema Capital to MTS for RUB 3.5bn POSITIVE • Mobile TeleSystems: purchases 70% stake in Sistema Ca...
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....
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