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....
ï‚§ AT: Frequentis - B&C stake falls below 10% (neutral) ï‚§ AT: UBM Development - UBM and ARE enter into strategic partnership to diversify exposure (positive) ï‚§ HU: Gedeon Richter - 1Q 20 top line and earnings above consensus despite lower qoq contribution of Vraylar (positive) ï‚§ HU: OTP - 1Q net loss on higher risk costs (negative) ï‚§ PL: CCC - Execution of agreements related to share placement (neutral) ï‚§ PL: Netia - 1Q 20 results in line with expectations (neutral) ï‚§ PL: PKP Cargo ...
Raiffeisen Centrobank Equity Daily 07.05.2020 â—¾AT: Agrana - FY in line with preliminaries, dividend proposal confirmed, no guidance on Covid uncertainties (neutral) â—¾AT: Flughafen Wien - Media reports about a 20% tariff cut ro support ailing home carrier Austrian Airlines (negative) â—¾AT: S&T - Better than expected 1Q 20 sales, improving EBITDA in line (neutral) â—¾CZ: Komercni Banka - Conference call notes (neutral) â—¾HR: Atlantic Grupa - Proposed dividend HRK 25 per share (neutral) â—¾HU...
ï‚§ AT: Atrium - 1Q 20 defined by Covid-19 and asset rotation, impacts broadly in-line with expectations (neutral) ï‚§ AT: Flughafen Wien - Government representative does not rule out bankruptcy of Austrian Airlines (negative) ï‚§ AT: Lenzing - Proposal to skip 2019 dividend, 1Q EBITDA down 24%, but above RCBe, consensus, guidance still suspended (neutral) ï‚§ AT: Wienerberger - AGM approves DPS of EUR 0.60, to be paid out on October 30 (neutral) ï‚§ CZ: Komercni Banka - 1Q ahead of estimates on...
Erste Group raised to BUY, TP EUR 23 BAWAG Group confirmed at BUY, TP EUR 30 OTP confirmed at HOLD, TP HUF 9,500 Komercni Banka raised to BUY, TP CZK 630 Alior Bank cut to HOLD, TP PLN 16 Bank Millennium raised to BUY, TP PLN 3.50 Bank Pekao SA confirmed at BUY, TP PLN 68 Santander Bank Polska confirmed at HOLD, TP PLN 159 Bank Handlowy cut to HOLD, TP PLN 40 mBank confirmed at REDUCE, TP PLN 197 PKO BP upgraded to BUY, TP PLN 26 Banca Transilvania cut to HOLD, TP RON 2.05 BRD-GSG confirmed at H...
ï‚§ AT: Atrium - Malls likely to reopen on May 18, press reports (positive) ï‚§ AT: BAWAG Group - Withdrawing FY targets and flagging extra provisioning for 1Q (neutral) ï‚§ AT: IMMOFINANZ - Ronny Pecik will become new CEO, 3 year contract starting in May (positive) ï‚§ AT: PORR - Company withdrew dividend proposal of EUR 0.40 (negative) ï‚§ AT: SBO - Shareholders approved the 2019 DPS of EUR 1.20 (neutral) ï‚§ AT: STRABAG - Dividend cut despite stellar net profit (negative) ï‚§ AT: Warimpex - N...
ï‚§ AT: Andritz - Andritz to supply a cold-rolling mill to Northern Copper Industry in China (neutral) ï‚§ AT: Flughafen Wien - Austrian Airlines to reduce number of planes to 60 from 80 (negative) ï‚§ AT: IMMOFINANZ - 4Q 19 EPRA NAV ahead of expectations, details about Covid-19 (positive) ï‚§ EU: Oil&Gas Sector - Oil price continues to fall amid concerns over weaker global demand and lack of storage capacity (negative) ï‚§ PL: PGNiG - 1Q 20 operating results show slightly lower yoy output of cr...
As most stock exchanges are closed over Easter holidays our next Equity Daily will be published on Tuesday, April 14! â—¾AT: Andritz - Andritz Diatec develped a converting line for producing up to 750k face masks per day (positive) â—¾AT: FACC - Airbus decides to cut aircraft production by one third (negative) â—¾AT: Raiffeisen Bank Intl. - AGM postponed, dividend my be reviewed â—¾AT: S IMMO - Media reports that Swedish developer Skanska continues talks with S IMMO regarging the sale of two off...
AT: Austria - Government presented details on EUR 15 bn 'Nothilfefonds', companies taking advantage have to restrict dividends â—¾AT: Do & Co - Profit warning and no dividend to be paid from 2019/20 (neutral) â—¾AT: Insurance - Regulator urges Austrian insurers to refrain from paying out dividends (negative) â—¾AT: Wolford - Upcoming sale and leaseback of Wolford's property for EUR 72 mn (neutral) â—¾PL: Retail - Retailers face a shortage of staff (negative) â—¾PL: Telecoms - Public administrati...
The coronavirus crisis also affects companies' dividend payments, first, due to AGMs being postponed and foremost due to the economic turmoil, potential regulatory intervention and cash restraints. Below we present an overview of the biggest dividend risks and potential timelines for AGMs and subsequent 2019 dividend pay-outs in our Coverage universe. Dividend risks We clearly see the highest risk for dividends in the banking sector as many regulators have already issued recommendations to su...
ï‚§ AT: Atrium - Polish mall owners ask for aid as cabinet plans to cut rents (negative) ï‚§ AT: CA IMMO - 4Q 19 FFO I of EUR 31.9 mn, EPRA NAV EUR 38.4 mn broadly in line with RCBe (neutral) ï‚§ AT: Erste Group - AGM postponed, dividend proposal under review (neutral) ï‚§ AT: S&T - 4Q 19 EBITDA & margin above expectations, EUR 0.19 DPS, 2020 guidance suspended (neutral) ï‚§ AT: SBO - Management statement regarding the Annual General Meeting (neutral) ï‚§ CZ: Komercni Banka - CFO statements on c...
ï‚§ AT: FACC - FY 19 results in line with preliminaries, no dividend for FY 19 (neutral) ï‚§ AT: FACC - Management board mandate of CEO Robert Machtlinger extended (neutral) ï‚§ AT: Lenzing - Lenzing suspends 2020 guidance (negative) ï‚§ AT: Rosenbauer - Reduction of production at Austrian sites (neutral) ï‚§ CZ: Czech Banks - Further rate cut and QE ahead (neutral) ï‚§ PL: Asseco Poland - Expects strong 1Q 20 results not to be impacted by the current situation (neutral) ï‚§ PL: Bank Pekao - The...
We have developed a speedy test for the companies under coverage to capture their risk profiles in the current environment Scorecard based on - Industry risk - Revenue resilience - Margin resilience - Debt level - Refinancing risk - CAPEX flexibility Last week we collected feedback from companies to assess the impact from COVID-19 with the focus on China and other hotspots (especially Italy). By now, the framework has changed dramatically, and the half-life of recent scenarios seems to equal t...
ï‚§ AT: Austria - Extensive economic stimulus package (positive) ï‚§ AT: Austria - FMA imposes short-selling ban on certain financial instruments ï‚§ AT: Andritz - Andritz canelled March 25 AGM (neutral) ï‚§ AT: Atrium - Atriums gives short update on developments regarding Covid-19 (neutral) ï‚§ AT: Immofinanz - CEO Schumy steped down as of yesterday (neutral) ï‚§ AT: S IMMO - 4Q 19 rental income ahead of RCBe, FFO I slightly behind, increase in EPRA NAV due to revaluation gains (neutral) ï‚§ AT...
ï‚§ AT/SI: Addiko, NLB - Update on SEE anti covid-spreading measures and government packages (neutral) ï‚§ AT: AT&S - AT&S confirms FY 19/20 guidance (positive) ï‚§ AT: Flughafen Wien - Airport is about to close regular operations (negative) ï‚§ AT: Lenzing - Lenzing postponed AGM (neutral) ï‚§ AT: Oesterreichische Post - Postponement of AGM (neutral) ï‚§ AT: Palfinger, AMAG - Postponement of AGM (neutral) ï‚§ AT: Polytec/voestalpine - broadbased production halt of European OEMs (negative) ï‚§ ...
During the past few days we have been collecting feedback from companies in our coverage universe to understand their exposure and the risks derived from the Covid-19 outbreak. We have compiled the statements in a What Companies tell us so far section and tried to provide sensitivities for some companies/parameters. The focus of attention is clearly moving from China to Europe/Italy. While most Chinese production sites of companies in our coverage have resumed operations (e.g. AT&S, Andritz, A...
ï‚§ AT: FACC - Coronavirus currently does not significantly impact production (neutral) ï‚§ AT: OMV - 4Q 19 clean CCS result 6% below consensus, 2020 outlook uninspiring, 2019 DPS of EUR 2.0 beats estimates (negative) ï‚§ AT: RBI - Preliminary 4Q 19 consolidated net profit of EUR 353 mn vs. EUR 264 mn expected ï‚§ AT: UNIQA - According to sources UNIQA put in highest bid for AXA CEE assets and is in advanced talks (neutral) ï‚§ AT: voestalpine - Slightly lower than flagged one-offs in 3Q but u...
We expect the positive growth delta of the CEE region vs. the Euro Area to persist in FY 20-21e. We forecast continued robust growth in the region ranging between 2.0-3.5% yoy in FY 20e and FY 21e stimulated by private and public consumption, supported by expansionary fiscal and/or monetary policies in CEE economies. We expect Poland to outperform CEE peers in terms of GDP growth in 2020e (3.3%, down from 4.3% in 2019e). While some of the problematic topics which dominated in 2019 remain on the...
Poland: After the clear underperformance vs. most indices and local peers in 2019, PL banks current 1.0x BV 2020e (matching the low point of early 2016) signals some technical repositioning potential within CEE peers, although their risk/reward profile has not yet fully digested the entire downside risks. We dare to assume that roughly speaking, ca. 50% of the worst-case scenario from FX mortgage risks is priced-in; however, the complexity of the topic will continue to be an issue in the next fe...
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