HEADLINES: • mBank: solid 1Q24 results justify one of the top market valuations (1Q24 P/BV of 2.1x) POSITIVE • OTP Bank: books solid 1Q24, keeps 2024E guidance unchanged NEUTRAL • Bank Millennium: 1Q24 results in line • CCC: 40% EBITDA beat in 1Q24, on opex control POSITIVE • Dino: 2-7% EBITDA miss in 1Q24 NEGATIVE • AmRest: 1Q24 broadly in line with our forecasts, but below the consensus NEGATIVE • MOL: 1Q24 results – EBITDA below expectations on maintenance NEUTRAL • MedLife: 1Q24 results poin...
HEADLINES: • PKO BP: strong 1Q24, with 9% beat, but big part due to lower quarterly tax charge POSITIVE • Kruk: 1Q24 results in line with earlier communication; strong trend continues, but digested by the market already NEUTRAL • Bank Handlowy: books neutral 1Q24, questions on future capital management NEUTRAL • NLB Group: guidance upgrade spices up vanilla 1Q24 bottom-line beat POSITIVE • Pegasus Airlines: 1Q24 in line, guidance for mild margin compression and 10-12% ASK growth maintained NEUTR...
HEADLINES: • mBank: revises up 1Q24 FX mortgage saga costs NEUTRAL • GEVORKYAN: 4Q23 results broadly in line; new contracts from Poland and Sweden NEUTRAL • DataWalk: preliminary 1Q24 results – sales up 100% yoy, to PLN 6.43m POSITIVE • DataWalk: key takeaways from the 1Q24 preliminary earnings call POSITIVE • Wirtualna Polska: real users in April 2024 NEUTRAL • Wirtualna Polska: 1Q24E preview – 9% yoy adjusted EBITDA growth expected (due on 21 May) • Grupa Pracuj: 1Q24E results preview – flat y...
HEADLINES: • ING BSK: 1Q24 results softer than demanding market expectations, but our medium-term outlook confirmed NEGATIVE • Solutions by STC: mixed 1Q24 financial results NEUTRAL • EME Macro/Strategy: macro all-in-one (29 April-5 May) • Huuuge Games: April bookings estimate at USD 11m, down 21% mom NEGATIVE • Ten Square Games: April bookings estimate down 20% mom NEGATIVE • 11 bit studios: INDIKA release attracts very positive reviews on Steam, but low peak in number of players NEGATIVE • Cyf...
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: • CTP: better late than never (upgraded to BUY) • Georgia macro: protests in Tbilisi • Raiffeisen Bank International: posts solid 1Q24, keeps 2024E guidance (but only on ex. Russia and Belarus basis), facing huge pressure to address Russia and Belarus exposures from officials • Air Astana Group: 1Q24 – 15% ASK growth, RASK down slightly yoy, but CASK stable • Piraeus Financial Holdings: 1Q24 highlights NEUTRAL • Alkaloid: 1Q24 numbers a strong start to the year POSITIVE • National Ban...
HEADLINES: • Santander Bank Polska: 1Q24 results – 19%+ headline ROE affected only slightly by FX mortgage saga costs • Bank Pekao: 1Q24 results in line with market's expectations NEUTRAL • PCF Group: 4Q23 headlines hit heavily by write-offs, but a more limited EBITDA loss than we had expected NEUTRAL • Erste Bank: 1Q24 results NEUTRAL • OMV: 1Q24 results – chemicals stronger than expected NEUTRAL • Borouge: 1Q24 results – better than expected POSITIVE • OMV Petrom: 1Q24 results NEUTRAL • Garan...
HEADLINES: • MONETA Money Bank: strong 1Q24 delivery, on better-than- expected revenues POSITIVE • Alior Bank: books small beat on 1Q24 delivery, driven by low credit risk charges; robust 2024E outlook supported POSITIVE • Shoper: 1Q24 adjusted EBITDA 9% above our expectations; FY23 results in line with prelims POSITIVE • Mo-BRUK: 4% miss vs. our 4Q23 adjusted EBITDA forecast, weak cash flows NEGATIVE • Wizz Air: fiscal 2024 post-close trading update POSITIVE • Aselsan: CEO's comments on exports...
HEADLINES: • Kaspi.kz: 1Q24 highlights Kruk: buys more portfolios in Italy • Tupras: launches USD 256m propylene investment NEUTRAL • Turkish banks: coverage UNDER REVIEW • Sipchem: 1Q24E results preview (due on 25 April) NEUTRAL • Jeronimo Martins: 1Q24E results preview – 11% yoy EBITDA growth expected (due on 26 April, before the open) • Erste Bank: 1Q24E preview (due on 30 April) • BRD-GSG: 1Q24E preview (due on 2 May) NEUTRAL • PKO BP: 1Q24E preview (due on 9 May) • Banca Transilvania: 1Q24E...
• Pegasus Airlines: 1Q24 traffic - international ASK up 85% vs. 1Q19 • 11 bit studios: Frostpunk 2 Beta now available for seven days, first gameplay deep dive trailer released • VIGO Photonics: 1Q24 sales down 16% yoy to PLN 15.8m • Grupa Pracuj: new online job ads number down 19% yoy in March 2024 • Auto Partner: earnings call takeaways - solid FY24E outlook maintained, despite disappointing March sales • CCC: key takeaways from the recent site visit • Kazatomprom: awarded a licence for Rare Ea...
Last week (10-12 April) we attended a site visit at CCC’s HQ, which presented new collections and discussed new agreements with suppliers, including exclusive licences. After a long struggle with excess and outdated inventories, over 90% of its stock now comes from fresh collections. Moreover, new supply agreements, including licences with Reebok, Hunter, Nine West, Kappa and Mexx, and renegotiated deals with the remaining suppliers, coupled with the “circle” mechanism of co-financing the sell-d...
HEADLINES: • EME Macro/Strategy: reassessing the inflation and rates outlook to 2025E eop • Benefit Systems: strong momentum continues • Dom Development: volume growth, margins stronger for longer (stays BUY) • Kazakhstan macro: NBK keeps policy rate on hold, at 14.75% • Ford Otosan: to issue Eurobond • Bank Pekao: 1Q24E preview (results due on 30 April) • Santander Bank Polska: 1Q24E preview (results due on 30 April) • ING BSK: 1Q24E preview (results due on 7 May) • Short News (HUG)
HEADLINES: • Middle Eastern Oil Services: we’re going with what’s growing (ADNOC Drilling upgraded to BUY, Arabian Drilling downgraded to HOLD) • Public Power Corporation: 4Q23 earnings review NEUTRAL • Kruk: 1Q24 trading update shows strong recoveries POSITIVE • Budimex: 4Q23 figures in line with the preliminary guidance NEUTRAL • Budimex: management recommends PLN 35.69 DPS (5% dividend yield), above our expectations POSITIVE • Polish utilities: Industry Ministry plans to link mines to coal-fi...
We have upgraded ADNOC Drilling to BUY (from Hold), with an updated price target (PT) of AED 5.01 (from AED 3.44), and downgraded Arabian Drilling to HOLD (from Buy), with an updated PT of SAR 163.0 (from SAR 168.3). Recently, Saudi Aramco cancelled its expansion, costing Arabian Drilling three offshore rigs, and it is maintaining iron discipline in oil production. In contrast, Abu Dhabi’s expansion continues. Regional expansion is on the cards, with Arabian Drilling already prequalified for the...
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...
HEADLINES: • Budimex: stands out, but deserves a pause (downgraded to HOLD) • CCC: 4Q23 slightly below prelims; sales acceleration and gross margin widening in 1Q24E POSITIVE • PGE: takeaways from the 4Q23 earnings call NEUTRAL • Hungary macro: the rise of the “Peter Magyar” phenomenon • Poland macro: local elections and NBP decision show continuity • Budimex: UOHS cancels decision on choosing BDX's offer for the D11 highway NEGATIVE • Budimex: potential new contract in road construction (PLN 0...
HEADLINES: • EME Macro/Strategy: Türkiye – unprecedented CHP victory in local elections • PGE: 4Q23 fully in line with prelims NEUTRAL • Turkish Airlines: 4Q24 conference call takeaways POSITIVE • Grupa Pracuj: key takeaways from the 4Q23 earnings call NEUTRAL • European oil and gas monthly: March 2024 – winter was survived, as expected • Poland macro: MPC keeps rates on hold, as expected • Romania macro: rates on hold, with a word of caution • Arabian Drilling: may have three offshore contracts...
HEADLINES: • GEVORKYAN: the power of powder (BUY - initiation of coverage) • Turkish Airlines: 4Q24 – ending a very good year on a strong note POSITIVE • Grupa Pracuj: 4Q23 results – adjusted EBITDA up 18% yoy, 8% above the market consensus POSITIVE • Motor Oil Hellas: 4Q23 results NEUTRAL • Enea: preliminary 4Q23 results POSITIVE • Text: key takeaways from the 4Q23-24 preliminary earnings call NEUTRAL • Bank of Georgia: finalises Ameria acquisition POSITIVE • Aegean Airlines: 1Q24 traffic – goo...
HEADLINES: • Text: 4Q23-24 (calendar 1Q24) preliminary results – USD 21.7m preliminary cash flow (up 9% yoy, 2% qoq) NEGATIVE • Piraeus Port Authority: conference call takeaways • AROBS Transilvania Software: publishes 2024 budget NEUTRAL • Huuuge Games: March bookings estimate at USD 14m, up 8% mom POSITIVE • Ten Square Games: March bookings estimate mom recovery, driven by Hunting Clash POSITIVE • Benefit Systems: 1Q24 update on card base fully in line with recent guidance NEUTRAL • Turkish a...
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...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.