reports
- Research Team
1 director sold
A director at Prime Car Management Sa sold 16,479 shares at 23.750PLN and the significance rating of the trade was 57/100. 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 years...
- Research Team
Focus: Magnit’s long-awaited strategy disappoints; Tatneft’s new 2...
HEADLINES: • Magnit: long-awaited strategy disappoints • Tatneft: new 2030 Strategy - higher capex is a concern NEGATIVE • Piraeus Port Authority: impressive 1H18 results, on track to meet our bullish 2018E POSITIVE • Terna Energy: solid 1H18 results, broadly in line with our estimates POSITIVE • Prime Car Management: launches strategic options review; no dividend from 2017 net profit NEGATIVE • EME Macro/Strategy: US - optimistic Fed is no guarantee of smooth sailing • Famur: 20...
RBI RAIFFEISEN BANK INTERNATIONAL AG
PKO PKO BANK POLSKI S.A.
KTY GRUPA KETY SA
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
TENERGY TERNA ENERGY S.A.
PCM PRIME CAR MANAGEMENT
PPA PIRAEUS PORT AUTHORITY S.A.
ULKER ULKER BISKUVI SANAYI A.S.
FMF FAMUR SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
ATAD TATNEFT (GDR)
- Research Team
Focus: Russia macro – another round of sanctions likely in November;...
HEADLINES: • Russia macro: another round of sanctions likely in November • MONETA Money Bank: raises 2018E net profit and DPS guidance (again) POSITIVE • Greek banks: press reports on SSM targets • GTC: buys development project in Budapest, plans to build 35.5k sqm GLA office POSITIVE • Grivalia: acquires development project in Piraeus POSITIVE • Electrica: ANRE sets new rate of return at 5.66% NEUTRAL • Richter: acquires rights to assisted reproduction technology drug Cycloges...
EUPRO GRIVALIA PROPERTIES REIC
GTC GLOBE TRADE CENTRE S.A.
PCM PRIME CAR MANAGEMENT
TPEIR PIRAEUS BANK SA
PPA PIRAEUS PORT AUTHORITY S.A.
MONET MONETA MONEY BANK AS
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ELSA SOCIETATEA ENERGETICA ELECTRICA
RICHT RICHTER
ALPHA ALPHA BANK
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE30 down 28% in August
Market performance – Turkey down 28% mom in August. The MSCI EME lost 6.7% mom in August, while the Bucharest Stock Exchange outperformed its peers, rising 3.7%. The BUX came in second, recording a rise of 2.1%, while Warsaw’s WIG20 followed with gains of 0.7%. On the other hand, the Turkish ISE30 recorded the largest drop, -28.0%, while Russia lost 5.8%, the Greek ASE index was down 4.2% and Prague’s PX fell 2.5% (all performances measured in EUR terms).
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
KRU KRUK S.A.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG UNIQA INSURANCE GROUP AG
HTO PETROL D.D.
CDR HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI CD PROJEKT S.A.
YKBNK RAIFFEISEN BANK INTERNATIONAL AG
OMV YAPI VE KREDI BANKASI A.S.
PGN OMV AG
PKO POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB PKO BANK POLSKI S.A.
STCK KOMERCNI BANKA A.S.
TITK STOCK SPIRITS GROUP
BHW TITAN CEMENT CO. SA
EVR BANK HANDLOWY W WARSZAWIE S.A.
ARHOF EVRAZ PLC
BIMAS AMREST HOLDING
WIZZ BIM BIRLESIK MAGAZALAR A.S.
PZU WIZZ AIR HOLDINGS PLC
DOAS POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK BANK MILLENNIUM SA
MTELEKOM ING BANK SLASKI S.A.
SBER MAGYAR TELEKOM TELECOMMUNICATIONS
KTY SBERBANK RUSSIA PJSC
KGH GRUPA KETY SA
DOC KGHM POLSKA MIEDZ S.A.
TPS DO & CO AKTIENGESELLSCHAFT
CAI ORANGE POLSKA S.A.
MYTIL CA IMMOBILIEN ANLAGEN AG
LPP MYTILINEOS S.A.
SPI LPP S.A.
AEFES S IMMO AG
ENKAI ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL ENKA INSAAT VE SANAYI A.S.
GUBRF EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC GUBRE FABRIKALARI T.A.S.
CCOLA CCC SA
ANY COCA-COLA ICECEK A.S.
EUPRO ALLAMI NYOMDA
GTC GRIVALIA PROPERTIES REIC
DOM GLOBE TRADE CENTRE S.A.
HALKB DOM DEVELOPMENT SA
AEGN TURKIYE HALK BANKASI ANONIM SIRKETI
ENA AEGEAN AIRLINES SA
MGROS ENEA S.A.
PGE MIGROS TICARET A.S
EKGYO PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
JSW AEROFLOT RUSSIAN AIRLINES
PGSUS.E JASTRZEBSKA SPOLKA WEGLOWA S.A.
NOG PEGASUS HAVA TASIMACILIGI AS
LVC NOSTRUM OIL & GAS PLC
PCM LIVECHAT SOFTWARE SA
TBCB PRIME CAR MANAGEMENT
GHG TBC BANK JOINT STOCK CO
PPC GEORGIA HEALTHCARE GROUP
OTP PUBLIC POWER CORPORATION S.A.
CAR OTP BANK NYRT
AYGAZ INTER CARS S.A.
FROTO AYGAZ A.S.
OTKAR FORD OTOMOTIV SANAYI A.S.
THYAO OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURK HAVA YOLLARI A.O.
ULKER TURKIYE PETROL RAFINERILERI A.S.
SAHOL ULKER BISKUVI SANAYI A.S.
EUR HACI OMER SABANCI HOLDING A.S.
PJP EUROCASH S.A.
LTS X5 RETAIL GROUP N.V. SPONSORED GDR REGS
VAKBN GRUPA LOTOS S.A.
ECH TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
FMF ECHO INVESTMENT
GSPARK FAMUR SA
TKFEN GRAPHISOFT PARK SE
CPS TEKFEN HOLDING
GPW CYFROWY POLSAT SA
11B WARSAW STOCK EXCHANGE
TPE 11 BIT STUDIOS S.A.
MDG TAURON POLSKA ENERGIA S.A.
ALR MEDICALGORITHMICS SA
CCH ALIOR BANK SA
OTOEL COCA-COLA HBC AG
PKP AUTOHELLAS S.A.
ICD PKP CARGO
ENERGA SA
SAB1L BANK OF CYPRUS PCL
BRD SIAULIU BANKAS
TLV BRD-GROUPE SOCIETE GENERALE
MONET BANCA TRANSILVANIA S.A.
SNP MONETA MONEY BANK AS
TOFAS PETROM S.A.
5M71 TOFAS TURK OTOMOBIL FABRIKASI A.S.
UNIPE MAGNIT PJSC SPONSORED GDR REGS
MMK UNIPETROL A.S.
MOEX MAGNITOGORSK IRON & STEEL WORKS (GDR)
PLY MOSCOW EXCHANGE MICEX-RTS PJSC
PFL PLAY COMMUNICATIONS SA
LKODN PFLEIDERER GROUP SA
OGZD OIL COMPANY LUKOIL PJSC SPONSORED ADR
DIGI GAZPROM (GDR)
MNOD DIGI COMMUNICATIONS NV
DNP NORILSK NICKEL
COTE DINO POLSKA S.A.
SNN CONPET SA
TEL SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA C.N.T.E.E. TRANSELECTRICA
FP. SOCIETATEA ENERGETICA ELECTRICA
BVB FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN S.C. BURSA DE VALORI BUCURESTI S.A.
KAZ LN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT KAZ MINERALS
WABERERS RICHTER
KOFOL WABERER'S INTERNATIONAL ZRT
ALPHA KOFOLA
LNTA LI ALPHA BANK
ATAD LENTA
M TATNEFT (GDR)
SFG MED LIFE
ELPE SPHERA FRANCHISE GROUP SA
IIA HELLENIC PETROLEUM
MPARK IMMOFINANZ
CGEO MLP SAGLIK HIZMETLERI AS
GEORGIA CAPITAL
- Research Team
Focus: upgrading to BUY on Erste Bank, with a higher EUR 40.5 PT; Tatn...
HEADLINES: • Erste Bank: a penny saved is a penny earned (upgraded to BUY) • Tatneft: 2Q18 results - stronger earnings, although higher capex is a small concern • Bank of Cyprus: positive news from NPE sale • Eurocash: 2Q18 results in line with the consensus NEUTRAL • LiveChat Software: 1Q18-19 EBITDA beat consensus by 4.4%, due mainly to ARPU growth POSITIVE • Emlak Konut: to sell units in instalments at sub-market rates to boost nation's housing market NEGATIVE • Prime Car Man...
- Research Team
Focus: BIM’s strong 2Q18 results – beating consensus on all lines;...
HEADLINES: * BIM: strong 2Q18 results - beating consensus on all lines POSITIVE * Georgia Healthcare Group: 2Q18 earnings a small beat, FY18E earnings case intact POSITIVE * Norilsk Nickel: announces USD 1.137/GDR dividend (6.9% yield, 14% annualised) POSITIVE * X5: 2Q18 results - gross margin expansion on lower promo drove 6% EBITDA beat NEUTRAL * DO&CO: 1Q FY19 results - miss on non-airlines segments, but Turkish DO&CO strong NEUTRAL * Sabanci Holding: 2Q18 results - beat on ...
DOC DO & CO AKTIENGESELLSCHAFT
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
PCM PRIME CAR MANAGEMENT
GHG GEORGIA HEALTHCARE GROUP
SAHOL HACI OMER SABANCI HOLDING A.S.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
PLY PLAY COMMUNICATIONS SA
DIGI DIGI COMMUNICATIONS NV
MNOD NORILSK NICKEL
KAZ LN KAZ MINERALS
SFG SPHERA FRANCHISE GROUP SA
MPARK MLP SAGLIK HIZMETLERI AS
- Research Team
WOOD Morning (4 July)
HEADLINES: * EMEA Natural Gas: there's gain in the methane (Gazprom, MOL, OMV, OMV Petrom, PGNiG and Romgaz) * CCC: acquisition of e-commerce / social media competence for PLN 13m * Prime Car Management: 2Q18 fleet growth on track to meet 2018E target * Dino: 2Q rollout slightly ahead of guidance NEUTRAL * Echo Investment: sells 65 apartments in June and delivers 81 NEUTRAL * Bank of Cyprus: government's plans for residential mortgages * Turkish automotive: LV sales down...
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
CCC CCC SA
PCM PRIME CAR MANAGEMENT
FROTO FORD OTOMOTIV SANAYI A.S.
ECH ECHO INVESTMENT
BANK OF CYPRUS PCL
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
OGZD GAZPROM (GDR)
DNP DINO POLSKA S.A.
- Research Team
The Rear-View Mirror – EME markets: Almost all EME markets in negati...
EME Equity Market – June 2018 Market performance – only Greek ASE in positive territory, while Turkish ISE30 the worst performer. The MSCI EME lost 1.5% mom in June in EUR terms, continuing the negative trend after May’s 2% contraction. The Greek ASE was the best performer in June, with a barely positive figure (+0.2%). Bucharest’s BET also stayed fairly flat (-0.1%). All the other indices were in negative territory: the Turkish ISE realised the largest drop (-5.7%); the Warsaw WIG20 fel...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
EVR EVRAZ PLC
ARHOF AMREST HOLDING
SIF2 SIF MOLDOVA S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
SPI S IMMO AG
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
ENKAI ENKA INSAAT VE SANAYI A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
GNB GETIN NOBLE BANK SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
PCM PRIME CAR MANAGEMENT
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.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
PKP PKP CARGO
ICD ENERGA SA
HB HELLENIC BANK LTD.
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
NVTK NOVATEK JSC SPONSORED GDR REGS
PODR-R-A PODRAVKA D.D.
TELEC O2 CZECH REPUBLIC A.S.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
ATGR-R-A ATLANTIC GRUPA
SIF3 SIF TRANSILVANIA S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
SIF1 SIF BANAT-CRISANA S.A.
PLY PLAY COMMUNICATIONS SA
PFL PFLEIDERER GROUP SA
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
SIF5 SOCIETATEA DE INVESTITII FINANCIARE OLTENIA SA
MNOD NORILSK NICKEL
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TEL C.N.T.E.E. TRANSELECTRICA
TABAK PHILIP MORRIS CR AS
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SIF4 SIF MUNTENIA S.A.
RICHT RICHTER
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
904596 SURGUTNEFTEGAS (GDR)
M MED LIFE
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ
- Research Team
WOOD Morning (4 June)
HEADLINES: * EME Macro/Strategy: beware! Business cycle downswing is real * Prime Car Management: recommends PLN 1 DPS, dividend policy amended NEGATIVE * Hellenic Bank: 1Q18 broadly in line * AmRest: finalises 10-year master franchise agreement for Pizza Hut in Russia POSITIVE * Yapi Kredi: announces ex-date for the rights issue as 6 June NEUTRAL * LiveChat Software: net adds of 243 in May 2018 NEGATIVE * The Rear-View Mirror - EME markets: record drop in Turkish ESI in ...
- Research Team
The Rear-View Mirror – EME markets: Record drop in Turkish ESI in Ma...
EME Equity Market – May 2018 Market performance – only Russia in positive territory, while Athens the worst performer. The MSCI EME lost 2% mom in May, continuing the negative trend after April’s 3.2% contraction. The best performer for May was the Russian MOEX index, which outperformed its peers (+4.6%). All the other indices were in negative territory: the Greek ASE realised the largest drop (-11.9%); Budapest’s BUX lost 9.7%; the Turkish ISE30 was down 9.4%; the Warsaw WIG20 fell 7.3%...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG UNIQA INSURANCE GROUP AG
KRKG PETROL D.D.
HTO KRKA D.D.
CDR HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI CD PROJEKT S.A.
IMO1 RAIFFEISEN BANK INTERNATIONAL AG
YKBNK IMMOFINANZ AG
OMV YAPI VE KREDI BANKASI A.S.
PGN OMV AG
ISCTR POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
STCK KOMERCNI BANKA A.S.
TITK STOCK SPIRITS GROUP
BHW TITAN CEMENT CO. SA
ARHOF BANK HANDLOWY W WARSZAWIE S.A.
BIMAS AMREST HOLDING
WIZZ BIM BIRLESIK MAGAZALAR A.S.
DOAS WIZZ AIR HOLDINGS PLC
SPL DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK SANTANDER BANK POLSKA SA
MTELEKOM ING BANK SLASKI S.A.
KGH MAGYAR TELEKOM TELECOMMUNICATIONS
CAI KGHM POLSKA MIEDZ S.A.
LPP CA IMMOBILIEN ANLAGEN AG
AEFES LPP S.A.
ASELS ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ENKAI ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
GUBRF ENKA INSAAT VE SANAYI A.S.
CCC GUBRE FABRIKALARI T.A.S.
CCOLA CCC SA
CIE COCA-COLA ICECEK A.S.
ANY CIECH S.A.
EUPRO ALLAMI NYOMDA
GTC GRIVALIA PROPERTIES REIC
HALKB GLOBE TRADE CENTRE S.A.
AEGN TURKIYE HALK BANKASI ANONIM SIRKETI
ENA AEGEAN AIRLINES SA
PGE ENEA S.A.
EKGYO PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
JSW AEROFLOT RUSSIAN AIRLINES
PGSUS.E JASTRZEBSKA SPOLKA WEGLOWA S.A.
NOG PEGASUS HAVA TASIMACILIGI AS
LVC NOSTRUM OIL & GAS PLC
PCM LIVECHAT SOFTWARE SA
TBCB PRIME CAR MANAGEMENT
GHG TBC BANK JOINT STOCK CO
TPEIR GEORGIA HEALTHCARE GROUP
OTP PIRAEUS BANK SA
PPA OTP BANK NYRT
CAR PIRAEUS PORT AUTHORITY S.A.
AYGAZ INTER CARS S.A.
FROTO AYGAZ A.S.
THYAO FORD OTOMOTIV SANAYI A.S.
TUPRS TURK HAVA YOLLARI A.O.
SAHOL TURKIYE PETROL RAFINERILERI A.S.
EUR HACI OMER SABANCI HOLDING A.S.
LTS EUROCASH S.A.
VAKBN GRUPA LOTOS S.A.
ECH TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
GSPARK ECHO INVESTMENT
CPS GRAPHISOFT PARK SE
TSGYO CYFROWY POLSAT SA
TPE TSKB GAYRIMENKUL YATIRIM ORTAKLIGI AS (A)
MDG TAURON POLSKA ENERGIA S.A.
ALR MEDICALGORITHMICS SA
CCH ALIOR BANK SA
OTOEL COCA-COLA HBC AG
PKP AUTOHELLAS S.A.
ICD PKP CARGO
ENERGA SA
WPL BANK OF CYPRUS PCL
ROSN WIRTUALNA POLSKA HOLDING SA
SAB1L ROSNEFT OIL CO. SPONSORED GDR REGS
BRD SIAULIU BANKAS
TLV BRD-GROUPE SOCIETE GENERALE
MONET BANCA TRANSILVANIA S.A.
SNG MONETA MONEY BANK AS
ATGR-R-A SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP ATLANTIC GRUPA
TOFAS PETROM S.A.
5M71 TOFAS TURK OTOMOBIL FABRIKASI A.S.
MMK MAGNIT PJSC SPONSORED GDR REGS
MOEX MAGNITOGORSK IRON & STEEL WORKS (GDR)
PLY MOSCOW EXCHANGE MICEX-RTS PJSC
PFL PLAY COMMUNICATIONS SA
LKODN PFLEIDERER GROUP SA
OGZD OIL COMPANY LUKOIL PJSC SPONSORED ADR
DIGI GAZPROM (GDR)
NIIS DIGI COMMUNICATIONS NV
MNOD NAFTNA INDUSTRIJA SRBIJE NOVA SAD
DNP NORILSK NICKEL
COTE DINO POLSKA S.A.
NBGGY CONPET SA
SNN NATIONAL BANK OF GREECE S.A. ADS
TEL SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA C.N.T.E.E. TRANSELECTRICA
FP. SOCIETATEA ENERGETICA ELECTRICA
GEB FONDUL PROPRIETATEA S.A. GDR (REG S)
FTE BANK OF GEORGIA
TGN FORTE
RICHT SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
WABERERS RICHTER
KOFOL WABERER'S INTERNATIONAL ZRT
ALPHA KOFOLA
SBNC ALPHA BANK
M SBERBANK RUSSIA PJSC SPONSORED ADR
SFG MED LIFE
ELPE SPHERA FRANCHISE GROUP SA
CGEO HELLENIC PETROLEUM
PTKHY GEORGIA CAPITAL
PETKIM PETROKIMYA HOLDING AS
- Research Team
WOOD Morning (9 May)
HEADLINES: * ING BSK: 1Q18 - small beat on the bottom line, but weaker quality results mix NEUTRAL * Magyar Telekom: 1Q18 results - EBITDA in line with consensus, weak FCF NEUTRAL * BIM: 1Q18 slightly ahead of expectations POSITIVE * Enea: preliminary 1Q18 EBITDA at PLN 702m POSITIVE * Graphisoft Park: 1Q18 - rental income exceeds our expectations for second quarter in a row POSITIVE * Bucharest Stock Exchange: strong 1Q18 results on the back of high trading volumes POSITIVE ...
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
GTC GLOBE TRADE CENTRE S.A.
ENA ENEA S.A.
GNB GETIN NOBLE BANK SA
PCM PRIME CAR MANAGEMENT
PPA PIRAEUS PORT AUTHORITY S.A.
SAHOL HACI OMER SABANCI HOLDING A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
PKP PKP CARGO
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
COTE CONPET SA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
RBI RAIFFEISEN BANK INTERNATIONAL
- Research Team
The Rear-View Mirror – CEE markets: Greek equities gained the most i...
EME Equity Market – April 2018 Market performance – ASE gained the most in April, while the ISE30 lost the most. The MSCI EME dropped by 3.2% mom in EUR terms. The ASE index (+10% mom) reported the largest rate of return, followed by the Polish WIG20 index (+2.9%), and the BUX (+2.7% mom); while the Turkish ISE30 lost -10.4% mom, followed by the Russian MICEX (-6.3% mom), and the Czech PX index (-1.4% mom). The Romanian BET index stayed fairly flat (-0.1% mom).
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
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.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
EBS ERSTE GROUP BANK AG
OGZD GAZPROM
CDR CD PROJEKT S.A.
ELPE HELLENIC PETROLEUM SA
IMO1 IMMOFINANZ AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
FFGRP FOLLI FOLLIE S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
FP FONDUL PROPRIETATEA
ARHOF AMREST HOLDING
SIF2 SIF MOLDOVA S.A.
PODRRA PODRAVKA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
ENKAI ENKA INSAAT VE SANAYI A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
NOG NOSTRUM OIL & GAS PLC
LVC LIVECHAT SOFTWARE SA
PCM PRIME CAR MANAGEMENT
ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
TELEC O2 CZECH REPUBLIC A.S.
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
EREGL ERDEMIR
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
PFL PFLEIDERER GROUP SA
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
MNOD NORILSK NICKEL
COTE CONPET SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
KAZ LN KAZ MINERALS
HTO OTE
JSW JSW
SAB1L SIAULIU BANKAS
BELA JUMBO
CEZ CEZ
OMV OMV
EVR EVRAZ
RBI RAIFFEISEN BANK INTERNATIONAL
DOM PW DOM DEVELOPMENT
UQA AV UNIQA INSURANCE GROUP
LNTA LI LENTA
UNIP UNIPETROL
SFG SPHERA FRANCHISE GROUP SA
ARGRRA ATLANTIC GRUPA DD
FTE FORTE ENERGY NL
SBER SBERBANK OF RUSSIA PJSC
SGGD SURGUTNEFTEGAS OJSC
- Research Team
WOOD Morning (30 April)
HEADLINES: * CCC: weak 1Q18 results, miss vs. the consensus, but better than we expected NEGATIVE * NLMK: recommends large dividend for 1Q18, at 3.6% quarterly yield (15% annualised) POSITIVE * Public Power Corporation: 4Q17 boosted by PSO one-off, weak cash generation NEGATIVE * Electrica: real rate of return might be cut to 5% NEGATIVE * Electrica: new board, more state representatives * National Bank: VRS details POSITIVE * OMV: signs new offshore agreement in UAE wi...
CCC CCC SA
PCM PRIME CAR MANAGEMENT
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
WPL WIRTUALNA POLSKA HOLDING SA
N7MG NLMK (GDR)
EREGL ERDEMIR
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
GARAN GARANTI BANK
OMV OMV
- Research Team
WOOD Morning (19 April)
HEADLINES: * Sberbank: first look after new sanctions - stay on the sidelines * Turkey politics: early presidential elections * Eurocash: sales at small stores jump 9% yoy in March, according to CMR POSITIVE * Prime Car Management: mediocre fleet growth in 1Q18 NEUTRAL * Immofinanz: spends EUR 390m buying 29% of S-Immo from Benko and Pecik NEGATIVE * Coca-Cola Icecek: 1Q18E preview - solid results, in spite of SCT impact in Turkey (due on 3 May) NEUTRAL * Short News (PLY,...
- Research Team
The Rear-View Mirror – CEE markets: Romanian index the top performer...
EME Equity Market – March 2018 Market performance – only Romania and Prague in positive territory. The MSCI EME lost 5.8% mom in March, continuing the negative trend after February’s 1.1% contraction. The Romanian BET index was the best performer in March, +3.1%, while Prague’s PX index remained broadly flat, recording a small gain of 0.3%. On the negative side, the Turkish ISE30 performed poorly, losing 9.1%, followed by the Warsaw WIG20, -7.3%. The Greek ASE index fell by 6.6% and Mosc...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
BOCH BANK OF COMMERCE HOLDINGS
OGZD GAZPROM
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
ARHOF AMREST HOLDING
BIMAS BIM BIRLESIK MAGAZALAR A.S.
SIF2 SIF MOLDOVA S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
PODRRA PODRAVKA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
ENKAI ENKA INSAAT VE SANAYI A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
AFLT AEROFLOT RUSSIAN AIRLINES
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
PCM PRIME CAR MANAGEMENT
ETE NATIONAL BANK OF GREECE S.A.
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.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
SAHOL HACI OMER SABANCI HOLDING A.S.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
ICD ENERGA SA
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
TLV BANCA TRANSILVANIA
SVST SEVERSTAL (GDR)
TELEC O2 CZECH REPUBLIC A.S.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
EREGL ERDEMIR
PLY PLAY COMMUNICATIONS SA
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
DIGI DIGI COMMUNICATIONS NV
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
MNOD NORILSK NICKEL
DNP DINO POLSKA S.A.
LKOD LUKOIL
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
0RO5 MEDLIFE
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
HTO OTE
JSW JSW
RICHT RICHTER
SAB1L SIAULIU BANKAS
SBER03 SBERBANK
ARGRRA ATLANTIC GROUP
ANY ANY SECURITY PRINTING COMPANY
WABERERS WABERER'S INTERNATIONAL ZRT
SGGD SURGUTNEFTEGAS
ATAD TATNEFT
CEZ CEZ
KOFOL KOFOLA
OMV OMV
EVR EVRAZ
RBI RAIFFEISEN BANK INTERNATIONAL
ALPHA ALPHA BANK
DPEU DP EURASIA
DOM PW DOM DEVELOPMENT
UQA AV UNIQA INSURANCE GROUP
LNTA LI LENTA
UNIP UNIPETROL
- Research Team
WOOD Morning (28 March)
HEADLINES: * Lenta: when two dogs are fighting over a bone... (BUY - initiation of coverage) * OPAP: 4Q below expectations on one-offs NEUTRAL * Prime Car Management: 4Q17 - weak quality underlying results; no dividend recommendation NEGATIVE * Sarantis: FY17 - weaker sales, better margins, even better cash position * BGEO: demerger details - a wrap-up of the process and our thoughts * EME Macro/Strategy: we have entered a soft patch * Aeroflot: traffic slowed down in F...
- Research Team
WOOD Morning (7 March)
HEADLINES: * Lotos: 4Q17 review - EBITDA in line with expectations NEUTRAL * Stock Spirits Group: 2H17 results - affected by EUR 19.6m of one-offs NEGATIVE * Kruk: announces 2017 DPS of PLN 5; aiming to consolidate Polish debt collection market POSITIVE * ING BSK: 2017 net profit DPS proposal at PLN 3.2 (implied yield at c.1.6%) NEUTRAL * PGE: guiding for weaker FY18E Heat earnings, moderate growth in Distribution NEUTRAL * Warsaw Stock Exchange: confirms submission of offer to...
- Research Team
WOOD Morning (11 January)
HEADLINES: * Echo Investment: sounds good (BUY - initiation of coverage) * CA Immo: time to take a breather (downgraded to HOLD) * Kruk: 4Q17 - very strong recoveries; results hit by negative revaluation in Italy NEGATIVE * Benefit Systems: Pure Jatomi exits Poland POSITIVE * Poland macro: recap - Polish interest rate decision * Czech Republic macro: recap - Czech inflation * Prime Car Management: launches tender to acquire 3,000 vehicles NEUTRAL * Unipetrol: POX unit...
- Research Team
WOOD Morning (9 January)
HEADLINES: * CCC: these boots are made for walking (upgraded to BUY) * Prime Car Management: leveraged fleet (stays HOLD) * Akbank: 2018E targets - meeting takeaways NEUTRAL * Aegean Airlines: strong passenger growth in 4Q17 POSITIVE * Turkish Airlines: strong traffic growth in December POSITIVE * EME Macro/Strategy: New Year, same optimism * Romanian banks: impact of key rate hike NEUTRAL * Stock Spirits Group: pre-close trading update on 2H17 NEUTRAL * Transgaz: ...
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