reports
Form 8.3 - The Vanguard Group, Inc.: Georgia Healthcare Group plc
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Georgia Healthcare Group plc 26-Jun-2020 / 14:45 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3  PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code")  1. KEY INFORMATION  (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller ...
Form 8.3 - The Vanguard Group, Inc.: Georgia Healthcare Group plc
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Georgia Healthcare Group plc 25-Jun-2020 / 15:33 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3  PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code")  1. KEY INFORMATION  (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller ...
Form 8.3 - The Vanguard Group, Inc.: Georgia Healthcare Group plc
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Georgia Healthcare Group plc 24-Jun-2020 / 15:07 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3  PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code")  1. KEY INFORMATION  (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller ...
- Research Team
WOOD Daily: ANY HB; PL Banks; EAT PW; DNP PW; WINE RO; AEGN GA; CEZ CP...
HEADLINES: • ANY PLC: 1Q20 review - top-line growth surprises negatively • Polish banks: suffering material declines in sales NEGATIVE • AmRest: takeaways from management call NEUTRAL • Dino: takeaways from management call NEUTRAL • Purcari Wineries: 1Q20 results call takeaways • Aegean Airlines: COVID-19 call NEUTRAL • CEZ: reportedly joining with Hungary's MVM for Czech Innogy bid NEUTRAL • Georgia Healthcare Group: Georgia Capital approves 1 for 5 share swap for remaining GH...
- Research Team
The Rear-View Mirror – EME markets: Markets rebound from March’s m...
EME Equity Market – April 2020 Market performance – in contrast to March, all indices recorded positive changes in April, with the Greek ASE Index advancing the most in EUR terms. The MSCI EM Europe Index gained 10.5% in EUR terms and 10.2% in local currency terms. The ASE Index was the best performer, +12.5%; followed by the PX Index, +11.5% in EUR terms. The Russian MOEX grew 11.2%; while the WIG20, the Polish benchmark, added 9.4%. A solid performance was reported in Hungary as well, wher...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
CEZ CEZ AS
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
FXPO FERREXPO PLC
BHW BANK HANDLOWY W WARSZAWIE S.A.
EVR EVRAZ PLC
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
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.
SPI S IMMO AG
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
WXF WARIMPEX FINANZ UND BETEILIGUNG
TENERGY TERNA ENERGY S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LWB LUBELSKI WEGIEL BOGDANKA S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
GHG GEORGIA HEALTHCARE GROUP
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
KAZ KAZ MINERALS PLC
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
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
KCEL KCELL JOINT STOCK COMPANY
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
PLZL POLYUS (GDR)
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
DPEU DP EURASIA
ATAD TATNEFT (GDR)
ELPE HELLENIC PETROLEUM
IIA IMMOFINANZ AG
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
ENJSA ENERJISA ENERJI
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
Form 8.3 - The Vanguard Group, Inc.: Georgia Healthcare Group plc
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Georgia Healthcare Group plc 16-Apr-2020 / 16:53 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3  PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code")  1. KEY INFORMATION  (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller ...
- Research Team
WOOD Daily: OGZD LI; PLY PW; CEZ CP; MIL PW; SPL PW; ALR PW; PEO PW; E...
HEADLINES: • Gazprom: to pay RUB 15.24/share dividend for 2019 POSITIVE • Play Communications: to pay PLN 1.65 DPS from FY19 results POSITIVE • CEZ: proposes CZK 34/share dividend (a 7.6% yield) POSITIVE • Bank Millennium: issues first report on COVID-19 impact NEGATIVE • Santander Bank Polska: BFG imposes PLN 227m of resolution charges NEGATIVE • Alior Bank: to pay PLN 64.8m of resolution fund contributions in 2020E • Bank Pekao: BFG imposes PLN 208m of resolution fund charges ...
CEZ CEZ AS
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
GHG GEORGIA HEALTHCARE GROUP
LTS GRUPA LOTOS S.A.
ALR ALIOR BANK SA
SVST SEVERSTAL (GDR)
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
PLY PLAY COMMUNICATIONS SA
OGZD GAZPROM (GDR)
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
EAT AMREST HOLDINGS SE
- Research Team
WOOD Daily: EME Macro; CZ Macro; NLMK LI; CCH LN; TEL RO; KTY PW; Poli...
HEADLINES: • EME macro: policy measures so far • Czech Republic macro: MPC cuts to 1.00% and signals further easing • NLMK: cuts capex guidance and reiterates strong liquidity position POSITIVE • Coca-Cola HBC: withdraws 2020E guidance, still plans to propose a dividend NEUTRAL • Transelectrica: proposes lower than expected dividend NEGATIVE • Kety: 4Q19 results in line with the company's forecasts • Polish retail real estate: government has no plans to support landlords NEGATIV...
SPL SANTANDER BANK POLSKA SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MGROS MIGROS TICARET A.S
AFLT AEROFLOT RUSSIAN AIRLINES
GHG GEORGIA HEALTHCARE GROUP
TPEIR PIRAEUS BANK SA
OTP OTP BANK NYRT
ALRS ALROSA PJSC
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TEL C.N.T.E.E. TRANSELECTRICA
KOFOL KOFOLA
ALPHA ALPHA BANK
M MED LIFE
TEN TEN SQUARE GAMES
- Research Team
The Rear-View Mirror – EME markets: All EME markets down on February...
EME Equity Market – February 2020 Market performance – Hungarian BUX lost the least, while the Greek ASE contracted the most in February, in EUR terms. While the MSCI Emerging Markets Europe Index lost 14% mom in EUR terms in February, the Hungarian BUX was down 7% mom in EUR terms, followed by the Romanian BET index (-9.7% mom) and the Czech PX index (also -9.8% mom). The rest of the regional indices contracted by double digits, with the largest drop in the Greek ASE index (-21% mom), follo...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
CEZ CEZ AS
PETG PETROL D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
STCK STOCK SPIRITS GROUP
BHW BANK HANDLOWY W WARSZAWIE S.A.
EVR EVRAZ PLC
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS 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
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
GHG GEORGIA HEALTHCARE GROUP
TPEIR PIRAEUS BANK SA
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
KAZ KAZ MINERALS PLC
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
ICD ENERGA SA
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
MONET MONETA MONEY BANK AS
ATGR-R-A ATLANTIC GRUPA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
WINE PURCARI WINERIES
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
TEN TEN SQUARE GAMES
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
Georgia Healthcare Group: 1 director sold
A director at Georgia Healthcare Group sold 19,745 shares at 125p and the significance rating of the trade was 68/100. 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 cle...
- Research Team
WOOD Daily: EME Macro/Strategy – EU; EME Macro/Strategy – RO; SFG ...
HEADLINES: • EME Macro/Strategy: coronavirus outbreak in Europe • EME Macro/Strategy: Romania - better, but patience is key • Sphera Franchise Group: 4Q19 results - better than we expected, but smaller rollout POSITIVE • Georgia Healthcare Group: small 4Q19 beat on operations, low-quality net profit beat on FX revaluation NEUTRAL • Alior Bank: creates PLN 186m of provisions for consumer loans repaid prior to CJEU ruling NEGATIVE • Tofas: positive dividend surprise POSITIVE • Tek...
- Research Team
WOOD Daily: ROSN LI; NVTK LI; HTO GA; ENJSA TI; TGN RO; TL Macro; MTEL...
HEADLINES: • Rosneft: 4Q19 - strong operational and financial deleveraging • Novatek: 4Q19 results - better than expected • OTE: 4Q19 results review - 9% yoy adjusted EBITDA growth ex.IFRS 16; strong 2020E DPS & FCF guidance POSITIVE • Enerjisa Enerji: 4Q19 results - another good quarter, 32% beat vs. consensus net income estimate • Transgaz: 2019 preliminary results look strong, but future outlook is weaker • Turkey macro: TCMB cuts one-week repo rate to 10.75%, from 11.25% â€...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
GHG GEORGIA HEALTHCARE GROUP
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
NVTK NOVATEK JSC SPONSORED GDR REGS
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
M MED LIFE
ELPE HELLENIC PETROLEUM
ENJSA ENERJISA ENERJI
- Research Team
The Rear-View Mirror – EME markets: Only Polish WIG20 in the red in ...
EME Equity Market – November 2019 Market performance – the weakest performance in November was recorded by the Polish WIG20 Index, in both EUR- and PLN-terms (-2.9% mom and -1.6% mom, respectively). While the MSCI Index lost 0.4% in local currency terms, it gained 0.8% in EUR terms. With the exception of Poland, all the other indices recorded a positive performance, with the Turkish ISE30 gaining 8.9% (EUR terms) over the month. The BET Index was the second-best performer, increasing by 3.2%...
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
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
FXPO FERREXPO PLC
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
EVR EVRAZ PLC
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SBER SBERBANK RUSSIA PJSC
KGH KGHM POLSKA MIEDZ S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
SPI S IMMO AG
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.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
GHG GEORGIA HEALTHCARE GROUP
TPEIR PIRAEUS BANK SA
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.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
ICD ENERGA SA
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLZL POLYUS (GDR)
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
DIGI DIGI COMMUNICATIONS NV
MNOD NORILSK NICKEL
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
KOFOL KOFOLA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
- Research Team
Focus: keeping our BUY on PZU, with lower PLN 49.9 PT; keeping our BUY...
HEADLINES: • PZU: good whatever the weather (stays BUY) • Georgia Capital / Georgia Healthcare Group: long-term value and near-term opportunity (GCAP and GHG stay BUY) • S Immo: 3Q19 - on track to deliver another record year, but ownership end-game remains unclear NEUTRAL • Athens Exchange Group: 3Q19 - higher due to one-off revenue • Bank of Cyprus: 3Q19 numbers solid at first glance • Polish banks: newsflow on CHF mortgage court verdicts continues, not fully supportive for cl...
- Bram Buring
- CFA
- Can Demir
- Ondrej Slama
Georgia Capital / Georgia Healthcare Group: Long-term value and near-t...
We reiterate our BUY recommendations for both Georgia Capital (GCAP), with an updated fair value NAV of GBp 1,547/share, and Georgia Healthcare Group (GHG), with an updated 12M price target (PT) of GBp 228/share. Our GCAP valuation is now based on a mix of 12M PTs for the listed businesses, and peer multiples or book value for the unlisted entities (i.e., the methodology that GCAP adopted for the private portfolio this spring). Applying the 25-30% fair value discount demanded these past 18 month...
- Research Team
Focus: EMEA Airlines – transferring coverage of Aegean Airlines (BUY...
HEADLINES: • EMEA airlines: a crowded field (transferring coverage of Aegean Airlines (BUY), Aeroflot (HOLD) and Turkish Airlines (HOLD); Wizz Air stays HOLD) • Inter Cars: 3Q19 slight miss on other operating activity NEUTRAL • PKO BP: targeting 2022E ROE above 12% and net profit above PLN 5bn NEUTRAL • Magnit: BOD approves RUB 147.19/share interim 9M dividend, yielding 4.5% NEUTRAL • Georgia Healthcare Group: offer to swap GHG shares for CGEO at 1 for 0.192 POSITIVE • MMK: Capital...
- Research Team
The Rear-View Mirror – EME markets: Soft performance across markets ...
EME Equity Market – August 2019 Market performance – pressure on all markets, only the BET flattish. The MSCI EME contracted by 4.9% mom in August, while the ASE index fell by 3.5% and Moscow’s index dropped by 3.8%. Bucharest’s BET index was the only one to rise, if only marginally, by 0.4% mom. The worst performer was Turkey’s ISE30, losing 10.8% mom, while the WIG20 index was down 8.3% mom, the BUX index dropped by 4.1% mom, and Prague’s PX index fell by 2.8% mom.
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
CEZ CEZ AS
PETG PETROL D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
FXPO FERREXPO PLC
BHW BANK HANDLOWY W WARSZAWIE S.A.
EVR EVRAZ PLC
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
WXF WARIMPEX FINANZ UND BETEILIGUNG
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
NOG NOSTRUM OIL & GAS PLC
LVC LIVECHAT SOFTWARE SA
GHG GEORGIA HEALTHCARE GROUP
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
KAZ KAZ MINERALS PLC
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
ICD ENERGA SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
PLZL POLYUS (GDR)
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
MNOD NORILSK NICKEL
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
KOFOL KOFOLA
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
MPARK MLP SAGLIK HIZMETLERI AS
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
ENJSA ENERJISA ENERJI
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
- Research Team
The Rear-View Mirror – EME markets: Strong month in Istanbul
EME Equity Market – July 2019 Market performance – following its strong performance in June, the best performer in July was the ISE30 again, gaining 13.1% in EUR terms and 6.2% in LCU. In EUR terms, the MSCI EME increased by 0.3% mom, and all the markets were up generally, with the exception of the WIG20, which fell 3.1% mom (-2.2% mom in LCU). The BET Index recorded a similar positive performance in both EUR and LCU terms, +4.4% mom; while the ASE Index grew 3.6% mom in EUR; and the rest of...
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
FXPO FERREXPO PLC
TITK TITAN CEMENT CO. SA
EVR EVRAZ PLC
BIMAS BIM BIRLESIK MAGAZALAR A.S.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SBER SBERBANK RUSSIA PJSC
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.
CCC CCC SA
CIE CIECH S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LWB LUBELSKI WEGIEL BOGDANKA S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
NOG NOSTRUM OIL & GAS PLC
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
GHG GEORGIA HEALTHCARE GROUP
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
KAZ KAZ MINERALS PLC
FMF FAMUR SA
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
PKP PKP CARGO
ICD ENERGA SA
BANK OF CYPRUS PCL
BELA JUMBO S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PLY PLAY COMMUNICATIONS SA
PLZL POLYUS (GDR)
PFL PFLEIDERER GROUP SA
OGZD GAZPROM (GDR)
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
KOFOL KOFOLA
DPEU DP EURASIA
904596 SURGUTNEFTEGAS (GDR)
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
ENJSA ENERJISA ENERJI
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
- Research Team
Focus: Polish banks’ 2Q19E previews - solid single-digit earnings gr...
HEADLINES: • Polish banks: 2Q19E previews - solid single-digit earnings growth • Polish banks: FX mortgage saga - Parkiet contemplates what the auditors may do NEGATIVE • Cyfrowy Polsat: purchases the remaining minority stake in ESN NEUTRAL • NBG: issue of Tier II notes • GHG: cooperation with maternity clinic at GHG paediatric hospital POSITIVE
- Research Team
The Rear-View Mirror – EME markets: Another strong month for ASE ind...
EME Equity Market – May 2019 Market performance – ASE index the best performer, up 7.4% mom in May. In May, the MSCI EME improved by 0.9% mom. The ASE index rose by 7.4% in May, following a mom rise of 7.2% in April; while Moscow’s index gained 4.1%; and Bucharest’s BET index was up 0.6% mom. On the other hand, the worst performer was Turkey’s ISE30, down 4.8% mom; while the WIG20 index saw mom losses of 4.1%; the BUX index fell 3.8% in May; and Prague’s PX index dropped 2.3% mom.
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG PETROL D.D.
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
FXPO FERREXPO PLC
STCK STOCK SPIRITS GROUP
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
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.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
NOG NOSTRUM OIL & GAS PLC
LVC LIVECHAT SOFTWARE SA
GHG GEORGIA HEALTHCARE GROUP
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
SAHOL HACI OMER SABANCI HOLDING A.S.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
ICD ENERGA SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SVST SEVERSTAL (GDR)
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
PFL PFLEIDERER GROUP SA
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TABAK PHILIP MORRIS CR AS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
KOFOL KOFOLA
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
MPARK MLP SAGLIK HIZMETLERI AS
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
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.