reports
- Research Team
WOOD Daily: KMGZ KZ; PL Macro; RO Macro; ALARABIA AB; PCF PW
HEADLINES: • KazMunayGas: 3Q24 results NEUTRAL • Poland macro: presidential candidates announced; negative early sentiment signals for November • Romania macro: first round of presidential elections confirms rise of the far right • Al Arabia Outdoor Advertising: awarded contract to advertise on intercity roads in Saudi Arabia POSITIVE • PCF Group: 3Q24E EBITDA returns to positive territory, on revenue recovery (due out tomorrow)
- Research Team
WOOD Daily: AEGN GA; GTC PW; AQ RO; GEV CP; HSBK LI; BFT PW; MOH GA; K...
HEADLINES: • Aegean Airlines: high net cash position and strong FCFF yield (upgraded to BUY) • GTC: buys German residential portfolio worth EUR 448m • Aquila Part Prod Com S.A.: gross margin and wage costs weigh on the 3Q24 results NEUTRAL • GEVORKYAN: 3Q24 broadly in line with our expectations; new signed contracts for defence and high-tech industries NEUTRAL • Halyk Bank: 3Q24 highlights – solid, on the back of better-than-expected NIM • Benefit Systems: 3Q24 call takeaways – strong long-term ...
- Research Team
WOOD Daily: TLV RO; LOGO TI; SOKM TI; ONE RO; ALARABIA AB; ALPHA GA; C...
HEADLINES: • Banca Transilvania: stellar 3Q24 print sponsored by OTP RO integration POSITIVE • Logo Yazilim: 3Q24 results – small beat; FY24E guidance reiterated; buyback programme expires POSITIVE • Sok Marketler: highly weak set of results in 3Q24 NEGATIVE • ONE United Properties: 3Q24 broadly in line with recent trends NEUTRAL • Al Arabia Outdoor Advertising: weak 3Q24 financial results NEGATIVE • Alpha Services and Holdings: 3Q24 results highlights – improved outlook NEUTRAL • Inter Cars: Oc...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
SOKM SOK MARKETLER TICARET AS
ONE ONE UNITED PROPERTIES SA
4071 ARABIAN CONTRACTING SERVICES CO
- Research Team
The Rear-View Mirror – EME markets: only the Czech Republic in the bla...
EME Equity Market – October 2024 A red October for the EME indices, only Czechia in positive territory. The MSCI EM Europe Index declined by 6.0% in EUR terms and 8.4% in USD terms in October. The Czech PX index was the only one spared, adding 1.3% mom in EUR terms. Türkiye was battered the most, with the Turkish ISE30 declining by 7.3% mom in EUR terms, followed closely by the Polish WIG20 (-6.7% mom in EUR terms). Greece fell 4.8% mom in EUR terms, while the Hungarian BUX index lost 2.7% mom i...
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
MGROS MIGROS TICARET A.S
ARCLK ARCELIK A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
WPS W.A.G PAYMENT SOLUTIONS PLC
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: KRU PW; RBI AV; ADNOCDRI UH; ELM AB; CCC PW; DIGI RO; ALAR...
HEADLINES: • Kruk: 3Q24 headline net profit at record high (in line with earlier flash estimate), enables revenues to grow 35% yoy NEUTRAL • Raiffeisen Bank International: 3Q24 in line with expectations; higher CHF mortgage saga costs in Poland to affect FY24E ROE; significant acceleration in downsizing Russian business NEUTRAL • ADNOC Drilling: 3Q24 results NEUTRAL • Elm: 3Q24E financial results preview (due on 3 November) • CCC: 3Q24E prelims preview – 93% yoy EBITDA growth expected (due on 8 ...
- Research Team
WOOD Daily: KSPI US; ALARABIA AB; SOLUTION AB; HTO GA; GR macro/banks;...
HEADLINES: • Kaspi.kz: agrees to acquire Türkiye's Hepsiburada NEUTRAL • Kaspi.kz: 3Q24 highlights - on track to meet guidance NEUTRAL • Al Arabia: MBC Group sells 4.9% of shares of Al Arabia NEGATIVE • Solutions by STC: establishment of JV with Jedco completed NEUTRAL • OTE: ANAF imposes EUR 33.5m in additional tax charges related to alleged VAT and CIT miscalculations NEGATIVE • Greece macro/banks: BOG increases the countercyclical capital buffer rate to 0.25%, with effect from October 2025E N...
- Research Team
WOOD Daily: WIZZ LN; BFT PW; PCF PW; Polish consumer staples; 11B PW; ...
HEADLINES: • Wizz Air: summer traffic in line, but consensus seems too bullish on earnings • Benefit Systems: net additions of 20k sport cards in 3Q24 POSITIVE • PCF Group: earnings call takeaways - Echo to be smaller than the other WFH projects NEUTRAL • Polish consumer staples: Netto plans to open 350 discount stores in Poland by 2028E NEGATIVE • 11 bit studios: delays the release of The Alters to 1Q25E NEGATIVE • Huuuge Games: September bookings estimate up 10% mom, but flat for the flagship ...
- Research Team
The Rear-View Mirror – EME markets: Greece rebounds, elsewhere mostly ...
EME Equity Market - September 2024 EME indices mostly in the red in September; rebound in Greece. The MSCI EM Europe Index declined 2.0% in EUR terms and 1.1% in USD terms in September. The Greek ASE Index was the best performer in our region, advancing 1.4% mom in EUR terms. Muted performances were seen in Czechia and Hungary (+0.3% and +0.2% mom, respectively in EUR terms), with declines in Poland, Romania and Turkey (-3.6%, -2.9% and -1.5% mom, respectively in EUR terms).
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
KLKIM VERCOM SA
SHO KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
4071 SHOPER SA
TRESTATES ARABIAN CONTRACTING SERVICES CO
GEV TRADE ESTATES REIC SA
NOVAL GEVORKYAN A.S.
BOCHGR NOVAL PROPERTY
BANK OF CYPRUS
- Research Team
WOOD Daily: MCOVB SS (BUY – initiation of coverage); HTO GA (upgrade t...
HEADLINES: • Medicover: private healthcare pioneer keeps on rolling (BUY - initiation of coverage) • OTE: safe dividend play (upgraded to BUY) • National Bank of Greece: HFSF launches the sale of a 10% stake in NBG NEUTRAL • PCF Group: 2Q24 results in negative territory, below our expectations NEGATIVE • mBank: issues traditional profit warning related to the CHF mortgage saga, ahead of 3Q24E results NEUTRAL • InPost: 4.9% price hike for Allegro NEUTRAL • Allegro: introduction of spirits from 21...
- Research Team
WOOD Daily: 11B PW (downgraded to HOLD); LAMDA GA (stays BUY); GE macr...
HEADLINES: • 11 bit studios: risk profile increased materially (downgraded to HOLD) • Lamda Development: breaking ground (stays BUY) • Georgia macro: important elections approaching • CTP: 2024 CMD, the demand led growth continues • NEPI Rockcastle: buys Magnolia Park in Wroclaw for EUR 373m POSITIVE • PZU: has paid more than PLN 111m of claims related to floods, and serviced 70% of filed cases so far POSITIVE • Bank Pekao: incoming CEO talks to Forbes • 11 bit studios: interview with the CEO on...
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; RBI AV; 11B PW; PCF PW; KTY PW;...
HEADLINES: • EME Macro/Strategy: macro all-in-one (16-22 September) • Raiffeisen Bank International: signs agreement targeted at sale of its Belarusian operations • 11 bit studios: Frostpunk 2 post-release player reviews and player count disappoint NEGATIVE • PCF Group: updates timeframe for strategy implementation, new PLN 350m financing needed in 2025-26E NEGATIVE • Kety: takeaways from the Investor Day NEUTRAL • ADNOC Distribution: Board approves interim dividend NEUTRAL • VIGO Photonics: beg...
- Research Team
WOOD Daily: ALARABIA AB; NOVAL GA; MOH GA; CAR PW; LAMDA GA; MBK PW; C...
HEADLINES: • Al Arabia Outdoor Advertising: waiting for better times (downgraded to HOLD) • Noval Property: 1H24 – recurring results in line with our estimates NEUTRAL • Motor Oil Hellas: fire at refinery NEGATIVE • Inter Cars: key takeaways from the 2Q24 earnings call NEUTRAL • Lamda Development: another land plot sales tranche, to lift NAV by 6% POSITIVE • mBank: UniCredit seeks regulator's approval to reach 30% stake in Commerzbank • CTP: raises EUR 300m through an ABB, at EUR 16.0/share • 11...
- Dmitry Vlasov
- Piotr Raciborski
- CFA
Al Arabia Outdoor Advertising: waiting for better times (downgraded to...
We have downgraded our rating for Al Arabia to HOLD (from Buy), with an updated price target (PT) of SAR 214, which offers 7% upside. We still like Al Arabia for its market-leading position, strong growth prospects, position as an Outdoor Advertising champion, and as one of the beneficiaries of the Vision 2030 programme. We note, however, that the upcoming revenue growth will be slower than originally expected, with more pressure on the gross margin, while new projects are yet to be announced. T...
- Research Team
WOOD Daily: LAMDA GA; CZG CP; PKN PW; VGO PW; KMGZ KZ; PCO PW
HEADLINES: • Lamda Development: 2Q24 – good sales at the Ellinikon, capex to accelerate NEUTRAL • Colt CZ Group SE: 1H24 results – better than expected POSITIVE • Orlen: discussing possible deals for Grupa Azoty’s polyolefins business NEUTRAL • VIGO Photonics: signs a conditional agreement with the EIB for the financing of the HyperPIC project NEUTRAL • KazMunayGas: begins construction of a polyethylene complex NEUTRAL • Pepco Group: 4Q24E trading update preview (due on 26 September)
- Research Team
WOOD Daily: WPL PW; ASELS TI; CAR PW; CAR PW; PCF PW; SPL PW; KAP LI
HEADLINES: • Wirtualna Polska: WP boosts media margins (stays BUY) • Aselsan: 2Q24 IAS 29 results – strong execution POSITIVE • Inter Cars: 2Q24 EBITDA 10% above our forecast and 5% above the consensus, on higher margin POSITIVE • Inter Cars: August sales growth at 8% yoy, in line with our expectations NEUTRAL • PCF Group: new work-for-hire agreement with Krafton; PLN 7m write-off on Project Red POSITIVE • Santander Bank Polska: strategic investor wants to reduce its stake • Kazatomprom: obtains...
- Research Team
WOOD Daily: DUNAHOUS HB; EME Macro/Strategy Weekly; HUG PW; APR PW; CD...
HEADLINES: • Duna House: loan ranger, with dividends to boot (BUY) • EME Macro/Strategy: macro all-in-one (2-8 September) • Huuuge Games: 2Q24 earnings call takeaways NEUTRAL • Auto Partner: August sales growth decelerates to just 7% yoy NEGATIVE • CD Projekt: class action lawsuit in the US regarding technical solutions used by GOG NEUTRAL • PCF Group: termination of credit facilities at Bank Pekao NEUTRAL • DIGI Communications: delivers first part of FTTH network in Spain NEUTRAL
- Research Team
The Rear-View Mirror – EME markets: only Czech PX index in positive te...
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
BOCH BANK OF COMMERCE HOLDINGS
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: BCG LN; ALARABIA AB; JAHEZ AB; TBCG LN; EME Macro/Strategy...
HEADLINES: • Baltic Classifieds Group: niche diamond (HOLD - initiation of coverage) • Al Arabia Outdoor Advertising: weak 2Q24 financial results NEGATIVE • Jahez: mixed 1H24 financial results NEGATIVE • TBC Bank: 2Q24 results and conference call NEUTRAL • EME Macro/Strategy: macro all-in-one (5-11 August) • Orlen: 2Q24E EBITDA estimates published NEUTRAL • Mo-BRUK: still challenging 2Q24E expected, with weaker yoy EBITDA, but up slightly qoq already (due on 29 August) • PZU: 2Q24E preview (due ...
- Research Team
WOOD Daily: WIZZ LN; PEO PW; CCC PW; LOGO TI; CEZ CP; CTPNV NA; MTELEK...
HEADLINES: • Trade Estates: Greek retail parks – a dividend growth story (HOLD - initiation of coverage) • Wizz Air: thrust issues (stays BUY) • Bank Pekao: posts bottom line slightly below expectations, NPL ratio down to below 5%, solid 19%+ ROE intact NEUTRAL • CCC: 12% EBITDA beat in 2Q24, on opex control POSITIVE • Logo Yazilim: 2Q24 results – strong margin recovery, FY24E guidance reiterated POSITIVE • CEZ: 2Q earnings beat, EBITDA guidance up 2-3%, but net guidance unchanged NEUTRAL • CTP:...
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
WIZZ WIZZ AIR HOLDINGS PLC
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
APR AUTO PARTNER SA
11B 11 BIT STUDIOS S.A.
ADNOCDIST ADNOC DISTRIBUTION PJSC
PCF PCF GROUP SA
CTPNV CTP NV
SHO SHOPER SA
TRESTATES TRADE ESTATES REIC SA
- Research Team
WOOD Daily: EME Macro/Strategy; RICHT HB; TUPRS TI; THYAO TI; ARABIAND...
HEADLINES: • EME Macro/Strategy: how strong are the recession signals? • Richter: well-rounded 2Q24 beat vs. the consensus POSITIVE • Tupras: 2Q24 results and dividend announcement POSITIVE • Turkish Airlines: 2Q24 – RASK up 1% and CASKX up 8% yoy, driving margins lower from peak levels, as expected NEUTRAL • Arabian Drilling: 2Q24 results below expectations NEGATIVE • Air Astana Group: 2Q24 in line, but 1H24 EBIT and FCFE both down yoy, and VietJet entry into Kazakhstan a risk NEUTRAL • KazMuna...
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