HEADLINES: • Georgia Capital: announces two new buyback programmes POSITIVE • HELLENiQ Energy: 1Q24 results – mildly above expectations POSITIVE • Warsaw Stock Exchange: bottom-line miss and further margin compression in the 1Q24 results NEGATIVE • Bank of Cyprus: 1Q24 highlights POSITIVE • Alpha Services and Holdings: 1Q24 highlights – trading-related beat, but NIM and fees evolve better than expected • Eurobank Ergasias Services: 1Q24 highlights – helped by trading income, but good quarter ove...
Bringing Alhaya To Life Alpha IVF’s new fertility centre Alhaya exhibits early promising signs. Fully operational and equipped with its own lab, operations have already turned profitable within its first month of operations amid minimal marketing activity. Commercial success has been matched with operational success rates. The latter is critical to Alpha IVF replicating its best practices to its wider regional growth ambitions. Maintain BUY and target price of RM0.40.
INDONESIA Update Indofood Sukses Makmur (INDF IJ/BUY/Rp6,175/Target: Rp9,600): Steady growth at attractive valuation. Maintain BUY. MALAYSIA Sector Gloves: Tariff hike announced by US authorities on China’s medical-grade gloves beginning 2026 is poised to revitalise investors’ sentiment. Maintain OVERWEIGHT. Results Heineken Malaysia (HEIM MK/BUY/RM23.68/Target: RM29.20): 1Q24: Within expectations. Earnings saw a seasonal boom following the CNY celebrations. Maintain BUY with a higher target pr...
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...
NBG has reported EUR 358m in net income in 1Q24, with a 9% beat vs. the EUR 328m consensus. On a one-off adjusted basis, NBG’s EUR 380m net income from continuing operations is an 11% beat vs. the consensus (EUR 343m). The beat was due mainly to trading and other income (EUR 60m actual vs. the EUR 35m consensus). There is also a small EUR 10m beat in the core revenues (NII+fees). Overall, we see this as a decent quarter, particularly from the point of view of the capital generation. The bank add...
Piraeus has posted 1Q24 net income figures of EUR 233m and EUR 279m in reported and normalised terms, respectively. This indicates a 3% miss on the reported net income consensus (EUR 239m) and a 5% miss on the normalised net income consensus (EUR 295m). The miss was mainly revenue-driven, where other operating income/loss lines brought in a EUR 67m setback in the quarter, EUR 43m of which was related to the expenses associated with the HFSF stake sale. At first look, 1Q24 seems to have left us w...
March underperformance sparked repositioning opportunity; risk-reward compelling – Greek bank shares had a strong start to 2024 (until Feb) closing the valuation gap vs EU periphery peers buoyed by the stellar 2023 profits (adj. RoTE of c16%), successful B/S de-risking (NPE ratio c4%) and improved market liquidity post HFSF’s placements. However, in March they suffered a bout of underperformance (>15%), with the relative 2024e P/TBV discount widening to c20% (and the P/E discount even higher) on...
March underperformance sparked repositioning opportunity; risk-reward compelling – Greek bank shares had a strong start to 2024 (until Feb) closing the valuation gap vs EU periphery peers buoyed by the stellar 2023 profits (adj. RoTE of c16%), successful B/S de-risking (NPE ratio c4%) and improved market liquidity post HFSF’s placements. However, in March they suffered a bout of underperformance (>15%), with the relative 2024e P/TBV discount widening to c20% (and the P/E discount even higher) on...
A director at Alpha Services and Holdings S.A sold 48,170 shares at 1.573EUR and the significance rating of the trade was 56/100. 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 tw...
3QFY24: Expected Sequential Recovery As Earnings Meet Expectations Performance improved sequentially due to fewer doctors being on long leave. It is even more impressive given that the quarter is a seasonal low. Ultimately, earnings are within our expectations. The quarters ahead should grow from strength to strength, starting with Alhaya. We like Alpha IVF for its industry-leading success rates, growth off a low base, and superior margins relative to its peers. Maintain BUY. Target price: RM0.4...
GREATER CHINA Economics Economic Activity: 1Q24 surprises with 5.3% yoy growth. Sector Hong Kong Property: Expect modest pull-back of primary sales in 2Q24; we prefer retail landlords over developers. Top pick: Wharf REIC. INDONESIA Sector Consumer: Cocoa price spikes accompanied by increases in sugar and coffee prices. MALAYSIA Initiate Coverage Sime Darby (SIME MK/BUY/RM2.76/Target: RM3.13): A conglomerate giant speeding to the top. Results Alpha IVF (ALPHA MK/BUY/RM0.34/Target: RM0.40): 3QF...
HEADLINES: • Greek banks: life after the windfall (Alpha, Eurobank, NBG and Piraeus – transfer of coverage) • Cyfrowy Polsat: key takeaways from the 4Q23 earnings call NEUTRAL • Orlen: announces PLN 1.6bn of probable trading losses NEGATIVE • ING BSK: AGM approves PLN 33.35 DPS NEUTRAL • Public Power Corporation: partners with Mytilineos for 2GW solar portfolio NEUTRAL • InPost: PPF realises option to buy 10% stake • ONE United Properties: founders and others selling up to 9.5% in ABB • PKO BP: ...
We are revisiting and transferring coverage of the Greek banks. We estimate their earnings to plateau, and their ROTEs to normalise in 2024-26E, as the market expects short-term Euribor rates to decline. Capital and liquidity gain importance as there is less easy money. The emphasis will be on optimising balance sheets, returning capital, and minimising funding costs relative to Euribor. We like National Bank of Greece (NBG; BUY) for its profitability, simplicity, and potential to return capital...
Fertilising Alpha Growth A distinguished fertility group, Alpha IVF is poised to extend its established footprint into neighbouring countries. Strategic expansion into underserved markets and segments, alongside favourable industry trends, fuels our projected three-year earnings growth at an impressive three-year CAGR of 19.0% (FY23-36). Its margins surpass those of its peers, showcasing Alpha IVF’s leading capabilities and execution. Initiate coverage with BUY and target price of RM0.40.
GREATER CHINA Update Sino Biopharmaceutical (1177 HK/BUY/HK$2.83/Target: HK$3.80): Enters into strategic partnership with Boehringer Ingelheim. MALAYSIA Initiate Coverage Alpha IVF (ALPHA MK/BUY/RM0.33/Target: RM0.40): Initiate coverage on Alpha IVF with a BUY call. Alpha IVF offers industry-leading success rates, which are expected to be replicated across its exciting regional expansion. SINGAPORE Sector Banking: Higher for slightly longer. THAILAND Update CP ALL (CPALL TB/BUY/Bt56.00/Target...
Fertilising Alpha Growth A distinguished fertility group, Alpha IVF is poised to extend its established footprint into neighbouring countries. Strategic expansion into underserved markets and segments, alongside favourable industry trends, fuels our projected three-year earnings growth at an impressive three-year CAGR of 19.0% (FY23-36F). Its margins surpass those of its peers, showcasing Alpha IVF’s leading capabilities and execution. Initiate coverage with BUY and target price of RM0.40.
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...
Alpha Bank (Alpha) reported €611m in net profit, a 66% jump from FY22, as the bank benefited from an elevated interest rate environment with little impact from deposit migration and strong cost control. Alpha delivered a normalised return on tangible equity (RoTE) of 12.9% in FY23, beating its own upgraded target of >11.5%. The increased profitability coupled with a robust capital position (fully loaded common equity tier 1 (FL CET1) of 14.3%) have enabled a proposed dividend of €0.05 a share, s...
HEADLINES: • EME Macro/Strategy: good news and challenges – the state of play in March • Aegean Airlines: caps off another strong year with a good 4Q, to pay out a EUR 0.75 DPS POSITIVE • Sarantis: 2H23 results slightly above guidance NEUTRAL • National Bank of Greece: 4Q23 and 2024-26E outlook highlights • Budimex: annual conference takeaways – targeting maintaining 2024E revenues and margins flat yoy NEUTRAL • Nuclearelectrica: shareholders called to approve continuation of SMR project, based...
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