reports
- Research Team
WOOD Daily: INPST NA; GSPARK HB; SFG RO; H2O RO; DIGI RO; AROBS RO; PG...
HEADLINES: • InPost: strong 1Q24, as expected; FY24E guidance maintained; slight volume deceleration in 2Q24 so far POSITIVE • Graphisoft Park: 1Q24 – occupancy and results stable so far; guidance maintained POSITIVE • Sphera Group: 1Q24 above our expectations POSITIVE • Hidroelectrica: 1Q24 – lower power prices offset by no tax on producers NEGATIVE • DIGI Communications: 1Q24 results – adjusted EBITDA up 22% yoy, 6% above our estimate POSITIVE • AROBS Transilvania Software: weak 1Q24 results, ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PKO PKO BANK POLSKI S.A.
BDX BUDIMEX S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
GSPARK GRAPHISOFT PARK SE
11B 11 BIT STUDIOS S.A.
DIGI DIGI COMMUNICATIONS NV
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
INPST INPOST S.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
ELPE HELLENIQ ENERGY
H2O HIDROELECTRICA S.A.
- Research Team
The Rear-View Mirror – EME markets: mixed market performances in March
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...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
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.
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
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.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ECH ECHO INVESTMENT
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
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)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
CTPNV KAZMUNAYGAS NC JSC
ONE CTP NV
GPP ONE UNITED PROPERTIES SA
AROBS GRUPA PRACUJ DA
2381 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN DRILLING CO.
4071 JAHEZ INTERNATIONAL CO
H2O ARABIAN CONTRACTING SERVICES CO
7203 HIDROELECTRICA S.A.
AQ ELM CO
AIRA AQUILA PART PROD COM
AIR ASTANA JSC
- Research Team
WOOD Daily: INPST NA; ACP PW; ECH PW; EXAE GA; LPP PW; KRU PW; PZU PW;...
HEADLINES: • InPost: 4Q23 strong, as expected; neutral FY24E guidance; volume acceleration in 1Q24 NEUTRAL • Asseco Poland: 4Q23 review – net profit up 10% yoy, in line with preliminaries; strong 2024 backlog recorded POSITIVE • Echo Investment: 4Q23 – residential good, offices bad NEUTRAL • Athens Exchange Group: 4Q23 results NEUTRAL • LPP: key takeaways from the conference call on the exit from Russia, 2.0 POSITIVE • Kruk: 2023 net profit DPS proposal of PLN 18, in line with our expectations N...
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
ACP ASSECO POLAND SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LPP LPP S.A.
CCC CCC SA
ECH ECHO INVESTMENT
TEL C.N.T.E.E. TRANSELECTRICA
ADNOCDIST ADNOC DISTRIBUTION PJSC
INPST INPOST S.A.
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
- Research Team
The Rear-View Mirror – EME markets: February mostly green, despite det...
EME Equity Market – February 2024 Market performance – a positive February, with the Polish WIG20 outperforming. The MSCI EM Europe Index added 4.2% mom in EUR terms and 3.7% mom in USD in February. The Polish WIG20 saw the strongest performance, adding 6.4% mom in EUR terms, followed by the Greek ASE (+4.2% mom), the Turkish ISE30 (+4.0% mom) and the Romanian BET (+2.6% mom) (all in EUR terms). There was a relatively muted performance in Hungary (+0.6% mom in EUR terms) and a decline in the Cze...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AUG1L AGROWILL GROUP AB
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
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
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
ONE KAZMUNAYGAS NC JSC
KLKIM ONE UNITED PROPERTIES SA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
7202 AROBS TRANSILVANIA SOFTWARE SA
ELPE ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
BOROUGE ARABIAN CONTRACTING SERVICES CO
H2O BOROUGE
AQ HIDROELECTRICA S.A.
AQUILA PART PROD COM
- Research Team
WOOD Daily: SOLUTION AB; TLV RO; KSPI LI; AKCNS TI; H2O RO; ONE RO; AD...
HEADLINES: • Solutions by STC: M&A remain the main source of growth (stays HOLD) • Banca Transilvania: strong NII and NIM expansion in 4Q23 results POSITIVE • Kaspi.kz: 4Q23 highlights and 2024E guidance POSITIVE • Akcansa: 2023 financial results review NEUTRAL • Hidroelectrica: FY23 consolidated net profit 5% above preliminary figure (stand-alone) NEUTRAL • ONE United Properties: reaches EBITDA (excluding revaluations) of EUR 59m in 2023 NEUTRAL • ADNOC Distribution: 2028 strategy update NEUTRA...
BDX BUDIMEX S.A.
AKCNS AKCANSA CIMENTO
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
ALG ALLEGRO.EU SA
KSPI KASPI KZ
4IG 4IG NYRT
ONE ONE UNITED PROPERTIES SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
H2O HIDROELECTRICA S.A.
AQ AQUILA PART PROD COM
- Research Team
WOOD Daily: KMGZ KZ; MOL HB; SOLUTION AB; OPL PW; H2O RO; JMT PL; EL R...
HEADLINES: • KazMunayGas: energy without the obstructions (BUY - transfer of coverage) • MOL: 4Q23 results – net income well above expectations POSITIVE • Solutions by STC: 4Q23 financial results review – miss on profitability estimates, but in line with 2023 guidance NEUTRAL • Orange Polska: key takeaways from the 4Q23 earnings call NEUTRAL • Hidroelectrica: price caps to remain in place until 31 March 2025 NEUTRAL • Jeronimo Martins: another step from Biedronka on the way to ecommerce • El...
MOL MOL NYRT
TPS ORANGE POLSKA S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
GEB BANK OF GEORGIA
KLKIM KAZMUNAYGAS NC JSC
7202 KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
H2O ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
HIDROELECTRICA S.A.
- Research Team
WOOD Daily: H2O RO; MONET CP; AKBNK TI; KAP LI; SNP RO; BRD RO; KRU PW...
HEADLINES: • Hidroelectrica: incorporating lower power prices (downgraded to HOLD) • MONETA Money Bank: publishes 4Q23 results, guides for CZK 9 of 2023 DPS, upgrades 2024-28E EPS guidance NEUTRAL • Akbank: 4Q23 results and 2024E guidance highlights Kazatomprom: 4Q operational update and guidance NEUTRAL • OMV Petrom: takeaways from the 4Q23 earnings call NEUTRAL • BRD-GSG: SocGen may be mulling over potential sale of its Romanian subsidiary NEUTRAL • Kruk: invests EUR 212m in 1Q24E in Italy,...
CDR CD PROJEKT S.A.
AKBNK AKBANK TAS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
EAT AMREST HOLDINGS SE
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
PCF PCF GROUP SA
HUGE HUUUGE
SHO SHOPER SA
H2O HIDROELECTRICA S.A.
- Bram Buring
- CFA
- Iuliana Ciopraga
- CFA
Hidroelectrica: incorporating lower power prices (downgraded to HOLD)
European forward power prices have dropped sharply since November, towards EUR 80/MWh currently. This came on the back of a mixture of factors, including low gas prices, falling CO2 emissions allowance prices, strong supply and a weak demand outlook. The fall was faster and more abrupt than we had expected and has led us to cut our forward power price projections for Europe from c.EUR 90-100/MWh from 2025E, to closer to EUR 75/MWh. We see a minor impact from lower prices on Hidroelectrica’s 2024...
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; H2O RO; TEL RO; CEZ CP; PGE PW
HEADLINES: EME Macro/Strategy: macro all-in-one (22-28 January) Hidroelectrica: 2023 preliminary net profit and 2024E budget close to estimates POSITIVE Transelectrica: 2023 preliminary numbers in line, but zero dividend and a disappointing 2024E budget NEGATIVE CEZ: small boost for nuclear fleet capacity NEUTRAL PGE: to book PLN 8.5bn impairment in 4Q23E NEUTRAL
- Research Team
WOOD Daily: TU macro, EU macro, KRKG SV, RICHT HB, PCF PW, H2O RO, SNP...
• Turkey macro: the real assessment begins now • Macro Europe: ECB baby steps, as expected • Krka: 4Q23 earnings hit by an unspecified one-off • Richter: new pharma levy, but this can be offset against the Global Minimum Tax • PCF Group: over 30 people laid off, related to Project Gemini • Hidroelectrica: 2023 preliminary figures and 2024E budget to be published today, after the close • Petrom: 4Q23E earnings preview (due out on 1 February)
- Research Team
WOOD Daily: PL macro, TLV RO, CDR PW
HEADLINES: • Poland macro: weak December data • Banca Transilvania: acquisition of OTP Romania is reportedly close to being finalised • CD Projekt: aiming to start production phase of Polaris in 2024E • CD Projekt: proposed 2024-27 incentive scheme net profit condition of PLN 3bn
- Research Team
The Rear-View Mirror – EME markets: Poland – strongest performer in De...
EME Equity Market – December 2023 Market performance – Poland outperforms in December. The MSCI EM Europe Index added 0.3% mom in EUR terms and 1.9% mom in USD in December. The WIG20 Index continues to perform well in the post-elections environment and reported the strongest performance in our core region, adding 5.9% mom in EUR terms. There was also a strong performance from the Romanian BET and Hungarian BUX indices, adding 4.4% and 4.1% mom, respectively, in EUR terms; while there was a relat...
KRU KRUK S.A.
CEZ CEZ AS
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
LPP LPP S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
GTC GLOBE TRADE CENTRE S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
OTOEL AUTOHELLAS S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
EAT AMREST HOLDINGS SE
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
PCF PCF GROUP SA
PCO PEPCO GROUP NV
GPP GRUPA PRACUJ DA
ELPE HELLENIQ ENERGY
H2O HIDROELECTRICA S.A.
7203 ELM CO
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; PL Utilities; EL RO; H2O RO
HEADLINES: • EME Macro/Strategy: macro all-in-one (11-17 December) • Polish utilities: marginal increase in distribution tariffs in 2024, potentially on higher WACC POSITIVE • Electrica: Board of Directors approves 2024-30 strategy NEUTRAL • Hidroelectrica: calls GMS to elect three Supervisory Board members and on takeover of UCM Resita
- Research Team
WOOD Daily: CIMSA TI; INPST NA; CAR PW; EME Macro/Strategy Weekly; H2O...
HEADLINES: • Cimsa: announces the completion of the 10.1% SBS shares transfer POSITIVE • InPost: PPF executes only part of the option, at this stage NEUTRAL • Inter Cars: 2024E revenue growth target at 13-15% yoy NEUTRAL • Inter Cars: November sales growth decelerated to a limited 10% yoy NEGATIVE • EME Macro/Strategy: macro all-in-one (4-10 December) • Hidroelectrica: signs agreement to acquire assets and personnel from manufacturer of hydro equipment NEUTRAL • WOOD's Winter Wonderland EME Con...
LAMDA LAMDA DEVELOPMENT S.A.
CAI CA IMMOBILIEN ANLAGEN AG
CIMSA CIMENTO SANYAI VE TICARET A.S.
AEGN AEGEAN AIRLINES SA
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
CAR INTER CARS S.A.
ECH ECHO INVESTMENT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
EAT AMREST HOLDINGS SE
INPST INPOST S.A.
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
H2O HIDROELECTRICA S.A.
- Research Team
The Rear-View Mirror – EME markets: Greek stocks in the lead
EME Equity Market – November 2023 Market performance – Greeks in the lead, in a month with only green across the region. The MSCI EM Europe Index added 5.6% mom in EUR terms and 8.7% mom in USD in November. The Greek ASE Index was the top performer in our region (+6.9% mom), followed by the Polish WIG20 (+5.5% mom) and the Hungarian BUX (+4.0% mom). The Czech PX Index saw the most muted performance, advancing 2.8% mom.
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
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
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
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.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
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
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
PCO PEPCO GROUP NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: CDR PW; 11B PW; HSBK LI; ENA PW; EME Macro/Strategy Weekly...
HEADLINES: • CD Projekt: solid long-term prospects, but a long way to go (upgraded to HOLD) • 11 bit studios: weak 3Q23, but losses more limited than expected NEUTRAL • Halyk Savings Bank: 3Q23 highlights - balance sheet working harder • Enea: reports 3Q23 EBITDA of PLN 1.1bn, 9% above the consensus, strong bottom-line beat POSITIVE • EME Macro/Strategy: macro all-in-one (13-19 November) • Hidroelectrica: cancels tender for feasibility study for 1.5 GW solar park • CEZ: IndMin comments on po...
- Research Team
WOOD Daily: ADNOCDIS UH; ALE PW; BFT PW; AROBS RO; KRKG SV; DAT PW; VG...
HEADLINES: • ADNOC Distribution: fuelled by non-fuel (stays BUY) • Allegro: 3Q23 results a notch above expectations; guidance for a strong 4Q23E in Poland POSITIVE • Benefit Systems: better-than-expected 3Q23, solid 2023-24E outlook but also higher capex guidance POSITIVE • AROBS Transilvania Software: qoq margin expansion in 3Q23 POSITIVE • Krka: 3Q results normalising, in line with our FY23E outlook NEUTRAL • DataWalk: actual 3Q23 numbers fully in line with preliminaries NEUTRAL • VIGO Photon...
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
ETEL TELECOM EGYPT
DIGI DIGI COMMUNICATIONS NV
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
ALG ALLEGRO.EU SA
4IG 4IG NYRT
AROBS AROBS TRANSILVANIA SOFTWARE SA
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: AEGN GA; EAT PW; BGEO LN; H2O RO; WINE RO; COTE RO; TGN RO...
HEADLINES: • Aegean Airlines: 3Q23 on track for best year ever, 3Q beat on better cost control POSITIVE • AmRest: 3% EBITDA beat in 3Q23 on improving margins POSITIVE • Bank of Georgia: 3Q23 highlights, before the call - good quarter • Hidroelectrica: 3Q23 net profit of RON 1.2bn, 30% higher yoy and 6% above our estimate POSITIVE • Purcari Wineries: 3Q23 net profit 27% higher than our estimate, on higher other income • Conpet: 3Q23 net profit rebounds qoq and stands 9% higher yoy POSITIVE • Tr...
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
COTE CONPET SA
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES PCL
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: WIZZ LN; ISCTR TI; SOLUTION AB; BRD RO; PL Macro; OMV AV; ...
HEADLINES: • Wizz Air: go big, or go home (stays BUY) • Isbank: 3Q23 - NIM and earnings quality weaker than its peers • Solutions by STC: key takeaways from the 3Q23 conference call NEUTRAL • BRD-GSG: 9M23 results conference call takeaways NEUTRAL • Poland macro: President Duda gives Morawiecki first mandate • OMV: forms geothermal JV with Wien Energie • Hidroelectrica: Supervisory Board appoints new management NEUTRAL • Banca Transilvania: might be in pole position for OTP Romania acquisi...
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
WIZZ WIZZ AIR HOLDINGS PLC
LVC LIVECHAT SOFTWARE SA
OTP OTP BANK NYRT
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: ARABIAND AB; ALPHA GA; TPEIR GA; BVB RO; KAP LI; EME Macro...
HEADLINES: • Arabian Drilling: 3Q23 results - strong EBITDA, flat net income • Alpha Bank: 3Q23 highlights - better-than-expected core revenues and cost control • Piraeus Bank: 3Q23 highlights - a beat from core revenues and cost control • Bucharest Stock Exchange: 3Q23 results • Kazatomprom: 3Q23 trading statement • EME Macro/Strategy: macro all-in-one (30 October-5 November) • European oil and gas monthly: October 2023 - refining margins back to normal • Polish utilities: power prices...
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