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...
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, ...
HEADLINES: • CEZ: 1Q24 – strong beat on supply and generation POSITIVE • Eurocash: weak 1Q24 across the board NEGATIVE • BIM: 4Q23 results – strong beat POSITIVE • Richter: 1Q24 operations in line, net beat on FX revaluation NEUTRAL • Arabian Drilling: 1Q24 interim results – net income below expectations NEUTRAL • CE4/Greece macro: the consumption recovery – pivoting from necessities to discretionary • Türkiye macro: our takes from our Symposium; a focus on Coca-Cola Icecek, Tupras, and Aselsan ...
HEADLINES: • Banca Transilvania: NIM resilience and strong loan book expansion the key positives of 1Q24 bottom-line beat, on non-recurring revenue, low provisions and a one-off POSITIVE • ADNOC Drilling: 1Q24 results – new venture and updated dividend policy POSITIVE • Otokar: lacklustre 1Q24 results, but strong backlog NEGATIVE • TBC Bank: 1Q24 results and conference call NEUTRAL • Elm: mixed 1Q24 financial results NEGATIVE • Isbank: 1Q24 highlights – margin pressure worsening • Polish banks: ...
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...
HEADLINES: • Santander Bank Polska: 1Q24 results – 19%+ headline ROE affected only slightly by FX mortgage saga costs • Bank Pekao: 1Q24 results in line with market's expectations NEUTRAL • PCF Group: 4Q23 headlines hit heavily by write-offs, but a more limited EBITDA loss than we had expected NEUTRAL • Erste Bank: 1Q24 results NEUTRAL • OMV: 1Q24 results – chemicals stronger than expected NEUTRAL • Borouge: 1Q24 results – better than expected POSITIVE • OMV Petrom: 1Q24 results NEUTRAL • Garan...
HEADLINES: • Sok Marketler: weak performance in the 4Q23 results • Inter Cars: targets 15-17% yoy revenue growth this year • Polish telecoms: telecommunications fee to grow from 0.05% of sales to 0.15% sales • Polish media: CPS audience share at 21.53%, WP TV at 0.61% in March 2024 • OMV Petrom: 1Q24E results preview (due out 30 April)
HEADLINES: • OMV Petrom: 1Q24 trading statement POSITIVE • OMV: 1Q24 trading statement NEUTRAL • Bank Millennium: 1Q24E CHF mortgage saga provisions land at PLN 507m NEUTRAL • Polish gencos: IndMin floats notion of alternative solution to the NABE NEUTRAL • EME Macro/Strategy: macro all-in-one (1-7 April) • Halyk Savings Bank: pays off State aid fully POSITIVE • Orange Polska: key takeaways from the interview with the CTO NEUTRAL • Polish telecoms: mobile number portability in 1Q24 NEUTRAL • Pub...
HEADLINES: • Budimex: stands out, but deserves a pause (downgraded to HOLD) • CCC: 4Q23 slightly below prelims; sales acceleration and gross margin widening in 1Q24E POSITIVE • PGE: takeaways from the 4Q23 earnings call NEUTRAL • Hungary macro: the rise of the “Peter Magyar” phenomenon • Poland macro: local elections and NBP decision show continuity • Budimex: UOHS cancels decision on choosing BDX's offer for the D11 highway NEGATIVE • Budimex: potential new contract in road construction (PLN 0...
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...
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...
HEADLINES: • EME Macro/Strategy: macro all-in-one (18-24 March) • Richter: proposes dividend of HUF 423/share POSITIVE • Romgaz: makes two dividend proposals NEGATIVE • TBC Bank: notes from the Uzbekistan webinar POSITIVE • Banca Transilvania: AGM convocation NEUTRAL • Short News (HUG)
HEADLINES: • Türkiye macro: MPC surprises with a 500bp hike • Hungary macro: Hungary ends the cap on bank deposits • Aselsan: new USD 0.6bn contract • Dino: 8-10% EBITDA miss in 4Q23 - qoq sales erosion • Benefit Systems: conference call takeaways - solid 2024E outlook, Türkiye promising, churn-related risks from the Czech Republic should not materialise in Poland • 11 bit studios: Indika release date set for 8 May • CEZ: takeaways from the 4Q23 earnings call • Jahez: conference call takeaways •...
• Bank of Georgia: 4Q23 highlights and notes from the conference call • Halyk Bank: 4Q23 highlights • Arabian Drilling 4Q23 results and dividend announcement • EME Macro/Strategy: macro all-in-one (11-17 March) • Romanian Energy: Energy Ministry draft publication of changes to current regulations • Huuuge Games: USD 6m investment in a minority stake in Bananaz Studios, with a call option for a larger investment • Huuuge Games: earnings call takeaways - solid 2024E outlook, broadly in line with o...
HEADLINES: • Aselsan: quo vadis? New contracts, new products and upcoming transition to inflation accounting POSITIVE • Georgia macro: NBG cuts policy rate by 75bps • CEZ: press reports CEZ has won tender for 55% of GasNet, could weigh on the 2023 dividend payout NEGATIVE • Allegro: 4Q23 results above expectations; guidance for a strong 1Q24E POSITIVE • Verbund: 4Q23 results in line with guidance NEUTRAL • Coca-Cola Icecek: 4Q23 results – in line operationally NEUTRAL • OPAP: 4Q23 results and FY...
HEADLINES: • Pegasus Airlines: 4Q23 – decent end to another very good year NEUTRAL • Ford Otosan: strong set of results in 4Q23 POSITIVE • ONE United Properties: FY23 – ramping up, with almost 1k units sold in 2023 • Alkaloid: 4Q23 – reaping the benefits of recent investments • Alkaloid: rating and price target changes • European oil and gas monthly: February 2024 – return of the crack • Transgaz: takeaways from the 4Q23 earnings call POSITIVE • Auto Partner: February sales growth accelerates...
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...
HEADLINES: • Patria Bank: strong bottom-line beat, but lacking quality • Turkey macro: 4Q GDP expands by 4% • 4iG: 4Q23 results review – solid results, with 19% yoy pro-forma EBITDA growth NEUTRAL • AUGA Group: 4Q23 – positive gross profit in all segments, but liquidity risk on the horizon • HELLENiQ Energy: 4Q23 results – dividend proposal NEUTRAL • Sphera Group: 4Q23 above our expectations POSITIVE • AmRest: key takeaways from the 4Q23 call POSITIVE • Richter: takeaways from the 4Q23 earnings ...
HEADLINES • Erste Bank: 4Q23 results • AmRest: 4Q23 EBITDA in line, but earnings affected by EUR 29m goodwill write-down for Sushi Shop NEGATIVE • Text: 3Q23-24 (calendar 4Q23) results – EBITDA down 4% yoy, 10% above the consensus POSITIVE • Electrica: 4Q23 results in line with expectations NEGATIVE • Purcari Wineries: 4Q23 results and 2024E outlook in line with expectations POSITIVE • Aquila Part Prod Com: earnings beat, on lower credit losses, interest income and tax rate POSITIVE • Nuclearel...
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