reports
- 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: ESLT IT; AQ RO; IGN1L LH; DIGI RO; ETEL EY; PL Macro; RO M...
HEADLINES: • Elbit Systems: 2Q24 results – strong growth, and improved cash flows and margins POSITIVE • Aquila Part Prod Com S.A.: earnings remain on target for FY24E POSITIVE • Ignitis Group: raises FY24E adjusted EBITDA guidance after the 2Q24 results POSITIVE • DIGI Communications: key takeaways from the 2Q24 earnings call NEUTRAL • Telecom Egypt: key takeaways from the 2Q24 earnings call NEUTRAL • Poland macro: flash GDP surprises positively • Romania macro: 2Q GDP flash estimate underperfo...
- Bram Buring
- CFA
WOOD Flash – Aquila Part Prod Com S.A.: earnings remain on target for ...
Aquila delivered solid top-line growth in 2Q24, with revenues up 25% yoy (+18% for 1H24). This was, in part, aided by the recent acquisitions of Romtech (consolidated from end-February) and Parmafood (from end-April); nevertheless, we calculate that the business generated organic growth of 14% in 1H24 (and, within this, own-brand food sales were up 20% yoy). Among its sales channels, the focus remains on convenience (gas station and travel retail) and HoReCa, with 2Q24 yoy growth of 26% yoy and ...
- Research Team
WOOD Daily: PGSUS TI; AQ RO; DAT PW; EME Strategy – MSCI
HEADLINES: • Pegasus Airlines: 2Q24 – a beat on pricing POSITIVE • Aquila Part Prod Com S.A.: on track to meet our FY24E forecasts after 2Q NEUTRAL • DataWalk: preliminary 2Q24 results – sales down 57% yoy, to PLN 4.49m NEGATIVE • EME Strategy: MSCI – August QIR results • Short News (BFT)
- Research Team
The Rear-View Mirror – EME markets: Turkish equities in the lead
EME Equity Market – May 2024 Turkish equities lead, in the mostly green month of May. The MSCI EM Europe Index rose by 0.7% mom in EUR terms and 1.8% mom in LCU terms in May. The Turkish ISE30 index reported the strongest performance, adding 3.6% mom in EUR terms, followed by the Romanian BET and the Czech PX (+2.7% and 2.1% mom in EUR terms, respectively). The Hungarian BUX index and the Polish WIG20 remained broadly flat (+0.4% and +0.2% mom in EUR terms, respectively); although, in LCU terms,...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
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.
KOMB KOMERCNI BANKA A.S.
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.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
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.
GTC GLOBE TRADE CENTRE S.A.
TENERGY TERNA ENERGY S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
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.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
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.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
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
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
ADNOCDRILL GRUPA PRACUJ DA
AROBS ADNOC DRILLING CO
2381 AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
7203 ARABIAN CONTRACTING SERVICES CO
AQ ELM CO
GEV AQUILA PART PROD COM
GEVORKYAN A.S.
- Research Team
WOOD Daily: TLV RO; ADNOCDRI UH; OTKAR TI; TBCG LN; ELM AB; ISCTR TI; ...
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: ...
- Bram Buring
- CFA
WOOD Flash – Aquila Part Prod Com S.A.: 1Q24 affected by timing of Eas...
Aquila has reported, at first glance, a soft set of 1Q24 numbers, but they were affected negatively yoy by several factors. The first is the timing of Easter, which fell into the 1Q numbers last year, but which will be seen mainly in 2Q24E this year. Aquila, we note, has a large portfolio of confectionaries, which make Easter an important holiday for the business. The second is that it has reassessed its Gradena portfolio, eliminating a number of SKUs, which will be replaced only in the coming q...
- Research Team
WOOD Daily: PKO PW; KRU PW; BHW PW; NLBR SV; PGSUS TI; ADNOCDIS UH; CT...
HEADLINES: • PKO BP: strong 1Q24, with 9% beat, but big part due to lower quarterly tax charge POSITIVE • Kruk: 1Q24 results in line with earlier communication; strong trend continues, but digested by the market already NEUTRAL • Bank Handlowy: books neutral 1Q24, questions on future capital management NEUTRAL • NLB Group: guidance upgrade spices up vanilla 1Q24 bottom-line beat POSITIVE • Pegasus Airlines: 1Q24 in line, guidance for mild margin compression and 10-12% ASK growth maintained NEUTR...
KRU KRUK S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BSK ING BANK SLASKI S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
ALR ALIOR BANK SA
ETEL TELECOM EGYPT
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
CTPNV CTP NV
2381 ARABIAN DRILLING CO.
AQ AQUILA PART PROD COM
- 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: PKO PW; PL Macro; CTPNV NA; JMT PL; EL RO; PGE PW; DAT PW;...
HEADLINES: • PKO BP: posts solid 4Q23/2023 results NEUTRAL • Poland macro: NBP on hold, with a cautious bias • CTP: 4Q23 – yet another quarter with a strong, positive revaluation gain POSITIVE • Jeronimo Martins: 4Q23 in line with expectations; FY24E guidance for possibly deeper margins erosion NEGATIVE • Electrica: rather disappointing 2024E budget NEGATIVE • Electrica: proposes RON 0.1178 DPS and looking to issue green bonds NEUTRAL • PGE: weaker qoq EBITDA in 4Q23, but expected NEUTRAL • Data...
- Bram Buring
- CFA
WOOD Flash – Aquila Part Prod Com: 1Q24 headwinds on VAT, but confiden...
Following the release of the preliminary earnings, last week (1 March), Aquila has presented the key drivers behind the numbers. Most importantly, we saw continuing growth in the target segments, particularly the proximity channels (fuel station and convenience stores) and in HoReCa, with 4Q23 yoy revenues growth of 15% and 17%, respectively (for FY23, 16% and 15%, respectively). Aquila’s own brands grew by 27% yoy in 4Q23, to RON 23.9m (in FY23, +31%, to RON 88.4m), driven by volumes sales from...
- 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: EBS AV; EAT PW; TXT PW; EL RO; WINE RO; AQ RO; SNN RO; TGN...
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...
AKCNS AKCANSA CIMENTO
LVC LIVECHAT SOFTWARE SA
TLV BANCA TRANSILVANIA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
M MED LIFE
EAT AMREST HOLDINGS SE
IGN1L IGNITIS GRUPE
AROBS AROBS TRANSILVANIA SOFTWARE SA
4071 ARABIAN CONTRACTING SERVICES CO
AQ 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
The Rear-View Mirror – EME markets: Turkish stocks start the year with...
EME Equity Market – January 2024 Market performance – Turkey off to the races in January. The MSCI EM Europe Index added 4.2% mom in EUR terms and 2.2% mom in USD in the first month of the year. There was a V-shape recovery in the Turkish ISE30, with the index adding 12.6% mom in EUR terms. The Greek ASE and Hungarian BUX indices also reported strong performances, adding 5.7% and 5.3% mom, respectively, in EUR terms. The Czech PX Index advanced by 2.2% mom, while the Romanian BET 0.9% mom in EUR...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
AQ AQUILA PART PROD COM
- Research Team
WOOD Daily: Aquila Part Prod Com (initiating with a BUY), WIZZ LN, SNN...
HEADLINES: • Aquila Part Prod Com: tap into Romania’s thriving consumer market (BUY - initiation of coverage) • Wizz Air 3QF24: weak quarter, as expected • Nuclearelectrica: 2023 preliminary figures in line, 2024 budget much below our estimates • Short News (TGN, VER)
- Bram Buring
- CFA
- Iuliana Ciopraga
- CFA
Aquila Part Prod Com: tap into Romania’s thriving consumer market (BUY...
We initiate coverage of Aquila Part Prod Com S.A. (Aquila), a leading Romanian FMCG distributor, with a price target (PT) of RON 1.42/share (c.33% upside) and a BUY rating. Aquila distributes a wide range of food and non-food consumer goods to c.72k points of sale, covering >90% of Romania. It also has operations in Moldova. The stock offers investors exposure to the broader Romanian retail market, where we see a strong macro tailwind. We also see less risk of margin compression, thanks to its c...
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