The lower supply pressure and turning interest rate cycle have helped CEE bank bonds outperform this year, particularly in the unsecured segment. The relative value metrics of CEE bank bonds remain enticing though versus European comparables, from a bank fundamental and instrument rating angle. We expect to see a further outperformance of CEE names.
Four Directors at CEZ sold 25,000 shares at between 855.600CZK and 862.290CZK. The significance rating of the trade was 68/100. 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 two ...
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...
HEADLINES: • DIGI Communications: heavyweight European telco champion (upgraded to BUY) • PZU: posts PLN 1.19bn of net profit in 2Q24; results affected by higher combined ratio in P&C NEUTRAL • Motor Oil Hellas: 2Q24 results POSITIVE • CD Projekt: 2Q24 EBITDA 4-7% above expectations; Polaris to enter production phase “very soon” NEUTRAL • Mo-BRUK: 2Q24 EBITDA 8% above our forecast, but in line with the consensus NEUTRAL • Dom Development: 2Q24 – in line, at first glance NEUTRAL • CA Immo: 2Q24 i...
HEADLINES: Dino Polska: 5-13% EBITDA miss in 2Q24, first yoy EBITDA drop since IPO NEGATIVE Bank of Georgia: 2Q24 highlights NEUTRAL Kazatomprom: 2Q24 results and 2025E production guidance POSITIVE Brisa: bottom line hit by financing costs, taxes; FY24 demand outlook remains challenging NEUTRAL Warsaw Stock Exchange: 2Q24 results NEGATIVE Budimex: 2Q24 results fully in line with the prelims NEUTRAL Benefit Systems: earnings call takeaways – supportive 2025E profitability outlook for Poland NEUTR...
HEADLINES: • PKO BP: posts very solid 2Q24 delivery, implying upside risk for 2024E forecasts POSITIVE • Cyfrowy Polsat: 2Q24 results review – EBITDA up 8% yoy, 3% above our estimate POSITIVE • Benefit Systems: better-than-expected 2Q24 and FY24E profitability outlook revised upwards POSITIVE • GTC: 2Q24 in line, 2026 EUR 500m refinancing should be priority NEUTRAL • Orlen: 2Q24 results – in line with previous estimates NEUTRAL • Halyk Bank: 2Q24 conference call takeaways • CEZ: FinMin proposes ...
HEADLINES: • OTP Bank: 2Q24 results broadly in line, FY24E guidance unchanged, new taxes in Hungary to bite a little NEUTRAL • Bank of Cyprus: 2Q24 highlights POSITIVE • Bucharest Stock Exchange: good volumes drive solid bottom-line delivery in 2Q24 NEUTRAL • MOL: 2Q24 results NEUTRAL • Magyar Telekom: key takeaways from the 2Q24 earnings call NEUTRAL • CEZ: takeaways from the 2Q24 earnings call POSITIVE • Inter Cars: July sales growth jumps to 18% yoy, after disappointing May-June POSITIVE • DI...
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:...
HEADLINES: • Elm: 2Q24 financial results review POSITIVE • Alpha Services and Holdings: 2Q24 highlights – similar trends vs. peers, guidance upgrade, catching up on CET1 and NPE ratios • Air Astana Group: 2Q24 – first look – in line NEUTRAL • ADNOC Drilling: 2Q results and interim dividend NEUTRAL • ADNOC Drilling: Enersol JV makes third acquisition NEUTRAL • EME Macro/Strategy: macro all-in-one (29 July-4 August) • Garanti Bank: CEO resigns NEUTRAL • Turkish automotive: ADA releases July light ...
EME Equity Market – July 2024 Greece the biggest winner, while Poland the clear loser in July. The MSCI EM Europe Index declined by 1.1% in EUR terms and 0.3% in USD terms in July. The Greek ASE Index posted the best performance for the month, advancing by 5.3% mom in EUR terms. There was a broadly similar performance in Hungary, Czechia and Romania (+ 2.9%, 2.7% and 2.1% mom in EUR terms, respectively). The Turkish ISE30 Index declined by 1.6% mom in EUR terms, but the clear loser was the Polis...
A director at S IMMO AG bought 442,631 shares at 22.100EUR and the significance rating of the trade was 100/100. 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 two years clearly s...
HEADLINES: • Krka: 2Q24 earnings review NEUTRAL • PZU: AGM refuses to discharge entire management board from performance of duties for 2023 • PKO BP: Supervisory Board updates its recommendations for the AGM, due to reconvene next week • Mo-BRUK: signs PLN 9m contract for ecological bomb decommissioning in Katowice NEUTRAL • Richter: EMA accepts Denosumab submission NEUTRAL • OMV Petrom: 2Q24E results preview (due on 30 July) NEUTRAL • Arabian Drilling: 2Q24E results preview (due on 4 August) NE...
HEADLINES: • CEZ: State selects Korea’s KHNP for new nuclear NEUTRAL • Sipchem: 2Q24E results preview (due on 25 July) NEUTRAL • OMV: 2Q24E results preview (due on 31 July) NEUTRAL • Bank Pekao: 2Q24E preview (due on 8 August) • OTP Bank: 2Q24E preview (due on 9 August) • Ten Square Games: 2Q24E adjusted EBITDA down 14% qoq, but up 8% yoy (due on 26 August) • Huuuge Games: 2Q24E adjusted EBITDA down 12% qoq, on lower bookings (due on 5 September) • Short News (PPC)
Please find enclosed our daily market report.Market CommentCroatia European industrial production falls in May; Croatia recovers Building permits issued in May up nearly 10% YoY Slovenia NLB raises takeover bid for Addiko by 10% to EUR 22 per share Romania EBRD makes minority equity investment in Arobs Transilvania Software Hidroelectrica’s CIO Bogdan Badea sells RON 133,000 worth of shares Romania's current account deficit widens 34% YoY to EUR 9.17 bln in January-May 2024 ...
EME Equity Market – June 2024 Another positive month for most of the EME indices, with the Hungarian BUX Index outperforming. The MSCI EM Europe Index rose by 1.0% in EUR terms, but declined -0.2% in USD terms in June. The Hungarian BUX index reported the strongest performance, adding 4.8% in EUR terms, followed by the Romanian BET and the Polish WIG20 (+3.7% and 2.1%, in EUR terms, respectively), and the Turkish ISE30 (+0.9% in EUR terms). Greece and the Czech Republic were in negative territor...
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