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Research Team
  • Research Team

The Rear-View Mirror – EME markets: Turkey still on top (resend)

EME Equity Market – November 2022 Market performance – Turkey does it again, breezing past everyone else, once more, in November. The MSCI EM Europe Index advanced 11.6% mom in EUR terms and 16.7% mom in USD. The ISE30 index, again, boasted the best performance among our coverage, adding 18.6% mom in EUR terms and 23.9% mom in local currency (lcl) terms. Positive performances were also recorded in the WIG (+14.0% EU /13.0% lcl mom), the BUX (+12.6% EUR/12.0% lcl mom), the BET (+8.4% EUR/8.6% lcl...

BRE MBANK SA
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
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
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.
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SFA SOPHARMA AD
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.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
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BNET BITTNET SYSTEMS
SNP PETROM S.A.
HMX1R HANSAMATRIX AS
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.
A4L ALLTERCO AD
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
PEN PHOTON ENERGY NV
KOFOL KOFOLA CESKOSLOVENSKO A.S.
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
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
IGN1L 4IG NYRT
SHO IGNITIS GRUPE
KCEL SHOPER
GPP KCELL JSC
TNB GRUPA PRACUJ DA
7202 NLB TUTUNSKA BANKA AD SKOPJE
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
HELLENIQ ENERGY
Research Team
  • Research Team

Raiffeisen Research Institutional Equity Daily 01.12.2022

 AT: Mayr-Melnhof - EGM to be convened EGM on December 22 (neutral)  AT: Telekom Austria - Baa1 rating affirmed by Moody's (neutral)  CZ: CEZ - CEZ received three bids for new nuclear power plant in Dukovany (neutral)  HU: MOL - Closing the purchase of Lotos filling stations (neutral)  PL: PKN - Finalizing the acquisition of Lotos (neutral)  PL: PKO - Rising risk costs in 2023 (neutral)

Research Team
  • Research Team

WOOD Daily: ESLT IT; EME Macro/Strategy – Year Ahead; MYTIL GA; A4L BU...

HEADLINES: • Elbit Systems: well-positioned global defence play (BUY - initiation of coverage) • EME Macro/Strategy: attention! Cycle signals and mega trends • Mytilineos: stronger than ever (BUY - transfer of coverage) • Allterco: strong results paving the way for expansion in 2023E (stays HOLD) • LiveChat Software: 2Q22-23 (calendar 3Q22) results - EBITDA up 19% yoy, in line with the consensus NEUTRAL • 4iG: 3Q22 results review - quarterly results distorted by business transformation NEUT...

Research Team
  • Research Team

WOOD Daily: CEZ CP; GPW PW; ALE PW; DUNAHOUS HB; PCF PW; EAT PW; JAHEZ...

HEADLINES: • CEZ: Czech windfall tax overkill (downgraded to HOLD) • Warsaw Stock Exchange: dividend helps, trading volumes behind cyclical peak (HOLD - transfer of coverage) • Allegro: 3Q22E results beat; FY22E guidance maintained POSITIVE • Duna House: 3Q22 - good results despite challenging macro, FY guidance reiterated POSITIVE • PCF Group: earnings call takeaways - minor delays in UE5 migration and projects' development NEUTRAL • AmRest: Henry McGovern bringing Popeyes to CEE NEGATIVE • Ja...

Bram Buring ... (+3)
  • Bram Buring
  • CFA
  • Ondrej Slama

CEZ: Czech windfall tax overkill (downgraded to HOLD)

We have downgraded our rating on CEZ to HOLD (from Buy) and reduced our 12M price target (PT) to CZK 868/share (from CZK 1,314), offering 6% upside, following Parliament’s approval of two new windfall taxes, hitting CEZ’s earnings. Instead of extracting all of the revenues to subsidise household power bills in the form of dividends, the government decided to: 1) tax CEZ’s revenues this December and next year, applying a stricter form of the European power cap; and also 2) imposed another windfal...

Research Team
  • Research Team

Raiffeisen Research Institutional Equity Daily 25.11.2022

 CZ: CEZ - CEZ closed the acquisition of nuclear service and engineering company Skoda JS (neutral)  HU: Banks - MNB presents the Financial Stability Report for the H1 2022 (neutral)  RO: BRD-GSG, Banca Transilvania - Decrease for the lending activity in October, 0.3% mom (neutral)

Research Team
  • Research Team

WOOD Morning (25 November 2022)

HEADLINES: • Erste Bank: double-digit sustainable ROE for 0.7x P/BV (stays BUY) • Motor Oil Hellas: announces new strategy and acquisition of waste management company Thalis • Kofola: 3Q22 financial results NEUTRAL • Turkey macro: CBT ends rate cut cycle; but will continue with other tools • STS Group: key takeaways from the 3Q22 management call POSITIVE • Grupa Pracuj: key takeaways from the 3Q22 earnings call NEGATIVE • Asseco Poland: key takeaways from the 3Q22 earnings call NEUTRAL • KG...

Marta Jezewska-Wasilewska ... (+2)
  • Marta Jezewska-Wasilewska
  • Miguel Dias

Erste Bank: double-digit sustainable ROE for 0.7x P/BV (stays BUY)

We remain BUYers of Erste Bank and adjust our 12M price target (PT) to EUR 49.5/share (from EUR 50.2). We consider the combination of Erste’s current valuation (2023E P/BV of 0.7x), its double-digit medium-term through-the-cycle ROE outlook of >11% and low consensus earnings expectations, as an attractive entry point. All this comes after Erste’s management issued quite ambitious 2023E guidance, lending comfort to our expectations of a positive earnings revision cycle ahead. If we blend this wit...

Hai Thanh Le Phuong
  • Hai Thanh Le Phuong

Erste - Slightly Better Results On Taxes, Upbeat 2023 Guidance

Slightly better results on taxes, upbeat 2023 guidance Erste posted EUR 510 mln net profit in the third quarter, ahead of our estimates and the market consensus by 3%. The beat came from lower taxes and minorities. Net interest income came in strong, up by 7% q-o-q and 27% y-o-y thanks to the euro area (SK, AT) while CZ slightly declined q-o-q on higher deposit rates though on a total asset basis it was flat. On the other hand, HU reported a large jump due to high NBH sterilization rate boos...

Research Team
  • Research Team

WOOD Daily: ADNOCDIS DH; BOCH CY; OPAP GA; PPC GA; FOYRK GA; HUG PW; G...

HEADLINES: • ADNOC Distribution: pumped for growth (BUY - initiation of coverage) • Bank of Cyprus: strong ROTE uplift on the cards already (stays BUY) • OPAP: 3Q22 review - solid set of results, driven by strong online presence • Public Power Corporation: 3Q keeps company on track to meet FY22E guidance NEUTRAL • Fourlis: 3Q22 review - decent quarter and gross margin recovery • Huuuge Games: adjusted 3Q22 EBITDA in line with the preliminary figure, supportive FY guidance NEUTRAL • Warsaw St...

Research Team
  • Research Team

WOOD Daily: WPL PW; TEN PW; EXAE GA; DAT PW; POSR SV; TUPRS TI; NLBR S...

HEADLINES: • Wirtualna Polska: strong 3Q22, with adjusted EBITDA up 30% yoy, 8% above our estimate POSITIVE • Ten Square Games: 3Q22 adjusted EBITDA 4-6% above our and the market's expectations, a mixed October NEUTRAL • Athens Exchange Group: 3Q22 - weak quarter on low ADTV • DataWalk: actual 3Q22 numbers fully in line with the preliminaries NEUTRAL • Sava RE: 3Q22 results review - increase in net profit to EUR18m and annualised ROE to 13.9% • Tupras: subsidiary Entek applies for 1 GW of rene...

Eurobank Ergasias Services And Holdings: 1 director

A director at Eurobank Ergasias Services And Holdings sold 50,000 shares at 1.070EUR and the significance rating of the trade was 54/100. 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...

Research Team
  • Research Team

WOOD Daily: ALPHA GA; EUROB GA; ETE GA; TPEIR GA; DOM PW; KGH PW; ALR ...

HEADLINES: • Greek banks: earnings upgrades cycle (Alpha Bank, Eurobank, NBG and Piraeus Bank stay BUY) • Dom Development: 3Q22 - en route to another year of record profit POSITIVE • KGHM: 3Q22 results review - net income beat, but operating cash flow remains weak • Alro: takeaways from the 3Q22 earnings call POSITIVE • Purcari Wineries: takeaways from the 3Q22 earnings call NEUTRAL • Romgaz: takeaways from the 3Q22 earnings call NEUTRAL • Polish banks: PLN mortgage loan agreements subject t...

Jakub Caithaml
  • Jakub Caithaml

WOOD Flash – GTC: 3Q22 in line, FFO slightly ahead of last year's leve...

GTC’s 3Q22 results were in line with our estimates. With a risk to values ahead and the 2026E EUR 500m bond tranche quoted at a double-digit yield on Bloomberg, the focus is on the balance sheet. The LTV increased marginally, to 44%, driven chiefly by the investment in the innovation park in Ireland. GTC expects to close the sale of the Matrix A and B offices in Zagreb, and the Forest offices in Debrecen, by the year-end. If successful, we estimate that these disposals could generate a net cash ...

Alex Boulougouris ... (+3)
  • Alex Boulougouris
  • CFA
  • Can Demir

Greek Banks: earnings upgrades cycle (Alpha Bank, Eurobank, NBG and Pi...

The Greek banks reported a very strong third quarter, with accelerating lending growth, stronger margins due to higher rates, cost containment, and a benign asset quality environment. This stellar performance is already evident in the share price outperformance (+12% ytd vs. -8% for the SX7E), but we believe there is more to go. The Greek banks continue to trade at discounts to their European peers (30-40% to CEE and 15-20% to SEE in terms of P/E), and the outlook ahead remains very supportive. ...

Moody's corrects the rating on certain subordinated notes issued by Er...

Moody's Investors Service has corrected the current rating and rating history for the Series 1671 subordinated notes due 2030 (ISIN AT0000A2G6A3) issued by Erste Group Bank AG. The current rating for these notes has been corrected to Baa1 from A2 and the rating history aligned with the subordinate...

Research Team
  • Research Team

WOOD Daily: EL RO; GTC PW; SAR GA; PL Macro; RO Macro; HU Macro; CPS P...

HEADLINES: • Electrica: 3Q22 net profit jumps to RON 709m, in line with our expectations • GTC: 3Q22 in line, FFO slightly ahead of last year's level, LTV at 44% NEUTRAL • Sarantis: 9M22 - sales up 10% yoy, erosion in profitability due to high cost environment • Poland macro: 3Q GDP rebounds • Romania macro: on track to stand out next year • Hungary macro: downturn likely to have commenced • Cyfrowy Polsat: key takeaways from the 3Q22 earnings call NEUTRAL • Fondul Proprietatea: takeaways f...

Research Team
  • Research Team

Raiffeisen Research Institutional Equity Daily 10.11.2022

 AT: Polytec - Q3 profits below RBIe despite stronger top line growth, initial FY guidance calls for positive EBIT (neutral)  AT: Wienerberger - FY 22 EBITDA guidance raised once again, more cautious market assessment (neutral)  CZ: CEZ - Q3 22 results way above consensus, guidance increased again (neutral)  DE: Knaus Tabbert - Q3 earnings below RBIe, temporary cash drain from high chassis stock, FY guidance confirmed (neutral)  HU: OTP - Clear Q3 beat triggers 2022 outlook uplift but no co...

Research Team
  • Research Team

WOOD Daily: PKO PW; CEZ CP; BFT PW; OTP HB; DOAS TI; SOKM TI; EUR PW; ...

HEADLINES: • PKO BP: beat on bottom line in 3Q22 driven by stronger pick-up in NII POSITIVE • CEZ: 3Q22 results review - strong P&L beat, NI guidance hiked by CZK 5-10bn POSITIVE • Benefit Systems: strong 3Q22 results, solid outlook and further material growth in the card base POSITIVE • Benefit Systems: update on the review of options regarding the investment in Calypso Fitness NEUTRAL • OTP Bank: strong headline net profit beat in 3Q22, but core operations start to show minor weakness NEUTRAL ...

Research Team
  • Research Team

Raiffeisen Research Institutional Equity Daily 09.11.2022

 AT: FACC - Negative EBIT and bottom line loss in Q3 22, FY outlook confirmed (negative)  AT: S IMMO - Acquiring properties in Budapest from CPI Property Group (neutral)  AT: Vienna Insurance Group - Application for listing on the Budapest Stock Exchange submitted (neutral)  AT: voestalpine - Q2 results live up to pre-announced indication, NWC remains cash flow burden (neutral)  CEE: Banks - KBC reports lower Q3 net profit qoq in CZ, but higher in BG and HU (neutral)  CZ: CTP - Q3 trends i...

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