reports
- Research Team
WOOD Flash – Coverage discontinued
We discontinue our coverage of the following stocks, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks: AD Plastik Arena Hospitality Group Bittnet Ciech Conpet Dogus Otomotiv Ekspress Grupp Fintel Energija Immofinanz Kcell Kernel KGHM Komercijalna Banka NLB Banka Petrol Group S Immo Sava Re Shelly Group (formerly Allterco) STS Group Turk Telekom Turkcell Ulker Zagreb Stock Exchange
PETG PETROL D.D.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
KGH KGHM POLSKA MIEDZ S.A.
SPI S IMMO AG
CIE CIECH S.A.
EEG1T EKSPRESS GRUPP A.S.
ULKER ULKER BISKUVI SANAYI A.S.
POSR POZAVAROVALNICA SAVA
KMB KOMERCIJALNA BANKA AD SKOPJE
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
COTE CONPET SA
A4L ALLTERCO AD
IIA IMMOFINANZ AG
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
ARNT-R-A ARENATURIST D.D.
FINT FINTEL ENERGIJA
KCEL KCELL JSC
TNB NLB TUTUNSKA BANKA AD SKOPJE
Kernel Holding S.A.: 1 director
A director at Kernel Holding S.A. bought 1,200,000 shares at 1.875USD and the significance rating of the trade was 67/100. 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...
- Research Team
WOOD Morning (30 May 2022)
HEADLINES: • Benefit Systems: regaining power post-pandemic (stays BUY) • National Bank: 1Q22 - another strong quarter, on track to meet guidance POSITIVE • S Immo: solid 1Q22 numbers, AGM to vote on removal of voting rights cap on 1 June 2022 NEUTRAL • Polish banks: ZBP's estimates on potential cost of credit holidays • Polish banks: 1Q22 - big drops in retail mortgage market • Orange Polska: key takeaways from PAP interview with CEO NEUTRAL • Astarta Holding/Kernel: coverage under review
- Research Team
- Research Team
WOOD Daily: COG PW; HU Macro; ALPHA GA; KER PW; AEGN GA; PPC GA; CDR P...
HEADLINES: • Cognor Holding: record results could serve as re-rating trigger (BUY - initiation of coverage) • Hungary macro: taxes and budget consolidation • Alpha Bank: strong 1Q22 numbers, with upside risk for FY22E estimates POSITIVE • Kernel: 3Q22 EBITDA materially below our estimates, amid weak farming segment result NEGATIVE • Aegean Airlines: 1Q22 - small beat, fare levels exceed expectations, summer outlook encouraging POSITIVE • Public Power Corporation: 1Q22 earnings in line, still ...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
COG COGNOR HOLDING SA
AUG1L AGROWILL GROUP AB
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
SKK SIRMA GROUP HOLDING JSC
OGZD GAZPROM (GDR)
ALPHA ALPHA BANK
SHO SHOPER
- Research Team
The Rear-View Mirror – EME markets: Turkish equities gain 13.3%, other...
EME Equity Market – April 2022 Market performance – regional benchmarks performance rather mixed in April. The MSCI EM Europe Index declined by 5.3% in EUR terms and by 9.9% in USD. The best-performing market was Turkey, whose equities gained 13.3% in EUR terms and 9.2% in local currency. Russia’s MOEX Index added 9.0% in EUR terms, but declined by 9.6% in local currency. In Greece, the ASE Index advanced by 4.9% in EUR terms, the last to end the month in the black; while Romania’s BET Index rec...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
TENERGY TERNA ENERGY S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFKS SISTEMA PJSFC
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
FMF FAMUR SA
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
PLZL POLYUS (GDR)
OGZD GAZPROM (GDR)
DNP DINO POLSKA S.A.
COTE CONPET SA
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.
A4L ALLTERCO AD
IIA IMMOFINANZ AG
ZB-R-A ZAGREBACKA BURZA DD
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
ALG ALLEGRO.EU SA
KSPI KASPI KZ
TNB NLB BANKA
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
SHO SHOPER
PCO PEPCO GROUP NV
KCEL KCELL JSC
- Research Team
WOOD Daily: PGN PW; ALR PW; ASELS TI; OTKAR TI; ZB CZ; TRP RO; DAT PW;...
HEADLINES: • PGNiG: Russia halts the flow of gas to Poland NEGATIVE • Alior Bank: disappointing 1Q22 delivery NEGATIVE • Aselsan: 1Q22 results - top-down beat, but management's guidance unchanged POSITIVE • Otokar: 1Q22 results - broadly in line, 12% NI beat POSITIVE • Zagreb Stock Exchange: 1Q22 results review - strong results, on high volumes traded in the quarter POSITIVE • TeraPlast: strong sales growth reported for 1Q22 POSITIVE • DataWalk: FY21 numbers fully in line with the preliminaries ...
YKBNK YAPI VE KREDI BANKASI A.S.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
TPS ORANGE POLSKA S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
TRP TERAPLAST
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
ZB-R-A ZAGREBACKA BURZA DD
INPST INPOST S.A.
- Research Team
WOOD Daily: EL RO; TEL RO; TGN RO; SPL PW; MIL PW; PL Banks; GARAN TI;...
HEADLINES: • Romanian utilities: for those willing to wait (Electrica stays BUY, Transgaz stays HOLD, Transelectrica upgraded to HOLD) • Santander Bank Polska: 1Q22 results review - strong beat vs. expectations on low provisions • Bank Millennium: 1Q22 results review - results in line with expectations • Polish banks: government proposals to aid mortgagors may hit Polish banks' 2022-23E earnings NEGATIVE • Garanti: 1Q22 highlights NEUTRAL • Orange Polska: 1Q22 results - EBITDAaL up 2% yoy, in ...
KER KERNEL HOLDING S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
CCOLA COCA-COLA ICECEK A.S.
MGROS MIGROS TICARET A.S
POLY POLYMETAL INTERNATIONAL PLC
TUPRS TURKIYE PETROL RAFINERILERI A.S.
BNET BITTNET SYSTEMS
PLZL POLYUS (GDR)
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SOKM SOK MARKETLER TICARET AS
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
KSPI KASPI KZ
- Research Team
WOOD Daily: PCF PW; HB CY; SHO PW; KER PW; PGN PW; FP RO; PETG SV; MNO...
HEADLINES: • PCF Group: adjusted EBITDA in line with our forecast; Outriders Worldslayer release at end-June NEUTRAL • Hellenic Bank: FY21 - moving in the right direction • Shoper: management call takeaways - 2022E to focus on growth, rather than margins NEUTRAL • Kernel: 3Q22 trading update NEUTRAL • PGNiG: operating estimates for 1Q22E, no major surprises • Fondul Proprietatea: State could consider offer of new shares in Hidroelectrica after Fondul's offer NEUTRAL • Petrol Group: AGM appro...
PETG PETROL D.D.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
HB HELLENIC BANK LTD.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
PCF PCF GROUP SA
SHO SHOPER
- Research Team
WOOD Daily: GTC PW; PPC GA; RO Macro; TGN RO; WINE RO; PGE PW; KER PW;...
HEADLINES: • GTC: solid results, in line with expectations, FFO I reaches EUR 74m for the year POSITIVE • Public Power Corporation: meets FY21 targets, guiding for flat FY22E recurring EBITDA • Romania macro: monetary tightening cycle continues • Transgaz: proposes RON 14.82 DPS (6.9% dividend yield), reflecting 93% dividend payout ratio POSITIVE • Purcari Wineries: calls GMS to approve RON 0.51 DPS, share buyback and share capital increase • PGE: Polish state agrees to buy up to PLN 3.2bn of...
- Research Team
The Rear-View Mirror – EME markets: MSCI EM Europe Index loses half it...
EME Equity Market – March 2022 Market performance – regional benchmarks mostly in the black, despite the MSCI EM Europe Index losing half of its value. Following its decline in February, the MSCI EM Europe Index lost in March as well, declining by 49.5% in EUR terms and 50.1% in USD terms. Russia’s MOEX Index added 13.2% in EUR terms and 9.4% RUB terms (we note that Russian companies’ GDRs are still suspended for trading). The Turkish ISE30 Index added 8.2% in EUR terms and 13.3% in local curren...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
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
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
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
FOYRK FOURLIS HOLDINGS S.A.
GEKTERNA GEK TERNA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
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.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
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.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
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.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
ALPHA ALPHA BANK
EAT AMREST HOLDINGS SE
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
ONE 4IG NYRT
ONE UNITED PROPERTIES SA
- Research Team
WOOD Daily: ADKO AV; HUGE PW; KER PW; EXAE GA; ALR RO; FP RO; POLY LN
HEADLINES: • Addiko Bank: outlook remains good, despite increased risks (stays BUY) • Huuuge Games: 4Q21 adjusted EBITDA 6% above our expectations and 8% ahead of the consensus POSITIVE • Kernel: 2Q22 results slightly better than expected, balance sheet position remains strong POSITIVE • Athens Exchange Group: 4Q21 results review - a softer quarter • Alro: takeaways from the FY21 earnings call • Fondul Proprietatea: Ministry of Energy confirms agreement on Hidroelectrica GMS to approve listin...
- Research Team
WOOD Daily: BFT PW; TEN PW; WIZZ LN; KER PW; WINE RO; EL RO
HEADLINES: • Benefit Systems: call takeaways - sound card base recovery & normalising activity, but SG&A pressure NEUTRAL • Ten Square Games: blocks its games in Russia and Belarus NEGATIVE • Wizz Air: expects to fly slightly lower capacity in 1H FY23E, commences hedging NEUTRAL • Kernel: update on current operations • Purcari Wineries: management assesses risk of war spilling over into Moldova as extremely remote • Electrica: sues regulator for recognition of a price below the market for grid...
- Research Team
WOOD Daily: ASELS TI; ALR PW; LPP PW; ONE RO; MGROS TI; ENA PW; AUG1L ...
HEADLINES: • Aselsan: 4Q21 - strong beat, but bearish FY22E guidance • Alior Bank: 4Q21 headline profits miss hides solid operating result and clean-up of small issues POSITIVE • LPP: PLN 520m write-downs in FY21; optimistic guidance for FY22E POSITIVE • ONE United Properties: FY21 - a milestone year; can 2022E meet the elevated expectations? • Migros: 4Q21 earnings above expectations on deferred taxes, in line operationally NEUTRAL • Enea: 4Q21 results review - strong numbers, EBITDA in line ...
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
MGROS MIGROS TICARET A.S
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
GPW WARSAW STOCK EXCHANGE
ALR ALIOR BANK SA
SKK SIRMA GROUP HOLDING JSC
PLZL POLYUS (GDR)
A4L ALLTERCO AD
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
HUGE HUUUGE
WINE ALRO SLATINA
ONE PURCARI WINERIES PCL
ONE UNITED PROPERTIES SA
Increased risk weighs on KERNEL HOLDING SA, penalising its rating dow...
The independent financial analyst theScreener just lowered the general evaluation of KERNEL HOLDING SA (PL), active in the Farming & Fishing industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date March 1, 2022, the closi...
- Research Team
The Rear-View Mirror – EME markets: Russia’s equities down, while Turk...
EME Equity Market – January 2022 Market performance – Russia’s equities lost 9.3%, while Turkish and Hungarian stocks advanced 8.6% and 9.3%, respectively, in January. The MSCI EM Europe Index declined 4.5% in EUR terms and 5.9% in USD. Hungary’s equities were the best performers in January, adding 9.3% in EUR and 5.4% in HUF terms; followed by Turkish equities, with an 8.6% gain in EUR and an 8.8% gain in TRY. In Greece, the ASE Index added 4.9%, while the PX Index, the Czech benchmark, gained ...
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
FOYRK FOURLIS HOLDINGS S.A.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
EEG1T EKSPRESS GRUPP A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
AFKS SISTEMA PJSFC
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
ECH ECHO INVESTMENT
FMF FAMUR SA
GPW WARSAW STOCK EXCHANGE
2ET ETALON GROUP (GDR)
ALRS ALROSA PJSC
OTOEL AUTOHELLAS S.A.
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TELEC O2 CZECH REPUBLIC A.S.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLZL POLYUS (GDR)
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)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
19XX NEPI ROCKCASTLE PLC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
TNB NLB BANKA
INPST INPOST S.A.
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
GDEV NEXTERS INC
- Research Team
WOOD Daily: EME Strategy; MIL PW; EUR PW; ALRS RM; PLZL LI; KER PW; CG...
HEADLINES: • EME Strategy: where's the yield? In EME! • Bank Millennium: 4Q21 - underlying ROE at 13.6% already, but massive net loss NEUTRAL • Eurocash: new strategy expected by end-2Q; changes in management board POSITIVE • Alrosa: rough prices hiked by c.10% during latest sales session POSITIVE • Polyus: USD 200m (c.1% of the market cap) buyback announced POSITIVE • Kernel: completes third tranche of buyback programme POSITIVE • Georgia Capital: EGM approves water utility disposal NEUTRAL ...
CDR CD PROJEKT S.A.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
MIL BANK MILLENNIUM SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
EUR EUROCASH S.A.
ALRS ALROSA PJSC
BRD BRD-GROUPE SOCIETE GENERALE
5M71 MAGNIT PJSC SPONSORED GDR REGS
PLZL POLYUS (GDR)
CGEO GEORGIA CAPITAL
ALR ALRO SLATINA
4IG 4IG NYRT
- Research Team
WOOD Daily: EME Macro/Strategy – TL; FIVE LI; KER PW; TEN PW; ECH PW; ...
HEADLINES: • EME Macro/Strategy: Turkey - pushing against the inevitable • X5: 4Q21 sales up 15% yoy POSITIVE • Kernel: 2Q22 trading update - 2022E yields above our expectations NEUTRAL • Ten Square Games: launches buyback programme; aiming to spend PLN 20m to buy 70k shares by February POSITIVE • Echo Investment: sells West4Business HUB (27% above cost, 8.3% yield, EUR 2.1k per sqm, EUR 12m net proceeds) POSITIVE • Motor Oil Hellas: subsidiary completes first phase of market test for LNG Term...
- Research Team
WOOD Daily: FMF PW; CDR PW; PL Utilities; KER PW; EME Strategy – OFEs
HEADLINES: • Famur: good direction, but waiting for solar results (stays HOLD) • CD Projekt: Microsoft acquires Activision Blizzard at 45% premium - positive sector cross-read POSITIVE • Polish utilities: to raise new capital to finance distribution, and green and gas generation NEGATIVE • Kernel: announces third tranche of its buyback programme POSITIVE • EME Strategy: OFEs' 2021 annual holdings • Short News (HTO, SNN)
- Research Team
The Rear-View Mirror – EME markets: Mixed performance on generally low...
EME Equity Market – December 2021 Market performance – despite most markets being in the black, MSCI EM Europe declined by 1.7%. The MSCI EM Europe Index declined by 1.7% in EUR terms and 1.0% in USD terms. The Czech PX Index continued with its solid performance and advanced by 7.7% in EUR terms and 5.1% in CZK. The Romanian BET Index added 7.1% in both EUR and local currency. Turkish equities, represented by the ISE30 Index, grew 5.3% in EUR and 4.2% in TRY. Poland’s WIG20 Index gained 4.8% in ...
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL BANK MILLENNIUM SA
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
ANY ALLAMI NYOMDA
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
AFKS SISTEMA PJSFC
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
EUR EUROCASH S.A.
FMF FAMUR SA
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
ALRS ALROSA PJSC
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
A4L ALLTERCO AD
ALPHA ALPHA BANK
ELPE HELLENIC PETROLEUM
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
ZB-R-A ZAGREBACKA BURZA DD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
GR6 GRADUS
FINT FINTEL ENERGIJA
ILRA-R-A ILIRIJA D.D.
TNB NLB BANKA
HUGE HUUUGE
ALR ALRO SLATINA
4IG 4IG NYRT
SHO SHOPER
GDEV NEXTERS INC
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