HEADLINES: • Athens Exchange Group: set sail to dividend wonderland (BUY - transfer of coverage) • EME Macro/Strategy: Central Asia and the Caucasus – USD 1,000bn GDP by 2030! • EME Macro/Strategy: macro all-in-one – the Year-Ahead issue • Graphisoft Park: 3Q24 – on course for another good year POSITIVE • Bank Handlowy: rather neutral set of 3Q24 results NEUTRAL • Pegasus Airlines: 3Q24 – 22% higher CASKX alleviated by 4% higher RASK and 12% lower fuel CASK (in line with the consensus) • Bank of...
Bank of Cyprus (BOCH) announced EUR 130m in net income in 3Q24, bringing the 9M24 figure to EUR 401m. The bank grew its net income by 15% in 9M24 and had a ROTE of c.25%, with an 18.5% CET1. In our view, the 9M24 trends indicate upside risk for our 2024E and 2025E estimates. We believe that the market is still pricing in a tough long-term ROE scenario for BOCH, with 0.8x P/TBV and 4.3x P/E, on our 2024E estimates (not updated post 3Q24), which we believe is not on the horizon, with the current E...
EME Equity Market - September 2024 EME indices mostly in the red in September; rebound in Greece. The MSCI EM Europe Index declined 2.0% in EUR terms and 1.1% in USD terms in September. The Greek ASE Index was the best performer in our region, advancing 1.4% mom in EUR terms. Muted performances were seen in Czechia and Hungary (+0.3% and +0.2% mom, respectively in EUR terms), with declines in Poland, Romania and Turkey (-3.6%, -2.9% and -1.5% mom, respectively in EUR terms).
We have changed the currency of our price target (PT) for Bank of Cyprus from GBP to EUR, as the company has delisted its GBP-denominated quoted stock on the London Stock Exchange (LSE) and relisted on the Athens Stock Exchange (ATHEX). Our new EUR-denominated PT for Bank of Cyprus is EUR 5.83 (GBP 4.90 previously). The company’s new Bloomberg ticker on the ATHEX is BOCHGR GA.
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