EME Equity Market – April 2024 Market performance – green across all geographies, with Turkey outperforming. The MSCI EM Europe Index was up 5.3% mom in EUR terms and 4.2% mom in USD in April; while the Turkish ISE30 saw the strongest performance, adding 11.6% mom; followed by the Hungarian BUX (+5.0% mom); the Czech PX (+2.8% mom); the Greek ASE (+1.8% mom), the Polish WIG20 (+1.2% mom) and the Romanian BET (+0.1% mom) (all in EUR terms).
HEADLINES: • Santander Bank Polska: 1Q24 results – 19%+ headline ROE affected only slightly by FX mortgage saga costs • Bank Pekao: 1Q24 results in line with market's expectations NEUTRAL • PCF Group: 4Q23 headlines hit heavily by write-offs, but a more limited EBITDA loss than we had expected NEUTRAL • Erste Bank: 1Q24 results NEUTRAL • OMV: 1Q24 results – chemicals stronger than expected NEUTRAL • Borouge: 1Q24 results – better than expected POSITIVE • OMV Petrom: 1Q24 results NEUTRAL • Garan...
HEADLINES: • Arcelik: weak bottom-line performance in 1Q24 NEGATIVE • Sipchem: 1Q24 results – weak net income NEGATIVE • Kruk: issues flash 1Q24 net profit of PLN 338m NEUTRAL • EME Macro/Strategy: macro all-in-one (22-28 April) • Türkiye macro: MPC takes a pause, but hiking cycle not over yet • OTP Bank: CEO Csanyi speaks at AGM on future acquisitions and Russian exposure POSITIVE • Budimex: BXF Energia acquires 60 MW photovoltaic project NEUTRAL • Inter Cars: dividend policy for 2023-25E and p...
The CEE region is expected to deliver a moderate rebound of GDP growth in 2024,following the preceding year’s weak growth, fuelling expectations of sustainable profits inthe banking sector. Inflation is seen to be twin faced in our region, similar to most of the coreeconomies. Even with a diminished potential for much intra-year improvement of the inflationpath in 2024, this inflation provides several CEE central banks more room to cut policy ratesthis year. Lower interest rates are expected to ...
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...
OTP’s reported net income came to HUF 132.6 bln, while adjusted net income was atHUF 230.0 bln in the 4th quarter. This is 4% ahead of the market consensus of HUF221.3 bln while the figure remained below our estimate of HUF 271 bln (our net profitestimate was HUF 203 bln). Lower results stemmed from a (1) miss in the other income line (2) higher provisioning and (3) badwill release at Ipoteka given the weakerresults from the segment. Also, the Romanian loss on sale as well as the interest rateca...
HEADLINES: • OTP Bank: 4Q23 profits largely in line; 2024E guidance assumes continuation of profits, but ROE is likely start to normalise • Alpha Bank: 4Q23 highlights • Eurobank: 4Q23 highlights • Fondul Proprietatea: Court of Appeal admits Fund’s request to annul share capital increase decision at Bucharest Airports POSITIVE • Arcelik: CMA approves Arcelik-Whirlpool Deal POSITIVE • DataWalk: key takeaways from the preliminary 4Q23 earnings call POSITIVE • KazMunayGas: 4Q23E results preview ...
HEADLINES: • CCC: the boys are back in town (stays BUY) • Bank Pekao: solid 2023 profits, generous PLN 19.2/share dividend, market waiting for AGM date POSITIVE • Orlen: 4Q23 results – CCS EBITDA in line NEUTRAL • Solutions by STC: key takeaways from the 4Q23 conference call NEUTRAL • Alior Bank: potential to pay out up to 50% of its 2023 net profit as a dividend NEUTRAL • PKO BP: PFSA guides for maximum dividend payout • Polish banks: mBank, ING BSK and Santander BP receive dividend letters fro...
HEADLINES: • EME Macro/Strategy: macro all-in-one (5-11 February) • CCC: key takeaways from 4Q conference POSITIVE • Banca Transilvania: acquisition of OTP Romania POSITIVE • Ten Square Games: launches PLN 114.5m share buyback programme NEUTRAL • Inter Cars: January sales growth at 13% yoy, broadly in line with management's FY target NEUTRAL • Logo Yazilim: KoCSistem agreement • TeraPlast: slight miss on 2023 EBITDA, sees strong growth in 2024E • Short News (CEZ)
A director at OTP Bank bought 43,937 shares at 16,903.000HUF 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 clearly ...
Supply has re-emerged as a key theme to start the year, while sentiment has been mixed amid renewed volatility in core rates. In this environment, we would prefer to be positioned in higher-quality names that have either issued already or shown spread weakness in anticipation of supply.
HEADLINES: • Poland macro: weak December data • Banca Transilvania: acquisition of OTP Romania is reportedly close to being finalised • CD Projekt: aiming to start production phase of Polaris in 2024E • CD Projekt: proposed 2024-27 incentive scheme net profit condition of PLN 3bn
Summary MKB Private Banking - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights MKB Private Banking (MKBPB) is a private banking service provider. The bank offers its private banking services to high-net-worth clients, wealthy families, and corporates. It offers investment prod...
EME Equity Market – November 2023 Market performance – Greeks in the lead, in a month with only green across the region. The MSCI EM Europe Index added 5.6% mom in EUR terms and 8.7% mom in USD in November. The Greek ASE Index was the top performer in our region (+6.9% mom), followed by the Polish WIG20 (+5.5% mom) and the Hungarian BUX (+4.0% mom). The Czech PX Index saw the most muted performance, advancing 2.8% mom.
OTP posted HUF 281 bln net profit in the third quarter vs. our estimate of HUF 255.5 bln and consensus of HUF 224.2 bln. Better results stemmed from higher operating profit (+8% ahead of our estimate) and lower provisioning (HUF 3.2 bln vs. our forecast of HUF 15 bln). NII came 4% ahead of consensus and other operating income was substantially higher than estimates (HUF 91 bln vs. HUF 57 bln). Key positives OTP had a better result than expected thanks to the revenue side as well as better pr...
HEADLINES: • Teknosa: good things come in small packages (BUY - initiation of coverage) • OTP Bank: beats expectations with 3Q23 delivery • Bank Handlowy: solid 3Q23, DPS feasible and attractive, still a reason to own the stock NEUTRAL • Eurocash: 3Q23 beat on costs POSITIVE • Dogus Otomotiv: strong bottom-line beat in 3Q23 POSITIVE • Ulker: 3Q23 results - strong beat POSITIVE • Sok Marketler Ticaret: 3Q23 in line operationally, strong bottom-line beat on deferred tax income NEUTRAL • Public P...
HEADLINES: • Wizz Air: go big, or go home (stays BUY) • Isbank: 3Q23 - NIM and earnings quality weaker than its peers • Solutions by STC: key takeaways from the 3Q23 conference call NEUTRAL • BRD-GSG: 9M23 results conference call takeaways NEUTRAL • Poland macro: President Duda gives Morawiecki first mandate • OMV: forms geothermal JV with Wien Energie • Hidroelectrica: Supervisory Board appoints new management NEUTRAL • Banca Transilvania: might be in pole position for OTP Romania acquisi...
EME Equity Market – October 2023 Market performance – election results prompt stellar market reaction in Poland; sell-off in Turkey. The MSCI EM Europe Index added 1.7% mom in EUR terms and 2.0% mom in USD in October. Poland staged a massive rebound, post the elections, with the WIG20 advancing 16.4% mom in EUR terms. Apart from Turkey, where October was a sell-off, with the ISE30 declining 13.7% mom in EUR terms, there were relatively muted performances everywhere else (BUX +2.1% / PX +0.4% / B...
HEADLINES: • OTP Bank: bittersweet status quo (downgraded to HOLD) • Georgia macro: impeachment vote fails • Pepco Group: Capital Market Days takeaways • Polish telecoms: 5G frequencies in Poland sold for PLN 1.92bn (update) POSITIVE • Benefit Systems: completes acquisition of two premium clubs in Warsaw for PLN 21m NEUTRAL • 11 bit studios: reveals announcement trailer and details of Indika publishing project NEUTRAL • MONETA Money Bank: 3Q23E preview (due on 26 October) • Erste Bank: 3Q23...
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