HEADLINES: • Text: 4Q23-24 (calendar 1Q24) preliminary results – USD 21.7m preliminary cash flow (up 9% yoy, 2% qoq) NEGATIVE • Piraeus Port Authority: conference call takeaways • AROBS Transilvania Software: publishes 2024 budget NEUTRAL • Huuuge Games: March bookings estimate at USD 14m, up 8% mom POSITIVE • Ten Square Games: March bookings estimate mom recovery, driven by Hunting Clash POSITIVE • Benefit Systems: 1Q24 update on card base fully in line with recent guidance NEUTRAL • Turkish a...
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: • Alior Bank: strong beat on headline profit as LLPs keep giving low readings POSITIVE • MONETA Money Bank: strong 3Q23 results, but medium-term outlook broadly unchanged NEUTRAL • Tupras: 3Q23 results - EBITDA better than expected • Ford Otosan: strong beat in 3Q23 financials POSITIVE • Tofas: better-than-expected results in 3Q23 POSITIVE • Shoper: 3Q23 adjusted EBITDA up 32% yoy, as expected NEUTRAL • Romgaz: 3Q23 trading update • Electrica: 3Q23 operational indicators NEUTRAL • M...
HEADLINES: • Jeronimo Martins: strong 3Q22 on Biedronka's 23% lfl and accelerating EBITDA contribution from Ara NEUTRAL • MONETA Money Bank: 3Q22 results - irrelevant beat, reassurance needed on MREL issuance target xx NEUTRAL • Otokar: 3Q22 results - big miss due to pause in defence deliveries • Tekfen Holding: 3Q22 results - a mixed bag, with negative signals from the E&C segment NEGATIVE • Erdemir: 3Q22 results review - materially below expectations on EBITDA and bottom line NEGATIVE • Akb...
EME Equity Market – August 2022 Market performance – Turkey the biggest winner, in a predominantly bad month. The MSCI EM Europe Index declined 1.2% mom in EUR and 2.8% mom in USD terms. Turkey’s ISE index outperformed all other indices, adding 24.9% mom in EUR terms and 25.1% in local currency terms. Hungary’s benchmark, the BUX Index, added 1.1% mom and 0.2% mom in EUR and HUF terms, respectively. Greece’s ASE Index had a muted performance and added only 0.6% mom. All the other indices across ...
HEADLINES: • Motor Oil Hellas: 2Q22 results - beat on net income • Asseco Poland: 2Q22 review - net profit up 1% yoy, to PLN 141m, in line with preliminary estimate NEUTRAL • Enea: 2Q22 prelims - weak, due to the provision announced shortly before the results • Fondul Proprietatea: Hidroelectrica's 2Q22 net profit up 45% yoy, 15% below our estimate NEUTRAL • JSW: 2Q22 results - in line with expectations, but production outlook disappointing • Purcari Wineries: takeaways from the 2Q22 earnings...
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...
HEADLINES: • Coca-Cola Icecek: compelling defensive growth story (BUY - transfer of coverage) • EME Strategy: EME excluding Russia - still good calls out there • CEZ: 4Q21 review - 16% EBITDA beat, very strong 2022E guidance released POSITIVE • Piraeus Port Authority: solid 2H21 results on cruise recovery POSITIVE • Alpha Bank: 4Q21 results and 2022E outlook broadly in line • Tauron: 4Q21 prelims - weak results, well below estimates NEGATIVE • Slovenian banks: the Constitutional Court of Slo...
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 ...
HEADLINES: • STS Group: Ace of Spades (BUY - initiation of coverage) • Piraeus Port Authority: full steam ahead (upgraded to BUY) • GTC: CEO Carmi's contract mutually terminated on 14 January NEGATIVE • Banca Transilvania: acquisition of Tirica Leasing • Fondul Proprietatea: effects of Bucharest Airports share capital increase suspended NEUTRAL • Romanian energy: compensation for households revisited NEUTRAL • Short News (BFT)
We have revisited our investment case for Piraeus Port Authority (PPA), and we have upgraded the stock to BUY (from Hold), with a new 12M price target (PT) of EUR 22.8/share, offering attractive 28% upside. Despite the pandemic-related headwinds, triggered by poor consumer sentiment and global supply chain disruptions, PPA combines solid profitability with a strong balance sheet, dividend distributions and incremental growth from the masterplan, in our view. We have updated our forecasts and acc...
EME Equity Market – October 2021 Market performance – most markets end October in the black, WIG20 +4.1%. The MSCI EM Europe Index added 3.6% in EUR terms and 3.4% in USD. Poland was the best-performing equity market, gaining 4.1% in both EUR and PLN terms. The Russian MOEX followed, adding 3.9% in EUR and 1.1% in local currency. The Greek ASE Index added 3.8%, while the Hungarian BUX Index advanced by 2.3% and 2.5% in EUR and local currency, respectively. Turkey’s ISE30 Index gained 0.5% in EUR...
HEADLINES: • Alrosa: supply deficit - the key trigger for a re-rating (BUY - transfer of coverage) • OMV: 3Q21 trading statement • OMV Petrom: 3Q21 trading statement • Europe macro: ECB - insuring against the upside from inflation • Lukoil: increasing its stake in Shah Deniz to 25.5% for USD 2.25bn • Fondul Proprietatea: to call GMS at Hidroelectrica to approve listing part of stake in the company • ING BSK: to offer PFSA settlements for FX mortgagors at the end of October • Alior Bank:...
EME Equity Market – September 2021 Market performance – Turkish equities performed the worst, followed by Greek stocks. The MSCI EM Europe Index advanced 4.5% in EUR terms and 2.4% in USD terms in September. Turkey’s ISE30 Index declined by 9.7% in EUR terms and lost 5.2% in TRY terms, while the Greek ASE Index declined 6.3% in EUR terms. In Poland, the WIG20 Index declined by 4.3% in EUR terms and 2.4% in local currency. The Hungarian BUX Index fell by 1.3% in EUR terms, but advanced 1.7% in lo...
HEADLINES: • PGE: 2Q21 results - EBITDA fully in line with prelims, strong net income, thanks to one-offs NEUTRAL • Piraeus Port Authority: flat 1H21 net income yoy on higher expenses • Polish banks: FX mortgage exposed banks with settlement plans may get leeway from regulators NEUTRAL • Romania politics: Constitutional Court decides motion needs to be voted on; PSD files its own motion • Cyfrowy Polsat: announces tender offer details NEUTRAL • Lotos: signs contract for construction of hydrocr...
The Port of Piraeus (Piraeus Port) is the largest port in Greece, with a coastline spanning over twenty four kilometers in length and expanding over an aggregate area exceeding five million square meters. The geographic location of the Piraeus Port makes it a vital transportation, trade and supply, tourism and communication hub connecting the Greek islands with the mainland, as well as being an international center of marine tourism and the commercial passage of cargos.
EME Equity Market – February 2021 Market performance – MSCI EM Europe Index rebounds slightly from its January decline, up 1.7% in EUR terms and 1.3% in local currencies. The best performing index was the Greek ASE, advancing 5.7%, followed by the Russian MOEX, which gained 4.1% in EUR terms and 2.1% in the local RUB. The PX Index, the Czech benchmark, was up 3.4% in EUR terms and 4% in the local currency. The Hungarian BUX declined 0.8% in EUR terms, but grew 0.6% in HUF terms. Romania’s BET In...
HEADLINES: • BRD-GSG: how much capital is too much? (stays BUY) • AD Plastik: the worst is over, but outlook still uncertain (stays HOLD) • Enerjisa Enerji: 4Q20 results review - solid quarter, 2021E guidance in line NEUTRAL • Piraeus Port Authority: FY20 results in line • Transgaz: reports weak 4Q20 results, on the back of lower revenues • Bank Millennium: annual report - many CHF mortgage litigation risk details • Santander Bank Polska: PLN 3.5bn consolidated gross profit hit from comprom...
HEADLINES: • Nuclearelectrica: six years lucky (HOLD - transfer of coverage) • Terna Energy: material financial impact from disruption in US wind parks' energy generation NEGATIVE • Brisa: 4Q20 - another strong beat, both domestic and export sales accelerate POSITIVE • Turkcell: 4Q20 results and FY21E guidance NEUTRAL • TBC Bank: 4Q20 results and conference call highlights - somewhat downbeat, but nothing too dramatic • HansaMatrix: 4Q20 earnings miss, on COVID-19 disruptions NEGATIVE • Poli...
EME Equity Market – September 2020 Market performance – most indices in the red in EUR terms, while ISE30 Index advanced 2.9%. In September, the MSCI EM Europe Index lost 5.8% in EUR terms and 7.5% in local currency terms. The ISE30 Index was the best performer, adding 2.9% in EUR terms and 6.0% in local currency terms. The Romanian BET Index lost 0.6% in USD terms, but remained largely flat (+0.1%) in RON term; while the Greek ASE Index lost 1.5% in EUR terms. The Russian MOEX Index declined 4....
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.