reports
- Research Team
WOOD Daily: WPL PW; ASELS TI; CAR PW; CAR PW; PCF PW; SPL PW; KAP LI
HEADLINES: • Wirtualna Polska: WP boosts media margins (stays BUY) • Aselsan: 2Q24 IAS 29 results – strong execution POSITIVE • Inter Cars: 2Q24 EBITDA 10% above our forecast and 5% above the consensus, on higher margin POSITIVE • Inter Cars: August sales growth at 8% yoy, in line with our expectations NEUTRAL • PCF Group: new work-for-hire agreement with Krafton; PLN 7m write-off on Project Red POSITIVE • Santander Bank Polska: strategic investor wants to reduce its stake • Kazatomprom: obtains...
- Lukasz Wachelko
- CFA
- Maria Mickiewicz
Auto Parts Distribution: 2024E challenges already priced in (Auto Part...
We maintain our BUY rating on Inter Cars (CAR) and our HOLD on Auto Partner (APR). The 2024E outlook now seems more challenging for auto parts distributors than we assumed in our February update. We believe, however, that this has already been priced in by the market. The key differences in the 2024E outlook between APR and CAR were reflected in the 1Q24 yoy SG&A dynamics, with CAR weathering the cost pressure better, in our view. Despite the short-term challenges, we believe the long-term funda...
- Research Team
The Rear-View Mirror – EME markets: only Czech PX index in positive te...
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
BOCH BANK OF COMMERCE HOLDINGS
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET 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
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: DIGI RO; PZU PW; MOH GA; CDR PW; MBR PW; DOM PW; CAI AV; D...
HEADLINES: • DIGI Communications: heavyweight European telco champion (upgraded to BUY) • PZU: posts PLN 1.19bn of net profit in 2Q24; results affected by higher combined ratio in P&C NEUTRAL • Motor Oil Hellas: 2Q24 results POSITIVE • CD Projekt: 2Q24 EBITDA 4-7% above expectations; Polaris to enter production phase “very soon” NEUTRAL • Mo-BRUK: 2Q24 EBITDA 8% above our forecast, but in line with the consensus NEUTRAL • Dom Development: 2Q24 – in line, at first glance NEUTRAL • CA Immo: 2Q24 i...
- Research Team
WOOD Daily: OTP HB; BOCH LN; BVB RO; MOL HB; MTELEKOM HB; CEZ CP; CAR ...
HEADLINES: • OTP Bank: 2Q24 results broadly in line, FY24E guidance unchanged, new taxes in Hungary to bite a little NEUTRAL • Bank of Cyprus: 2Q24 highlights POSITIVE • Bucharest Stock Exchange: good volumes drive solid bottom-line delivery in 2Q24 NEUTRAL • MOL: 2Q24 results NEUTRAL • Magyar Telekom: key takeaways from the 2Q24 earnings call NEUTRAL • CEZ: takeaways from the 2Q24 earnings call POSITIVE • Inter Cars: July sales growth jumps to 18% yoy, after disappointing May-June POSITIVE • DI...
- Research Team
WOOD Daily: EME Macro/Strategy; RICHT HB; TUPRS TI; THYAO TI; ARABIAND...
HEADLINES: • EME Macro/Strategy: how strong are the recession signals? • Richter: well-rounded 2Q24 beat vs. the consensus POSITIVE • Tupras: 2Q24 results and dividend announcement POSITIVE • Turkish Airlines: 2Q24 – RASK up 1% and CASKX up 8% yoy, driving margins lower from peak levels, as expected NEUTRAL • Arabian Drilling: 2Q24 results below expectations NEGATIVE • Air Astana Group: 2Q24 in line, but 1H24 EBIT and FCFE both down yoy, and VietJet entry into Kazakhstan a risk NEUTRAL • KazMuna...
- Research Team
The Rear-View Mirror – EME markets: Greek ASE – best performer in July
EME Equity Market – July 2024 Greece the biggest winner, while Poland the clear loser in July. The MSCI EM Europe Index declined by 1.1% in EUR terms and 0.3% in USD terms in July. The Greek ASE Index posted the best performance for the month, advancing by 5.3% mom in EUR terms. There was a broadly similar performance in Hungary, Czechia and Romania (+ 2.9%, 2.7% and 2.1% mom in EUR terms, respectively). The Turkish ISE30 Index declined by 1.6% mom in EUR terms, but the clear loser was the Polis...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
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
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
PCO PEPCO GROUP NV
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
SHO SHOPER SA
BOROUGE BOROUGE
7203 ELM CO
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: RO Macro; CAR PW; MOH GA; JAHEZ AB; AROBS RO; ARCLK TI
HEADLINES: • Romania macro: NBR delivers first rate cut • Inter Cars: June sales up by a limited 3% yoy, disappointing second month in a row NEGATIVE • Motor Oil Hellas: teams up, reportedly, with Terna Energy for offshore wind in Greece POSITIVE • Jahez: submits transfer request to the main market POSITIVE • AROBS Transilvania Software: completion of Stage 1 of share capital increase and opening of Stage 2 NEUTRAL • Arcelik: potential closure of Yate plant in the UK NEUTRAL • Short News (CPS)
- Research Team
The Rear-View Mirror – EME markets: another positive month for most EM...
EME Equity Market – June 2024 Another positive month for most of the EME indices, with the Hungarian BUX Index outperforming. The MSCI EM Europe Index rose by 1.0% in EUR terms, but declined -0.2% in USD terms in June. The Hungarian BUX index reported the strongest performance, adding 4.8% in EUR terms, followed by the Romanian BET and the Polish WIG20 (+3.7% and 2.1%, in EUR terms, respectively), and the Turkish ISE30 (+0.9% in EUR terms). Greece and the Czech Republic were in negative territor...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
MIL BANK MILLENNIUM SA
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CCC CCC SA
AEGN AEGEAN AIRLINES SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
ETEL TELECOM EGYPT
SNP PETROM S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
R22 R22
CGEO GEORGIA CAPITAL
NLBR NLB GROUP
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
PCF PCF GROUP SA
HUGE HUUUGE
WPS W.A.G PAYMENT SOLUTIONS PLC
CTPNV CTP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
- Research Team
WOOD Daily: EU Macro; GR Macro; CAR PW; OMV AV; SNP RO
HEADLINES: • Europe macro: European parliamentary elections – broadly as expected • Greece macro: 1Q GDP flash estimate shows improvement • Inter Cars: May sales up by a mere 2% yoy NEGATIVE • OMV: New Zealand to lift ban on oil exploration, which may benefit the company POSITIVE • OMV Petrom: to acquire PV projects with 130 MW capacity, with partner Renovatio NEUTRAL • Short News (BHW, HUG)
- Research Team
The Rear-View Mirror – EME markets: Turkish equities in the lead
EME Equity Market – May 2024 Turkish equities lead, in the mostly green month of May. The MSCI EM Europe Index rose by 0.7% mom in EUR terms and 1.8% mom in LCU terms in May. The Turkish ISE30 index reported the strongest performance, adding 3.6% mom in EUR terms, followed by the Romanian BET and the Czech PX (+2.7% and 2.1% mom in EUR terms, respectively). The Hungarian BUX index and the Polish WIG20 remained broadly flat (+0.4% and +0.2% mom in EUR terms, respectively); although, in LCU terms,...
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
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET 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.
TENERGY TERNA ENERGY S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
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.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
ADNOCDRILL GRUPA PRACUJ DA
AROBS ADNOC DRILLING CO
2381 AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
7203 ARABIAN CONTRACTING SERVICES CO
AQ ELM CO
GEV AQUILA PART PROD COM
GEVORKYAN A.S.
- Research Team
WOOD Daily: VGO PW; CDR PW; HUG PW; MOH GA; TKNSA TI; KAP LI; ESLT IT;...
HEADLINES: • VIGO Photonics: 1Q24 – miss on adjusted EBITDA and bottom line NEGATIVE • CD Projekt: 1Q24 EBITDA 5-7% above our and the market's expectations, no major surprises from the earnings call NEUTRAL • Huuuge Games: 1Q24 adjusted EBITDA in line with both our and the market's expectations NEUTRAL • Motor Oil Hellas: 1Q24 results – CCS EBITDA in line with the consensus NEUTRAL • Teknosa: higher financing costs weighed on the bottom line in 1Q24 NEGATIVE • Kazatomprom: 1Q24 results – lower E...
CDR CD PROJEKT S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
CAR INTER CARS S.A.
EUR EUROCASH S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
PCF PCF GROUP SA
HUGE HUUUGE
- Research Team
WOOD Daily: ALE PW; THYAO TI; CCOLA TI; TUPRS TI; LOGO TI; CPS PW; CAR...
HEADLINES: • Allegro: 1Q24 strong, as expected, guidance for GMV acceleration in 2Q24E POSITIVE • Turkish Airlines: 1Q24 – revenue up, but EBITDA down yoy, as ex-fuel CASK up in mid-single digits, but RASK down 6% yoy NEUTRAL • Coca-Cola Icecek: strong operating results in 1Q24 POSITIVE • Tupras: 1Q24 results – weak results, on maintenance NEGATIVE • Logo Yazilim: 1Q24 results – on track POSITIVE • Cyfrowy Polsat: 1Q24 results review – adjusted EBITDA +1% yoy, 2% above our estimate POSITIVE • In...
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
ALG ALLEGRO.EU SA
GPP GRUPA PRACUJ DA
- Research Team
WOOD Daily: CZ Banks; ALARABIA AB; GEV CP; EME Macro/Strategy Weekly; ...
HEADLINES: • Czech banks: special sector levy headlines continue to flow NEGATIVE • Al Arabia Outdoor Advertising: 1Q24 interim financial results POSITIVE • GEVORKYAN: 1Q24 – strong set of results, with EBITDA up 24% yoy, 17% above our estimate POSITIVE • EME Macro/Strategy: macro all-in-one (13-19 May) • Inter Cars: 25% yoy 1Q24E EBITDA decline, on top line and FX-related gross margin weakness (due on 22 May) • Short News (DAT, OTE)
- Research Team
WOOD Daily: BDX PW; EU Oil & Gas Monthly; BHW PW; PKO PW; MIL PW; CAR ...
HEADLINES: • Budimex: 1Q24 EBIT 13% above our forecast on solid gross margin, but broadly in line with the consensus POSITIVE • European oil and gas monthly: April 2024 – margins retreating • Bank Handlowy: to pay PLN 10/share dividend NEUTRAL • PKO BP: estimates cost of credit holidays extension at PLN 489m NEUTRAL • Bank Millennium: expects a PLN 201-247m impact from the 2024E credit holidays extension for PLN mortgagors NEUTRAL • Inter Cars: April sales recover by 19.5% yoy POSITIVE • MOL: 1Q...
- Research Team
The Rear-View Mirror – EME markets: all geographies in the green in Ap...
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).
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
GEB BANK OF GEORGIA
M MED LIFE
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
PCO PEPCO GROUP NV
GPP KAZMUNAYGAS NC JSC
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
2381 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN DRILLING CO.
SHO JAHEZ INTERNATIONAL CO
BOROUGE SHOPER SA
AIRA BOROUGE
GEV AIR ASTANA JSC
GEVORKYAN A.S.
- Research Team
WOOD Daily: ARCLK TI; SIPCHEM AB; KRU PW; EME Macro/Strategy Weekly; T...
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...
- Research Team
WOOD Daily: JMT PL; CAR PW; MBR PW; SHO PW; TL Macro; UZ Macro; PL Ban...
HEADLINES: • Jeronimo Martins: small beat in 1Q24 NEUTRAL • Inter Cars: 4Q23 net profit in line with prelims, a miss vs. our initial forecasts due to lower gross margin NEUTRAL • Mo-BRUK: 4Q23 earnings call takeaways – supportive 2024E outlook POSITIVE • Shoper: earnings call takeaways – strong April, optimistic on 2024E outlook POSITIVE • Türkiye macro: MPC takes a pause, but hiking cycle not over yet • Uzbekistan macro: CBU keeps rates on hold • Polish banks: Polish Supreme Court reconfirms th...
- Research Team
WOOD Daily: SOKM TI, CAR PW, PL telecoms, PL media, SNP RO
HEADLINES: • Sok Marketler: weak performance in the 4Q23 results • Inter Cars: targets 15-17% yoy revenue growth this year • Polish telecoms: telecommunications fee to grow from 0.05% of sales to 0.15% sales • Polish media: CPS audience share at 21.53%, WP TV at 0.61% in March 2024 • OMV Petrom: 1Q24E results preview (due out 30 April)
- Research Team
WOOD Daily: ADNOCDRI UH; ARABIAND AB; PPC GA; KRU PW; BDX PW; PL Utili...
HEADLINES: • Middle Eastern Oil Services: we’re going with what’s growing (ADNOC Drilling upgraded to BUY, Arabian Drilling downgraded to HOLD) • Public Power Corporation: 4Q23 earnings review NEUTRAL • Kruk: 1Q24 trading update shows strong recoveries POSITIVE • Budimex: 4Q23 figures in line with the preliminary guidance NEUTRAL • Budimex: management recommends PLN 35.69 DPS (5% dividend yield), above our expectations POSITIVE • Polish utilities: Industry Ministry plans to link mines to coal-fi...
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