reports
- Research Team
WOOD Daily: LPP PW; ADNOCDRI UH; RICHT HB; HUG PW; TEN PW; GPW PW; Mac...
HEADLINES: • LPP: fire at Romanian warehouse causes temporary disruption in SEE operations; c.PLN 400m in assets destroyed (all insured) NEGATIVE • ADNOC Drilling: oilfield services awarded a five-year contract for hydraulic fracturing POSITIVE • Richter: European Commission approval for denosumab biosimilars NEUTRAL • Huuuge Games: June Sensor Tower bookings estimate flat mom NEUTRAL • Ten Square Games: June Sensor Tower bookings estimate flat mom NEUTRAL • Warsaw Stock Exchange: PLN 3.15/share...
- Erol Danis
- Mehmet Yigit Yorulmaz
Turkish Autos - Resilient domestic demand amid an uncertain global bac...
Domestic demand has been more resilient than expected: Following a record-breaking year in 2024, the Turkish automotive market maintained its strength so far in 2025, with 5M25 growth reaching 4% y/y. Despite the high base and tighter financial conditions, demand remained resilient, supported by not only stable exchange rates and improved vehicle availability, but also the traction of affordable EVs (electric vehicles) that has 10% special consumption tax rate vs. ICE (internal combustion engine...
- Research Team
WOOD Daily: WIZZ LN; MAVI TI; CCOLA TI; CEZ CP; DOC AV; RICHT HB
HEADLINES: • Wizz Air: despite setbacks, upside risks may prevail (stays BUY) • Mavi: strong set of results in 1Q25, share buyback programme initiated POSITIVE • Coca-Cola Içecek: investigations launched into the company NEGATIVE • CEZ: ANO proposes State subsidises power prices NEUTRAL • DO & CO: dividend proposal of EUR 2.00/share NEUTRAL • Richter: to voluntarily restrict price of one OTC drug NEUTRAL • Short News (CAR, MBR, SHO)
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the green in...
EME Equity Market – May 2025 EME indices mostly in the green in May, apart from Türkiye. The MSCI EM Europe Index added 3.6% mom in EUR and USD terms. The Greek ASE index (+7.8% mom) was the best performer, followed by the Czech PX (+6.6% mom) and Romanian BET indices (+5.0% mom), the Hungarian BUX (+4.0% mom) and the Polish WIG20 (+2.0% mom; all in EUR terms). The Turkish ISE30 Index was, again, the worst performer, with a more modest decline (-1.4% mom in EUR terms) this time.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
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.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCOLA COCA-COLA ICECEK A.S.
ENA ENEA 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.
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.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
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
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
GIG GAMING INNOVATION GROUP
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
OPTIMAr OPTIMA BANK S.A.
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
Med Life SA: 1 director
A director at Med Life SA sold 1,650,000 shares at 6.500RON and the significance rating of the trade was 100/100. 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 ...
- Research Team
WOOD Daily: PZU PW; CEZ CP; EUR PW; GPW PW; SFG RO; TLV RO; BVB RO; DI...
HEADLINES: • PZU: solid 1Q25 results, ahead of the market's expectations; some upside risk for2025E EPS forecasts POSITIVE • CEZ: 1Q25 beat on distribution and sales segments, disposal of Polish assets POSITIVE • Eurocash: 1Q25 – weak, as expected NEGATIVE • Warsaw Stock Exchange: strong 1Q25, with a significant net income beat POSITIVE • Sphera Group: 1Q25 softer than expected; FY25E budget below our forecasts NEGATIVE • Banca Transilvania: bottom-line miss, due mainly to asset quality deterior...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
OTP OTP BANK NYRT
EUR EUROCASH S.A.
GPW WARSAW STOCK EXCHANGE
VGO VIGO SYSTEM SA
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
GIG KAZMUNAYGAS NC JSC
4071 GAMING INNOVATION GROUP
ARABIAN CONTRACTING SERVICES CO
- Research Team
WOOD Daily: MTELEKOM HB; IGN1L LH; GSPARK HB; AQ RO; INPST NA; OPTIMA ...
HEADLINES: • Magyar Telekom: 1Q25 results review – EBITDA +24% yoy, 4% above the consensus; solid 2025E guidance reiterated POSITIVE • Ignitis Group: 1Q25 adjusted EBITDA 20% above our expectations, driven by strong Green Capacities POSITIVE • Graphisoft Park: 1Q25 – recurring income higher yoy, and a small revaluation loss • Aquila Part Prod Com S.A.: strong 1Q25 gross profit margin sustainable in FY25E POSITIVE • InPost: 1Q25 in line with expectations; FY25E EBITDA guidance maintained; soft do...
- Research Team
WOOD Daily: OPTIMA GA; PKO PW; SOKM TI; RICHT HB; ARABIAND AB; TPE PW;...
HEADLINES: • Optima Bank: a touch of Midas, none of Icarus (BUY - initiation of coverage) • PKO BP: solid 1Q25 results, in line with expectations NEUTRAL • Sok Marketler Ticaret: 1Q25 results – significant miss NEGATIVE • Richter: 1Q25 results in line NEUTRAL • Arabian Drilling: 1Q25 results NEUTRAL • Tauron: 1Q25 preliminary EBITDA 16% above our expectations POSITIVE • Kaspi.kz: 1Q25 highlights; 2025E guidance revised down NEGATIVE • Bank of Cyprus: 1Q25 results highlights • Zabka (NOT RATED): ...
- Research Team
WOOD Daily: MIL PW; JAHEZ AB; CCC PW; APR PW; CAR PW; RICHT HB; FROTO ...
HEADLINES: • Bank Millennium: solid, but neutral, set of 1Q25 results; FX mortgage saga still eating material part of profits • Jahez: mixed 1Q25 results, affected by seasonality and intensified competition NEGATIVE • CCC: preliminary 1Q25 EBITDA beats expectations by 2-8%, on FX differences NEUTRAL • Auto Partner: April sales growth slows down to 5% yoy NEGATIVE • Inter Cars: April sales growth decelerates to 6% yoy NEGATIVE • Richter: Trump promises 30-80% cuts in US drug prices NEGATIVE • For...
MIL BANK MILLENNIUM SA
CCC CCC SA
APR AUTO PARTNER SA
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
GPW WARSAW STOCK EXCHANGE
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
R22 R22
VRC VERCOM SA
GPP GRUPA PRACUJ DA
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
- Can Yurtcan
WOOD Flash – Ford Otosan: share split – new price target at TRY 155.40...
Following the CMB’s approval on 30 April, Ford Otosan’s earlier announced (board decision dated 27 November 2024) 900% bonus issue, raising the number of outstanding shares from 350.9m to 3,509.1m, took place on 7 May. Therefore, we have adjusted our 12M price target (PT) of TRY 1,554/share for the Ford Otosan shares, to TRY 155.4/share, effective as of today. There are no changes in our earnings estimates or valuation for the company.
- Research Team
WOOD Daily: RBI AV; ADNOCDIS UH; ENA PW; TITC GA; RO Macro; BRISA TI; ...
HEADLINES: • Raiffeisen Bank International: 1Q25 results largely in line NEUTRAL • ADNOC Distribution: 1Q25 results NEUTRAL • Enea: preliminary 1Q25 EBITDA 13% above our expectations, driven by strong Supply; only 8% of 2025E capex plan realisation POSITIVE • Titan America: soft 1Q25 results, guidance unchanged NEUTRAL • Romania macro: reflections on the resignation of PM Ciolacu • Brisa: takeaways from the 1Q25 earnings call NEUTRAL • Inter Cars: earnings call takeaways - targeting 2025E revenu...
RBI RAIFFEISEN BANK INTERNATIONAL AG
TITK TITAN CEMENT CO. SA
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENA ENEA S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
CPS CYFROWY POLSAT SA
WPL WIRTUALNA POLSKA HOLDING SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
INPST INPOST S.A.
ADNOCDRILL ADNOC DRILLING CO
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the red in A...
EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR ...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
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.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
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
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
BOROUGE BOROUGE
7203 ELM CO
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: PEO PW; KOMB CP; EBS AV; MBK PW; SPL PW; CCC PW; PCF PW; C...
HEADLINES: • Bank Pekao: very solid 1Q25, supporting our 2025E 20%+ ROE, trading at 1.3x BV and a 9%+ yield very attractive • Komercni Banka: beat on 1Q25 bottom line driven by LLPs releases, pre-provision profit falls short of expectations NEUTRAL • Erste Bank: 1Q25 results in line; 2025E ROTE guidance sustained, but market focus on potential big M&A effort • mBank: 1Q25 solid, but valuation reflects recovery already; 2025E revenue guidance a little disappointing • Santander Bank Polska: solid ...
PEO BANK POLSKA KASA OPIEKI SA
EBS ERSTE GROUP BANK AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
OTP OTP BANK NYRT
CAR INTER CARS S.A.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
TPE TAURON POLSKA ENERGIA S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
RICHT RICHTER
MCOV B MEDICOVER AB
PCF PCF GROUP SA
BOROUGE BOROUGE
FTSHP FOOTSHOP A.S.
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: THEON NA; KRU PW; SAB1L LH; MCOVB SS; OTKAR TI; TOASO TI; ...
HEADLINES: • Theon International: 1Q25 trading update – strong execution, rich options POSITIVE • Kruk: 1Q25 results, beat driven by Wonga, debt purchased segment in line, but slowing growth dynamics NEUTRAL • Siauliu Bankas: rather weak 1Q25, but maintained outlook should provide some support NEGATIVE • Medicover: 1Q25 beat on admin costs and other financial income POSITIVE • Otokar: 1Q25 results – continuing losses on the operating and bottom lines • Tofas: weak set of results in 1Q25, as anti...
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CDR CD PROJEKT S.A.
MYTIL MYTILINEOS S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
TEN TEN SQUARE GAMES
HUGE HUUUGE
THEON THEON INTERNATIONAL PLC
- Research Team
WOOD Daily: ARCLK TI; AKBNK TI; YKBNK TI; SOLUTION AB; PL Macro; PCF P...
HEADLINES: • Arcelik: weak set of results in 1Q25 NEGATIVE • Akbank: 1Q25 highlights – management cautious on margin, but positive on fees • Yapi Kredi: 1Q25 highlights, before the call – beat on NII and fees (evolved better than the guidance) • Solutions by STC: weak 1Q25 financial results, disappointing revenue growth NEGATIVE • Poland macro: April data paint an encouraging picture • PCF Group: PLN 173m write-offs to hit the 2024 results, related mostly to Bifrost NEGATIVE • Richter: positive ...
TITK TITAN CEMENT CO. SA
BIMAS BIM BIRLESIK MAGAZALAR A.S.
GEKTERNA GEK TERNA
AKBNK AKBANK TAS
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
MGROS MIGROS TICARET A.S
ARCLK ARCELIK A.S.
CPS CYFROWY POLSAT SA
BELA JUMBO S.A.
RICHT RICHTER
MCOV B MEDICOVER AB
SOKM SOK MARKETLER TICARET AS
PCF PCF GROUP SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE BOROUGE
- Research Team
WOOD Daily: DOC AV; DIA PW; ALR PW; MONET CP; MYTIL GA; 11B PW; MBR PW...
HEADLINES: • DO & CO: the art of the meal (BUY - initiation of coverage) • Diagnostyka: strong 4Q24, in line with the prelims NEUTRAL • Alior Bank: 1Q25 a little below 1Q25E expectations, but valuation (1Q25 P/BV at 1.2x) still very low NEUTRAL • MONETA Money Bank: 1Q25 results almost in line with expectations, ROE of 18% fully priced in by 1Q25 P/BV of 2.2x NEUTRAL • Metlen Energy & Metals: 1Q25 sales +31% yoy, to EUR 1.5bn, in line NEUTRAL • 11 bit studios: strategy update, expands pipeline to...
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
AKBNK AKBANK TAS
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
TKNSA TEKNOSA IC VE DIS TICARET AS
FROTO FORD OTOMOTIV SANAYI A.S.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: EME Macro/Strategy – US Tariffs; VGO PW; BFT PW; BFT PW; O...
HEADLINES: • EME Macro/Strategy: tariff impact – a preliminary assessment • VIGO Photonics: signs framework agreement with PCO on infrared arrays; minimum 2026-31 contract value of PLN 191.9m POSITIVE • Benefit Systems: confirms 4Q24 preliminary EBITDA of PLN 261m NEUTRAL • Benefit Systems: Medicover gets conditional approval to acquire CityFit gyms NEUTRAL • OMV: 1Q25 trading statement NEUTRAL • OMV Petrom: 1Q25 trading statement NEUTRAL • CEZ: ANO wants to nationalise CEZ • Richter: proposes D...
- Koray Pamir
View on Regulated Tariff Changes
Regulated electricity tariffs have been revised effective April 5, 2025: Residential tariffs have increased by 25.0% m/m, while industrial tariffs rose by 10.0% m/m. Tariffs for agricultural use have been adjusted upward by 12.4% m/m, as per tariffs prepared by the Energy Market Regulatory Authority (EMRA) and published in the Official Gazette. These tariff revisions are likely to remain in effect for a standard three-month period. Key details and implications are as follows: • Additionally, the...
- Research Team
The Rear-View Mirror – EME markets: Türkiye in the red, again
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
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
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
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.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
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
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
M MED LIFE
R22 R22
SOKM SOK MARKETLER TICARET AS
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
BCG GRUPA PRACUJ DA
KLKIM BALTIC CLASSIFIEDS GROUP PLC
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS GAMING INNOVATION GROUP
9526 AROBS TRANSILVANIA SOFTWARE SA
SHO JAHEZ INTERNATIONAL CO
7203 SHOPER SA
AQ ELM CO
AIRA AQUILA PART PROD COM
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
- Research Team
WOOD Morning (1 April 2025)
HEADLINES: • Athens Exchange Group: bottom-line miss in 4Q24, on higher costs, but proposed DPS in line with expectations NEUTRAL • AROBS Transilvania Software: publishes its 2025 budget POSITIVE • MedLife: publishes its 2025 budget NEGATIVE • CCC: new financing agreement, extending factoring line POSITIVE • DataWalk: sale to Coöperatieve Rabobank; total contract value reaches PLN 66.1m POSITIVE • Orlen: 2024 consolidated results to be affected by one-offs NEUTRAL • Poland macro: preliminary Mar...
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