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Research Team
  • Research Team

The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in Novem...

EME Equity Market – November 2025 Czech PX leads in November, Türkiye the only loser. The MSCI EM Europe Index added 1.5% mom in EUR terms and 2.1% mom in USD terms in November. The Czech PX was the top performer, adding 4.7% mom in EUR terms, followed by the Greek ASE and the Hungarian BUX (+4.4% and +3.7% mom, respectively, in EUR terms). The Romanian BET and Polish WIG 20 were also in the green (+1.3% and +1.0% mom in EUR terms). The only loser was the Turkish ISE 30 (-2.0% mom in EUR terms).

OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
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.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
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.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
DVL DEVELIA SA
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.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
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
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
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
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
ACAG ARABIAN CONTRACTING SERVICES CO
H2O AUSTRIACARD HOLDINGS AG
7203 HIDROELECTRICA S.A.
OPTIMAr ELM CO
MUR2 OPTIMA BANK S.A.
AQ MURAPOL SA
TRESTATES AQUILA PART PROD COM
THEON TRADE ESTATES REIC SA
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
PRIUA GEVORKYAN A.S.
BOCHGR PRIMOCO UAV SE
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
PE RO DIAGNOSTYKA SA
PREMIER ENERGY
Marios Bourazanis ... (+2)
  • Marios Bourazanis
  • Stamatios Draziotis CFA

Public Power Corporation (PPC) | Greener, faster, stronger

Greenification roadmap intact, without funding overhang – PPC’s Capital Markets Day (CMD) delivered a clear and cohesive roadmap for the next chapter of the Group’s transformation, building on the message communicated last year. Although the updated targets reflected mainly the 1-year rollover (to 2028e), the messaging indicated a sharpening of strategic focus on renewables, flexible generation, networks and customer solutions across SE Europe. The shift in the generation mix is set to accelera...

Marios Bourazanis ... (+2)
  • Marios Bourazanis
  • Stamatios Draziotis CFA

Public Power Corporation (PPC) | Greener, faster, stronger

Greenification roadmap intact, without funding overhang – PPC’s Capital Markets Day (CMD) delivered a clear and cohesive roadmap for the next chapter of the Group’s transformation, building on the message communicated last year. Although the updated targets reflected mainly the 1-year rollover (to 2028e), the messaging indicated a sharpening of strategic focus on renewables, flexible generation, networks and customer solutions across SE Europe. The shift in the generation mix is set to accelera...

Research Team
  • Research Team

WOOD Daily: HTO GA; PZU PW; ALE PW; CPS PW; GPP PW; PKN PW; DOM PW; TP...

HEADLINES: • OTE: multiple tailwinds supporting the equity story (stays BUY) • PZU: very strong 3Q25 bottom line, strong beat vs. expectations, but slower revenue growth raises questions for the future POSITIVE • Allegro: 3Q25 above expectations; FY25E guidance trimmed due to slower November NEUTRAL • Cyfrowy Polsat: 3Q25 results review – adjusted EBITDA down 12% yoy, in line with the consensus NEUTRAL • Grupa Pracuj: 3Q25 results – adjusted EBITDA up 3% yoy, 2% above our forecast and 11% above ...

Research Team
  • Research Team

WOOD Daily: GSPARK HB; ESLT US; WPL PW; PPC GA; ENA PW; PBK RO; NRP NA...

HEADLINES: • Graphisoft Park: industry-leading FFO ROE, despite low LTV (stays BUY) • Elbit Systems: 3Q25 results – strong margin recovery, solid FCF generation POSITIVE • Wirtualna Polska: 3Q25 results review – adjusted EBITDA up 57% yoy, 3% above the consensus; strong 4Q25E outlook in Travel e-commerce POSITIVE • Public Power Corporation: 3Q25 beat, but FY25E guidance unchanged NEUTRAL • Enea: full 3Q25 results in line with the preliminaries NEUTRAL • Patria Bank: solid bottom-line delivery in...

Research Team
  • Research Team

WOOD Daily: MOL HB; PGE PW; BFT PW; H2O RO; SFG RO; Romania macro; DIG...

HEADLINES: • MOL: much to admire, despite the fire (stays BUY) • PGE: decent 3Q25 results - recurring EBITDA at PLN 2.95bn (+6% vs. our expectations), but weak net income NEUTRAL • Benefit Systems: 3Q25 adjusted EBIT up 42% yoy, 15% above our forecast; FY25E cards addition target exceeded by November, FY26 plan of 260k+ new cards POSITIVE • Hidroelectrica: 3Q25 net profit of RON 0.73bn, 14% lower yoy and 5% below our estimate NEGATIVE • Sphera Group: 3Q25 soft, but better than we expected NEUTRA...

Research Team
  • Research Team

WOOD Daily: THYAO TI; CIMSA TI; TUPRS TI; ISCTR TI; ELM AB; ARABIAND A...

HEADLINES: • Turkish Airlines: buy the dip (upgraded to BUY) • Cimsa: 3Q25 financial results review POSITIVE • Tupras: 3Q25 results – net income beats expectations NEUTRAL • Isbank: 3Q25 highlights – slower margin rebound and 11% miss vs.to our estimate • Elm: 3Q25 financial results review NEGATIVE • Arabian Drilling: 3Q25 results NEUTRAL • Arabian Drilling: receives recalls for three land rigs POSITIVE • Akcansa: 3Q25 conference call takeaways • CEZ: nationalisation in draft government plan, bu...

Research Team
  • Research Team

WOOD Daily: H2O RO; MONET CP; OPL PW; KTY PW; SAR GA; MOL HB; GPW PW; ...

HEADLINES: • Hidroelectrica: water should yield more (SELL - transfer of coverage) • MONETA Money Bank: posts solid 3Q25 results NEUTRAL • Orange Polska: 3Q25 results – EBITDAaL up 4% yoy, 2% above the consensus; 2025E guidance reiterated POSITIVE • Kety: full 3Q25 results fully in line with the preliminaries NEUTRAL • Sarantis: 3Q trading update slightly below expectations; FY25E guidance maintained NEGATIVE • MOL: to become a holding company NEUTRAL • Warsaw Stock Exchange: CEO favours Poland ...

Research Team
  • Research Team

WOOD Daily: EME Macro/Strategy - Uzbekistan; CCC PW; EXAE GA; MBR PW

• EME Macro/Strategy: Uzbekistan - riding the wave of investment and growth momentum • CCC: strong reply from the management to the Ningi Research short-selling report POSITIVE • Athens Exchange Group: Greek government amends takeover law NEGATIVE • Mo-BRUK: Court dismisses Mo-BRUK’s complaint over 2018 waste storage fees NEUTRAL • Short News (EWG, PPC)

Public Power Corp S.A.: 1 director

A director at Public Power Corp S.A. bought 6,900 shares at 14.483EUR and the significance rating of the trade was 60/100. 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...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: Poland – worst performer in August

EME Equity Market – August 2025 Corrections in Poland and the broader MSCI EM Europe. The MSCI EM Europe Index declined by 2.3% mom in EUR terms and was flat (0.0%) in USD terms in August. The Hungarian BUX was the top performer, adding 2.2% mom in EUR terms, followed by the Romanian BET (+1.9% mom), the Czech PX (+1.7% mom) and the Greek ASE (+1.4% mom) (all in EUR terms); while there was a muted performance from the Turkish ISE 30 (+0.4% mom in EUR terms). The biggest loser was the Polish WIG ...

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
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
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.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI 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.
DAT DATAWALK SA
ALR ALIOR BANK SA
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.
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
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 GAMING INNOVATION GROUP
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
ACAG ARABIAN CONTRACTING SERVICES CO
7203 AUSTRIACARD HOLDINGS AG
OPTIMAr ELM CO
AQ OPTIMA BANK S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
ZAB BANK OF CYPRUS
ALPHA ZABKA GROUP
PE RO ALPHA BANK S.A.
PREMIER ENERGY
Egor Fedorov ... (+2)
  • Egor Fedorov
  • James Wilson

EM Credit Spark/EM credit and trade ideas update

A week of geopolitical activity, with investor focus squarely on the highly anticipated talks in Alaska between the US and Russian presidents. While an eye will remain on any further developments in the peace process, this week will also see the focus shift to Jackson Hole with expectations building for a September rate cut.

 PRESS RELEASE

Sisecam’s Consolidated Net Sales Reached 101 Billion TL in the First H...

Sisecam’s Consolidated Net Sales Reached 101 Billion TL in the First Half of the Year Sisecam, a global player in the glass and chemicals industries, achieved consolidated net sales of 101 billion TL for the first half of 2025. During this period, international-comprising exports from Türkiye and sales from production facilities outside Türkiye - accounted for 62% of total sales. The company’s total investments reached 14.6 billion TL, while exports amounted to 483 million USD. ISTANBUL, Aug. 18, 2025 (GLOBE NEWSWIRE) -- Sisecam announced its financial results for the first half of 2025...

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