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- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 28 April 2026
SOFIX (1 219.51, -0.04%) closed almost neutral as big fluctuations of index members offset each other on Monday. Wiser (WISR, EUR 2.02, -3.81%), Bulgarian Stock Exchange (BSE, EUR 8.10, -2.17%) and Doverie United Holding (DUH, EUR 5.60, -1.41%) dropped on the back of insignificant daily volume while Eurohold (EUBG, EUR 1.09, +0.93%) and Sopharma (SFA, EUR 1.73, +0.87%) advanced on the ground of moderate turnover. Sopharma Trading (SFT, EUR 2.88, -3.36%) and Stara Planina Hold (SPH, EUR 4.80, -2....
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 24 April 2026
The technology segment exerted a negative influence on the major indices during an otherwise subdued Thursday session on the Bulgarian Stock Exchange. Wiser Technology (WISR, -2.83%) and Shelly Group (SLYG, EUR 54, -4.76%) came under renewed selling pressure, retreating toward support levels of EUR 2.06 and EUR 54.00, respectively, and weighing on SOFIX (1 226.52, -0.75%). The weakness extended to the broader market, with BGBX40 (211.34, -0.43%) and BGTR30 (1 036.36, -0.02%) also ending in negat...
- Research Team
WOOD Daily: RO Macro; TUPRS TI; RBW PW; RBW PW; VGO PW; PL Macro; KTY ...
HEADLINES: • Romania macro: minority government in place, commitment to reforms kept • Tupras: jet propelled (stays BUY) • Rainbow Tours: 4Q25 EBITDA 20% above our forecast, but 28% below the consensus POSITIVE • Rainbow Tours: proposes PLN 8.6 DPS (6% yield), 36% below our expectations NEGATIVE • VIGO Photonics 4Q25 results review – adjusted EBITDA of PLN 6.2m, 34% above our estimate; miss on the bottom line due to a tax one-off NEUTRAL • Poland macro: strong end to 1Q, but Hormuz spoils the pi...
SNT SYNEKTIK
KTY GRUPA KETY SA
AKCNS AKCANSA CIMENTO
RBW RAINBOW TOURS S.A.
PPC PUBLIC POWER CORPORATION S.A.
ARCLK ARCELIK A.S.
EUR EUROCASH S.A.
MBR MO-BRUK S.A.
VGO VIGO SYSTEM SA
SAB1L SIAULIU BANKAS
MONET MONETA MONEY BANK AS
DIGI DIGI COMMUNICATIONS NV
MUR2 MURAPOL SA
ZAB ZABKA GROUP
- Research Team
WOOD Daily: OPL PW; KTY PW; MBR PW; PCO PW; CEZ CP; MOL HB; RO Macro; ...
HEADLINES: • Orange Polska: 1Q26 results – EBITDAaL up 11% yoy, 4% above the consensus; 2026E guidance reiterated POSITIVE • Kety: full 1Q26 results above the preliminaries POSITIVE • Mo-BRUK: 4Q25 EBITDA +58% yoy, 30% above our expectations POSITIVE • Pepco Group: FY26E profitability guidance upgrade POSITIVE • CEZ: board to propose DPS of CZK 42 (3.5% yield) NEUTRAL • MOL: set to receive Russian crude supplies POSITIVE • Romania macro: old government out, same government back in • OMV Petrom: ...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 22 April 2026
The Bulgarian equity market posted a relatively subdued session on Tuesday with a negative undertone. The election results, combined with a lull on the geopolitical front, weighed on trading activity, leaving light volumes to dictate the performance of the main indices. SOFIX (1 234.26, -0.29%), BGBX40 (212.00, -0.26%) and BGTR30 (1 036.45, -0.39%) all moved lower. On the downside, Advance Terrafund (ATER, EUR 1.35, -2.17%), Chimimport (CHIM, EUR 0.45, -3.85%) and First Investment Bank (FIB, EUR...
- Research Team
WOOD Daily: RO Macro; DVL PW; DOM PW; MUR PW; DIA PW; KTY PW; CPS PW; ...
HEADLINES: • Romania macro: PSD triggers coalition collapse • Polish real estate: from boom to balance (Develia stays BUY, Dom Development (transfer of coverage) and Murapol upgraded to BUY) • Diagnostyka: 4Q25 results below expectations; soft guidance on margins in FY26E NEGATIVE • Kety: proposes PLN 49.05 DPS (4.4% yield), 4% below our expectations NEUTRAL • Cyfrowy Polsat: identifies negative one-offs of PLN 2.8bn; 4Q25E preview update NEGATIVE • Santander Bank Polska (soon to be Erste Bank P...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 6 April - 9 April 2026
The Bulgarian equity market delivered a relatively calm and subdued performance during the holiday-shortened week, as investors largely chose to remain on the sidelines, refraining from strong, market-driven actions. This lack of enthusiasm was evident across the board and the benchmark SOFIX index edged slightly higher, gaining 0.3% to close at 1 223.17 points. Similarly, the broader indices showed only marginal movements. The extended BGBX40 rose modestly to 211.20 points (+0.2%), while the BG...
- Research Team
WOOD Daily: APR PW; MUR PW; ENA PW; PGE PW; PZU PW; CEZ CP; ARCLK TI
HEADLINES: • Auto Partner: 4Q25 EBITDA 4% above the consensus and 5% below our estimate NEUTRAL • Murapol: 4Q25 conference call takeaways POSITIVE • Enea: proposes PLN 0.56 DPS from the 2025 profit NEUTRAL • PGE: recommends no dividend payment for 2025 NEUTRAL • PZU: conclusion of competition for Management Board member – former CFO not on the list • CEZ: PM Babis says first steps towards privatisation at upcoming AGM NEUTRAL • Arcelik: 1Q26E earnings preview (due on 22 April) • Short News (CBF)
Moody's Ratings upgrades CEZ to A3; outlook stable
Rating Action: Moody's Ratings upgrades CEZ to A3; outlook stable. Global Credit Research- 13 Apr 2026. Paris, April 13, 2026-- Moody's Ratings has today upgraded the senior unsecured debt/senior unsecured MTN program ratings of CEZ, a.s. to A3/ A3 from Baa1/ Baa1.
- Research Team
WOOD Daily: MTLN GA; DVL PW; SNT PW; 11B PW; OPL PW; CEZ CP; DIGI RO; ...
HEADLINES: • Metlen Energy & Metals: 2025 EBITDA drops 30% to EUR 753m, in line with warning NEUTRAL • Develia: 4Q25 conference call takeaways NEUTRAL • Synektik: solid delivery for the FY 2Q25 (CY 1Q26) order book NEUTRAL • 11 bit studios: new publishing project announced NEUTRAL • Orange Polska: 1Q26E preview – 6% yoy EBITDAaL growth expected (due on 22 April) • CEZ: Dukovany can operate until 2065-67 POSITIVE • DIGI Communications: new share issuance; new price target • NLB Group: takeover bi...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 8 April 2026
The first trading day of the week ended with notable losses on Tuesday, with SOFIX (1 206.06, -1.06%) finishing at the bottom of the performance table. Wiser Technology (WISR, EUR 1.98, -5.71%) and Doverie United Holding (DUH, EUR 5.60, -3.78%) led the laggards within the benchmark, where the bulk of the day’s trading activity was concentrated. Sirma Group Holding (SGH, EUR 0.95, +3.83%) and Gradus (GR6, EUR 0.575, +2.68%) provided a partial offset to the broader weakness, helping limit losses i...
- Research Team
The Rear-View Mirror – EME markets: all indices down; energy the only ...
EME Equity Market – March 2026 All indices decline, with Greek ASE posting the steepest loss. The MSCI EM Europe Index fell 8.0% mom in EUR terms and 10.8% mom in USD terms in March. The Greek ASE was the worst performer (-9.3% mom); followed by the Czech PX (-6.7% mom); the Hungarian BUX (-6.2% mom); the Turkish ISE30 (-5.1% mom); and the Polish WIG20 (-4.5% mom; all in EUR terms). The Romanian BET proved the most resilient, declining just 1.2% mom, in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
SNT SYNEKTIK
OMV OMV AG
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
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.
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.
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.
THYAO TURK HAVA YOLLARI A.O.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
SOKM SOK MARKETLER TICARET AS
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
H2O HIDROELECTRICA S.A.
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
PRIUA PRIMOCO UAV SE
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 31 March 2026
Enormous opposite moves of index members lowered SOFIX to 1 213.31 (-0.21%) on Monday. The selling pressure weighed on Central Cooperative Bank (CCB, EUR 1.71, -2.29%) and Shelly (SLYG, EUR 49.80, -1.58%) while Wiser (WISR, EUR 2.10, -4.55%), Chimimport (CHIM, EUR 0.438, -2.23%) and Sopharma (SFA, EUR 1.75, -1.41%) lost altitude without significant daily volume. Sirma Group Holding (SGH, EUR 0.96, +6.67%), Doverie United Holding (DUH, EUR 5.90, +1.72%) and First Investment Bank (FIB, EUR 3.14, +...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 27 March 2026
Positive sentiment raised SOFIX (1 219.80, +0.60%) on Thursday. Small speculative trades pushed Advance Terrafund (ATER, EUR 1.37, +2.24%), Sirma Group (SIRM, EUR 0.90, +1.69%) and Eurohold (EUBG, EUR 1.10, +1.85%) while Bulgarian Real Estate Fund (BREF, EUR 2.40, -0.83%) suffered from selling pressure and 45K changed hands. Sopharma (SFA, EUR 1.75, 0.00%) and Shelly (SLYG, EUR 51.00, 0.00%) registered more than 50% of daily turnover within SOFIX area but both company finished the day without ch...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 26 March 2026
After several negative trading sessions Wiser (WISR, EUR 2.20, +4.76%) jumped on Wednesday thus pushing SOFIX (1 212.58, +0.73%) to green territory. Doverie United Holding (DUH, EUR 5.90, +1.72%) and Shelly (SLYG, EUR 51.00, +1.59%) also advanced on the back of moderate daily volume while demand for Sopharma (SFA, EUR 1.75, +1.16%) did not find adequate supply and the company registered more than EUR 200K daily turnover. BGBX40 (208.97, +0.92%) jumped the most among local indexes, supported by G...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Weekly bulletin - 16 March - 20 March 2026
The Bulgarian stock market continued its downward trajectory over the past week, with all major indices closing firmly in negative territory. The benchmark SOFIX index declined by 3.2%, ending the week at 1 210.32 points. Broader indices followed a similar trend: the BGBX40 fell by 2.6% to 208.17 points, while the equally weighted BGTR30 index dropped 2.2%, finishing at 1 025.31 points. The sector-specific BGREIT index proved relatively more resilient, slipping by a modest 1.4% to 226.68 points....
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 23 March 2026
Quite opposite move of SOFIX (1 210.32, 0.00%) members fixed the main index unchanged on Friday. The jump of Sirma Group Holding (SIRM, EUR 0.915, +3.39%), First Investment Bank (FIB, EUR 3.16, +2.27%) and Sopharma (SFA, EUR 1.715, +2.08%) fully offset the drop of Eurohold (EUBG, EUR 1.03, -6.36%) and Wiser (WISR, EUR, 2.10, -1.87%). The trading session was highlighted by the transfer of 100.8m shares of Gradus (GR6, EUR 0.55, +27.91%) representing 40.9% of the company. BGBX40 (208.17, +0.46%) c...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 18 March 2026
Bloody red start of the week fixed all local indexes in the red zone on Monday. SOFIX (1 213.38, -1.47%) dropped the most, followed by BGBX40 (207.96, -1.34%), BGTR30 (1 032.06, -0.72%) and BGREIT (227.20, -0.16%) Huge selling pressure weighted on daily losers Shelly (SLYG, EUR 50.80, -9.29%), First Investment Bank (FIB, EUR 3.10, -4.02%), Sirma Group Holding (SIRM, EUR 0.95, -4.04%) and Chimimport (CHIM, EUR 0.444, -3.06%). Wiser (WISR, EUR 2.30, +3.60%) and Central Cooperative Bank (CCB, EUR 1...
- Mihail Dimitrov
- Veselin Radoychev Please Change Surname
Morning Bulletin - 17 March 2026
The negative trend extended into the first trading day of the week, with all major indices posting notable losses. SOFIX (1 231.46, -1.49%) underperformed, as eleven of its fifteen constituents closed lower. The decline was led by Doverie United Holding (DUH, EUR 5.94, -3.57%) and Sirma Group (SIRM, EUR 0.99, -3.88%), both of which slipped below key psychological support levels of EUR 6.00 and EUR 1.00, respectively, adding to the negative sentiment. On the broader market, limited positive price...
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