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  • 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.

BRE MBANK SA
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 ... (+2)
  • 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 ... (+2)
  • 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 ... (+2)
  • 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 ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 12 March 2026

The Bulgarian equity market recorded a positive session on Wednesday, with all major indices posting gains. Direction was largely driven by retail activity, as widened bid/ask spreads in recent choppy sessions allowed smaller orders to move prices more easily. Among the benchmark constituents, First Investment Bank (FIB, EUR 3.36, +3.38%), Shelly Group (SLYG, EUR 59.40, +2.77%), and Doverie United Holding (DUH, EUR 6.54, +2.19%) led the advance, pushing SOFIX (1 277.47, +0.70%) to the top of the...

Research Team
  • Research Team

WOOD Daily: PKO PW; ALE PW; PKN PW; CEZ CP; CZG CP; SNP RO; SAR GA; MO...

HEADLINES: • PKO BP: solid 4Q25 numbers – small bottom-line beat, but underlying trends in line with expectations NEUTRAL • Allegro: 4Q25 above the consensus; FY26E guidance in line with our expectations POSITIVE • Orlen: submits new non-binding offer for Grupa Azoty Polyolefins NEUTRAL • CEZ: small 4Q25 beat on EBITDA, 2026E guidance below the consensus NEGATIVE • Colt CZ Group: planning dual AEX listing and a capital increase POSITIVE • OMV Petrom: two exploration projects in Bulgaria now NEUT...

Research Team
  • Research Team

WOOD Daily: EMEA Airlines; BDX PW; APR PW; DIA PW; CEZ CP; BELA GA; MA...

HEADLINES: • EMEA airlines: oil price spike negative NEGATIVE • Budimex: PLN 2.59bn rail contract signed with PKP PLK NEUTRAL • Auto Partner: February sales growth of 3.4% yoy NEGATIVE • Diagnostyka: 4Q25E preview – 8% yoy EBITDA growth expected (due on 20 April) NEUTRAL • CEZ: 4Q25E earnings preview (due on 12 March) • Jumbo: February sales growth slows to 3% yoy on tough comps, as expected NEUTRAL • Mavi: 4Q25E earnings preview (due on 17 March) • EME Macro/Strategy: macro all-in-one (27 Febru...

Research Team
  • Research Team

WOOD Daily: EU Oil and Gas Monthly; EME Macro/Strategy – HU; CBF PW; S...

HEADLINES: • European Oil and Gas Monthly: February 2026 – trouble brewing in Hormuz • EME Macro/Strategy: Hungary – the Tisza policy programme • cyber_Folks: preliminary 4Q25 results review – 72% yoy adjusted EBITDA growth, 2% above our expectations POSITIVE • Shoper: preliminary 4Q25 results review – 14% yoy adjusted EBITDA growth, 3% above our expectations POSITIVE • Vercom: preliminary 4Q25 results review – 25% yoy EBITDA growth, 2% above our expectations POSITIVE • Poland macro: outlook imp...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: Turkish ISE back in the lead

EME Equity Market – February 2026 Muted performance across the region, with the Turkish ISE the best performer. The MSCI EM Europe Index declined by 0.7% mom in EUR terms and 2.1% mom in USD terms in February. The Turkish ISE was the top performer, adding 5.4% mom in EUR terms; while the Polish WIG and the Romanian BET improved slightly (+0.9% and +0.3% mom, respectively, in EUR terms). The Czech PX and the Greek ASE were the worst performers (-4.9%, and -3.0% mom, respectively, in EUR terms), w...

BRE MBANK SA
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
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.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
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
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
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.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP 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.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
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
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.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 10 February 2026

The Bulgarian equities posted a mixed performance on the first trading day of the week, with turnover coming in below the YtD average. The main indices reflected the subdued activity, recording marginal gains in a narrow range between 0.01% and 0.06%. BGREIT (232.60) was the only index to finish lower, pressured by weakness in real estate names such as Bulgarian Real Estate Fund (BREF, EUR 2.70, -1.46%) and Advance Terrafund (ATER, EUR 1.395, -1.06%). The modest positive bias in SOFIX (1 354.69,...

Research Team
  • Research Team
MOL MOL NYRT
CEZ CEZ AS ... (+16)

WOOD Daily: ARCLK TI; XTB PW; CCC PW; OPL PW; HUG PW; TEN PW; RBW PW; ...

HEADLINES: • Arcelik (BUY, PT TRY 207.5): 4Q25 results – in line operationally NEUTRAL • XTB S.A.: 4Q25 net profit materially ahead of expectations • CCC: acquisition of controlling stake in MKRI NEUTRAL • Orange Polska: fined PLN 34m by Poland's antitrust regulator NEUTRAL • Huuuge Games: January 2026 Sensor Tower bookings estimate down 1% mom NEUTRAL • Ten Square Games: January 2026 Sensor Tower bookings estimate flat mom NEUTRAL • Rainbow Tours: 4Q25E preview – EBITDA marginally above zero in...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: all indices in the green in Januar...

EME Equity Market – January 2026 All regions in the green in January, with the Turkish ISE the best performer. The MSCI EM Europe Index added 11.1% mom in EUR terms and 13.2% mom in USD terms in January. The Turkish ISE was the top performer (+20.8% mom), followed by the Hungarian BUX (+17.5% mom); the Romanian BET (+11.1% mom); the Greek ASE (+9.2% mom); the Polish WIG 20 (+5.9% mom); and the Czech PX (+2.4% mom; all in EUR terms).

Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 30 January 2026

The positive sentiment on the Bulgarian Stock Exchange weakened on Thursday, pushing all major indexes into negative territory, with SOFIX (1 385.46, -1.40%) recording the steepest decline. Doverie (DUH, EUR 7.10, -8.51%) came under pronounced selling pressure, followed by Smart Organic (SO, EUR 17.20, -3.37%), Central Cooperative Bank (CCB, EUR 1.84, -3.16%), and Chimimport (CHIM, EUR 0.58, -3.33%), though trading volumes across these names remained subdued. A sharp advance in Sopharma Trading ...

Veselin Radoychev Please Change Surname
  • Veselin Radoychev Please Change Surname

Bulgaria Outlook 2026

 Global macroeconomic and geopolitical challenges weighed on the Bulgarian economy over the past year, primarily through weaker external trade dynamics. Despite this, economic growth remained solid. Real GDP expanded by 2.8% in Q1, 3.5% in Q2, and 3.0% in Q3, supported almost entirely by strong domestic demand. Several factors underpinned this robust consumption growth with the most important being the growth of compensation and the euro transition effect.  For 2026 the projections by major i...

Research Team
  • Research Team

WOOD Daily: CEZ CP; PEO PW; JMT PL; RO Macro; EME Macro/Strategy Weekl...

HEADLINES: • CEZ: work on nationalising CEZ could start in the coming months NEUTRAL • Bank Pekao: to see c.PLN 110m of negative one-offs in 4Q25 NEUTRAL • Jeronimo Martins: 4Q25E results preview – 10% yoy EBITDA expansion expected (due on 19 March) NEUTRAL • Romania macro: SAFE loan approved • EME Macro/Strategy: macro all-in-one (9-15 January)

Research Team
  • Research Team

WOOD Daily: VGO PW; DAT PW; PKO PW; CCC PW; CEZ CP; PGSUS TI; KZ Macro...

HEADLINES: • VIGO Photonics: 4Q25 sales up 13.9% yoy, to PLN 27.4m POSITIVE • DataWalk: obtains another patent in the US POSITIVE • PKO BP: PLN 990m of FX mortgage saga provisions in 4Q25 NEUTRAL • CCC: EGM approves 2m shares buyback at a price of up to PLN 200/share NEUTRAL • CEZ: in talks to sell stake in Slovak nuclear design company NEUTRAL • Pegasus Airlines: 17% yoy ASK growth in 2025 NEUTRAL • Kazakhstan macro: monthly GDP increases further in December • Arabian Drilling: announces three ...

Research Team
  • Research Team

WOOD Daily: ESLT US; ZAB PW; DVL PW; HUG PW; CEZ CP; MTLN GA

HEADLINES: • Elbit Systems: bags new DIRCM contract from APAC POSITIVE • Zabka: 4Q25 trading update – sales +14.4% on lfl of 4.8%; FY adjusted EBITDA margin maintained at upper end of 12-13% range NEUTRAL • Develia: sells 3.3k units in 2025, at the top of the guided range NEUTRAL • Huuuge Games: preliminary 4Q25 revenue at USD 58.6m, down 5% yoy, but up 5% qoq POSITIVE • CEZ: informs customers about the cancelling of the RES surcharge NEUTRAL • Metlen Energy & Metals: expands local Defence Hub f...

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