HEADLINES: • Benefit Systems: card base in Poland contracts slightly further mom in June NEGATIVE • Wizz Air: flat capacity yoy in June NEGATIVE • Huuuge Games: June bookings estimate down 8% mom, but flat in core titles NEUTRAL • Ten Square Games: June bookings estimate flat mom, slight downward pressure in flagship games NEUTRAL • The Rear-View Mirror – EME markets: another positive month for most EME indices • Orange Polska: 2Q24E – 2% yoy EBITDAaL growth expected (due on 23 July) • Short New...
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...
HEADLINES: • EME Macro/Strategy: how big should the political risk premium in Europe be? • Lamda Development: 1Q24 – with the wind in its sails • BIM: strong set of results in 1Q24 POSITIVE • LPP: 1Q24 strong, as expected; FY24E guidance maintained POSITIVE • CCC: 1Q24 results in line with prelims; positive trends maintained in 2Q24 NEUTRAL • US macro: Fed pushes back on rate cuts • Jahez: announces SAR 150m real estate purchase NEUTRAL • Text: 4Q23-24E preview – 1% yoy EBITDA drop expected (due...
HEADLINES: • Europe macro: ECB delivers cautious introductory cut • National Bank of Greece: declares EUR 0.36/share dividend, following SSM approval POSITIVE • NLB Group: publishes takeover offer to acquire Addiko Bank NEUTRAL • European oil and gas monthly: May 2024 – gas prices’ surprising comeback • Georgia Capital: in civil dispute over education investment NEGATIVE • Auto Partner: Investor Day takeaways NEUTRAL • CCC: 5.8m shares admitted to trading NEUTRAL • Romgaz: share split; new price...
HEADLINES: • Türkiye macro: inflation approaches the long-awaited peak • Eurobank Ergasias Services: increases its stake in Hellenic Bank POSITIVE • Richter: stock jumps on prospect of Vraylar paediatric extension NEUTRAL • EME Macro/Strategy: CIS plus – resilient, amidst higher global uncertainty • Duna House: 1Q24 – firing on all cylinders POSITIVE • Greece macro: May brought good news, but not enough yet • Huuuge Games: May bookings estimate up 9% mom, but flat mom for both flagship games NEU...
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,...
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...
HEADLINES: • Sphera Group: out of the shadows (stays BUY) • PCF Group: 1Q24 EBITDA above our and the market's expectations, driven by self-publishing POSITIVE • Asseco Poland: 1Q24 review – net profit up 16% yoy, 10% the above consensus POSITIVE • Ten Square Games: 1Q24 adjusted EBITDA as expected NEUTRAL • Echo Investment: 1Q24 – benign margin environment continuing for Polish homebuilders NEUTRAL • GTC: 1Q24 in line, management recommends PLN 0.22 DPS NEGATIVE • PGE: 1Q24 earnings in line with...
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...
HEADLINES: • mBank: solid 1Q24 results justify one of the top market valuations (1Q24 P/BV of 2.1x) POSITIVE • OTP Bank: books solid 1Q24, keeps 2024E guidance unchanged NEUTRAL • Bank Millennium: 1Q24 results in line • CCC: 40% EBITDA beat in 1Q24, on opex control POSITIVE • Dino: 2-7% EBITDA miss in 1Q24 NEGATIVE • AmRest: 1Q24 broadly in line with our forecasts, but below the consensus NEGATIVE • MOL: 1Q24 results – EBITDA below expectations on maintenance NEUTRAL • MedLife: 1Q24 results poin...
HEADLINES: • mBank: revises up 1Q24 FX mortgage saga costs NEUTRAL • GEVORKYAN: 4Q23 results broadly in line; new contracts from Poland and Sweden NEUTRAL • DataWalk: preliminary 1Q24 results – sales up 100% yoy, to PLN 6.43m POSITIVE • DataWalk: key takeaways from the 1Q24 preliminary earnings call POSITIVE • Wirtualna Polska: real users in April 2024 NEUTRAL • Wirtualna Polska: 1Q24E preview – 9% yoy adjusted EBITDA growth expected (due on 21 May) • Grupa Pracuj: 1Q24E results preview – flat y...
HEADLINES: • ING BSK: 1Q24 results softer than demanding market expectations, but our medium-term outlook confirmed NEGATIVE • Solutions by STC: mixed 1Q24 financial results NEUTRAL • EME Macro/Strategy: macro all-in-one (29 April-5 May) • Huuuge Games: April bookings estimate at USD 11m, down 21% mom NEGATIVE • Ten Square Games: April bookings estimate down 20% mom NEGATIVE • 11 bit studios: INDIKA release attracts very positive reviews on Steam, but low peak in number of players NEGATIVE • Cyf...
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).
A director at Asseco Poland S.A. bought 6,944 shares at 78.970PLN and the significance rating of the trade was 63/100. 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 cle...
HEADLINES: • MONETA Money Bank: strong 1Q24 delivery, on better-than- expected revenues POSITIVE • Alior Bank: books small beat on 1Q24 delivery, driven by low credit risk charges; robust 2024E outlook supported POSITIVE • Shoper: 1Q24 adjusted EBITDA 9% above our expectations; FY23 results in line with prelims POSITIVE • Mo-BRUK: 4% miss vs. our 4Q23 adjusted EBITDA forecast, weak cash flows NEGATIVE • Wizz Air: fiscal 2024 post-close trading update POSITIVE • Aselsan: CEO's comments on exports...
HEADLINES: • Kaspi.kz: 1Q24 highlights Kruk: buys more portfolios in Italy • Tupras: launches USD 256m propylene investment NEUTRAL • Turkish banks: coverage UNDER REVIEW • Sipchem: 1Q24E results preview (due on 25 April) NEUTRAL • Jeronimo Martins: 1Q24E results preview – 11% yoy EBITDA growth expected (due on 26 April, before the open) • Erste Bank: 1Q24E preview (due on 30 April) • BRD-GSG: 1Q24E preview (due on 2 May) NEUTRAL • PKO BP: 1Q24E preview (due on 9 May) • Banca Transilvania: 1Q24E...
• Pegasus Airlines: 1Q24 traffic - international ASK up 85% vs. 1Q19 • 11 bit studios: Frostpunk 2 Beta now available for seven days, first gameplay deep dive trailer released • VIGO Photonics: 1Q24 sales down 16% yoy to PLN 15.8m • Grupa Pracuj: new online job ads number down 19% yoy in March 2024 • Auto Partner: earnings call takeaways - solid FY24E outlook maintained, despite disappointing March sales • CCC: key takeaways from the recent site visit • Kazatomprom: awarded a licence for Rare Ea...
Last week (10-12 April) we attended a site visit at CCC’s HQ, which presented new collections and discussed new agreements with suppliers, including exclusive licences. After a long struggle with excess and outdated inventories, over 90% of its stock now comes from fresh collections. Moreover, new supply agreements, including licences with Reebok, Hunter, Nine West, Kappa and Mexx, and renegotiated deals with the remaining suppliers, coupled with the “circle” mechanism of co-financing the sell-d...
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