reports
- Research Team
WOOD Daily: BDX PW; EU Oil & Gas Monthly; BHW PW; PKO PW; MIL PW; CAR ...
HEADLINES: • Budimex: 1Q24 EBIT 13% above our forecast on solid gross margin, but broadly in line with the consensus POSITIVE • European oil and gas monthly: April 2024 – margins retreating • Bank Handlowy: to pay PLN 10/share dividend NEUTRAL • PKO BP: estimates cost of credit holidays extension at PLN 489m NEUTRAL • Bank Millennium: expects a PLN 201-247m impact from the 2024E credit holidays extension for PLN mortgagors NEUTRAL • Inter Cars: April sales recover by 19.5% yoy POSITIVE • MOL: 1Q...
EQS-News: United Benefits Holding acquires City Tower Vienna for EURO ...
EQS-News: IMMOFINANZ AG / Key word(s): Real Estate/Disposal United Benefits Holding acquires City Tower Vienna for EURO REAL ESTATE from IMMOFINANZ 06.05.2024 / 08:30 CET/CEST The issuer is solely responsible for the content of this announcement. United Benefits Holding acquires City Tower Vienna for EURO REAL ESTATE from IMMOFINANZ Landmark property with 26,600 sqm of usable space at top location in Wien Mitte United Benefits Holding realises acquisition of the “Justizzentrum Wien Mitte“ for EURO REAL ESTATE with a transaction volume of more than 150 million Euros ...
EQS-News: United Benefits Holding erwirbt für EURO REAL ESTATE den Cit...
EQS-News: IMMOFINANZ AG / Schlagwort(e): Immobilien/Verkauf United Benefits Holding erwirbt für EURO REAL ESTATE den City Tower Vienna von der IMMOFINANZ 06.05.2024 / 08:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. United Benefits Holding erwirbt für EURO REAL ESTATE den City Tower Vienna von der IMMOFINANZ Landmark-Immobilie mit 26.600 m² Gesamtnutzfläche an Top-Standort in Wien Mitte United Benefits Holding realisiert für EURO REAL ESTATE den Ankauf des „Justizzentrum Wien Mitte“ mit einem Transaktionsvolumen von mehr als...
- Research Team
The Rear-View Mirror – EME markets: all geographies in the green in Ap...
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).
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
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
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
TPS ORANGE POLSKA S.A.
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.
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
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.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
GEB BANK OF GEORGIA
M MED LIFE
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
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
PCO PEPCO GROUP NV
GPP KAZMUNAYGAS NC JSC
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
2381 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN DRILLING CO.
SHO JAHEZ INTERNATIONAL CO
BOROUGE SHOPER SA
AIRA BOROUGE
GEV AIR ASTANA JSC
GEVORKYAN A.S.
- Research Team
WOOD Daily: ARCLK TI; SIPCHEM AB; KRU PW; EME Macro/Strategy Weekly; T...
HEADLINES: • Arcelik: weak bottom-line performance in 1Q24 NEGATIVE • Sipchem: 1Q24 results – weak net income NEGATIVE • Kruk: issues flash 1Q24 net profit of PLN 338m NEUTRAL • EME Macro/Strategy: macro all-in-one (22-28 April) • Türkiye macro: MPC takes a pause, but hiking cycle not over yet • OTP Bank: CEO Csanyi speaks at AGM on future acquisitions and Russian exposure POSITIVE • Budimex: BXF Energia acquires 60 MW photovoltaic project NEUTRAL • Inter Cars: dividend policy for 2023-25E and p...
- Research Team
WOOD Daily: JMT PL; CAR PW; MBR PW; SHO PW; TL Macro; UZ Macro; PL Ban...
HEADLINES: • Jeronimo Martins: small beat in 1Q24 NEUTRAL • Inter Cars: 4Q23 net profit in line with prelims, a miss vs. our initial forecasts due to lower gross margin NEUTRAL • Mo-BRUK: 4Q23 earnings call takeaways – supportive 2024E outlook POSITIVE • Shoper: earnings call takeaways – strong April, optimistic on 2024E outlook POSITIVE • Türkiye macro: MPC takes a pause, but hiking cycle not over yet • Uzbekistan macro: CBU keeps rates on hold • Polish banks: Polish Supreme Court reconfirms th...
- Jakub Caithaml
WOOD Flash – GTC: 4Q23 – no material revaluation result, focus remains...
In 2023, GTC launched – and eventually walked away from – an attempt to take over Ultima. Under new leadership, the company entered 2024 with an LTV of 49%, having made EUR 65m in FFO in 2023 (EUR 71m, if adjusted for non-recurring cost items). The key task ahead is the refinancing of the 2026E EUR 500m green bond. GTC plans to exit the Ireland data-centre development project, which could help it to repay part of the bonds. Importantly, it has secured permission to expand the technological campu...
- Research Team
WOOD Daily: OPL PW; VGO PW; GTC PW; PL Macro; HU Macro; KRU PW; BHW PW...
HEADLINES: • Orange Polska: 1Q24 results – EBITDAaL up 5% yoy, 4% above the consensus POSITIVE • VIGO Photonics: strong miss on EBITDA and bottom line NEGATIVE • GTC: 4Q23 – no material revaluation result, focus remains on refinancing ahead NEUTRAL • Poland macro: retail sales stay brisk in March • Hungary macro: MNB slows down pace of rate cuts • Kruk: 1Q24E preview (due on 8 May, after the close) • Bank Handlowy: 1Q24E preview (due on 9 May) • Eurocash: 1Q24E results preview – 16% yoy EBITDA ...
- Research Team
WOOD Daily: KSPI LI; KRU PW; TUPRS TI; TL Banks; SIPCHEM AB; JMT PL; E...
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...
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
MIL BANK MILLENNIUM SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
TUPRS TURKIYE PETROL RAFINERILERI A.S.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
- Research Team
WOOD Daily: SOKM TI, CAR PW, PL telecoms, PL media, SNP RO
HEADLINES: • Sok Marketler: weak performance in the 4Q23 results • Inter Cars: targets 15-17% yoy revenue growth this year • Polish telecoms: telecommunications fee to grow from 0.05% of sales to 0.15% sales • Polish media: CPS audience share at 21.53%, WP TV at 0.61% in March 2024 • OMV Petrom: 1Q24E results preview (due out 30 April)
- Research Team
WOOD Daily: EME macro/strategy - reassessing the inflation and rates o...
HEADLINES: • EME Macro/Strategy: reassessing the inflation and rates outlook to 2025E eop • Benefit Systems: strong momentum continues • Dom Development: volume growth, margins stronger for longer (stays BUY) • Kazakhstan macro: NBK keeps policy rate on hold, at 14.75% • Ford Otosan: to issue Eurobond • Bank Pekao: 1Q24E preview (results due on 30 April) • Santander Bank Polska: 1Q24E preview (results due on 30 April) • ING BSK: 1Q24E preview (results due on 7 May) • Short News (HUG)
- Jakub Caithaml
- Maria Mickiewicz
Dom Development: volume growth, margins stronger for longer (stays BUY...
After the excellent 2023 (3.9k units sold, PLN 2.6bn in revenues and a 30+% ROE, with just PLN 131m of net debt), we believe that Dom Development (Dom) is en route to another good year. Construction costs are stable and prices are still trending up, albeit at a slower pace than last year, when we saw offer prices for new apartments rise 14-22% yoy in major Polish cities, according to JLL. This means that we could see strong margins for longer, with possible upside to the already-high GPM of rece...
- Research Team
WOOD Daily: ADNOCDRI UH; ARABIAND AB; PPC GA; KRU PW; BDX PW; PL Utili...
HEADLINES: • Middle Eastern Oil Services: we’re going with what’s growing (ADNOC Drilling upgraded to BUY, Arabian Drilling downgraded to HOLD) • Public Power Corporation: 4Q23 earnings review NEUTRAL • Kruk: 1Q24 trading update shows strong recoveries POSITIVE • Budimex: 4Q23 figures in line with the preliminary guidance NEUTRAL • Budimex: management recommends PLN 35.69 DPS (5% dividend yield), above our expectations POSITIVE • Polish utilities: Industry Ministry plans to link mines to coal-fi...
- Research Team
The Rear-View Mirror – EME markets: mixed market performances in March
EME Equity Market – March 2024 Market performance – mixed performances in March, with the Romanian BET outperforming. The MSCI EM Europe Index declined by 0.3% mom in EUR terms and 0.4% mom in USD in March. The Romanian BET reported the strongest performance, adding 7.1% mom in EUR terms, followed by the Czech PX and the Polish WIG20 (+4.1% and 1.0% mom, in EUR terms, respectively). Greece saw a relatively muted performance (-0.2% mom in EUR terms), while Hungary (-1.1% mom in EUR terms) and Tür...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS 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.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
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
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
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.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ECH ECHO INVESTMENT
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
CTPNV KAZMUNAYGAS NC JSC
ONE CTP NV
GPP ONE UNITED PROPERTIES SA
AROBS GRUPA PRACUJ DA
2381 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN DRILLING CO.
4071 JAHEZ INTERNATIONAL CO
H2O ARABIAN CONTRACTING SERVICES CO
7203 HIDROELECTRICA S.A.
AQ ELM CO
AIRA AQUILA PART PROD COM
AIR ASTANA JSC
- Research Team
WOOD Daily: CDR PW; ALARABIA AB; CIMSA TI; TPE PW; ACP PW; RO Energy; ...
HEADLINES: • CD Projekt: 13% beat vs. our 4Q23 EBITDA forecast, on stronger revenues (CP77 IP) POSITIVE • Al Arabia Outdoor Advertising: mixed 4Q23 results NEUTRAL • Cimsa: 2023 financial results review • Tauron: reports 4Q23 EBITDA of PLN 674m , 44% lower qoq, but 83% higher yoy NEUTRAL • Asseco Poland: key takeaways from the 4Q23 earnings call NEUTRAL • Romanian energy: government adopts emergency ordinance, with amended regulations for the energy sector NEUTRAL • Bank of Georgia: receives app...
EQS-News: IMMOFINANZ 2023 mit starker operativer Performance
EQS-News: IMMOFINANZ AG / Schlagwort(e): Jahresergebnis/Immobilien IMMOFINANZ 2023 mit starker operativer Performance 27.03.2024 / 18:05 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. IMMOFINANZ 2023 mit starker operativer Performance Kräftige Zuwächse bei Mieterlösen und operativen Ergebnissen Mieterlöse um 77,8% auf EUR 533,6 Mio. gestiegen Deutlich verbessertes like-for-like Mietwachstum von 8,5% Ergebnis aus Asset Management um 85,1% auf EUR 418,5 Mio. erhöht Operatives Ergebnis um 84,7% auf EUR 285,1 Mio. deutlich g...
EQS-News: IMMOFINANZ 2023 with strong operating performance
EQS-News: IMMOFINANZ AG / Key word(s): Annual Results/Real Estate IMMOFINANZ 2023 with strong operating performance 27.03.2024 / 18:05 CET/CEST The issuer is solely responsible for the content of this announcement. IMMOFINANZ 2023 with strong operating performance Strong growth in rental income and operating results Rental income rose by 77.8% to EUR 533.6 million Sound 8.5% improvement in like-for-like rental income Results of asset management increased by 85.1% to EUR 418.5 million Substantial growth of 84.7% in results of operations to EUR 285.1 million ...
- Research Team
EQS-News: IMMOFINANZ sells office properties in Vienna
EQS-News: IMMOFINANZ AG / Key word(s): Real Estate/Disposal IMMOFINANZ sells office properties in Vienna 15.03.2024 / 11:30 CET/CEST The issuer is solely responsible for the content of this announcement. IMMOFINANZ sells office properties in Vienna IMMOFINANZ is taking another step in optimising its portfolio by selling two office properties in Vienna. The properties in the 20th district of Vienna have been successfully sold to an Austrian real estate investor. “The most recent sales in Austria and Croatia show that we are also making very good progress in optimising o...
EQS-News: IMMOFINANZ verkauft Büroimmobilien in Wien
EQS-News: IMMOFINANZ AG / Schlagwort(e): Immobilien/Verkauf IMMOFINANZ verkauft Büroimmobilien in Wien 15.03.2024 / 11:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. IMMOFINANZ verkauft Büroimmobilien in Wien Die IMMOFINANZ setzt mit dem Verkauf von zwei Büroimmobilien in Wien einen weiteren Schritt im Rahmen ihrer Portfoliooptimierung. Die Liegenschaften im 20. Wiener Gemeindebezirk wurden erfolgreich an einen österreichischen Immobilieninvestor verkauft. „Die jüngsten Verkäufe in Österreich und Kroatien zeigen, dass wir bei d...
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