reports
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Research Team
The Rear-View Mirror – EME markets: only the Czech Republic in the bla...
EME Equity Market – October 2024 A red October for the EME indices, only Czechia in positive territory. The MSCI EM Europe Index declined by 6.0% in EUR terms and 8.4% in USD terms in October. The Czech PX index was the only one spared, adding 1.3% mom in EUR terms. Türkiye was battered the most, with the Turkish ISE30 declining by 7.3% mom in EUR terms, followed closely by the Polish WIG20 (-6.7% mom in EUR terms). Greece fell 4.8% mom in EUR terms, while the Hungarian BUX index lost 2.7% mom i...
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
MGROS MIGROS TICARET A.S
ARCLK ARCELIK A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
WPS W.A.G PAYMENT SOLUTIONS PLC
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: KRU PW; RBI AV; ADNOCDRI UH; ELM AB; CCC PW; DIGI RO; ALAR...
HEADLINES: • Kruk: 3Q24 headline net profit at record high (in line with earlier flash estimate), enables revenues to grow 35% yoy NEUTRAL • Raiffeisen Bank International: 3Q24 in line with expectations; higher CHF mortgage saga costs in Poland to affect FY24E ROE; significant acceleration in downsizing Russian business NEUTRAL • ADNOC Drilling: 3Q24 results NEUTRAL • Elm: 3Q24E financial results preview (due on 3 November) • CCC: 3Q24E prelims preview – 93% yoy EBITDA growth expected (due on 8 ...
EQS-News: RBI: Ergebnisse der Einladung zum Rückkauf von Wertpapieren ...
EQS-News: Raiffeisen Bank International AG / Schlagwort(e): Sonstiges RBI: Ergebnisse der Einladung zum Rückkauf von Wertpapieren durch die Raiffeisen Bank International AG 03.10.2024 / 13:43 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. RBI: Ergebnisse der Einladung zum Rückkauf von Wertpapieren durch die Raiffeisen Bank International AG Wien, 3. Oktober 2024. Die Raiffeisen Bank International AG (die „Bank“) hat am 25. September 2024 die berechtigten Inhaber (die „Schuldverschreibungsinhaber“) ihrer ausstehenden „EUR 500.000.000 N...
EQS-News: RBI: Results of the Tender Offer by Raiffeisen Bank Internat...
EQS-News: Raiffeisen Bank International AG / Key word(s): Miscellaneous RBI: Results of the Tender Offer by Raiffeisen Bank International AG 03.10.2024 / 13:43 CET/CEST The issuer is solely responsible for the content of this announcement. RBI: Results of the Tender Offer by Raiffeisen Bank International AG Vienna, 3 October 2024. On 25 September 2024, Raiffeisen Bank International AG (“the Bank”) invited eligible holders (the "Noteholders") of its outstanding EUR 500,000,000 Subordinated Callable Fixed-to-Fixed Rate Reset Notes due March 2030 (ISIN: XS2049823763) (the "N...
- Research Team
The Rear-View Mirror – EME markets: Greece rebounds, elsewhere mostly ...
EME Equity Market - September 2024 EME indices mostly in the red in September; rebound in Greece. The MSCI EM Europe Index declined 2.0% in EUR terms and 1.1% in USD terms in September. The Greek ASE Index was the best performer in our region, advancing 1.4% mom in EUR terms. Muted performances were seen in Czechia and Hungary (+0.3% and +0.2% mom, respectively in EUR terms), with declines in Poland, Romania and Turkey (-3.6%, -2.9% and -1.5% mom, respectively in EUR terms).
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
KLKIM VERCOM SA
SHO KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
4071 SHOPER SA
TRESTATES ARABIAN CONTRACTING SERVICES CO
GEV TRADE ESTATES REIC SA
NOVAL GEVORKYAN A.S.
BOCHGR NOVAL PROPERTY
BANK OF CYPRUS
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; RBI AV; 11B PW; PCF PW; KTY PW;...
HEADLINES: • EME Macro/Strategy: macro all-in-one (16-22 September) • Raiffeisen Bank International: signs agreement targeted at sale of its Belarusian operations • 11 bit studios: Frostpunk 2 post-release player reviews and player count disappoint NEGATIVE • PCF Group: updates timeframe for strategy implementation, new PLN 350m financing needed in 2025-26E NEGATIVE • Kety: takeaways from the Investor Day NEUTRAL • ADNOC Distribution: Board approves interim dividend NEUTRAL • VIGO Photonics: beg...
- Egor Fedorov
- Maureen Schuller
CEE bank bonds/Outperforming with a good case for more
The lower supply pressure and turning interest rate cycle have helped CEE bank bonds outperform this year, particularly in the unsecured segment. The relative value metrics of CEE bank bonds remain enticing though versus European comparables, from a bank fundamental and instrument rating angle. We expect to see a further outperformance of CEE names.
- Egor Fedorov
- Maureen Schuller
CEE bank bonds/Outperforming with a good case for more
The lower supply pressure and turning interest rate cycle have helped CEE bank bonds outperform this year, particularly in the unsecured segment. The relative value metrics of CEE bank bonds remain enticing though versus European comparables, from a bank fundamental and instrument rating angle. We expect to see a further outperformance of CEE names.
- Gabor Bukta
RBI reported decent Q2 despite CHF provisioning
Summary: RBI’s reported PAT came in at EUR 715mn in Q2 despite CHF provisioning, 3% ahead of the consensus. The quarter was driven by a slight decrease in NII, which peaked in Q4/23, in our view, offset by the increase in NFCI on higher deposits. Russia remained outstandingly strong despite shrinking operations as it added alone EUR 379mn to the Group’s profit. RBI lifted its NII guidance by EUR 100mn to EUR 4.1bn and lowered the guidance for cost of risk to 35bps from 50bps on better mark...
- Research Team
The Rear-View Mirror – EME markets: Greek ASE – best performer in July
EME Equity Market – July 2024 Greece the biggest winner, while Poland the clear loser in July. The MSCI EM Europe Index declined by 1.1% in EUR terms and 0.3% in USD terms in July. The Greek ASE Index posted the best performance for the month, advancing by 5.3% mom in EUR terms. There was a broadly similar performance in Hungary, Czechia and Romania (+ 2.9%, 2.7% and 2.1% mom in EUR terms, respectively). The Turkish ISE30 Index declined by 1.6% mom in EUR terms, but the clear loser was the Polis...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
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.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
PCO PEPCO GROUP NV
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
SHO SHOPER SA
BOROUGE BOROUGE
7203 ELM CO
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: RBI AV; EXAE GA; SAB1L LH; AKBNK TI; BDX PW; SOLUTION AB; ...
HEADLINES: • Raiffeisen Bank International: posts solid 2Q24 POSITIVE • Athens Exchange Group: good results delivery in 2Q24 POSITIVE • Siauliu Bankas: high opex drags net profit down in 2Q24, but some positives NEUTRAL • Akbank: 2Q24 highlights – interest rate risk plays out • Budimex: earnings call takeaways – 2024E outlook reiterated NEUTRAL • Solutions by STC: 2Q24 conference call takeaways POSITIVE • Borouge/OMV: sign agreement, along with ADNOC and Borealis, with Wanhua Chemical Group for ...
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
BDX BUDIMEX S.A.
LVC LIVECHAT SOFTWARE SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE BOROUGE
EQS-News: RBI: Zwischenbericht 1. Halbjahr 2024 - Stabile Ergebnisentw...
EQS-News: Raiffeisen Bank International AG / Schlagwort(e): Halbjahresergebnis RBI: Zwischenbericht 1. Halbjahr 2024 - Stabile Ergebnisentwicklung des Kerngeschäfts 30.07.2024 / 07:28 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Stabile Ergebnisentwicklung des Kerngeschäfts Konzernergebnis ohne Beiträge aus Russland und Belarus im 1. Halbjahr EUR 604 Millionen, inklusive Vorsorgen für CHF- und EUR-Kredite in Polen in Höhe von EUR 391 Millionen Kernerträge ohne Russland und Belarus im Quartalsvergleich mit EUR 1.523 Millionen...
EQS-News: RBI: Semi-Annual Financial Report 2024 - Stable performance ...
EQS-News: Raiffeisen Bank International AG / Key word(s): Half Year Results RBI: Semi-Annual Financial Report 2024 - Stable performance in the core business 30.07.2024 / 07:28 CET/CEST The issuer is solely responsible for the content of this announcement. Stable performance in the core business H1/2024 consolidated profit of EUR 604 million, excluding Russia and Belarus and including EUR 391 million provisions for CHF and EUR mortgage loans in Poland Core revenues excluding Russia and Belarus stable at EUR 1,523 million quarter-over-quarter, slight margin-driven decr...
- Research Team
The Rear-View Mirror – EME markets: Turkish equities in the lead
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,...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
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.
GTC GLOBE TRADE CENTRE S.A.
TENERGY TERNA ENERGY 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
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
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.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
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
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
ADNOCDRILL GRUPA PRACUJ DA
AROBS ADNOC DRILLING CO
2381 AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
7203 ARABIAN CONTRACTING SERVICES CO
AQ ELM CO
GEV AQUILA PART PROD COM
GEVORKYAN A.S.
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Research Team
WOOD Daily: PKO PW; KRU PW; BHW PW; NLBR SV; PGSUS TI; ADNOCDIS UH; CT...
HEADLINES: • PKO BP: strong 1Q24, with 9% beat, but big part due to lower quarterly tax charge POSITIVE • Kruk: 1Q24 results in line with earlier communication; strong trend continues, but digested by the market already NEUTRAL • Bank Handlowy: books neutral 1Q24, questions on future capital management NEUTRAL • NLB Group: guidance upgrade spices up vanilla 1Q24 bottom-line beat POSITIVE • Pegasus Airlines: 1Q24 in line, guidance for mild margin compression and 10-12% ASK growth maintained NEUTR...
KRU KRUK S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BSK ING BANK SLASKI S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
ALR ALIOR BANK SA
ETEL TELECOM EGYPT
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
CTPNV CTP NV
2381 ARABIAN DRILLING CO.
AQ AQUILA PART PROD COM
- Szabolcs Pal
Q1 earnings above exp. but guidance has been revised
RBI’s reported net income came to EUR 1,455 mln, 2% ahead of the consensus. The quarter was marked by lower contribution from Russia partially due to ruble depreciation and very strong Core operation despite another round (EUR 109 mln) of CHF litigation costs. NII down by 3% q-o-q and increased by 5% y-o-y as a result of EUR rates feeding through interest income while deposit repricing stabilized in CZ, RO. NIM as a result also increased to 2.98% or 23 bps y-o-y. Weaker net F&C was a result a...
- Research Team
WOOD Daily: CTPNV NA; GE Macro; RBI AV; AIRA LI; TPEIR GA; ALK MS; ETE...
HEADLINES: • CTP: better late than never (upgraded to BUY) • Georgia macro: protests in Tbilisi • Raiffeisen Bank International: posts solid 1Q24, keeps 2024E guidance (but only on ex. Russia and Belarus basis), facing huge pressure to address Russia and Belarus exposures from officials • Air Astana Group: 1Q24 – 15% ASK growth, RASK down slightly yoy, but CASK stable • Piraeus Financial Holdings: 1Q24 highlights NEUTRAL • Alkaloid: 1Q24 numbers a strong start to the year POSITIVE • National Ban...
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