Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
The number of units delivered was in line with our FY19 expectations, while the number of pre-sales was 21% above our estimates (582 units in 4Q19, +86% y/y on improved dwellings offer). Our 4Q19 forecast implies FY19 revenues of PLN 814m and EBIT ex. revaluations of PLN 262m and net profit ex. revaluations of ca. PLN 193m (broadly in line with our previous expectations). As a reminder, our in our forecasts we assume a 75% pay-out ratio of adjusted consolidated net profit with additional payment...
The analysed residential developers reported cumulative delivery of 2,245 units in 4Q19 (-32% y/y) and 9,326 units in FY19 (-12% y/y). Based on our estimates, we expect cumulative gross profitability to improve by 1.4pp y/y, while cumulative net profit to decline by 10% y/y in FY19 (mainly on lower y/y deliveries in Atal).
In 4Q19, twelve WSE-listed residential developers reported improvement of pre-sales by 12% y/y to over 4,600 units. Six of analysed developers reported improvement y/y of pre-sales with the highest growth rate reported by Develia (+86% y/y to 582 units) and the highest volume reported by Dom Development (962 units; -4% y/y).
• We are positive about stock markets. Stocks ↑ • WIG > EM > SPX > EuroStoxx • The global economic cycle is close to the inflection point. • Central banks’ policy will support risky assets. • GPW is in the ‘risk search’ phase and a wave of optimism may have a dynamic impact on multiple re-rating. • The most important topic for 2020 on the GPW will be a significant increase in the capacity of domestic investors to purchase stocks. Inflows should send valuations up. • Poland:...
• Short term: positive attitude. Shares ↑, EM>DM, WIG20WIG20 • WIG20: S-T +10%; L-T WIG20 • Our thesis is that the market is currently in an ‘unreasonably cheap’ phase and we are only just ahead of a phase of doubt, especially in the segment of small companies. • The economic cycle is already behind its peak phase. • The upcoming slowdown will be a classic recession rather than a crisis. • Poland: slowdown in growth, especially in 2H19; strong consumption maintained (although s...
The company dispose property worth 2,64PLN GAV and 1,84PLN NAV per share. In our view DPS for 2018 might reach 1,5PLN (1,15PLN for the property + 0,35PLN for current operating results). After the deal the company would be left with debt-free housing developer + Arkady and Sky tower leveraged 0,5x D/A. We estimate LCC after disposal DPS potential at 0,3PLN in 2019-2000 and 0,25PLN DPS afterwards.
Following the ABB in September 2017, the Company’s stock price was swiftly heading towards the TP that we established at PLN 3.8, reaching the maximum level of PLN 3.2 (before DPS of PLN 0.24). The stock price has been under pressure since January, which – from today’s perspective – might have stemmed from significant changes in the free-float structure established after the ABB. Nevertheless, we think that the Company is already past this process and therefore, we expect the market to r...
Due to a reallocation of resources, Haitong Research is terminating coverage of Echo Investment (ECH PW), Dom Development (DOM PW), GTC (GTC PW), LC Corp (LCC PW), Capital Park (CPG PW), Atal (1AT PW), Ronson (RON PW). Inter Cars (CAR PW), PKP Cargo (PKP PW), Budimex (BDX PW) and Wawel (WWL PW). Effective upon this termination of coverage, our last recommendations, fair values and estimates should not be relied upon going forward.
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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