reports
- 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: SPL PW; PEO PW; PCF PW; EBS AV; OMV AV; BOROUGE UH; SNP RO...
HEADLINES: • Santander Bank Polska: 1Q24 results – 19%+ headline ROE affected only slightly by FX mortgage saga costs • Bank Pekao: 1Q24 results in line with market's expectations NEUTRAL • PCF Group: 4Q23 headlines hit heavily by write-offs, but a more limited EBITDA loss than we had expected NEUTRAL • Erste Bank: 1Q24 results NEUTRAL • OMV: 1Q24 results – chemicals stronger than expected NEUTRAL • Borouge: 1Q24 results – better than expected POSITIVE • OMV Petrom: 1Q24 results NEUTRAL • Garan...
Cyfrowy Polsat S.A: 1 director
A director at Cyfrowy Polsat S.A bought 25,000 shares at 10.226PLN and the significance rating of the trade was 56/100. 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 cl...
- 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: ALPHA GA; EUROB GA; ETE GA; TPEIR GA; CPS PW; PKN PW; ING ...
HEADLINES: • Greek banks: life after the windfall (Alpha, Eurobank, NBG and Piraeus – transfer of coverage) • Cyfrowy Polsat: key takeaways from the 4Q23 earnings call NEUTRAL • Orlen: announces PLN 1.6bn of probable trading losses NEGATIVE • ING BSK: AGM approves PLN 33.35 DPS NEUTRAL • Public Power Corporation: partners with Mytilineos for 2GW solar portfolio NEUTRAL • InPost: PPF realises option to buy 10% stake • ONE United Properties: founders and others selling up to 9.5% in ABB • PKO BP: ...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
WPL WIRTUALNA POLSKA HOLDING SA
MONET MONETA MONEY BANK AS
NBGGY NATIONAL BANK OF GREECE S.A. ADS
INPST INPOST S.A.
ONE ONE UNITED PROPERTIES SA
- Research Team
WOOD Daily: APR PW; CPS PW; GPW PW; PCO PW; DAT PW; CEZ CP
HEADLINES: • Auto Partner: 4Q23 EBITDA misses our forecast by 4%, but the consensus by 12% NEGATIVE • Cyfrowy Polsat: 4Q23 results review – adjusted EBITDA down 17% yoy, 4% below the consensus NEGATIVE • Warsaw Stock Exchange: 4Q23 bottom-line beat lacking some quality NEUTRAL • Pepco Group: lfl worsens to -2.9% in 2Q24; new CEO appointed NEGATIVE • DataWalk: actual 4Q23 numbers fully in line with the preliminaries; strong 1Q24 sales funnel POSITIVE • CEZ: Parliament formally drops Lex CEZ 2.0 N...
- Research Team
WOOD Daily: ETEL EY; ARCLK TI; EME Macro/Strategy Weekly; 4IG HB; WINE...
HEADLINES: • Telecom Egypt: 4Q23 results review – EBITDA up 24% yoy, 7% below the consensus NEUTRAL • Arcelik: weak operating performance in 4Q23 results NEGATIVE • EME Macro/Strategy: macro all-in-one (26 February-3 March) • 4iG: key takeaways from the 4Q23 earnings call • Purcari Wineries: takeaways from the 4Q23 earnings call NEUTRAL • Huuuge Games: February bookings estimate at USD 13m, up 5% mom POSITIVE • Ten Square Games: February total bookings estimate flat mom, but further declines in ...
- Research Team
WOOD Daily: KZ Macro; SHO PW; EU Oil and Gas Monthly; ONE RO; TEN PW; ...
HEADLINES: • Kazakhstan macro: early takes on the resignation of the government • Shoper: preliminary 4Q23 adjusted EBITDA up 17% yoy, 13% above our forecast POSITIVE • European Oil and Gas Monthly: January 2024 – refining margins benefit from geopolitics • ONE United Properties: FY23 trading update • Ten Square Games: PLN 3.3m loss from associates (Gamesture) to be booked in 4Q23 NEGATIVE • Warsaw Stock Exchange: new CEO appointed at the EGM NEUTRAL • Wirtualna Polska: real users in January...
- Research Team
WOOD Daily: H2O RO; MONET CP; AKBNK TI; KAP LI; SNP RO; BRD RO; KRU PW...
HEADLINES: • Hidroelectrica: incorporating lower power prices (downgraded to HOLD) • MONETA Money Bank: publishes 4Q23 results, guides for CZK 9 of 2023 DPS, upgrades 2024-28E EPS guidance NEUTRAL • Akbank: 4Q23 results and 2024E guidance highlights Kazatomprom: 4Q operational update and guidance NEUTRAL • OMV Petrom: takeaways from the 4Q23 earnings call NEUTRAL • BRD-GSG: SocGen may be mulling over potential sale of its Romanian subsidiary NEUTRAL • Kruk: invests EUR 212m in 1Q24E in Italy,...
CDR CD PROJEKT S.A.
AKBNK AKBANK TAS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
EAT AMREST HOLDINGS SE
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
PCF PCF GROUP SA
HUGE HUUUGE
SHO SHOPER SA
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: GPW PW; CCOLA TI; TUPRS TI; TEN PW; APR PW; BFT PW; PL Tel...
HEADLINES: • Warsaw Stock Exchange: the tide is turning (upgraded to BUY) • Coca-Cola Icecek: announces 4Q23 trading update and 2024E guidance NEUTRAL • Tupras: major maintenance NEGATIVE • Ten Square Games: 4Q23 bookings down 2% qoq, 3% below our forecast NEGATIVE • Auto Partner: December sales growth decelerates materially, to 14% yoy, slightly below our expectations NEGATIVE • Benefit Systems: 1,919k active sports cards at end-2023 NEUTRAL • Polish telecoms: mobile number portability in...
- Research Team
WOOD Daily: TXT PW; CZG CP; TPE PW; DNP PW; MBR PW; SIPCHEM AB; CPS PW...
HEADLINES: • Text: preliminary 3Q23-24 (calendar 4Q23) results – USD 21.3m sales (+12.9% yoy, -7.3% qoq) NEGATIVE • Colt CZ Group SE: acquires IP rights for 40mm grenade launcher POSITIVE • Tauron: ArcelorMittal dismisses Tauron’s statement on offer to buy Tameh Holding NEUTRAL • Dino: 66 new stores added in 4Q23 (shopping space +12% yoy) NEUTRAL • Mo-BRUK: signs PLN 33m contract for eco bomb decommissioning in Czestochowa NEUTRAL • Sipchem: JV awarded contracts for cracker expansion POSITIVE • ...
- Research Team
WOOD Daily: WOOD's Winter Wonderland 2023 – Postcards from Prague – CE...
HEADLINES: • WOOD's Winter Wonderland EME Conference 2023: postcards from Prague • CEZ: postcard from Prague • Colt CZ Group SE: postcard from Prague • Eurowag: postcard from Prague • Pilulka Lekarny: postcard from Prague • Athens Exchange Group: postcard from Prague • Elbit Systems: postcard from Prague • Siauliu Bankas: postcard from Prague • Budimex: postcard from Prague • CD Projekt: postcard from Prague • Cyber_folks: postcard from Prague • Cyfrowy Polsat: postcard from Prague ...
CEZ CEZ AS
CDR CD PROJEKT S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
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.
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
DAT DATAWALK SA
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
ELSA SOCIETATEA ENERGETICA ELECTRICA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
SOKM SOK MARKETLER TICARET AS
CZG CESKA ZBROJOVKA GROUP
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
WPS W.A.G PAYMENT SOLUTIONS PLC
GPP GRUPA PRACUJ DA
- Research Team
WOOD Daily: TLV RO; BRD RO; EME Macro/Strategy – HU; 4IG HB; CEZ CP; I...
HEADLINES: • Romanian banks: banking in the land of Dracula (Banca Transilvania stays BUY and BRD-GSG stays HOLD - transfer of coverage) • EME Macro/Strategy: Hungary - heading into a brighter 2024E • 4iG: key takeaways from the 3Q23 earnings call NEUTRAL • CEZ: completes sale of stake in AKCEZ Enerji NEUTRAL • ING BSK: receives approval for dividend payment NEUTRAL • Kazatomprom: signs contract with Emirates Nuclear Energy Corporation to supply uranium • Elm: announces completion of discussio...
- Research Team
The Rear-View Mirror – EME markets: Greek stocks in the lead
EME Equity Market – November 2023 Market performance – Greeks in the lead, in a month with only green across the region. The MSCI EM Europe Index added 5.6% mom in EUR terms and 8.7% mom in USD in November. The Greek ASE Index was the top performer in our region (+6.9% mom), followed by the Polish WIG20 (+5.5% mom) and the Hungarian BUX (+4.0% mom). The Czech PX Index saw the most muted performance, advancing 2.8% mom.
PEO BANK POLSKA KASA OPIEKI SA
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
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.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
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
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
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.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
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
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
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.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
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.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
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.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
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)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
PCO PEPCO GROUP NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: TKNSA TI; OTP HB; BHW PW; EUR PW; DOAS TI; ULKER TI; SOKM ...
HEADLINES: • Teknosa: good things come in small packages (BUY - initiation of coverage) • OTP Bank: beats expectations with 3Q23 delivery • Bank Handlowy: solid 3Q23, DPS feasible and attractive, still a reason to own the stock NEUTRAL • Eurocash: 3Q23 beat on costs POSITIVE • Dogus Otomotiv: strong bottom-line beat in 3Q23 POSITIVE • Ulker: 3Q23 results - strong beat POSITIVE • Sok Marketler Ticaret: 3Q23 in line operationally, strong bottom-line beat on deferred tax income NEUTRAL • Public P...
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
TITK TITAN CEMENT CO. SA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TKNSA TEKNOSA IC VE DIS TICARET AS
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
M MED LIFE
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
NLBR NLB GROUP
4IG 4IG NYRT
- Research Team
WOOD Morning (9 November 2023)
HEADLINES: • Kruk: 3Q23 - books another strong quarter • PKO BP: solid 3Q23, announces another attempt to pay 2022 DPS, books 25%+ headline ROE • CEZ: 3Q23 a solid beat; adjusted net profit guidance unchanged, at CZK 33-37bn POSITIVE • InPost: 3Q23 beat on stronger international operations; breakeven in UK; strong start to 4Q POSITIVE • Pegasus Airlines: 3Q23 - another strong summer, guidance maintained NEUTRAL • Cyfrowy Polsat: 3Q23 results review - soft numbers, in line with expectations NEU...
CEZ CEZ AS
PKO PKO BANK POLSKI S.A.
WIZZ WIZZ AIR HOLDINGS PLC
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CCC CCC SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
INPST INPOST S.A.
CTPNV CTP NV
ADNOCDRILL ADNOC DRILLING CO
4071 ARABIAN CONTRACTING SERVICES CO
- Research Team
WOOD Daily: CZ Macro; KOMB CP; RBI AV; BRD RO; DNP PW; ELPE GA; DAT PW...
HEADLINES: • Czech Republic macro: CNB begins rate cut deliberations • Komercni Banka: solid 3Q23 delivery, but not implying any major changes in medium-term outlook NEUTRAL • Raiffeisen Bank: beats 3Q23 expectations, improves guidance, but valuation still at deep discounts NEUTRAL • BRD-GSG: 3Q23 results - strong bottom line with still provision releases POSITIVE • Dino: 2-5% beat in 3Q23 NEUTRAL • HELLENiQ Energy: 3Q23 results - above the consensus, plus interim dividend of EUR 0.3/share • ...
KOMB KOMERCNI BANKA A.S.
VER VERBUND AG CLASS A
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
DAT DATAWALK SA
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
DNP DINO POLSKA S.A.
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
RICHT RICHTER
ALG ALLEGRO.EU SA
INPST INPOST S.A.
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
- Research Team
The Rear-View Mirror – EME markets: stellar market reaction in Poland ...
EME Equity Market – October 2023 Market performance – election results prompt stellar market reaction in Poland; sell-off in Turkey. The MSCI EM Europe Index added 1.7% mom in EUR terms and 2.0% mom in USD in October. Poland staged a massive rebound, post the elections, with the WIG20 advancing 16.4% mom in EUR terms. Apart from Turkey, where October was a sell-off, with the ISE30 declining 13.7% mom in EUR terms, there were relatively muted performances everywhere else (BUX +2.1% / PX +0.4% / B...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
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
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
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.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
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.
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
19XX NEPI ROCKCASTLE PLC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
WPS 4IG NYRT
PCO W.A.G PAYMENT SOLUTIONS PLC
KLKIM PEPCO GROUP NV
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
7202 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO JAHEZ INTERNATIONAL CO
4071 SHOPER SA
BOROUGE ARABIAN CONTRACTING SERVICES CO
7203 BOROUGE
ELM CO
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; KLKIM TI; ARCLK TI; ENA PW; TLV...
HEADLINES: • EME Macro/Strategy: macro all-in-one (16-22 October) • Kalekim: 3Q23 - strong set of results, but failed to meet expectations NEGATIVE • Arcelik: 3Q23 results - in line NEUTRAL • Enea: sees PLN 264m maximum impact from cut in retail tariff NEUTRAL • Banca Transilvania: ICCJ rejects revision of Volksbank case • TeraPlast: 3Q23E earnings preview (due out tomorrow) • Ford Otosan: 3Q23E earnings preview (due on 25 October) • Tofas: 3Q23E earnings preview (due on 25 October) • Tupra...
BHW BANK HANDLOWY W WARSZAWIE S.A.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK ING BANK SLASKI S.A.
ENA ENEA S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
- Research Team
WOOD Daily: MIL PW; PL Macro; IS Macro; PKN PW; CPS PW; ACP PW; 4IG HB...
HEADLINES: • Bank Millennium: to book PLN 673m of FX mortgage saga costs in 3Q23E NEUTRAL • Poland macro: NBP continues with the easing cycle • Iceland macro: Sedlabanki on a hawkish pause • Orlen: awarded licences for five Baltic Sea windfarms • Orlen: commissions biodiesel plant • Cyfrowy Polsat: repurchases 50% stakes in Port Praski City II and Port Praski Medical Center NEUTRAL • Asseco Poland: CEO purchases ACP shares worth PLN 8.86m POSITIVE • 4iG: signs MoU for construction of submar...
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