A director at Digi Communications NV sold 35,000 shares at 54.209RON 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 ...
HEADLINES: • Budimex: stands out, but deserves a pause (downgraded to HOLD) • CCC: 4Q23 slightly below prelims; sales acceleration and gross margin widening in 1Q24E POSITIVE • PGE: takeaways from the 4Q23 earnings call NEUTRAL • Hungary macro: the rise of the “Peter Magyar” phenomenon • Poland macro: local elections and NBP decision show continuity • Budimex: UOHS cancels decision on choosing BDX's offer for the D11 highway NEGATIVE • Budimex: potential new contract in road construction (PLN 0...
Compelling Risk-reward; Earnings Momentum Remains Healthy We see emerging value as the stock trades at 8x EV/EBITDA, -2SD from its mean valuation. Stepping into 2H24, we see an improving risk-reward profile for Maxis as Malaysia draws close to a potential dual wholesale network. Anchored by strong management, we expect the group to deliver a healthy three-year earnings CAGR of 8%. Upgrade to BUY with a DCF-based target price of RM4.20.
GREATER CHINA Sector Internet: Rewarding shareholders in 2023; emerging strategic growth prospects in 2024. MALAYSIA Update Maxis (MAXIS MK/BUY/RM3.55/Target: RM4.20): Compelling risk-reward as Maxis focuses on driving its core business and delivering three-year earnings CAGR of 8%. Upgrade to BUY with a higher target price of RM4.20. SINGAPORE Strategy Higher-for-a-lot-longer Interest Rates: Some companies to suffer, some to benefit.
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...
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...
4Q23: Results Mixed; Special Interim Dividend From TIME In 4Q23, CelcomDigi and Axiata reported better-than-expected earnings while TIME’s earnings were adversely affected by competition and network costs. After the results, we estimate pedestrian 2024 sector earnings growth of 4% yoy to RM5,872m. Key events to look out for in 1H24 include: a) fixed-line price competition, b) potential award of DWN, and d) synergistic savings from CelcomDigi. Maintain MARKET WEIGHT. Top pick is TIME for its attr...
EME Equity Market – February 2024 Market performance – a positive February, with the Polish WIG20 outperforming. The MSCI EM Europe Index added 4.2% mom in EUR terms and 3.7% mom in USD in February. The Polish WIG20 saw the strongest performance, adding 6.4% mom in EUR terms, followed by the Greek ASE (+4.2% mom), the Turkish ISE30 (+4.0% mom) and the Romanian BET (+2.6% mom) (all in EUR terms). There was a relatively muted performance in Hungary (+0.6% mom in EUR terms) and a decline in the Cze...
Digi has reported good Q4 numbers: SR has slowed, but EBITDA has accelerated nicely to +33.1% y/y from +24.1% y/y in Q3 driven by Spain. Management was careful not to give away too much information on the call, but did confirm that it will launch in 2024 in both Portugal and Belgium, and that it will offer both fixed and mobile in both countries, on its own network in both. It remains to be seen how it will actually achieve that.
HEADLINES: • Polish Auto Parts Distribution: sound recurrent growth prospects (Auto Partner downgraded to HOLD; Inter Cars stays BUY) • Kruk: 4Q23/2023 results – solid, but in line NEUTRAL • Alior Bank: books solid 2023, issues positive guidance on 2024E COR, and pays dividend one year earlier than expected POSITIVE • Romgaz: FY23 net profit 12% above profit reported with 2024E budget POSITIVE • Transelectrica: FY23 net result slightly below preliminary reported with 2024 budget NEUTRAL • KazMun...
4Q23: Core Earnings Within Expectations; Pedestrian 2024 Outlook 2023 results within expectations. Maxis reported 4Q23 net profit of RM56m, but this included RM57m in cost optimisation initiatives (staff), RM231m of accelerated depreciation, and RM73m of tax settlement. Stripping these out, Maxis’ 4Q23 core net profit came in at RM360m (+50% yoy, +25% qoq) as a result of a higher revenue base (+7% yoy, +12% qoq). The strong qoq and yoy improvement in earnings was mainly due to growth across both...
HEADLINES: • Graphisoft Park: 4Q23 – another year of growing earnings, FFO approaching EUR 15m in 2023 POSITIVE • NEPI Rockcastle: 2H23 – NOI grows by 13% yoy in 2023, on strong tenant sales POSITIVE • Bank of Cyprus: 4Q23 highlights and 2024E guidance POSITIVE • Coca-Cola Icecek: completes acquisition of Coca-Cola Bangladesh Beverages Ltd NEUTRAL • DIGI Communications: 4Q23E preview – 13% yoy EBITDA growth expected (due 28 February) • Sipchem: 4Q23E results preview (due on 28 February) NEUTRAL ...
After a decent 2023, in 2024 we are likely to see further evidence of market repair in Thailand, Malaysia and Indonesia driven by consolidation in both Mobile and Broadband. The economic outlook in the region is generally positive too, helped by post-Covid tailwinds, and China decoupling.
EME Equity Market – December 2023 Market performance – Poland outperforms in December. The MSCI EM Europe Index added 0.3% mom in EUR terms and 1.9% mom in USD in December. The WIG20 Index continues to perform well in the post-elections environment and reported the strongest performance in our core region, adding 5.9% mom in EUR terms. There was also a strong performance from the Romanian BET and Hungarian BUX indices, adding 4.4% and 4.1% mom, respectively, in EUR terms; while there was a relat...
3Q23 Results Within Expectations; 2024 To Be Range Bound In 3Q23, both CelcomDigi and TM reported better-than-expected earnings. The key drivers were CelcomDigi’s merger savings and TM’s positive tax credit. After the results, we project a 2023 sector earnings contraction of 15% yoy to RM4,909m. Key events to look out for in 1H24 include: a) fixed line price competition, b) 80% 5G coverage, c) potential award of DWN, and d) synergistic savings from the merger of Celcom and Digi in 2024-25. Maint...
HEADLINES: • GTC: Icona transfers 16% stake in GTC to Optima • CEZ: receives EUR 308m from Modernization Fund for Melnik, reportedly • DIGI Communications: acquires 60MHz of spectrum in the 1800MHz, 2100MHz and 3,500MHz bands POSITIVE • DIGI Communications: in talks to sell its EUR 1bn Spanish fibre network, reportedly POSITIVE • OMV Petrom: signs drilling agreement and secures more than 80% of contracting for Neptun Deep NEUTRAL
HEADLINES: • Pepco Group: preliminary FY23 results in line with guidance; cautious optimism, going forward NEUTRAL • Duna House: 3Q23 - doubling down on Italy with the Professione Casa acquisition NEUTRAL • AUGA Group: weak 3Q23, 2024E EBITDA guidance in line with our estimate • AmRest: EUR 800 refinancing agreement POSITIVE • PKO BP: can pay c.PLN 1.3/share 2022 net profit dividend POSITIVE • Poland macro: Donald Tusk nominated as Prime Minister • Fondul Proprietatea: receives binding offer ...
Axiata held its Investor Day in Kuala Lumpur on Wednesday and outlined plans to deliver on its 2025/26 targets; de-lever to 2.5x and grow DPS sustainably. Key themes include the delayering of XL Axiata and Link Net, market repair in Indonesia and its Frontier Markets, operational excellence and deleverage goals. See below for our brief takeaways.
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