We discontinue our coverage of the following stocks, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks: AD Plastik Arena Hospitality Group Bittnet Ciech Conpet Dogus Otomotiv Ekspress Grupp Fintel Energija Immofinanz Kcell Kernel KGHM Komercijalna Banka NLB Banka Petrol Group S Immo Sava Re Shelly Group (formerly Allterco) STS Group Turk Telekom Turkcell Ulker Zagreb Stock Exchange
EME Equity Market – November 2022 Market performance – Turkey does it again, breezing past everyone else, once more, in November. The MSCI EM Europe Index advanced 11.6% mom in EUR terms and 16.7% mom in USD. The ISE30 index, again, boasted the best performance among our coverage, adding 18.6% mom in EUR terms and 23.9% mom in local currency (lcl) terms. Positive performances were also recorded in the WIG (+14.0% EU /13.0% lcl mom), the BUX (+12.6% EUR/12.0% lcl mom), the BET (+8.4% EUR/8.6% lcl...
HEADLINES: • Wirtualna Polska: strong 3Q22, with adjusted EBITDA up 30% yoy, 8% above our estimate POSITIVE • Ten Square Games: 3Q22 adjusted EBITDA 4-6% above our and the market's expectations, a mixed October NEUTRAL • Athens Exchange Group: 3Q22 - weak quarter on low ADTV • DataWalk: actual 3Q22 numbers fully in line with the preliminaries NEUTRAL • Sava RE: 3Q22 results review - increase in net profit to EUR18m and annualised ROE to 13.9% • Tupras: subsidiary Entek applies for 1 GW of rene...
EME Equity Market – August 2022 Market performance – Turkey the biggest winner, in a predominantly bad month. The MSCI EM Europe Index declined 1.2% mom in EUR and 2.8% mom in USD terms. Turkey’s ISE index outperformed all other indices, adding 24.9% mom in EUR terms and 25.1% in local currency terms. Hungary’s benchmark, the BUX Index, added 1.1% mom and 0.2% mom in EUR and HUF terms, respectively. Greece’s ASE Index had a muted performance and added only 0.6% mom. All the other indices across ...
HEADLINES: • PKO BP: posts solid 2Q22 results NEUTRAL • Poland macro: GDP slows, but remains well above trend • Cyfrowy Polsat: 2Q22 results - pro-forma EBITDA down 6% yoy to PLN 893m, in line with consensus NEUTRAL • Tauron: 2Q22 results review - strong figures hit by provisions in generation NEUTRAL • KGHM: EBITDA miss, net income beat, negative operating cash flow • Benefit Systems: takeaways from the call, optimistic 2H22E outlook NEUTRAL • Sava RE: 2Q22 results review - annualised ROE de...
HEADLINES: • EMEA airlines: 7M22 traffic, strong travel demand driving fares, cheaper fuels leading to a share re • Tekfen: 2Q22 - strong beat, driven by long expected recovery in E&C margins POSITIVE • Aselsan: 2Q22 results - top down beat, but no guidance upgrade POSITIVE • Photon Energy: 2Q22 results review - strong beat, FY guidance hiked POSITIVE • Transelectrica: 2Q22 net profit 44% below our expectations NEUTRAL • Nuclearelectrica: 2Q22 net profit 23% below our expectations • DIGI Comm...
EME Equity Market – May 2022 Market performance – markets down mostly, as MSCI EM Europe Index declines 3.6%. The MSCI EM Europe Index fell 3.6% mom and 2.0% mom in EUR and USD terms, respectively, in May. The best-performing index was the Russian MOEX, which added 6.3% mom in EUR terms, but declined 3.7% mom in local currency. However, we note that, with the CBR ban on short selling and restrictions on international investors, as well various sanctions, this performance is not fully comparable ...
HEADLINES: • GTC: 1Q22 - in line, stock cheap, but difficult and uncertain macro may continue to weigh on price • Dom Development: Polish residential - a difficult market environment, but we see value in Dom • Inter Cars: 1Q22 EBITDA 7% below our estimate, on lower EBITDA margin NEGATIVE • Ignitis Group: 1Q22 results review - solid beat, 2022E EBITDA guidance hiked POSITIVE • Warsaw Stock Exchange: 1Q22 preliminary EBITDA 4% above market's expectations NEUTRAL • Bank of Cyprus: 1Q22 - solid qu...
HEADLINES: • Terna Energy: strategically positioned (stays BUY) • Sava Re: slight discount, despite competitive ROE profile (stays HOLD) • mBank: big beat on bottom line, but operating profit simply solid and not as much of a surprise POSITIVE • Dogus Otomotiv: better-than-expected 1Q22 results POSITIVE • Logo Yazilim: 1Q22 results - small beat, bullish FY22E guidance reiterated POSITIVE • Graphisoft Park: stable 1Q22 results, valuation remains attractive NEUTRAL • InPost: 1Q22 beat on stronge...
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