reports
- Research Team
WOOD Daily: KRU PW; CCC PW; VGO PW; KSPI US; HU Macro; 11B PW; ETE GA
HEADLINES: • Kruk: forging forward (stays BUY) • CCC: 2Q24 results a notch above prelims; positive trends maintained in 2Q24 POSITIVE • VIGO Photonics: miss on adjusted EBITDA and bottom line NEGATIVE • Kaspi.kz: issues response to short seller report • Hungary macro: MNB resumes the easing cycle • 11 bit studios: Frostpunk 2 falls to 20th position on Steam top seller list, player reviews recover marginally NEUTRAL • National Bank of Greece: HFSF to sell up to 12% of its stake
- Marta Jezewska-Wasilewska
- Miguel Dias
Kruk: forging forward (stays BUY)
We have increased our annual investment scale to PLN 2.5bn, in the long term, up from PLN 2.3bn, leading to our 2024-25E net profit increases of c.8%. Higher investments for longer result in value creation in the medium term, as revenues build up slowly, but more sustainably in a debt-collecting business. We continue to see Kruk as a high-quality long-term growth story, and we see most of the upside coming from that angle. However, at the current valuation juncture, we also see Kruk as cheap, tr...
Kaspi.kz Responds to Investor Questions
Kaspi.kz Responds to Investor Questions ALMATY, Kazakhstan, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Kaspi.kz’s mission is to improve people’s lives by developing innovative mobile products and services. To deliver upon this we operate a unique two-sided Super App model – Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants. We are proud of the business we have built, which we are continuing to grow by serving consumers and businesses across Kazakhstan. Here are some important facts we think you should know about our business and our robust efforts to ensure local and interna...
- Research Team
WOOD Daily: PL Macro; 11B PW; RICHT HB
HEADLINES: • Poland macro: August retail sales ring alarm bells • 11 bit studios: 350k Frostpunk 2 copies sold; costs fully covered already NEUTRAL • 11 bit studios: IR comments – Frostpunk 2 sales volumes as expected, disappointed with player reviews NEUTRAL • 11 bit studios: Frostpunk 2 falls to 11th position on Steam top seller list NEGATIVE • Richter: USD 10m milestone from Japan’s Fuji Pharma NEUTRAL
Kaspi.kz to Announce 3rd Quarter and 9 Months 2024 Financial Results o...
Kaspi.kz to Announce 3rd Quarter and 9 Months 2024 Financial Results on 21st October ALMATY, Kazakhstan, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Kaspi.kz (KSPI US) will report its financial results for the quarter and nine months ended September 30, 2024, on Monday, 21st October, 2024. On that day, management will hold a conference call and webcast at 8.00am EST (1pm GMT, 5.00pm Astana time) to review and discuss the company's results for the period. 3rd Quarter & 9 months 2024 Financial Results Conference Call Monday, 21st October, 2024 To pre-register for this call, please go to the foll...
- 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...
- Research Team
WOOD Daily: KSPI US; KTY PW; LOGO TI; WIZZ LN; AUG1L LH
HEADLINES: • Kaspi.kz: stock down 17% yesterday on report by short seller Culper • Kety: 3Q24 preliminary results close to our expectations NEUTRAL • Logo Yazilim: CMC approves cancellation of treasury shares POSITIVE • Wizz Air: 24-hour strike called for 24 September by third-party Italian union • AUGA Group: coverage discontinued • Short News (CEZ)
Kaspi.kz Statement on Misleading short-seller research
Kaspi.kz Statement on Misleading short-seller research ALMATY, Kazakhstan, Sept. 19, 2024 (GLOBE NEWSWIRE) -- The company is issuing the following statement following the research report published by Culper Research today: In our view, the report is misleading, inaccurate and misrepresents our business. Being the first company from Kazakhstan to successfully list on Nasdaq has obviously raised our profile amongst short sellers. For those investors who have known us over the years, our reputation speaks for itself. About Kaspi.kz Kaspi.kz’s mission is to improve people’s li...
Kaspi.kz receives first international credit rating
Kaspi.kz receives first international credit rating ALMATY, Kazakhstan, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Kaspi.kz has received its first international credit rating. Fitch rates Kaspi.kz investment grade BBB- with a stable outlook. This rating is separate from Kaspi Bank, a component of Kaspi.kz’s Fintech Platform, which has been tracked by international rating agencies for many years. Fitch also rates Kaspi Bank investment grade BBB- with a stable outlook. According to Fitch, the rating reflects Kaspi.kz’s unique business profile, leading nationwide franchise and one of the strongest ...
- Research Team
WOOD Daily: ALARABIA AB; NOVAL GA; MOH GA; CAR PW; LAMDA GA; MBK PW; C...
HEADLINES: • Al Arabia Outdoor Advertising: waiting for better times (downgraded to HOLD) • Noval Property: 1H24 – recurring results in line with our estimates NEUTRAL • Motor Oil Hellas: fire at refinery NEGATIVE • Inter Cars: key takeaways from the 2Q24 earnings call NEUTRAL • Lamda Development: another land plot sales tranche, to lift NAV by 6% POSITIVE • mBank: UniCredit seeks regulator's approval to reach 30% stake in Commerzbank • CTP: raises EUR 300m through an ABB, at EUR 16.0/share • 11...
- Research Team
WOOD Daily: GEV CP; APR PW; CCC PW; NRP NA; KTY PW
HEADLINES: • GEVORKYAN: 2Q24 EBITDA down 12% yoy on one-off costs NEUTRAL • Auto Partner: 2Q24 slightly ahead of expectations NEUTRAL • CCC: change of Modivo CEO NEUTRAL • NEPI Rockcastle: potential acquisition of Magnolia Park • Kety: 3Q24E preview – stable EBITDA (+4% yoy) expected (due on 19 September)
Moody’s upgrades our rating to investment grade
Moody’s upgrades our rating to investment grade ALMATY, Kazakhstan, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Moody’s has upgraded its long-term deposit ratings to investment grade Baa3 from Ba1 with a stable outlook for Kaspi Bank, a core part of Kaspi.kz’s Fintech Platform. Moody’s cited sound profitability, liquidity and the resilience of Kaspi.kz’s proven business model including Fintech, Payments and Marketplace Platforms. According to Moody’s: Kaspi.kz’s proven business model has demonstrated resilience throughout the economic cycle.Kaspi.kz has sound fundamentals, such as profitability,...
- Research Team
WOOD Daily: LAMDA GA; CZG CP; PKN PW; VGO PW; KMGZ KZ; PCO PW
HEADLINES: • Lamda Development: 2Q24 – good sales at the Ellinikon, capex to accelerate NEUTRAL • Colt CZ Group SE: 1H24 results – better than expected POSITIVE • Orlen: discussing possible deals for Grupa Azoty’s polyolefins business NEUTRAL • VIGO Photonics: signs a conditional agreement with the EIB for the financing of the HyperPIC project NEUTRAL • KazMunayGas: begins construction of a polyethylene complex NEUTRAL • Pepco Group: 4Q24E trading update preview (due on 26 September)
- Research Team
WOOD Daily: CDR PW; 11B PW; MOL HB; ALE PW
HEADLINES: • CD Projekt: expensive after the rally (downgraded to SELL) • 11 bit studios: interview with CEO – “very satisfied” with Frostpunk 2 pre-orders POSITIVE • MOL: secures new agreements for crude supply via Druzhba POSITIVE • Allegro: 2Q24E results preview – 28% yoy EBITDA growth expected (due on 19 September) • Short News (CEZ)
- Research Team
The Rear-View Mirror – EME markets: only Czech PX index in positive te...
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
BOCH BANK OF COMMERCE HOLDINGS
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
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.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
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.
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.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
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
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: KRU PW; EUR PW; ACP PW; 11B PW; GPP PW; ONE RO; WPL PW; TE...
HEADLINES: • Kruk: 2Q24 results – recently-announced miss caused by higher costs and negative revaluations in Spain NEUTRAL • Eurocash: weak 2Q24 across the board NEGATIVE • Asseco Poland: 2Q24 review – net profit down 10% yoy, 7% above the consensus POSITIVE • 11 bit studios: 2Q24 adjusted EBITDA slightly below our expectations, but bottom line boosted by associates NEUTRAL • Grupa Pracuj: 2Q24 results – adjusted EBITDA flat yoy, 2% above the market consensus; bottom-line miss on revaluation of...
- Adrian Kowollik
- Mateusz Pudlo
Kaspi.kz submits a formal letter of interest to participate in the pri...
Kaspi.kz submits a formal letter of interest to participate in the privatization of the Humo payments system in Uzbekistan ALMATY, Kazakhstan, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”) has sent a formal letter of interest to Uzbekistan’s State Assets Management Agency (“SAMA”), indicating its interest in participating in the upcoming privatization of the National Interbank Processing Center (“Humo”). SAMA has unveiled plans to privatize a 100% stake in the Humo payment system via a public negotiation process. Humo is one of two payment systems in Uzbekis...
- Research Team
WOOD Daily: KRU PW; EME Macro/Strategy Weekly; EME Strategy FTSE GEIS;...
HEADLINES: • Kruk: expects PLN 603m of 1H24E net profit (flash estimate) NEGATIVE • EME Macro/Strategy: macro all-in-one (19-25 August) • EME Strategy: FTSE GEIS September 2024 Semi-Annual Review • OMV: announces gas discovery in the Norwegian Sea NEUTRAL • Eurocash: 2Q24E results preview – 19% yoy EBITDA decline expected (due on 28 August)
Announcement of Extraordinary General Meeting Results
Announcement of Extraordinary General Meeting Results ALMATY, Kazakhstan, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (Nasdaq: KSPI) announces that the following resolutions were duly passed at its Extraordinary General Meeting on 21 August 2024: 1. To approve the agenda of the Extraordinary General Meeting of Shareholders of JSC Kaspi.kz: 1) Approval of the agenda;2) Payment of dividends on common shares of JSC Kaspi.kz and approval of the amount of dividend per common share;3) Appointment of the external auditor to audit JSC Kaspi.kz’s financial state...
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