reports
- Research Team
WOOD Daily: TL Food Retailers; AIRA LI; CZ Macro; HU Macro; APR PW; CA...
HEADLINES: • Turkish Food Retailers: entering a new era (BIM and Migros stay BUY, Sok Marketler downgraded to HOLD) • Air Astana Group: margins attracting rivals (downgraded to HOLD) • Czech Republic macro: September inflation rises as food inflation reaccelerates • Hungary macro: September inflation slows slightly more than expected • Auto Partner: September sales growth decelerates further, to a limited 5% yoy NEGATIVE • Inter Cars: September sales growth slows down to 5% yoy, below our expect...
- Jakub Caithaml
- Peter Palovic
Air Astana Group: margins attracting rivals (downgraded to HOLD)
We have downgraded Air Astana Group (AAG) to HOLD (from Buy), as we have cut our 12M price target (PT) to USD 7.0/share (from USD 10.8). We are concerned about the prospective entry of VietJet to Kazakhstan. The newcomer would need to navigate complex execution challenges successfully, to set up a profitable operation. However, even a small, but growing, new entrant could, over time, dent AAG’s dominant domestic market position and weigh on its profitability. With AAG’s CASK growth exceeding its...
- Can Yurtcan
- Lukasz Wachelko
- CFA
Turkish Food Retailers: entering a new era (BIM and Migros stay BUY, S...
After riding the high inflation wave, the investment case of the Turkish food retailers is changing as inflation declines. The key challenge ahead is finding the right balance between revenue growth and rising costs, which will shape operating margins. Although we have better visibility for the revenue growth outlook, we expect that operating cost growth will be monitored closely by investors. We believe that food retailers with lower operating costs are poised to weather this transition with le...
- Adrian Kowollik
BIM Birlesik Magazalar: 1 director
A director at BIM Birlesik Magazalar bought 250,000 shares at 494.972TRY and the significance rating of the trade was 67/100. 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 ye...
- Research Team
WOOD Daily: WIZZ LN; BFT PW; PCF PW; Polish consumer staples; 11B PW; ...
HEADLINES: • Wizz Air: summer traffic in line, but consensus seems too bullish on earnings • Benefit Systems: net additions of 20k sport cards in 3Q24 POSITIVE • PCF Group: earnings call takeaways - Echo to be smaller than the other WFH projects NEUTRAL • Polish consumer staples: Netto plans to open 350 discount stores in Poland by 2028E NEGATIVE • 11 bit studios: delays the release of The Alters to 1Q25E NEGATIVE • Huuuge Games: September bookings estimate up 10% mom, but flat for the flagship ...
- Research Team
The Rear-View Mirror – EME markets: Greece rebounds, elsewhere mostly ...
EME Equity Market - September 2024 EME indices mostly in the red in September; rebound in Greece. The MSCI EM Europe Index declined 2.0% in EUR terms and 1.1% in USD terms in September. The Greek ASE Index was the best performer in our region, advancing 1.4% mom in EUR terms. Muted performances were seen in Czechia and Hungary (+0.3% and +0.2% mom, respectively in EUR terms), with declines in Poland, Romania and Turkey (-3.6%, -2.9% and -1.5% mom, respectively in EUR terms).
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
KLKIM VERCOM SA
SHO KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
4071 SHOPER SA
TRESTATES ARABIAN CONTRACTING SERVICES CO
GEV TRADE ESTATES REIC SA
NOVAL GEVORKYAN A.S.
BOCHGR NOVAL PROPERTY
BANK OF CYPRUS
- Research Team
WOOD Daily: MCOVB SS (BUY – initiation of coverage); HTO GA (upgrade t...
HEADLINES: • Medicover: private healthcare pioneer keeps on rolling (BUY - initiation of coverage) • OTE: safe dividend play (upgraded to BUY) • National Bank of Greece: HFSF launches the sale of a 10% stake in NBG NEUTRAL • PCF Group: 2Q24 results in negative territory, below our expectations NEGATIVE • mBank: issues traditional profit warning related to the CHF mortgage saga, ahead of 3Q24E results NEUTRAL • InPost: 4.9% price hike for Allegro NEUTRAL • Allegro: introduction of spirits from 21...
11 Bit Studios S.A.: 1 director
A director at 11 Bit Studios S.A. bought 420 shares at 324.000PLN and the significance rating of the trade was 53/100. 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 cle...
- Research Team
WOOD Daily: 11B PW (downgraded to HOLD); LAMDA GA (stays BUY); GE macr...
HEADLINES: • 11 bit studios: risk profile increased materially (downgraded to HOLD) • Lamda Development: breaking ground (stays BUY) • Georgia macro: important elections approaching • CTP: 2024 CMD, the demand led growth continues • NEPI Rockcastle: buys Magnolia Park in Wroclaw for EUR 373m POSITIVE • PZU: has paid more than PLN 111m of claims related to floods, and serviced 70% of filed cases so far POSITIVE • Bank Pekao: incoming CEO talks to Forbes • 11 bit studios: interview with the CEO on...
- Maria Mickiewicz
- Piotr Raciborski
- CFA
11 bit studios: risk profile increased materially (downgraded to HOLD)
We have downgraded 11 bit studios to HOLD (from Buy), cutting our 12M price target (PT) to PLN 355 (from PLN 840), which implies a limited 14% potential upside. Following the market’s disappointment with the release of Frostpunk 2, the stock has fallen sharply, by 51% since 17 September. As a result, the 2024E valuation multiples may appear undemanding vs. its peers. However, we believe that, with the disappointment from 11B’s strongest IP, the company’s risk profile has increased materially, so...
- Research Team
WOOD Daily: BIMAS TI; GEKTERNA GA; BELA GA; LPP PW; PEO PW; CPS PW; MB...
HEADLINES: • BIM: weak results in 2Q24 NEGATIVE • GEK Terna: 1H24 EBITDA climbs 7%, to EUR 269m, as broadly expected NEUTRAL • Jumbo: 1H24 results in line, EGM approves share buyback plan NEUTRAL • LPP: key takeaways from the 2Q24 results call POSITIVE • Bank Pekao: appoints Marcin Zygmanowicz and dismisses Magdalena Zmitrowicz from the management board NEUTRAL • Cyfrowy Polsat: Solorz announces plans to dismiss his children from the company NEUTRAL • Mo-BRUK: signs new PLN 12.2m contract for “e...
- Research Team
WOOD Daily: LPP PW; CZ macro; VGO PW; PCO PW; 11B PW; CPS PW; PPC GA; ...
HEADLINES: • LPP: 2Q24 softer, as we had expected, but below consensus; 32% sales growth in 3Q so far; FY24E guidance broadly maintained NEUTRAL • Czech Republic macro: CNB cuts by 25bp • VIGO Photonics: key takeaways from the 2Q24 earnings call NEUTRAL • Pepco: 4Q24 trading update delayed; negative lfl in 4Q24; sales +10% yoy ytd; EBITDA guidance intact NEUTRAL • 11 bit studios: Frostpunk 2 at #25 on the Steam top seller list, player reviews continue to recover marginally NEUTRAL • Cyfrowy Pols...
- 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
- 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
- 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: CZG CP; PGSUS TI; ALE PW; ECH PW; APR PW; HSBK LI
HEADLINES: • Colt CZ Group SE: full metal jacket (stays BUY) • Pegasus Airlines: another good year (stays HOLD) • Allegro: 2Q24 above expectations, but growth deceleration guided for 3Q24E NEUTRAL • Echo Investment: 2Q24 ahead of PAP consensus expectations • Auto Partner: key takeaways from the 2Q24 earnings call NEUTRAL • Halyk Bank: announces programme to buy back up to USD 50m of its GDRs
- 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)
- Research Team
WOOD Daily: WPL PW; ASELS TI; CAR PW; CAR PW; PCF PW; SPL PW; KAP LI
HEADLINES: • Wirtualna Polska: WP boosts media margins (stays BUY) • Aselsan: 2Q24 IAS 29 results – strong execution POSITIVE • Inter Cars: 2Q24 EBITDA 10% above our forecast and 5% above the consensus, on higher margin POSITIVE • Inter Cars: August sales growth at 8% yoy, in line with our expectations NEUTRAL • PCF Group: new work-for-hire agreement with Krafton; PLN 7m write-off on Project Red POSITIVE • Santander Bank Polska: strategic investor wants to reduce its stake • Kazatomprom: obtains...
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