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
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...
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)
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)
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)
Benchmark refining margins fell by USD 1.7/bbl in August to USD 8.6/bbl, continuing the trend of recent months. Falling petrol cracks were the main driver, although crude differentials are still a weakness. Petrochemicals margins have benefited from lower oil prices, but remain well below average levels.
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...
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...
HEADLINES: • PKO BP: posts very solid 2Q24 delivery, implying upside risk for 2024E forecasts POSITIVE • Cyfrowy Polsat: 2Q24 results review – EBITDA up 8% yoy, 3% above our estimate POSITIVE • Benefit Systems: better-than-expected 2Q24 and FY24E profitability outlook revised upwards POSITIVE • GTC: 2Q24 in line, 2026 EUR 500m refinancing should be priority NEUTRAL • Orlen: 2Q24 results – in line with previous estimates NEUTRAL • Halyk Bank: 2Q24 conference call takeaways • CEZ: FinMin proposes ...
HEADLINES: • Migros: solid operating results in 2Q24 POSITIVE • NEPI Rockcastle: 1H24 – robust NOI growth and strong tenant sales POSITIVE • Banca Transilvania: 2Q24 bottom-line beat on higher trading income and lower provisions booked POSITIVE • Teknosa: weak set of results in 2Q24 NEGATIVE • Akcansa: 2Q24 conference call takeaways • Türkiye macro: CBT reaffirms prolonged pause • NLB Group: threshold for Addiko acquisition not met, plan shelved NEGATIVE • Bank Pekao and Commerzbank: notify Nati...
HEADLINES: • Baltic Classifieds Group: niche diamond (HOLD - initiation of coverage) • Al Arabia Outdoor Advertising: weak 2Q24 financial results NEGATIVE • Jahez: mixed 1H24 financial results NEGATIVE • TBC Bank: 2Q24 results and conference call NEUTRAL • EME Macro/Strategy: macro all-in-one (5-11 August) • Orlen: 2Q24E EBITDA estimates published NEUTRAL • Mo-BRUK: still challenging 2Q24E expected, with weaker yoy EBITDA, but up slightly qoq already (due on 29 August) • PZU: 2Q24E preview (due ...
HEADLINES: • Trade Estates: Greek retail parks – a dividend growth story (HOLD - initiation of coverage) • Wizz Air: thrust issues (stays BUY) • Bank Pekao: posts bottom line slightly below expectations, NPL ratio down to below 5%, solid 19%+ ROE intact NEUTRAL • CCC: 12% EBITDA beat in 2Q24, on opex control POSITIVE • Logo Yazilim: 2Q24 results – strong margin recovery, FY24E guidance reiterated POSITIVE • CEZ: 2Q earnings beat, EBITDA guidance up 2-3%, but net guidance unchanged NEUTRAL • CTP:...
HEADLINES: • Banca Transilvania: still some gas in the tank (stays BUY) • Ford Otosan: weak set of results in 2Q24 NEGATIVE • ING Bank: posts neutral set of 2Q24 results NEUTRAL • Shoper: preliminary 2Q24 adjusted EBITDA up by a strong 32% yoy, as expected NEUTRAL • Public Power Corporation: 2Q24 beats, on lower receivables provisioning and tax rate NEUTRAL • Richter: takeaways from the 2Q24 earnings call NEUTRAL • 11 bit studios: PAP interview with the CEO – key takeaways NEUTRAL • MOL: 2Q24E r...
A director at Echo Investment S.A. bought 25,000 shares at 4.199PLN and the significance rating of the trade was 52/100. 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 c...
HEADLINES: • Alior Bank: posts strong 2Q24 and upgrades medium-term COR outlook POSITIVE • Alior Bank: management board nominations POSITIVE • Erste Banks: books solid 2Q24; guides for 2024E DPS at an attractive level; awaiting opening conclusions from the new CEO POSITIVE • Tofas: highly weak set of results in 2Q24 NEGATIVE • National Bank of Greece: 2Q24 highlights – positive 2H24E, with guidance upgrade • NLB Group: solid print in 2Q24, beating estimates, due to release of provisions POSITIVE...
EME Equity Market – July 2024 Greece the biggest winner, while Poland the clear loser in July. The MSCI EM Europe Index declined by 1.1% in EUR terms and 0.3% in USD terms in July. The Greek ASE Index posted the best performance for the month, advancing by 5.3% mom in EUR terms. There was a broadly similar performance in Hungary, Czechia and Romania (+ 2.9%, 2.7% and 2.1% mom in EUR terms, respectively). The Turkish ISE30 Index declined by 1.6% mom in EUR terms, but the clear loser was the Polis...
HEADLINES: • CEZ: State selects Korea’s KHNP for new nuclear NEUTRAL • Sipchem: 2Q24E results preview (due on 25 July) NEUTRAL • OMV: 2Q24E results preview (due on 31 July) NEUTRAL • Bank Pekao: 2Q24E preview (due on 8 August) • OTP Bank: 2Q24E preview (due on 9 August) • Ten Square Games: 2Q24E adjusted EBITDA down 14% qoq, but up 8% yoy (due on 26 August) • Huuuge Games: 2Q24E adjusted EBITDA down 12% qoq, on lower bookings (due on 5 September) • Short News (PPC)
HEADLINES: • Polish IT: CVC and Filipiak family plan to announce tender for 34.81% stake in Comarch, at PLN 315.4/share POSITIVE • EME Macro/Strategy: Hungary – budget correction phase not over • Bank Pekao: lowers guidance on cost of credit holidays extension NEUTRAL • Borouge: 2Q24E results preview (due on 31 July) NEUTRAL • Komercni Banka: 2Q24E preview (due on 1 August) • Erste Bank: 2Q24E preview (due on 2 August) • CD Projekt: 2Q24E EBITDA up 57% yoy, but down 25% qoq (due on 28 August) • ...
A director at 11 Bit Studios S.A. bought 120 shares at 634.667PLN and the significance rating of the trade was 52/100. 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...
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