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Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 28 March 2024

Selling pressure ruled the trading and SOFIX (803.52, -0.12%) closed in red on Wednesday. Chimimport (CHIM, BGN 0.682, -3.13%), First Investment Bank (FIB, BGN 2.42, -1.63%) and Sopharma (SFA, BGN 6.24, -1.27%) fully offset the positive moves of Sirma Group Holding (SGH, BGN 0.75, +2.74%) and M+S Hydraulic (MSH, BGN 10.40, +1.96%). 1.76m shares of Gradus (GR6, BGN 1.70, +13.33%) lifted the company to daily top gainers’ place and pushed up BGTR30 (813.04, +0.53%) and BGBX40 (164.71, +0.31%).

Research Team
  • Research Team

WOOD Daily: INPST NA; ACP PW; ECH PW; EXAE GA; LPP PW; KRU PW; PZU PW;...

HEADLINES: • InPost: 4Q23 strong, as expected; neutral FY24E guidance; volume acceleration in 1Q24 NEUTRAL • Asseco Poland: 4Q23 review – net profit up 10% yoy, in line with preliminaries; strong 2024 backlog recorded POSITIVE • Echo Investment: 4Q23 – residential good, offices bad NEUTRAL • Athens Exchange Group: 4Q23 results NEUTRAL • LPP: key takeaways from the conference call on the exit from Russia, 2.0 POSITIVE • Kruk: 2023 net profit DPS proposal of PLN 18, in line with our expectations N...

 PRESS RELEASE

EQS-News: IMMOFINANZ 2023 mit starker operativer Performance

EQS-News: IMMOFINANZ AG / Schlagwort(e): Jahresergebnis/Immobilien IMMOFINANZ 2023 mit starker operativer Performance 27.03.2024 / 18:05 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.   IMMOFINANZ 2023 mit starker operativer Performance   Kräftige Zuwächse bei Mieterlösen und operativen Ergebnissen Mieterlöse um 77,8% auf EUR 533,6 Mio. gestiegen Deutlich verbessertes like-for-like Mietwachstum von 8,5% Ergebnis aus Asset Management um 85,1% auf EUR 418,5 Mio. erhöht Operatives Ergebnis um 84,7% auf EUR 285,1 Mio. deutlich g...

 PRESS RELEASE

EQS-News: IMMOFINANZ 2023 with strong operating performance

EQS-News: IMMOFINANZ AG / Key word(s): Annual Results/Real Estate IMMOFINANZ 2023 with strong operating performance 27.03.2024 / 18:05 CET/CEST The issuer is solely responsible for the content of this announcement.   IMMOFINANZ 2023 with strong operating performance   Strong growth in rental income and operating results Rental income rose by 77.8% to EUR 533.6 million Sound 8.5% improvement in like-for-like rental income Results of asset management increased by 85.1% to EUR 418.5 million Substantial growth of 84.7% in results of operations to EUR 285.1 million ...

Research Team
  • Research Team
CEZ CEZ AS
LPP LPP S.A. ... (+10)

WOOD Daily: TOASO TI; LPP PW; ASELS TI; HU Macro; LOGO TI; WPS LN; WPL...

HEADLINES: • Tofas: fortune favours the bold (stays BUY) • LPP: 4Q23 in line with prelims; FY24E guidance maintained; stellar rollout plans NEUTRAL • Aselsan: strong pre-IAS29 4Q23 results, bullish FY24E guidance POSITIVE • Hungary macro: MNB turns cautious, with a slower pace of rate cuts • Logo Yazilim: weak 4Q23 results, but the details matter NEGATIVE • Eurowag: takeaways from the 2H23 earnings call NEUTRAL • Wirtualna Polska: key takeaways from the 4Q23 earnings call POSITIVE • Ten Square G...

Atinc Ozkan ... (+2)
  • Atinc Ozkan
  • Can Yurtcan

Tofas: fortune favours the bold (stays BUY)

We maintain our BUY rating on Tofas, and raise our 12M price target (PT) to TRY 450.20 (from TRY 280). We believe that the investment community has adopted a highly cautious view of Tofas, continuing to exercise great caution in the domestic light vehicle market and failing to fully recognise the potential for value creation through the Stellantis agreement. In our view, the Stellantis agreement represents a notable transformation for Tofas, as it expands the company's operational reach in local...

Benefit Systems S.A.: 1 director

A director at Benefit Systems S.A. sold 20,000 shares at 2,530.000PLN and the significance rating of the trade was 68/100. 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...

Moody's affirms CEZ's Baa1 rating; outlook changed to negative

Moody's Ratings (Moody's) has today affirmed the Baa1/(P)Baa1 senior unsecured debt/senior unsecured MTN program ratings of CEZ, a.s. (CEZ) and the baa2 Baseline Credit Assessment (BCA). At the same time, Moody's has changed the outlook to negative from stable. Today's rating action follows the co...

Atinc Ozkan
  • Atinc Ozkan

WOOD Flash – Logo Yazilim: weak 4Q23 results, but the details matter

Türkiye's leading enterprise application software (EAS) developer, Logo, reported its IAS29 inflation adjusted FY23 financials on 21 March, after the market closed, and hosted a conference call for investors on 22 March. In its 4Q23 IR presentation, the company also disclosed the key metrics for its 4Q23 performance on a pre-IAS29 basis (the basis for all the consensus estimates). The reported 4Q23 results were weaker than expected, while the annual NI in the IAS29-adjusted FY23 financials was a...

Research Team
  • Research Team

WOOD Daily: TEN PW; WPL PW; CZG CP; FP RO; PKO PW; CEZ CP; EL RO; EME ...

HEADLINES: • Ten Square Games: 4Q23 adjusted EBITDA 8% above our forecast, but trading update disappoints NEUTRAL • Wirtualna Polska: 4Q23 results review – adjusted EBITDA up 3% yoy, in line with the consensus POSITIVE • Colt CZ Group SE: weak 4Q23 results, but bullish FY24E guidance NEGATIVE • Fondul Proprietatea: proposes RON 0.06 DPS (11.8% dividend yield) POSITIVE • PKO BP: new acting CEO and two new board members appointed; more to come; but CRO Mazur stays • CEZ: starts divestment of Polis...

Egor Fedorov ... (+2)
  • Egor Fedorov
  • James Wilson

EM Credit Spark/EM credit weekly

Turkey surprises market with further rate hike. Aydem Renewables: fragile standalone liquidity. Corporate results review briefly: Anadolu EFES, Turkcell, Energean. CEEMEA corporates briefly: ratings, issues, events: CPI Property, Tengiz/ NC KazMunayGas.

Research Team
  • Research Team

WOOD Daily: EME Macro/Strategy Weekly; RICHT HB; SNG RO; TBCG LN; TLV ...

HEADLINES: • EME Macro/Strategy: macro all-in-one (18-24 March) • Richter: proposes dividend of HUF 423/share POSITIVE • Romgaz: makes two dividend proposals NEGATIVE • TBC Bank: notes from the Uzbekistan webinar POSITIVE • Banca Transilvania: AGM convocation NEUTRAL • Short News (HUG)

Can Demir
  • Can Demir

WOOD Flash - TBC Bank Group: notes from the Uzbekistan webinar

TBC held a webinar yesterday (21 March), showcasing its Uzbekistan businesses. The presenters were Nika Kurdiani (TBC’s Uzbekistan CEO) and Oliver Hughes (Head of International Business). We discuss our impressions and notes from the call, below. You can watch the replay by clicking here. We rate TBC Bank Group a BUY with a price target (PT) of GBP 32.9. On our 2024E expectations, the bank is trading at a 4.6x P/E and a 1.2x P/TBV.

Natalia Svyriadi
  • Natalia Svyriadi

Sarantis | Glowing growth, margin inflection; Buy

Solid Guidance, confident message, strong Buy – Sarantis mgt laid out a solid growth trajectory, guiding for c12% organic EBIT CAGR in the 2024-28e period following +30% growth in 2024e (of which 14% organic). Driving this material profit uplift will be strong organic top line growth (5-7%) underpinned by the focus on value-accretive “hero” products, SKU rationalization, organizational improvements and further streamlining of costs. Overall, Sarantis looks headed for EBIT near €76-77m by 2026e, ...

Natalia Svyriadi
  • Natalia Svyriadi

Sarantis | Glowing growth, margin inflection; Buy

Solid Guidance, confident message, strong Buy – Sarantis mgt laid out a solid growth trajectory, guiding for c12% organic EBIT CAGR in the 2024-28e period following +30% growth in 2024e (of which 14% organic). Driving this material profit uplift will be strong organic top line growth (5-7%) underpinned by the focus on value-accretive “hero” products, SKU rationalization, organizational improvements and further streamlining of costs. Overall, Sarantis looks headed for EBIT near €76-77m by 2026e, ...

Jan Frederik Slijkerman ... (+5)
  • Jan Frederik Slijkerman
  • Jeroen van den Broek
  • Jesse Norcross
  • Nadège Tillier
  • Timothy Rahill
Mihail Dimitrov ... (+2)
  • Mihail Dimitrov
  • Veselin Radoychev Please Change Surname

Morning Bulletin - 22 March 2024

Opposite moves of SOFIX (811.02, -0.04%) members fixed the main index almost unchanged. Eurohold (EUBG, BGN 1.27, -0.78%), Doverie United Holding (DUH, BGN 9.14, -0.65%) and Chimimport (CHIM, BGN 0.70, -0.57%) slipped without significant daily volume and fully offset the positive moves of Central Cooperative Bank (CCB, BGN 1.55, +3.33%), M+S Hydraulic (MSH, BG 10.80, +0.93%) and First Investment Bank (FIB, BGN 2.54, +0.79%). Overall liquidity remained low as institutional investors stayed away f...

Research Team
  • Research Team
MOL MOL NYRT
CEZ CEZ AS ... (+8)

WOOD Daily: TR macro, HU macro, ASELS TI, DNP PW, BFT PW, 11B PW, CEZ ...

HEADLINES: • Türkiye macro: MPC surprises with a 500bp hike • Hungary macro: Hungary ends the cap on bank deposits • Aselsan: new USD 0.6bn contract • Dino: 8-10% EBITDA miss in 4Q23 - qoq sales erosion • Benefit Systems: conference call takeaways - solid 2024E outlook, Türkiye promising, churn-related risks from the Czech Republic should not materialise in Poland • 11 bit studios: Indika release date set for 8 May • CEZ: takeaways from the 4Q23 earnings call • Jahez: conference call takeaways •...

Aegean Airlines S.A.: 1 director

A director at Aegean Airlines S.A. bought 3,074,074 shares at 12.000EUR and the significance rating of the trade was 80/100. 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 yea...

Marine Leleux ... (+3)
  • Marine Leleux
  • Maureen Schuller
  • Suvi Platerink Kosonen

Bank Brunch/OP Bank and Credit Mutuel Arkea PS, Maybank covered progra...

OP Bank 3yr and Credit Mutuel Arkea 9yr new senior preferred. Maybank Singapore Limited establishes covered bond programme. RBI pulls its AT1 deal due to worries over the Strabag deal

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