HEADLINES: • mBank: solid 1Q24 results justify one of the top market valuations (1Q24 P/BV of 2.1x) POSITIVE • OTP Bank: books solid 1Q24, keeps 2024E guidance unchanged NEUTRAL • Bank Millennium: 1Q24 results in line • CCC: 40% EBITDA beat in 1Q24, on opex control POSITIVE • Dino: 2-7% EBITDA miss in 1Q24 NEGATIVE • AmRest: 1Q24 broadly in line with our forecasts, but below the consensus NEGATIVE • MOL: 1Q24 results – EBITDA below expectations on maintenance NEUTRAL • MedLife: 1Q24 results poin...
Some signs of cooling economic data out of the US, and the start of DM rate-cutting cycles has offered some optimism for EM assets, with the grind tighter in credit spreads continuing as seen for much of this year. We expect the benign environment to offer further opportunities for new issuance, while spread levels look fairly tight.
HEADLINES: • PKO BP: strong 1Q24, with 9% beat, but big part due to lower quarterly tax charge POSITIVE • Kruk: 1Q24 results in line with earlier communication; strong trend continues, but digested by the market already NEUTRAL • Bank Handlowy: books neutral 1Q24, questions on future capital management NEUTRAL • NLB Group: guidance upgrade spices up vanilla 1Q24 bottom-line beat POSITIVE • Pegasus Airlines: 1Q24 in line, guidance for mild margin compression and 10-12% ASK growth maintained NEUTR...
>Guidance reiterated, solid underlying performance, developments as expected - CTP confirms its €0.80 - €0.82 guidance for FY2024.Like for like rental growth of 5.0% (FY 2023 7.4%) LTV 45.9% (YE 2023: 46.0% and 40-45% target), with a cost of debt of 2.13% (FY2023: 1.95%), with 99.6% of the debt fixed/hedged and debt maturity of 5.2yrs.New leases continued to be signed ahead of ERV with the rent reversionary potential unchanged versus YE2023 at 14.5%, wi...
Net Rental income grew 17.5% to EUR 153.6m vs.150.2m expected (KBCS) and benefited from 5.0% lfl growth. The EPRA EPS of 0.20 came slightly above our 0.19 expectation. The FY24 EPS outlook is confirmed at 0.80-0.82. The LTV declined slightly to 45.9% from 46.0% at FY23 end. The occupancy on standing assets decreased 1% to 93% vs FY23 end. Despite 169k sqm deliveries (95% let) over 1Q24, CTP maintained its development pipeline to a record breaking GLA of 2.0m sqm (10.3% YoC). The pre-let% in the ...
HEADLINES: • Budimex: 1Q24 EBIT 13% above our forecast on solid gross margin, but broadly in line with the consensus POSITIVE • European oil and gas monthly: April 2024 – margins retreating • Bank Handlowy: to pay PLN 10/share dividend NEUTRAL • PKO BP: estimates cost of credit holidays extension at PLN 489m NEUTRAL • Bank Millennium: expects a PLN 201-247m impact from the 2024E credit holidays extension for PLN mortgagors NEUTRAL • Inter Cars: April sales recover by 19.5% yoy POSITIVE • MOL: 1Q...
Refining margins retreated again in April, by USD 1.2/bbl, to USD 12.6/bbl, remaining about 40% higher than usual for the season. Petrol cracks continued their seasonal rising trend, but diesel weakened more. Polymer margins had a positive month, but olefins and aromatics saw their margins go the other way.
Key Message OMV reported a clean CCS-based operating result of EUR 1,483 mn, marking a29% decrease YoY, but a 4% increase QoQ. This result is also considerablyabove the consensus estimate by 7%. With this result, OMV exceeded marketconsensus by 15%. The positive surprise was driven by the Chemicals(Petrochemistry) and Energy (E&P) segments, although the Fuels and Feedstocksegment performed below expectations.Key positives The most significant positive development is the recovery indicated by E...
Due to the transfer of coverage, we revisited our estimates for MTELEKOM. We reiterate our Buy recommendation with a 12-m ex-div TP of HUF 1,240, implying a 37% upside potential. MTELEKOM has reported a strong set of results for the full year of 2023 and gave a very impressive guidance for 2024. We expect revenues to increase 9.9% YoY, EBITDAaL will be up by 22.9% and the adj. net profit will arrive at HUF 131bn, resulting in 65.7% increase YoY. On the 16th of April, MTELEKOM approved a DPS of ...
HEADLINES: • mBank: revises up 1Q24 FX mortgage saga costs NEUTRAL • GEVORKYAN: 4Q23 results broadly in line; new contracts from Poland and Sweden NEUTRAL • DataWalk: preliminary 1Q24 results – sales up 100% yoy, to PLN 6.43m POSITIVE • DataWalk: key takeaways from the 1Q24 preliminary earnings call POSITIVE • Wirtualna Polska: real users in April 2024 NEUTRAL • Wirtualna Polska: 1Q24E preview – 9% yoy adjusted EBITDA growth expected (due on 21 May) • Grupa Pracuj: 1Q24E results preview – flat y...
HEADLINES: • ING BSK: 1Q24 results softer than demanding market expectations, but our medium-term outlook confirmed NEGATIVE • Solutions by STC: mixed 1Q24 financial results NEUTRAL • EME Macro/Strategy: macro all-in-one (29 April-5 May) • Huuuge Games: April bookings estimate at USD 11m, down 21% mom NEGATIVE • Ten Square Games: April bookings estimate down 20% mom NEGATIVE • 11 bit studios: INDIKA release attracts very positive reviews on Steam, but low peak in number of players NEGATIVE • Cyf...
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.75 per share: Raising new equity to fund a high impact activity programme – ADX has raised A$13.5 mm of new equity priced at A$0.105 per share. One free-attaching option will be issued for evert two placement shares with an exercise price of A$0.15 per share and an expiry date of 08/05/2026. The proceeds from the raise will fund (1) the production testing of the 450 m gas column encountered at ...
HEADLINES: • Komercni Banka: 1Q24 below market's expectations, on late-cycle provisions and revenue headwinds NEGATIVE • BRD-GSG: high level of provisions booked leads to bottom-line miss in 1Q24 NEUTRAL • Yapi Kredi: 1Q24 highlights • Czech Republic macro: MPC preparing the ground for slower rate cuts • Czech Republic macro: a sound recovery, despite stagnant exports • Wirtualna Polska: Itaka ends cooperation with Wakacje.pl NEGATIVE • Turkish automotive: ADA releases April light vehicle sales ...
EME Equity Market – April 2024 Market performance – green across all geographies, with Turkey outperforming. The MSCI EM Europe Index was up 5.3% mom in EUR terms and 4.2% mom in USD in April; while the Turkish ISE30 saw the strongest performance, adding 11.6% mom; followed by the Hungarian BUX (+5.0% mom); the Czech PX (+2.8% mom); the Greek ASE (+1.8% mom), the Polish WIG20 (+1.2% mom) and the Romanian BET (+0.1% mom) (all in EUR terms).
HEADLINES: • CTP: better late than never (upgraded to BUY) • Georgia macro: protests in Tbilisi • Raiffeisen Bank International: posts solid 1Q24, keeps 2024E guidance (but only on ex. Russia and Belarus basis), facing huge pressure to address Russia and Belarus exposures from officials • Air Astana Group: 1Q24 – 15% ASK growth, RASK down slightly yoy, but CASK stable • Piraeus Financial Holdings: 1Q24 highlights NEUTRAL • Alkaloid: 1Q24 numbers a strong start to the year POSITIVE • National Ban...
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