reports
- Research Team
Echo Investment S.A.: 1 director
A director at Echo Investment S.A. bought 31,100 shares at 3.202PLN 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...
- Research Team
WOOD Daily: SNP RO, CZ macro, HU macro, 11B PW, LPP PW, BNET RO
OMV Petrom: proposes special dividend Czech Republic: worsening trade leads to a further deterioration of the current account Hungary: April current account: no surprises or improvements 11 bit studios: Annual Investor Conference takeaways LPP: 1Q22 slightly below prelims due to the sale of the Russian business, FY22E guidance maintained Bittnet Systems: sells a 12% stake in Dendrio to Agista for RON 7.5m
- Research Team
WOOD Daily: A4L BU; OMV AV; CZ Macro; RO Macro; RU macro; CPS PW; EBS ...
HEADLINES: • Allterco: taking 120%+ profit (downgraded to HOLD) • OMV: incident at Schwechat Refinery could cost EUR 200m • Czech Republic macro: inflation reaches 16% yoy in May • Romania macro: inflation reaches 14.5%yoy in May • Russia macro: CBR cuts to 9.50%, with more to come • Cyfrowy Polsat: establishes collateral for liabilities of Great Wind and grants loan to PAK-PCE NEUTRAL • Erste Bank: potential new CEO at Erste Bank may be announced next week • 11 bit studios: publishing agr...
- Research Team
WOOD Daily: EU Macro; PL Banks; CAR PW; SGH BU; Postcards from Prague ...
HEADLINES: • Europe macro: ECB formulates tightening trajectory • Polish banks: Sejm approves draft bill on credit holidays NEGATIVE • Inter Cars: all-time high sales in May - PLN 1.3bn (+30% yoy) POSITIVE • Sirma Group Holding: proposes BGN 1.4m dividend POSITIVE • Benefit Systems: postcard from Prague • Wirtualna Polska: postcard from Prague • OMV Petrom: postcard from Prague • Purcari Wineries: postcard from Prague • Krka: postcard from Prague • Brisa: postcard from Prague • Short Ne...
- Research Team
WOOD Daily: AUG1L LH; OTP HB; MONET CP; PL Macro; SNP RO; A4L BU; Post...
HEADLINES: • AUGA Group: invest to pay for your food, and much more (stays BUY) • OTP Bank: guiding for a HUF 78bn hit on its 2022E results from the windfall tax NEUTRAL • MONETA Money Bank: publishes updated guidance NEUTRAL • Poland macro: NBP hikes, as expected • OMV Petrom: Energy Ministry revises percentage to be sold to Petrom's employees to 1%, from 0.67% • Allterco: discloses intention to acquire Slovenian IoT company NEUTRAL • Postcards from our Prague Spring Emerging Markets Confere...
- Research Team
WOOD Daily: Polish banks, KOFOL CP, AUG1L LH, CIE PW, DAT PW, HUG PW, ...
HEADLINES: • Polish banks: the draft bill on mortgagors' aid is proceeding in the Parliamentary Commission • Kofola: 1Q22 financial results review POSITIVE • AUGA Group: 1Q22 review - good results, 2022 outlook remains solid • Ciech: tax office challenges PLN 2.7m tax settlement NEUTRAL • DataWalk: sales to an e-commerce platform and the BC Assembly of First Nations NEUTRAL • DataWalk: announces new incentive scheme NEGATIVE • Huuuge Games: May bookings estimate down 6% mom, but flat in flagsh...
- Research Team
The Rear-View Mirror – EME markets: Hungarian equities down 13.6% in M...
EME Equity Market – May 2022 Market performance – markets down mostly, as MSCI EM Europe Index declines 3.6%. The MSCI EM Europe Index fell 3.6% mom and 2.0% mom in EUR and USD terms, respectively, in May. The best-performing index was the Russian MOEX, which added 6.3% mom in EUR terms, but declined 3.7% mom in local currency. However, we note that, with the CBR ban on short selling and restrictions on international investors, as well various sanctions, this performance is not fully comparable ...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
SISE TURKIYE SISE VE CAM FABRIKALARI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
M MED LIFE
ELPE HELLENIC PETROLEUM
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
PEN PHOTON ENERGY NV
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
SHO SHOPER
KCEL KCELL JSC
ONE ONE UNITED PROPERTIES SA
- Research Team
Raiffeisen Research Institutional Equity Daily 31.05.2022
MSCI May Index Review - Standard indices (STD) changes: DEL: Raiffeisen Bank Intl.; SmallCap indices (SC) changes: ADD: STRABAG SE, DEL: Zumtobel Oil&Gas: Oil price - EU agreed to ban most of Russia oil imports AT: STRABAG - Double digit output growth and backlog at new high in Q1, FY 22 guidance reiterated (positive) CZ: Moneta Money Bank - PPF and Moneta terminate the acquisition of AirBank group / cancelation of the capital increase and mandatory tender offer by PPF HU: Makro - Ra...
- Research Team
WOOD Daily: ALR RO; MONET CP; EXAE GA; PCF PW; GPW PW; GR6 BU; A4L BU;...
HEADLINES: • Alro: loss-making without State aid (downgraded to HOLD) • MONETA Money Bank: end of the dream, at least for now • Athens Exchange Group: strong 1Q22 results, driven by higher volumes • PCF Group: 1Q22 EBITDA misses our forecast by 12%, on weaker profitability of WFH operations NEGATIVE • Warsaw Stock Exchange: 1Q22 results in line with preliminary figures NEUTRAL • Gradus: 1Q22 EBITDA far below our forecast, but balance sheet position remains strong NEGATIVE • Allterco: 1Q22 EB...
- Marta Jezewska-Wasilewska
WOOD Flash – MONETA Money Bank: end of the dream, at least for now
MONETA Money Bank announced yesterday (30 May) that it has agreed to terminate the planned acquisition and merger of the AirBank group assets controlled by PPF. In our most recent update on MONETA, we saw its equity story as being locked into the merger and its trading on the market very much dependent on developments on that front. Unfortunately, the cancellation of the plan still keeps MONETA a hostage of the recent corporate developments related to the merger and it may take a while before th...
- Research Team
WOOD Daily: HU Macro; BNET RO; EME Macro/Strategy – Frontier; CZG CP; ...
HEADLINES: • Hungary macro: Orban 5 begins with a bang • Bittnet Systems: 1Q22 results confirm full-year outlook (stays HOLD) • EME Macro/Strategy: overview charts for peripheral countries • Colt CZ Group SE: strong 1Q22 beat, FY22E guidance intact POSITIVE • Eurobank: strong 1Q22, upside risk for targets and our forecasts • CCC: final 1Q22 results below prelims on write-downs related to Russian market; strong start to 2Q NEGATIVE • STS Group: 1Q22 strong, as expected; FY22E guidance maintai...
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
CCC CCC SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BNET BITTNET SYSTEMS
SNP PETROM S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
SF3 STS GROUP AG
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
HUGE HUUUGE
SHO SHOPER
QIWI Announces First Quarter 2022 Financial Results
QIWI Announces First Quarter 2022 Financial Results NICOSIA, Cyprus, May 23, 2022 (GLOBE NEWSWIRE) -- QIWI plc (NASDAQ and MOEX: QIWI) (“QIWI” or the “Company”), a leading provider of cutting-edge payment and financial services in Russia and the CIS, today announced its first quarter 2022 financial results ended March 31, 2022. 1Q 2022 key operating and financial highlights1 1Q 20211Q 2022YoY 1Q 2022 RUB millionRUB million%USD million(1)Consolidated Group resultsRevenue 9,234 9,7175.2% 115.6Total Net Revenue 5,161 ...
- Research Team
WOOD Daily: GTC PW; DOM PW; CAR PW; IGN1L LH; GPW PW; BOCH CY; POSR SV...
HEADLINES: • GTC: 1Q22 - in line, stock cheap, but difficult and uncertain macro may continue to weigh on price • Dom Development: Polish residential - a difficult market environment, but we see value in Dom • Inter Cars: 1Q22 EBITDA 7% below our estimate, on lower EBITDA margin NEGATIVE • Ignitis Group: 1Q22 results review - solid beat, 2022E EBITDA guidance hiked POSITIVE • Warsaw Stock Exchange: 1Q22 preliminary EBITDA 4% above market's expectations NEUTRAL • Bank of Cyprus: 1Q22 - solid qu...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CIE CIECH S.A.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
CAR INTER CARS S.A.
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
BANK OF CYPRUS PCL
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
ALPHA ALPHA BANK
TEN TEN SQUARE GAMES
IGN1L IGNITIS GRUPE
QIWI to Announce First Quarter 2022 Financial Results on May 23, 2022
QIWI to Announce First Quarter 2022 Financial Results on May 23, 2022 NICOSIA, Cyprus, May 19, 2022 (GLOBE NEWSWIRE) -- QIWI plc (NASDAQ and MOEX: QIWI) (“QIWI” or the “Company”), a leading provider of cutting-edge payment and financial services in Russia and the CIS, today announced that the press release with first-quarter 2022 financial results will be published on May 23, 2022. Given persisting level of uncertainty and market volatility, the conference call and webcast to discuss the results is postponed. In the meantime, all our stakeholders are welcome to send any questions related...
- Research Team
WOOD Daily: PZU PW; PKO PW; TBCG LN; GTC PW; NRP NA; CIE PW; AST PW; D...
HEADLINES: • PZU: 1Q22 - investment result holds up better than expected on equities and costs under control POSITIVE • PKO BP: 1Q22 results review - solid results • TBC Bank: 1Q22 highlights - good quarter • GTC: 1Q22 - results in line, DPS proposal of PLN 0.28 (a 5% yield) NEUTRAL • NEPI Rockcastle: 1Q22 - tenants' sales edging above 2019 levels NEUTRAL • Ciech: 2022-24E strategy - high EBITDA target, solid cash generation, regular dividends POSITIVE • Astarta: 1Q22 conference call takeaways...
PKO PKO BANK POLSKI S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
CIE CIECH S.A.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
TBCB TBC BANK JOINT STOCK CO
TRP TERAPLAST
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
19XX NEPI ROCKCASTLE PLC
ALG ALLEGRO.EU SA
ALR ALRO SLATINA
4IG 4IG NYRT
QIWI Announces Results of an Extraordinary General Meeting of Sharehol...
QIWI Announces Results of an Extraordinary General Meeting of Shareholders NICOSIA, Cyprus, May 17, 2022 (GLOBE NEWSWIRE) -- QIWI plc (NASDAQ and MOEX: QIWI) (“QIWI” or the “Company”), a leading provider of cutting-edge payment and financial services in Russia and the CIS, today announced that resolution proposed at QIWI’s 2022 Extraordinary General Meeting of Shareholders (the “EGM”) held on May 16, 2022, has been approved. The total number of Class A shares eligible to vote at the EGM was 10,413,522 with a total of 104,135,220 voting rights; the total number of Class B shares was 5...
- Research Team
WOOD Daily: BGEO LN, MTELEKOM HB, SNN RO, BVB RO, CPS PW, ENA PW, PGE ...
HEADLINES: • Bank of Georgia: 1Q22 review • Magyar Telekom: 1Q22 results, strong with 24% yoy EBITDA growth, 5% above consensus POSITIVE • Nuclearelectrica: 14% higher than expected 1Q22 reported net profit • Bucharest Stock Exchange: 1Q22 results review - very strong numbers as volatility has increased POSITIVE • Cyfrowy Polsat: 1Q22 organic EBITDA down 12% yoy to PLN 801m, in line with our expectations NEGATIVE • Enea: 1Q22 results review - strong EBITDA reading driven by generation and mi...
KTY GRUPA KETY SA
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
BANK OF CYPRUS PCL
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
M MED LIFE
GR6 GRADUS
- Research Team
WOOD Daily: TENERGY GA; POSR SV; MBK PW; DOAS TI; LOGO TI; GSPARK HB; ...
HEADLINES: • Terna Energy: strategically positioned (stays BUY) • Sava Re: slight discount, despite competitive ROE profile (stays HOLD) • mBank: big beat on bottom line, but operating profit simply solid and not as much of a surprise POSITIVE • Dogus Otomotiv: better-than-expected 1Q22 results POSITIVE • Logo Yazilim: 1Q22 results - small beat, bullish FY22E guidance reiterated POSITIVE • Graphisoft Park: stable 1Q22 results, valuation remains attractive NEUTRAL • InPost: 1Q22 beat on stronge...
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
POSR POZAVAROVALNICA SAVA
TPE TAURON POLSKA ENERGIA S.A.
COTE CONPET SA
TEL C.N.T.E.E. TRANSELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
ELPE HELLENIC PETROLEUM
ADKO ADDIKO BANK
INPST INPOST S.A.
- Jakub Caithaml
WOOD Flash – Graphisoft Park: stable 1Q22 results, valuation remains a...
Graphisoft Park has reported its 1Q22 results, which were broadly in line with our expectations. The stock remains cheap. While we see a chance that the beginning of the tightening cycle by the ECB could be difficult for the entire European real estate universe, thanks to the attractive level at which the shares are trading, and its quality portfolio, booked at what we see as a reasonable yield, Graphisoft Park remains one of our preferred picks in the CEE real estate space. The key trigger woul...
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