reports
TSKB Gayrimenkul Yatirim Ortakligi AS: 1 director
A director at TSKB Gayrimenkul Yatirim Ortakligi AS sold 622,500 shares at 4.355TRY and the significance rating of the trade was 81/100. 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 ...
- Research Team
- Research Team
Focus: CCC’s 2Q19 prelims above expectations, on both P&L and workin...
HEADLINES: • CCC: 2Q19 prelims above expectations, on both P&L and working capital POSITIVE • Dino: 2Q19 strong and spot on our forecasts POSITIVE • Nostrum Oil & Gas: 2Q19 results in line with preliminary numbers NEUTRAL • Turkish banks: changes in the reserve system by the Central Bank NEUTRAL • Tauron: write-downs at the mining unit and Weglokoks' CEO comments on Janina • Richter: launches teriparatide biosimilar in Europe NEUTRAL • KGHM: 2Q19E financial results preview - stabl...
YKBNK YAPI VE KREDI BANKASI A.S.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KGH KGHM POLSKA MIEDZ S.A.
AKBNK AKBANK TAS
CCC CCC SA
NOG NOSTRUM OIL & GAS PLC
TSGYO TSKB GAYRIMENKUL YATIRIM ORTAKLIGI AS (A)
TPE TAURON POLSKA ENERGIA S.A.
DNP DINO POLSKA S.A.
RICHT RICHTER
- Research Team
Focus: AmRest’s 2Q slightly below expectations, 1:10 split pending; ...
HEADLINES: • AmRest: 2Q slightly below expectations; 1:10 split pending NEGATIVE • PGE: Poland reportedly seeking nationalisation of Warsaw distributor Innogy Stoen NEUTRAL • Bank Millennium: the only bidder left for Eurobank, according to Puls Biznesu POSITIVE • Turkish banks: in the trenches of Levent * • Warsaw Stock Exchange: Cboe trading platform to start trading in the WIG20 components NEGATIVE • LiveChat Software: buys chatbot.com domain NEUTRAL • Public Power Corporation...
YKBNK YAPI VE KREDI BANKASI A.S.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
ARHOF AMREST HOLDING
MIL BANK MILLENNIUM SA
AKBNK AKBANK TAS
HALKB TURKIYE HALK BANKASI ANONIM SIRKETI
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
GPW WARSAW STOCK EXCHANGE
TSGYO TSKB GAYRIMENKUL YATIRIM ORTAKLIGI AS (A)
- Research Team
WOOD Morning (30 July)
HEADLINES: * TSKB: 2Q18 wrap-up (in line on the bottom line, but asset quality is a different story) NEGATIVE * NIS: 2Q18 - strong results boosted by last repayment for Srbijagas POSITIVE * O2 Czech Republic: capex to peak in FY18E at over 10% of revenues NEGATIVE * Tauron: to book PLN 388m of net impairments in consolidated 2Q18 report NEGATIVE * Surgutneftegas: strong 2Q18 RAS earnings, RUB 3.4 accrued dividend on preferred shares for 1H18 * Novatek: key takeaways from 2Q18 ...
RBI RAIFFEISEN BANK INTERNATIONAL AG
ARHOF AMREST HOLDING
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
ECH ECHO INVESTMENT
TSGYO TSKB GAYRIMENKUL YATIRIM ORTAKLIGI AS (A)
TPE TAURON POLSKA ENERGIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
TELEC O2 CZECH REPUBLIC A.S.
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
904596 SURGUTNEFTEGAS (GDR)
- Research Team
The Rear-View Mirror – EME markets: Record drop in Turkish ESI in Ma...
EME Equity Market – May 2018 Market performance – only Russia in positive territory, while Athens the worst performer. The MSCI EME lost 2% mom in May, continuing the negative trend after April’s 3.2% contraction. The best performer for May was the Russian MOEX index, which outperformed its peers (+4.6%). All the other indices were in negative territory: the Greek ASE realised the largest drop (-11.9%); Budapest’s BUX lost 9.7%; the Turkish ISE30 was down 9.4%; the Warsaw WIG20 fell 7.3%...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG UNIQA INSURANCE GROUP AG
KRKG PETROL D.D.
HTO KRKA D.D.
CDR HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI CD PROJEKT S.A.
IMO1 RAIFFEISEN BANK INTERNATIONAL AG
YKBNK IMMOFINANZ AG
OMV YAPI VE KREDI BANKASI A.S.
PGN OMV AG
ISCTR POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
STCK KOMERCNI BANKA A.S.
TITK STOCK SPIRITS GROUP
BHW TITAN CEMENT CO. SA
ARHOF BANK HANDLOWY W WARSZAWIE S.A.
BIMAS AMREST HOLDING
WIZZ BIM BIRLESIK MAGAZALAR A.S.
DOAS WIZZ AIR HOLDINGS PLC
SPL DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK SANTANDER BANK POLSKA SA
MTELEKOM ING BANK SLASKI S.A.
KGH MAGYAR TELEKOM TELECOMMUNICATIONS
CAI KGHM POLSKA MIEDZ S.A.
LPP CA IMMOBILIEN ANLAGEN AG
AEFES LPP S.A.
ASELS ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ENKAI ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
GUBRF ENKA INSAAT VE SANAYI A.S.
CCC GUBRE FABRIKALARI T.A.S.
CCOLA CCC SA
CIE COCA-COLA ICECEK A.S.
ANY CIECH S.A.
EUPRO ALLAMI NYOMDA
GTC GRIVALIA PROPERTIES REIC
HALKB GLOBE TRADE CENTRE S.A.
AEGN TURKIYE HALK BANKASI ANONIM SIRKETI
ENA AEGEAN AIRLINES SA
PGE ENEA S.A.
EKGYO PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
JSW AEROFLOT RUSSIAN AIRLINES
PGSUS.E JASTRZEBSKA SPOLKA WEGLOWA S.A.
NOG PEGASUS HAVA TASIMACILIGI AS
LVC NOSTRUM OIL & GAS PLC
PCM LIVECHAT SOFTWARE SA
TBCB PRIME CAR MANAGEMENT
GHG TBC BANK JOINT STOCK CO
TPEIR GEORGIA HEALTHCARE GROUP
OTP PIRAEUS BANK SA
PPA OTP BANK NYRT
CAR PIRAEUS PORT AUTHORITY S.A.
AYGAZ INTER CARS S.A.
FROTO AYGAZ A.S.
THYAO FORD OTOMOTIV SANAYI A.S.
TUPRS TURK HAVA YOLLARI A.O.
SAHOL TURKIYE PETROL RAFINERILERI A.S.
EUR HACI OMER SABANCI HOLDING A.S.
LTS EUROCASH S.A.
VAKBN GRUPA LOTOS S.A.
ECH TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
GSPARK ECHO INVESTMENT
CPS GRAPHISOFT PARK SE
TSGYO CYFROWY POLSAT SA
TPE TSKB GAYRIMENKUL YATIRIM ORTAKLIGI AS (A)
MDG TAURON POLSKA ENERGIA S.A.
ALR MEDICALGORITHMICS SA
CCH ALIOR BANK SA
OTOEL COCA-COLA HBC AG
PKP AUTOHELLAS S.A.
ICD PKP CARGO
ENERGA SA
WPL BANK OF CYPRUS PCL
ROSN WIRTUALNA POLSKA HOLDING SA
SAB1L ROSNEFT OIL CO. SPONSORED GDR REGS
BRD SIAULIU BANKAS
TLV BRD-GROUPE SOCIETE GENERALE
MONET BANCA TRANSILVANIA S.A.
SNG MONETA MONEY BANK AS
ATGR-R-A SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP ATLANTIC GRUPA
TOFAS PETROM S.A.
5M71 TOFAS TURK OTOMOBIL FABRIKASI A.S.
MMK MAGNIT PJSC SPONSORED GDR REGS
MOEX MAGNITOGORSK IRON & STEEL WORKS (GDR)
PLY MOSCOW EXCHANGE MICEX-RTS PJSC
PFL PLAY COMMUNICATIONS SA
LKODN PFLEIDERER GROUP SA
OGZD OIL COMPANY LUKOIL PJSC SPONSORED ADR
DIGI GAZPROM (GDR)
NIIS DIGI COMMUNICATIONS NV
MNOD NAFTNA INDUSTRIJA SRBIJE NOVA SAD
DNP NORILSK NICKEL
COTE DINO POLSKA S.A.
NBGGY CONPET SA
SNN NATIONAL BANK OF GREECE S.A. ADS
TEL SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA C.N.T.E.E. TRANSELECTRICA
FP. SOCIETATEA ENERGETICA ELECTRICA
GEB FONDUL PROPRIETATEA S.A. GDR (REG S)
FTE BANK OF GEORGIA
TGN FORTE
RICHT SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
WABERERS RICHTER
KOFOL WABERER'S INTERNATIONAL ZRT
ALPHA KOFOLA
SBNC ALPHA BANK
M SBERBANK RUSSIA PJSC SPONSORED ADR
SFG MED LIFE
ELPE SPHERA FRANCHISE GROUP SA
CGEO HELLENIC PETROLEUM
PTKHY GEORGIA CAPITAL
PETKIM PETROKIMYA HOLDING AS
- Nick Smallwood
TSKB/TSKBTI 5.5% 2023s have gone too far
Türkiye Sinai Kalkinma Bankasi (TSKB) is a privately-owned development bank in Turkey whose 5.5% 2023 bond now looks much too cheap against its own curve, peers and the sovereign (see chart). With a z-spread of 497bp, a yield of 7.94%, a cash price of 91.3 and a spread-to-sovereign of +197bp, we think that this represents a good opportunity, notwithstanding the unhelpful headlines surrounding Turkey.
- Research Team
WOOD Morning (3 May)
HEADLINES: * Coca-Cola Icecek: 1Q18 - 26% EBITDA beat on international, strong volume growth in all markets POSITIVE * OMV: 1Q18 results review - better than expected POSITIVE * OMV Petrom: 1Q18 review - big beat on net income POSITIVE * TSKB: 1Q18 wrap up - Stage 2 may create downbeat sentiment NEGATIVE * Aselsan: 1Q18 in line NEUTRAL * CCC: April sales up 32.5% yoy to PLN 455m POSITIVE * Fondul Proprietatea: asks Hidroelectrica to pay a dividend of RON 2.6bn NEUTRAL *...
- Research Team
WOOD Morning (31 January)
HEADLINES: * Conpet: dividends overflowing (stays HOLD) * BZ WBK: 4Q17 results in line - no DPS recommendation, small impact from IFRS 9 introduction NEUTRAL * ING BSK: 4Q17 - in line with expectations; symbolic DPS proposal NEUTRAL * TSKB: 4Q17 results wrap up - good year, but 4Q17 in line NEUTRAL * Wizz Air: 3Q FY18 results - fairly good, but no guidance upgrade NEUTRAL * CCC: positive interview with CFO POSITIVE * Tatneft: approves amendments to its dividend policy POSIT...
- Can Demir
4Q16 in line, further thoughts on capital and 2017E targets
TSKB has announced TRY 110m in net income for 4Q16, in line with the TRY 111m consensus. At the end of 2016, the bank also opted to set aside TRY 15m in free provisions for the quarter, which implies that 4Q was actually better than reflected by the reported bottom line. In 2016, TSKB recorded healthy bottom-line growth of 17%. There were no hiccups in asset quality, despite the major depreciation in 2015. The margin and profitability were kept at the targeted levels of 3.5% and 18%, respectivel...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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