reports
- Duygun Kutucu
Turkish Banking Sector
We anticipate that the relaxation of the regulatory framework and a return to more conventional policies will positively impact the banking sector. TL commercial loan/deposit spreads (front book), which had plummeted to as low as -18% by the end of June, have reached 6.6%, thanks to the removal of a cap on lending rates and lower deposit rates. Taking these favourable developments and strong 2Q23 results into account, we are raising our aggregate FY23 NI estimate for the sector by 10%. We now fo...
Uniqa Insurance Group AG: 1 director
A director at Uniqa Insurance Group AG bought 10,000 shares at 7.280EUR and the significance rating of the trade was 57/100. 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...
EQS-News: UNIQA Insurance Group AG: Aktienrückkaufprogramm / Hauptvers...
EQS-News: UNIQA Insurance Group AG / Schlagwort(e): Aktienrückkauf/Hauptversammlung UNIQA Insurance Group AG: Aktienrückkaufprogramm / Hauptversammlung 07.06.2023 / 16:43 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Bekanntmachung gemäß § 65 Abs 1b AktG in Verbindung mit § 119 Abs 7 BörseG und §§ 2 und 3 VeröffentlichungsV 2018 Die 24. ordentliche Hauptversammlung von UNIQA Insurance Group AG, 1029 Wien, Untere Donaustraße 21, FN 92933t, hat am 6. Juni 2023 den folgenden Beschluss zu Tagesordnungspunkt 7. gefasst: „Der Vorstand wir...
EQS-News: UNIQA Insurance Group AG: Buybacks / Annual General Meeting
EQS-News: UNIQA Insurance Group AG / Key word(s): Share Buyback/AGM/EGM UNIQA Insurance Group AG: Buybacks / Annual General Meeting 07.06.2023 / 16:43 CET/CEST The issuer is solely responsible for the content of this announcement. Unofficial translation from the German language – only the German language version is legally bindingAnnouncement according to Section § 65 (1b) of the Stock Corporation Act in connection with Section 119 (7) of the Stock Exchange Act and Sections 2 and 3 of the Austrian Publication Ordinance (Veröffentlichungsverordnung) On June 6, 2023, the 2...
EQS-News: UNIQA Insurance Group AG: Dividend Announcement
EQS-News: UNIQA Insurance Group AG / Key word(s): Dividend/AGM/EGM UNIQA Insurance Group AG: Dividend Announcement 07.06.2023 / 09:08 CET/CEST The issuer is solely responsible for the content of this announcement. Unofficial translation from the German language – only the German language version is legally binding Dividend Announcement The 24th Annual General Meeting of UNIQA Insurance Group AG (FN 92933 t, Commercial Court of Vienna) held on June 06, 2023 approved a dividend payment of 55 cents per dividend entitled share for the financial year 2022. Dividend pay...
EQS-News: UNIQA Insurance Group AG: DIVIDENDENBEKANNTMACHUNG
EQS-News: UNIQA Insurance Group AG / Schlagwort(e): Dividende/Hauptversammlung UNIQA Insurance Group AG: DIVIDENDENBEKANNTMACHUNG 07.06.2023 / 09:08 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. In der am 06. Juni 2023 stattgefundenen 24. ordentlichen Hauptversammlung der Aktionär:innen von UNIQA Insurance Group AG (FN 92933 t, Handelsgericht Wien) wurde für das Geschäftsjahr 2022 die Ausschüttung einer Dividende von 55 Cent je dividendenberechtigter Stückaktie beschlossen. Dividendenzahltag ist Montag, der 19. Juni 2023 (Valuta a...
Uniqa Q3 22 - Earnings beat driven by investment income
EBT at EUR 106 mn well above last year and our expectations. Investment income of EUR 158 mn supported by interest rates lift and STRABAG contribution. Combined ratio improved to 93.3%, cost ratio in line with previous quarters. Total Russia and Ukraine bonds exposure further decreased . We have a positive take on the results.
Raiffeisen Research Institutional Equity Daily 17.11.2022
AT: Flughafen Wien - Q3 22 a notch above market expectations (neutral) AT: Uniqa - Earnings beat driven by investment income result (positive) PL: Banks - Local court suspends charging interest payment based on the Wibor in PLN mortgage loan contract (negative) SE: Embracer - Q2 top line 6.7% ahead of consensus but adjusted EBIT 3.5% below (neutral)
- Duygun Kutucu
Halkbank 3Q22 Results Review
Halkbank’s 3Q22 results are higher than estimates: Halkbank reported bank-only net income of TL4.30bn in 3Q22 (+67% q/q) (RoE: 24.2%), higher than both our TL4.04bn forecast and the consensus estimate (TL4.06bn), thanks to higher-than-expected NIM. As such, net income in 9M22 reached TL8.9bn (20.0% RoE), vs. TL215m in 9M21. We revised our FY22 NI estimate to TL14.0bn from TL21.5bn, factoring in the high provision expenses, and our FY23 NI estimate to TL32.5bn from TL29.5bn, mainly due to greater...
UNIQA Q2 22 - Result affected by impairments, slightly above guidance
Pre-announced impairments of Russia exposure (EUR 127 mn) impact result EBT slightly above what was guided at EUR 56 mn Deterioration of combined ratio to 97.1% FX effects support other income We have a neutral to slightly negative take on the results
Raiffeisen Research Institutional Equity Daily 19.08.2022
AT: UNIQA - New claims against UNIQA from Infinus case (negative) AT: UNIQA - Q2 impacted by bond impairments, slightly above guided range (neutral) PL: Dino - Q2 22 with LFL sales growth of 30% yoy and EBITDA at a modest 4% above consensus (neutral) PL: PKN - Moody's upgraded PKN's rating to Baa1 (neutral)
- Duygun Kutucu
Halkbank 2Q22 Results Review
Halkbank’s 2Q22 results are higher than estimates: Halkbank reported bank-only net income of TL2.58bn in 2Q22 (+27% q/q) (RoE: 15.8%), higher than both our TL2.34bn forecast and the consensus estimate (TL2.42bn), thanks to higher-than-expected NIM. As such, net income in 1H22 reached TL4.6bn (16.6% RoE), vs. TL123m in 1H21. We revised our FY22 NI estimate to TL21.5bn from TL14.8bn following the results. Halkbank trades at 2022e P/B of 0.32x and we maintain our HOLD recommendation for the stock w...
Raiffeisen Research Institutional Equity Daily 20.07.2022
AT: Andritz - Andritz to supply a combi-pulping system to China (neutral) CZ: Moneta Money Bank - Manecomte raises the stake to 10% EU: Gas supply - Nord Stream 1 expected to resume gas exports as scheduled, but at reduced capacity (neutral) EU: Utilities - EU commission to present plan to reduce gas consumption today (neutral) PL: Insurers - Motor insurance prices to increase (positive) RU: MMK - Steel sales volumes shrank by 16% yoy in H1 2022
Raiffeisen Research Institutional Equity Daily 11.07.2022
AT: UNIQA - EUR 127 mn impairment of Russian bonds, Q2 EBT in the range of EUR 33-53 mn (neutral) CZ: CEZ - Czech Government to lend up to EUR 3 bn to CEZ for forward sales margin liquitidy (neutral) PL: Bank Millennium - Q2 profit warning on fx mortage legal risk (neutral) PL: Oil & Gas, Utilities - Potential windfall tax on state-controlled gas and energy firms (negative)
Country News Hungary - Windfall tax impact on sectors
-Government presented some details on windfall tax plan with the aim to generate HUF 900 bn tax revenues from 8 sectors in 2022 and 2023 amid reducing the budget deficit and funding the defence of the country -Most impacted sectors seem banks and energy with each taking a burden of HUF 300 bn per year -Despite heavy negative reaction at Hungarian blue chips in last the 2 days, we expect the sentiment to stay under pressure in the short-term -At first glance directly impacted companies in our ...
- Duygun Kutucu
Turkish Banking Sector
We anticipate net earnings growth of 304% for the banks in our coverage in 2022, driven by higher CPI linker income, which translates into an average ROE of 41%. While this level of ROE has not been seen in recent years, we believe it is more accurate to look at the ‘real’ return on equity, rather than the nominal level, considering the high inflation level. We expect CPI to end the year at 57%, and a return below inflation therefore means a contraction in banks’ equity in real terms. While ther...
EQS-News: UNIQA Insurance Group AG: DIVIDENDENBEKANNTMACHUNG
EQS-News: UNIQA Insurance Group AG / Schlagwort(e): Dividende/Hauptversammlung UNIQA Insurance Group AG: DIVIDENDENBEKANNTMACHUNG 24.05.2022 / 07:57 Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. DIVIDENDENBEKANNTMACHUNG In der am 23. Mai 2022 stattgefundenen 23. ordentlichen Hauptversammlung der Aktionär:innen von UNIQA Insurance Group AG (FN 92933 t, Handelsgericht Wien) wurde für das Geschäftsjahr 2021 die Ausschüttung einer Dividende von 55 Cent je dividendenberechtigter Stückaktie beschlossen. Dividendenzahltag ist Dienstag, der 7. Juni...
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