A director at X5 Retail Group N.V. sold 20,000 shares at 21.000USD and the significance rating of the trade was 86/100. 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 cl...
EME Equity Market – November 2022 Market performance – Turkey does it again, breezing past everyone else, once more, in November. The MSCI EM Europe Index advanced 11.6% mom in EUR terms and 16.7% mom in USD. The ISE30 index, again, boasted the best performance among our coverage, adding 18.6% mom in EUR terms and 23.9% mom in local currency (lcl) terms. Positive performances were also recorded in the WIG (+14.0% EU /13.0% lcl mom), the BUX (+12.6% EUR/12.0% lcl mom), the BET (+8.4% EUR/8.6% lcl...
HEADLINES: • Saudi Arabian tech: from oil to data and beyond (initiating on Solutions by STC with a BUY, and Jahez with a HOLD) • Motor Oil Hellas: motoring beyond oil (stays BUY) • Kofola: 3Q22 conference call takeaways NEUTRAL • Photon Energy: increases stake in Lerta, plans to take full control by the year-end • PKO BP: Puls Biznesu on potential changes in management board NEGATIVE • Shoper: key takeaways from the PAP interview with the CEO on the 2023E outlook NEUTRAL • Alrosa: Mir mine p...
EME Equity Market – October 2022 Market performance – in a positive month across the board, Turkey outperforms yet again. The MSCI EM Europe Index advanced by 12.7% mom in EUR terms and 14.4% mom in USD. The ISE30 was, once again, the best-performing index in our coverage, adding 23.4% mom in EUR terms and 25.2% in local currency terms. All the other indices recorded positive performances as well, with the WIG (+14.8% EUR / 11.5% lcl), the BUX (+11.4% EUR / 8.5% lcl) and the ASE (+10.3% EUR) del...
HEADLINES: • LPP: 2Q22 above expectations; FY22E guidance maintained; Russian operations sold for PLN 1.7bn POSITIVE • CD Projekt: follow-up on strategy update - press comments and our 1-on-1 NEUTRAL • STS Group: 3Q NGR growth of 21% yoy POSITIVE • Alior Bank: tops up credit holiday provisions, implies take-up ratio of 69% NEUTRAL • Alrosa: excluded from the latest EU sanctions list NEUTRAL • Zagreb Stock Exchange: share buyback announcement NEUTRAL • Ten Square Games: 3Q22 bookings up by 11% q...
EME Equity Market – September 2022 Market performance – in a rough month for the markets, Turkey emerges as the top-performing region, once again. The MSCI EM Europe Index declined 8.3% mom in EUR terms and 10.7% mom in USD in September; while the ISE index outperformed all the other indices once again, but with a muted performance this time, adding just 1.0% mom in EUR terms and 0.1% in local currency terms. All the other indices recorded negative performances, with the Czech PX Index losing 4....
HEADLINES: • EME Macro/Strategy: Greece - a positive growth story • Public Power Corporation: 2Q EBITDA +5% yoy, FY22E guidance maintained NEUTRAL • Ten Square Games: management call takeaways NEUTRAL • CD Projekt: Cyberpunk paid expansion next year not for old-generation consoles NEGATIVE • LiveChat Software: patents method of chat communication rating in the US POSITIVE • Wizz Air: Blue Air forced to suspend operations, positive for Wizz Air and Ryanair • Alrosa: key points from the Easter...
AT: Flughafen Wien - Significant hike of FY 22 guidance (positive) AT: IMMOFINANZ - Starting share buyback programme for up to 1% of share capital (positive) AT: STRABAG - Resignation of Peter Krammer became effective as of June 12 (neutral) RO: Medlife - Medlife opens a new clinic in Targu Mures, and expands its regional presence through two acquisitions (positive) RU: Transneft, RusHydro - Government decree provides for RUB 23.3 bn in 2021 dividends from RusHydro and RUB 76 bn from T...
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...
AT: AT&S - Prelim. Q4 21/22 above expectations, FY outlook better on top line, EBITDA guidance mixed on start-up costs (neutral) AT: S IMMO - Considers sale of Germany residential assets (neutral) AT: Vienna Insurance Group - Strong premium growth, EBT below expectations on provisions for impact of war (neutral) PL: CCC - CEO expects a good Q2 with substantial sales growth and slight gross margin improvement, FY sales seen at PLN 9-10 bn (positive) PL: PGNiG - Considering entering into a long-te...
EME Equity Market – April 2022 Market performance – regional benchmarks performance rather mixed in April. The MSCI EM Europe Index declined by 5.3% in EUR terms and by 9.9% in USD. The best-performing market was Turkey, whose equities gained 13.3% in EUR terms and 9.2% in local currency. Russia’s MOEX Index added 9.0% in EUR terms, but declined by 9.6% in local currency. In Greece, the ASE Index advanced by 4.9% in EUR terms, the last to end the month in the black; while Romania’s BET Index rec...
AT: AMAG - Q1 results in line with RBIe but above consensus, major cash drain from NWC, FY 22 EBITDA guidance of > EUR 200 mn heralds (expected) upside to estimates (neutral) AT: Andritz - Record order backlog, in-line results and guidance confirmed (positive) AT: Erste Group - Q1 22 net profit beating expectations / strong core revenues offset by higher opex and weak trading result / guidance for 2022 marginally tweaked upwards / CET1 drop should be only temporary (positive) AT: Oester...
HEADLINES: • Russian commodities: the long and short side of it • Arcelik: 1Q22 results - as expected NEUTRAL • Turkish banks: number of changes by the CBT • Ten Square Games: management recommends PLN 10 DPS from the 2021 net profit POSITIVE • Kety: management recommends PLN 52.4 DPS (8% dividend yield) from the 2021 profit NEUTRAL • Norilsk Nickel: final 2021 dividend yield at 5.9%, ADR holders may not receive payment • Alrosa: Russian rough diamonds stop flowing to main Indian manufacturi...
HEADLINES: • Polish financials: PZU - higher rates and for longer (stays BUY); Bank Pekao - standing firm against the headwinds (stays BUY); Alior Bank - too cheap to ignore (upgraded to BUY) • Romania macro: the government announces a support package for both individuals and companies • Fondul Proprietatea: end-March NAV could be at least 5% higher mom • Famur: 4Q21 EBITDA 16% below market expectations NEGATIVE • LPP: FY22E rollout plans raised to 500k sqm POSITIVE • Inter Cars: CFO says tha...
EME Equity Market – March 2022 Market performance – regional benchmarks mostly in the black, despite the MSCI EM Europe Index losing half of its value. Following its decline in February, the MSCI EM Europe Index lost in March as well, declining by 49.5% in EUR terms and 50.1% in USD terms. Russia’s MOEX Index added 13.2% in EUR terms and 9.4% RUB terms (we note that Russian companies’ GDRs are still suspended for trading). The Turkish ISE30 Index added 8.2% in EUR terms and 13.3% in local curren...
AT: FACC - FY 21 results in line with preliminaries, outlook wording confirmed AT: Utilities - Drought likely to affect Q1 22 hydro output (negative) AT: Wienerberger - 0.69% of the capital repurchased so far (neutral) DE: Encavis - Encavis delivers on results and guidance beat (positive) RU: Inter RAO - Not discussing delisting from the Moscow Exchange (positive) RU: RusHydro - Paying agent blocks coupon payment on RUB eurobond over British sanctions (negative) RU: Russia - Minist...
AT: Kapsch TraffiCom - Arbitration court decides in favour of Kapsch TrafficCom regarding German toll claim (positive) DE: Encavis - Encavis Asset Management bought 11 MWp wind park for EIF II fund (neutral) RO: Electrica - Distribution tariffs for electricity will increase starting April 1 (positive) RU: ALROSA - Tiffany refused to buy diamonds with a Russian origin (negative) RU: Petropavlovsk - Gold sales complicated on UK sanctions against Gazprombank (negative) RU: Russian gold ...
AT: AT&S - CEO sees chip crisis continue into 2023, also cost overruns in Malaysia, but within budget (neutral) PL: mBank - Adding 60 bps on CET1 via securitization transaction (positive) PL: PKO BP/Alior - PKO BP appoints the new deputy CEO from Alior (neutral) RU: ALROSA - The company's assets/operations sanctioned by the UK (negative) RU: Russia - The CBR's gold reserves sanctioned by the US (negative)
HEADLINES: • Romanian energy: revised draft support scheme NEUTRAL • Titan Cement: 4Q21 results - another soft quarter, due to cost inflation • Warsaw Stock Exchange: 4Q21 EBITDA 4% above consensus • Krka: currently impossible to estimate the impact of the Ukraine conflict NEUTRAL • Turkey macro: CBT on hold, as expected • GTC: the Board has appointed Zoltan Fekete as the new CEO NEUTRAL • Raiffeisen Bank: statement on its Russian exposure; admits the possibility of a full exit NEGATIVE • A...
MARKET COMMENT - SOME BOND HOLDERS RECEIVE COUPONS WHILE EQUITIES STILL FROZEN, CAPITAL CONTROLS IN PLACEThe ruble gained 4.5% in Moscow Exchange trading and fell 4.9% in offshore trading to be quoted around USD/RUB 102-103, reaching the narrowest spread in weeks. Reuters reported that some bond holders had successfully received dollar coupon payments that were due on Russian sovereigns. STORIES> Russia's budget surplus reaches R156 bln in February> X5 Group's 4Q21 EBITDA 7% above our estimate
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