reports
Moody's upgrades and withdraws PGNiG's rating
Moody's Investors Service ("Moody's") has today upgraded the long-term issuer rating of Polskie Gornictwo Naftowe I Gazownictwo S.A. ("PGNiG") to A3 from Baa2. At the same time, Moody's has withdrawn the baa3 Baseline Credit Assessment ("BCA") of PGNiG. The outlook remains stable. Subsequent to the ...
- Research Team
WOOD Daily: SGH BU; ILRA CZ; US Macro; RBI AV; PEO PW; ING PW; SHO PW;...
HEADLINES: • Sirma Group Holding: healthy leverage position, amidst slowdown in IT (BUY - transfer of coverage) • Ilirija d.d.: summer season yields solid, yet uneven, results (downgraded to HOLD) • US macro: no surprises, but no respite; recession is coming • Raiffeisen Bank International: EUR 1.1bn in 3Q22 net profit, supported hugely by Russian operations POSITIVE • Bank Pekao: 3Q22 net loss, but results show strength and high profitability POSITIVE • ING BSK: 3Q22 results rather neutral a...
KRU KRUK S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
BSK ING BANK SLASKI S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
POLY POLYMETAL INTERNATIONAL PLC
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
RICHT RICHTER
TEN TEN SQUARE GAMES
ILRA-R-A ILIRIJA D.D.
HUGE HUUUGE
SHO SHOPER
ONE ONE UNITED PROPERTIES SA
- Research Team
- Research Team
The Rear-View Mirror – EME markets: all indices up, Turkey outperforms...
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...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
COG COGNOR HOLDING SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
GEKTERNA GEK TERNA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
HMX1R HANSAMATRIX AS
COTE CONPET SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
RICHT RICHTER
CGEO GEORGIA CAPITAL
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
PCO 4IG NYRT
GPP PEPCO GROUP NV
KLKIM GRUPA PRACUJ DA
KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
- Research Team
WOOD Daily: TLV RO; BRD RO; FOYRK GA; SPL PW; CCC PW; TRP RO; ZB CZ; S...
HEADLINES: • Romanian banks: building resilience (Banca Transilvania downgraded to HOLD, BRD-GSG stays HOLD) • Fourlis Group: 2 for the price of 1 (upgraded to BUY) • Santander Bank Polska: strong 3Q22 delivery, largely in line with expectations • CCC: final 2Q22 results below prelims on write-downs of receivables from wholesale partners NEGATIVE • TeraPlast: weak 3Q22 earnings NEGATIVE • Zagreb Stock Exchange: 3Q22 results review - muted performance, despite qoq improvements • Romgaz: 3Q22 ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
SPL SANTANDER BANK POLSKA SA
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
CCC CCC SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
11B 11 BIT STUDIOS S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
NLBR NLB GROUP
TEN TEN SQUARE GAMES
PCF PCF GROUP SA
HUGE HUUUGE
Raiffeisen Research Institutional Equity Daily 21.10.2022
CZ/SI - Macro: No rating changes in Czechia and Slovenia expected, but trend remains negative EU: Energy - EU summit agrees on dynamic gas price cap, but no final decision yet and limited EU borrowing (neutral) PL: LPP - Article about suppliers in Bangladesh suffering from deferred payments by LPP (negative) PL: PGNiG - A gas price cap mechanism for households might be introduced by the end of the year (neutral)
- Research Team
WOOD Daily: Orange Polska (upgraded to BUY), PGN PW, KLKIM TI, TPIER G...
HEADLINES: • Orange Polska: bottom fishing (upgraded to BUY) • PGNiG: 3Q22 operating estimates • Kalekim: 3Q22 results - in line NEUTRAL • Piraeus Bank: press reports on the acquisition of the HFSF stake • Erste Bank: 3Q22E results preview (due out on 4 November) • Wirtualna Polska: 3Q22E results preview - 21% yoy adj. EBITDA growth expected (due out 22 November) • Short new (CEZ, EL, TEL, SNP)
Raiffeisen Research Institutional Equity Daily 18.10.2022
AT: Erste Group - Fitch confirms A rating with stable outlook (neutral) EU: Energy - European Commission to propose dynamic gas price cap (neutral) HU: OTP - Hungary extended the interest rate freeze for variable-rate residential (neutral) PL: PGNiG - Delisting of PGNiG shares from Warsaw Stock Exchange (neutral) PL: PKO/PKN - PKO launches an ABB to sell the 2.26% stake in PKN (neutral)
- Research Team
The Rear-View Mirror – EME markets: Turkey on top again, but muted thi...
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....
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
CEZ CEZ AS
PETG PETROL D.D.
CDR CD PROJEKT S.A.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
COG COGNOR HOLDING SA
KOMB KOMERCNI BANKA A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
CCC CCC SA
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
ADPL-R-A AD PLASTIK D.D.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PLZL POLYUS (GDR)
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
ALPHA ALPHA BANK
PTKHY PETKIM PETROKIMYA HOLDING AS
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
GR6 GRADUS
FINT FINTEL ENERGIJA
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
SHO SHOPER
GPP GRUPA PRACUJ DA
- Research Team
WOOD Daily: CD Projekt (downgraded to SELL), ALE PW, PKN PW/PGN PW, CD...
HEADLINES: • CD Projekt: unjustified premium to its peers (downgraded to SELL) • Allegro: 2Q22E results in line with the prelims; FY22E guidance upper range trimmed (again) POSITIVE • PKN Orlen: EGM approves the merger with PGNiG • CD Projekt: 20m Cyberpunk copies sold to date NEUTRAL • Petrol Group: Geoplin awaits capital raise or nationalisation • Fondul Proprietatea: Hidroelectrica postpones the decision regarding the acquisition of CEZ Vanzare • Hungary macro: twisting policies helps, b...
Oil Market Bulletin - Can the EU embargo on Russian oils trigger an oi...
-The >30% correction of Brent price since June was mainly driven by rising concerns regarding global oil demand -We see several upside risks for the oil market in the near term, including a potential cut of OPEC supply and lower export of Russian oils -Assuming that Russia does not retaliate by cutting its oil supply, we reckon that an oil price shock could be avoided
Raiffeisen Research Institutional Equity Daily 26.09.2022
AT: OMV - Borealis squeezing out minorities of its Belgium subsidiary Rosier (neutral) HR: Podravka - Rumours about taking over the Fortenova group's agricultural division (positive) PL: mBank - O-SII buffer kept at 0.5% (neutral) PL: PGNiG - New 10-year gas supply agreement signed with Equinor (neutral) PL: Utilities - The government intends to introduce a 50% windfall tax (negative) RO: BRD-GSG, Banca Transilvania - Anemic advance for the lending activity in August, 0.3% mom (neutr...
- Research Team
WOOD Daily: HB CY; 11B PW; PCF PW; PL Utilities; PGN PW; PEO PW; MBK P...
HEADLINES: • Hellenic Bank: the best is yet to come (stays BUY) • 11 bit studios: strong preliminary 2Q22 results, well above both our and the market's expectations POSITIVE • PCF Group: proposed termination of cooperation with Take-Two on the production of Project Dagger NEGATIVE • PCF Group: preliminary 2Q22 EBITDA well below both our and the market's expectations NEGATIVE • Polish utilities: Minister Sasin proposes utilities windfall tax NEGATIVE • PGNiG: signs 10-year gas supply contract wi...
Oil&Gas Sector News - Can Europe cover its gas consumption without Rus...
-European gas consumption seems to be well covered this year even without any future inflows from Russia -To cover its 2023 gas consumption, Europe needs to offer competitive prices in order to secure more LNG in 2023e -Higher level of gas in European storages could lower the price premium and push European gas prices to lower levels in Q4 22e and H1 23e
Raiffeisen Research Institutional Equity Daily 12.09.2022
CZ: CEZ - Czechia might cap power prices for industry and households at EUR 200/MWh, iin line with EU summit proposal (neutral) EU: Utilities - No decisions made at Prague energy meeting, Russian gas price cap a dividing issue (neutral) PL: Banks - Polish rate hike cycle nearing an end (neutral) PL: CCC - Plan for private placement with main shareholder of up to 14 mn shares at PLN 35.16 for up to PLN 492 mn (positive)
Utilities Sector News - Five proposals for emergency energy meeting on...
EU commission proposal foresees revenue caps, windfall profit taxes and less peak demand Ex-post revenue cap for electricity better than we thought, positive for power generators in our region Windfall profit taxes could affect oil&gas companies Austrian regulation caps retail price at EUR 100/MWh for most household energy
Raiffeisen Research Institutional Equity Daily 08.09.2022
CECE index review - No additions/deletions but changes in FFF and/or NoS in Colt, Moneta, Magyar Telekom, OTP, PKN, PGE AT: Andritz - Andritz acquired Finnish flue gas service company J. Parpala (neutral) AT: Flughafen Wien - Ministry of Economics has initiated an approval procedure under the investment control act (neutral) AT: OMV - Special audit finds no sufficient legal basis for actionable misconduct by former CEO Rainer Seele (neutral) EU: Utilities - EU Commissions' five proposa...
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
VER VERBUND AG CLASS A
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
OTP OTP BANK NYRT
ANDR ANDRITZ AG
FLU FLUGHAFEN WIEN AG
MONET MONETA MONEY BANK AS
Raiffeisen Research Institutional Equity Daily 18.08.2022
AT: Flughafen Wien - Q2 22 results slightly top expectations, July traiffic figures at 88% of pre-crises level (positive) AT: Flughafen Wien - The management board advises shareholders not to accept the take over offer (neutral) AT: SBO - Better than expected Q2 results, positive outlook (positive) AT: Vienna Insurance Group - Clear earnings beat on the back of strong technical result (positive) PL: Cyfrowy Polsat - Q2 22 EBITDA in line with consensus, 7% beat on the bottom line (neutr...
PKO PKO BANK POLSKI S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
CPS CYFROWY POLSAT SA
FLU FLUGHAFEN WIEN AG
603868 SHANGHAI FLYCO ELECTRICAL APPLIANCE (A)
EL SOCIETATEA COMERCIALA DE DISTRIBUTIE SI FURNIZARE A ENERGIEI ELECTRICE ELECTRICA
Raiffeisen Research Institutional Equity Daily 03.08.2022
AT: Flughafen Wien - Hike of FY 22 guidance (positive) AT: Lenzing - Q2 EBITDA in line, but better margins and higher positive USD effects on the bottom line (positive) CZ: Komercni Banka - Q2 22 earnings slightly above expectations, 2022 guidance marginally increased from the revenue, growth mix (positive) PL: Alior Bank - Q2 22 net profit ahead of market expectations on better F&CI and lower risk costs, 2022 outlook wording broadly unchanged (positive) PL: mBank - Q2 pre-tax profit...
Raiffeisen Research Institutional Equity Daily 02.08.2022
AT: AT&S - Q1 22/23 almost lives up to RBIe, beats consensus on USD effects, guidance confirmed (positive) AT: FACC - Boeing close to re-start 787 production (positive) AT: Oesterreichische Post - Retail chains dicontinue or cut flyer advertising (negative) AT: Palfinger - Transfer of 7.52%own shares from Sany completed (neutral) AT: Raiffeisen Bank International - Q2 22 consolidated net profit of EUR 1,270 mn significantly ahead of consensus on better top line and FX effect / raised R...
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