HEADLINES: • Wirtualna Polska: WP boosts media margins (stays BUY) • Aselsan: 2Q24 IAS 29 results – strong execution POSITIVE • Inter Cars: 2Q24 EBITDA 10% above our forecast and 5% above the consensus, on higher margin POSITIVE • Inter Cars: August sales growth at 8% yoy, in line with our expectations NEUTRAL • PCF Group: new work-for-hire agreement with Krafton; PLN 7m write-off on Project Red POSITIVE • Santander Bank Polska: strategic investor wants to reduce its stake • Kazatomprom: obtains...
The lower supply pressure and turning interest rate cycle have helped CEE bank bonds outperform this year, particularly in the unsecured segment. The relative value metrics of CEE bank bonds remain enticing though versus European comparables, from a bank fundamental and instrument rating angle. We expect to see a further outperformance of CEE names.
A director at OTP Bank Plc bought 5,500 shares at 18,080.000HUF and the significance rating of the trade was 51/100. 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 clear...
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
HEADLINES: • Kruk: expects PLN 603m of 1H24E net profit (flash estimate) NEGATIVE • EME Macro/Strategy: macro all-in-one (19-25 August) • EME Strategy: FTSE GEIS September 2024 Semi-Annual Review • OMV: announces gas discovery in the Norwegian Sea NEUTRAL • Eurocash: 2Q24E results preview – 19% yoy EBITDA decline expected (due on 28 August)
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price £0.45 per share: Commencing drilling operations at high impact well in Morocco – Drilling operations have commenced on the Anchois East well (now named Anchois-3). The well has three objectives. An initial pilot hole will be drilled to evaluate the potential of the Anchois Footwall prospect, located in an undrilled fault block to the east of the main field with a 2U Prospective Resource estimate of 170 ...
HEADLINES: • Migros: solid operating results in 2Q24 POSITIVE • NEPI Rockcastle: 1H24 – robust NOI growth and strong tenant sales POSITIVE • Banca Transilvania: 2Q24 bottom-line beat on higher trading income and lower provisions booked POSITIVE • Teknosa: weak set of results in 2Q24 NEGATIVE • Akcansa: 2Q24 conference call takeaways • Türkiye macro: CBT reaffirms prolonged pause • NLB Group: threshold for Addiko acquisition not met, plan shelved NEGATIVE • Bank Pekao and Commerzbank: notify Nati...
OTP reported better-than-expected profit for Q2/24 today morning. Consolidated PAT totalled HUF 268bn (+2% vs. consensus and +1% vs. Concorde). H1/24 EPS came in at HUF 1,839, with a ROE of 23.6%. Total revenues reached HUF 654bn, +30bn vs. the consensus, which was attributable to non-interest income, in particular the fair value adjustment of subsidized housing loans and baby loans at OTP Core. However, higherthan-expected provisioning offset the favorable top line trend. In line with super...
HEADLINES: • OTP Bank: 2Q24 results broadly in line, FY24E guidance unchanged, new taxes in Hungary to bite a little NEUTRAL • Bank of Cyprus: 2Q24 highlights POSITIVE • Bucharest Stock Exchange: good volumes drive solid bottom-line delivery in 2Q24 NEUTRAL • MOL: 2Q24 results NEUTRAL • Magyar Telekom: key takeaways from the 2Q24 earnings call NEUTRAL • CEZ: takeaways from the 2Q24 earnings call POSITIVE • Inter Cars: July sales growth jumps to 18% yoy, after disappointing May-June POSITIVE • DI...
HEADLINES: • Banca Transilvania: still some gas in the tank (stays BUY) • Ford Otosan: weak set of results in 2Q24 NEGATIVE • ING Bank: posts neutral set of 2Q24 results NEUTRAL • Shoper: preliminary 2Q24 adjusted EBITDA up by a strong 32% yoy, as expected NEUTRAL • Public Power Corporation: 2Q24 beats, on lower receivables provisioning and tax rate NEUTRAL • Richter: takeaways from the 2Q24 earnings call NEUTRAL • 11 bit studios: PAP interview with the CEO – key takeaways NEUTRAL • MOL: 2Q24E r...
Benchmark refining margins rose in July, by USD 0.7/bbl, to USD 9.5/bbl, after four straight months of decline remaining about USD 1.9/bbl higher than usual for the season. Better petrol cracks were the main driver of margins and we believe that this may be temporary. Petrochemicals margins remain under pressure.
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Reflections on Welchau – IIndependent consultants have calculated that each of the three reservoirs encountered at Welchau (Reifling - 128 metres, Steinalm -118 metres and the Guttenstein - 111 metres) are hydrocarbon bearing with uncertainty on the hydrocarbon type. Laboratory work on the Steinalm reservoir has confirmed the full properties ofthe 43° API light sweet oil that was recove...
Key Message OMV reported a clean CCS-based operating result of EUR 1,232 mn, marking a 4% increase YoY, but a 17% decrease QoQ. The hydrocarbon price environment was stable. Refining margins decreased, likely permanently, negatively impacting the sector. Chemical market recovery is slow. The Gas & Power segment had a challenging quarter, although mostly due to temporary effects. Key positives The key positive development for the quarter is a slight increase in hydrocarbon prices comp...
HEADLINES: • Alior Bank: posts strong 2Q24 and upgrades medium-term COR outlook POSITIVE • Alior Bank: management board nominations POSITIVE • Erste Banks: books solid 2Q24; guides for 2024E DPS at an attractive level; awaiting opening conclusions from the new CEO POSITIVE • Tofas: highly weak set of results in 2Q24 NEGATIVE • National Bank of Greece: 2Q24 highlights – positive 2H24E, with guidance upgrade • NLB Group: solid print in 2Q24, beating estimates, due to release of provisions POSITIVE...
EME Equity Market – July 2024 Greece the biggest winner, while Poland the clear loser in July. The MSCI EM Europe Index declined by 1.1% in EUR terms and 0.3% in USD terms in July. The Greek ASE Index posted the best performance for the month, advancing by 5.3% mom in EUR terms. There was a broadly similar performance in Hungary, Czechia and Romania (+ 2.9%, 2.7% and 2.1% mom in EUR terms, respectively). The Turkish ISE30 Index declined by 1.6% mom in EUR terms, but the clear loser was the Polis...
HEADLINES: • Arcelik: weak set of results in 2Q24 NEGATIVE • Garanti Bank: 2Q24 highlights – good margin management, guidance intact • OMV: 2Q24 results NEGATIVE • Borouge: 2Q24 results – sales growth drives profit increase POSITIVE • OMV Petrom: 2Q24 results – in line with the consensus NEUTRAL • Hungary macro: materially weaker than expected • Czech Republic macro: GDP picks up pace in 2Q, no surprises • CCC: 2Q24E prelims preview – 61% yoy EBITDA growth expected (due on 7 August) NEUTRAL • VI...
HEADLINES: • Raiffeisen Bank International: posts solid 2Q24 POSITIVE • Athens Exchange Group: good results delivery in 2Q24 POSITIVE • Siauliu Bankas: high opex drags net profit down in 2Q24, but some positives NEUTRAL • Akbank: 2Q24 highlights – interest rate risk plays out • Budimex: earnings call takeaways – 2024E outlook reiterated NEUTRAL • Solutions by STC: 2Q24 conference call takeaways POSITIVE • Borouge/OMV: sign agreement, along with ADNOC and Borealis, with Wanhua Chemical Group for ...
HEADLINES: • Santander Bank Polska: posts solid 2Q24 results POSITIVE • Orange Polska: 2Q24 results – EBITDAaL up 4% yoy, 1% above the consensus; 2024E EBITDAaL guidance raised POSITIVE • Hungary macro: MNB cuts by 25bps, to 6.75% • Türkiye macro: CBT on firm hold • Migros: sells entire stake in Ramstore Kazakhstan LLC POSITIVE
HEADLINES: • CEZ: State selects Korea’s KHNP for new nuclear NEUTRAL • Sipchem: 2Q24E results preview (due on 25 July) NEUTRAL • OMV: 2Q24E results preview (due on 31 July) NEUTRAL • Bank Pekao: 2Q24E preview (due on 8 August) • OTP Bank: 2Q24E preview (due on 9 August) • Ten Square Games: 2Q24E adjusted EBITDA down 14% qoq, but up 8% yoy (due on 26 August) • Huuuge Games: 2Q24E adjusted EBITDA down 12% qoq, on lower bookings (due on 5 September) • Short News (PPC)
HEADLINES: • Shoper: shifting into a higher gear (upgraded to BUY) • PZU: AGM due to be reconvened on 18 July NEGATIVE • NLB Group: Addiko takeover offer increased to EUR 22.0/share NEUTRAL • ADNOC Drilling: Enersol JV to make new acquisition NEUTRAL • Bank Millennium: 2Q24E preview (due on 26 July, after the close) • Benefit Systems: 2Q24E adjusted EBITDA up 23% yoy, headlines affected by PLN 45m ESOP cost (due on 21 August)
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