reports
GR Sarantis S.A.: 1 director
A director at GR Sarantis S.A. sold 2,500 shares at 11.370EUR and the significance rating of the trade was 52/100. 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 clearly...
Kruk S.A.: 1 director
A director at Kruk S.A. sold 20,000 shares at 466.030PLN and the significance rating of the trade was 71/100. 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 clearly show...
- Szabolcs Pal
Surprising Q1 on revenues, lower provisioning
BT’s reported net income came to RON 1,132 mln in the first quarter, up by35% and 63% y-o-y and q-o-q, respectively. Better results stemmed fromlower provisioning, higher revenues and a solid bargain gain from theacquisition of the BCR Chișinău S.A. Net interest income went up by 9% q-o-q and 24% y-o-y as a result of higherlending flows and higher NIM while net fees also increased thanks to strongclient activity. Net trading was also better after a weak Q4 due to higher incomefrom derivatives....
- Egor Fedorov
- James Wilson
EM Credit Spark/EM credit weekly
After some relief for markets on the data front this week, a period of quiet in terms of macro news should offer a further window for new supply to come from EM issuers ahead of an expected summer lull. Spread levels remain well anchored and EM credit should continue to see robust demand from yield-seeking investors.
- Research Team
WOOD Daily: CGEO LN; ELPE GA; GPW PW; BOCH CY; ALPHA GA; EUROB GA; BFT...
HEADLINES: • Georgia Capital: announces two new buyback programmes POSITIVE • HELLENiQ Energy: 1Q24 results – mildly above expectations POSITIVE • Warsaw Stock Exchange: bottom-line miss and further margin compression in the 1Q24 results NEGATIVE • Bank of Cyprus: 1Q24 highlights POSITIVE • Alpha Services and Holdings: 1Q24 highlights – trading-related beat, but NIM and fees evolve better than expected • Eurobank Ergasias Services: 1Q24 highlights – helped by trading income, but good quarter ove...
KRKG KRKA D.D.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
ALPHA ALPHA BANK AE
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BANK OF CYPRUS PCL
CGEO GEORGIA CAPITAL
CZG CESKA ZBROJOVKA GROUP
4IG 4IG NYRT
AROBS AROBS TRANSILVANIA SOFTWARE SA
ELPE HELLENIQ ENERGY
- Miguel Dias
WOOD Flash – Banca Transilvania: NIM resilience and strong loan book e...
Overall, we see the bank’s 1Q24 results as positive. Despite the core pre-provision profit coming in largely in line with our expectations, we view the resilience of the NIM and the strong loan book expansion as constructive. The bargain gain was a positive surprise and, together with the very low COR, provided most of the c.27% bottom-line beat vs. our expectations.
- Research Team
WOOD Daily: BFT PW; MTELEKOM HB; PBK RO; GEV CP; MBR PW; DAT PW; IGN1L...
HEADLINES: • Benefit Systems: strong 1Q24, but May card base estimate disappoints POSITIVE • Magyar Telekom: 1Q24E results review – EBITDA up 46% yoy, 6% above the consensus; 2024E guidance upgraded POSITIVE • Patria Bank: strong bottom-line print in 1Q24, but loan book development remains absent POSITIVE • GEVORKYAN: 1Q24 EBITDA up 24% yoy, 17% above our estimate POSITIVE • Mo-BRUK: 1Q24 EBITDA 5% above our forecast, 6% miss vs. the consensus NEUTRAL • DataWalk: 1Q24 numbers fully in line with ...
- Research Team
WOOD Daily: INPST NA; GSPARK HB; SFG RO; H2O RO; DIGI RO; AROBS RO; PG...
HEADLINES: • InPost: strong 1Q24, as expected; FY24E guidance maintained; slight volume deceleration in 2Q24 so far POSITIVE • Graphisoft Park: 1Q24 – occupancy and results stable so far; guidance maintained POSITIVE • Sphera Group: 1Q24 above our expectations POSITIVE • Hidroelectrica: 1Q24 – lower power prices offset by no tax on producers NEGATIVE • DIGI Communications: 1Q24 results – adjusted EBITDA up 22% yoy, 6% above our estimate POSITIVE • AROBS Transilvania Software: weak 1Q24 results, ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PKO PKO BANK POLSKI S.A.
BDX BUDIMEX S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
GSPARK GRAPHISOFT PARK SE
11B 11 BIT STUDIOS S.A.
DIGI DIGI COMMUNICATIONS NV
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
INPST INPOST S.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
ELPE HELLENIQ ENERGY
H2O HIDROELECTRICA S.A.
Tekfen Holding A.S.: 2 directors
Two Directors at Tekfen Holding A.S. bought/maiden bought 54,000 shares at between 51.600TRY and 52.500TRY. The significance rating of the trade was 54/100. 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...
- Research Team
WOOD Daily: CEZ CP; EUR PW; BIMAS TI; RICHT HB; ARABIAND AB; CE4/GR Ma...
HEADLINES: • CEZ: 1Q24 – strong beat on supply and generation POSITIVE • Eurocash: weak 1Q24 across the board NEGATIVE • BIM: 4Q23 results – strong beat POSITIVE • Richter: 1Q24 operations in line, net beat on FX revaluation NEUTRAL • Arabian Drilling: 1Q24 interim results – net income below expectations NEUTRAL • CE4/Greece macro: the consumption recovery – pivoting from necessities to discretionary • Türkiye macro: our takes from our Symposium; a focus on Coca-Cola Icecek, Tupras, and Aselsan ...
- Clement Genelot
Food Retail: Navigating stormy waters of deflation and price war
As food deflation risks increasingly diverge from one market to another, we take a fresh look at local price war risks and at the sector earnings cycle. We remain puzzled by the YTD sector derating and underperformance while FY 2024-25 expected EPS growth is still strong. Many investors seem to be
ING Bank Śląski S.A.: 1 director
A director at ING Bank Śląski S.A. sold 937 shares at 302.500PLN and the significance rating of the trade was 55/100. 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 clea...
- Research Team
WOOD Daily: TLV RO; ADNOCDRI UH; OTKAR TI; TBCG LN; ELM AB; ISCTR TI; ...
HEADLINES: • Banca Transilvania: NIM resilience and strong loan book expansion the key positives of 1Q24 bottom-line beat, on non-recurring revenue, low provisions and a one-off POSITIVE • ADNOC Drilling: 1Q24 results – new venture and updated dividend policy POSITIVE • Otokar: lacklustre 1Q24 results, but strong backlog NEGATIVE • TBC Bank: 1Q24 results and conference call NEUTRAL • Elm: mixed 1Q24 financial results NEGATIVE • Isbank: 1Q24 highlights – margin pressure worsening • Polish banks: ...
- Research Team
WOOD Daily: MBK PW; OTP HB; MIL PW; CCC PW; DNP PW; EAT PW; MOL HB; M ...
HEADLINES: • mBank: solid 1Q24 results justify one of the top market valuations (1Q24 P/BV of 2.1x) POSITIVE • OTP Bank: books solid 1Q24, keeps 2024E guidance unchanged NEUTRAL • Bank Millennium: 1Q24 results in line • CCC: 40% EBITDA beat in 1Q24, on opex control POSITIVE • Dino: 2-7% EBITDA miss in 1Q24 NEGATIVE • AmRest: 1Q24 broadly in line with our forecasts, but below the consensus NEGATIVE • MOL: 1Q24 results – EBITDA below expectations on maintenance NEUTRAL • MedLife: 1Q24 results poin...
MOL MOL NYRT
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CCC CCC SA
OTP OTP BANK NYRT
11B 11 BIT STUDIOS S.A.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
M MED LIFE
EAT AMREST HOLDINGS SE
4IG 4IG NYRT
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
- Egor Fedorov
- James Wilson
- Oleksiy Soroka
- CFA
EM Credit Spark/EM credit weekly
Some signs of cooling economic data out of the US, and the start of DM rate-cutting cycles has offered some optimism for EM assets, with the grind tighter in credit spreads continuing as seen for much of this year. We expect the benign environment to offer further opportunities for new issuance, while spread levels look fairly tight.
- Research Team
WOOD Daily: PKO PW; KRU PW; BHW PW; NLBR SV; PGSUS TI; ADNOCDIS UH; CT...
HEADLINES: • PKO BP: strong 1Q24, with 9% beat, but big part due to lower quarterly tax charge POSITIVE • Kruk: 1Q24 results in line with earlier communication; strong trend continues, but digested by the market already NEUTRAL • Bank Handlowy: books neutral 1Q24, questions on future capital management NEUTRAL • NLB Group: guidance upgrade spices up vanilla 1Q24 bottom-line beat POSITIVE • Pegasus Airlines: 1Q24 in line, guidance for mild margin compression and 10-12% ASK growth maintained NEUTR...
KRU KRUK S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BSK ING BANK SLASKI S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
ALR ALIOR BANK SA
ETEL TELECOM EGYPT
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
CTPNV CTP NV
2381 ARABIAN DRILLING CO.
AQ AQUILA PART PROD COM
- Research Team
WOOD Daily: BDX PW; EU Oil & Gas Monthly; BHW PW; PKO PW; MIL PW; CAR ...
HEADLINES: • Budimex: 1Q24 EBIT 13% above our forecast on solid gross margin, but broadly in line with the consensus POSITIVE • European oil and gas monthly: April 2024 – margins retreating • Bank Handlowy: to pay PLN 10/share dividend NEUTRAL • PKO BP: estimates cost of credit holidays extension at PLN 489m NEUTRAL • Bank Millennium: expects a PLN 201-247m impact from the 2024E credit holidays extension for PLN mortgagors NEUTRAL • Inter Cars: April sales recover by 19.5% yoy POSITIVE • MOL: 1Q...
- Jonathan Lamb
European Oil and Gas Monthly: April 2024 – margins retreating
Refining margins retreated again in April, by USD 1.2/bbl, to USD 12.6/bbl, remaining about 40% higher than usual for the season. Petrol cracks continued their seasonal rising trend, but diesel weakened more. Polymer margins had a positive month, but olefins and aromatics saw their margins go the other way.
- Szabolcs Pal
Solid performance and no surprises from BRD in Q1 2024
BRD’s reported net income came to RON 324 mln in the first quarter, down by4% y-o-y due to higher cost of risk and new levy tax. NII was up by 6.8% yearly thanks to positive volume effect, while the impact ofinterest rates reversed, given lower interest rates as compared to Q1 2023,therefore the NIM slightly decreased to 3.4%. Operating expenses were also up by ca. 5% q-o-q due to levy tax and 4.2% yo-y. Beside the levy tax the PEREX also increased substantially (+9.3% y-o-y). Provisioning wa...
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