Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
HEADLINES: • Aygaz: still complicated, but worth it (upgraded to BUY) • Turkey: downgrading our Current Account projections • Russian technology: Yandex and Mail.ru ask the government for more tax benefits • Stock Spirits Group: FY19/20 pre-trading update POSITIVE • Famur: signs PLN 30m contract with SUEK POSITIVE • EM strategy: WisdomTree annual EM indices review NEUTRAL • JSW: 3Q20 trading update - coal sales and production grew both qoq and yoy • Central European Media: coverage disco...
Following its delisting on 13 October 2020, we discontinue our coverage of Central European Media Enterprises (CME), effective immediately, and we caution against using the forecasts, ratings and price target guidance issued previously on the stock.
HEADLINES: • Georgian banks: relying on a smooth ride (BGEO upgraded to HOLD, TBC stays HOLD) • CME: confirms merger with PPF, all regulatory approvals have been received POSITIVE • CEZ: changes in new RES law could cost up to CZK 270m NEUTRAL • Inter Cars: September sales up 13% yoy POSITIVE • LiveChat Software: 2Q20-21E preliminary sales preview - 27% yoy growth expected (due on 16 October) • Short News (LWB)
Yesterday (6 October), Central European Media Enterprises (CME) announced the expected completion date for the previously announced transaction, to be acquired by an affiliate of PPF Group N.V. Following the European Commission's clearance of the PPF Group merger with CME, all the required regulatory approvals needed to close the transaction have been received. Accordingly, the completion of the transaction is expected to occur on 13 October 2020.
EME Equity Market – August 2020 Market performance – most indices end August in the black, but the ISE30 Index decline continues, down 9.6%. In August, the MSCI EM Europe Index declined by 1.2% in EUR terms, but stayed mostly flat (+0.1%) in local currency terms. Romania’s BET Index performed the best, up 7.2%; followed by the Greek ASE Index (+2.7%); the Czech Republic’s PX Index (+2.4%); Poland’s WIG20 Index (+2.3%); and the MOEX Index (+0.5%). The Hungarian BUX Index declined by 2.6...
EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index decline...
HEADLINES: • Otokar: priced for perfection, despite headwinds (downgraded to SELL) • CME: 2Q20 results - sales and OIBDA 26% down yoy due to pandemic NEUTRAL • Globalworth: 1H20 trading update - encouraging leasing result NEUTRAL • Polish retail: negative sales dynamics in small stores and supermarkets in June NEGATIVE • CEZ: cabinet approves financing model for new nuclear POSITIVE • Polish telecoms: UKE announces public consultations on the use of the 26GHz band NEUTRAL • Polish...
HEADLINES: • CME: 1Q20 results - sales and OIBDA down 2% yoy; merger with PPF to be completed in 3Q20E POSITIVE • Immofinanz: 4Q19 in line - retail (45%) a risk, but LTV and liquidity sufficient to absorb stress • Bank Pekao: recommends leaving 75% of 2019 net profit undistributed • Bank Pekao: changes in the management and supervisory boards • Ten Square Games: plan to change CEO and new incentive programme NEUTRAL • Ferrexpo: pays 2019 final dividend of USc 6.6/share (a 4.0% yie...
HEADLINES: • Russian Technology: brave new world (Mail.ru and Yandex stay BUY) • EME Macro/Strategy: CE4 - have they done enough? • CD Projekt: 4Q19 beats on all lines, new incentive programme goals • Polish banks: NBP cuts reference rate by another 50bps, Polish banks' NII to be affected NEGATIVE • mBank: issues statement on COVID-19 impact NEGATIVE • Warsaw Stock Exchange: conference call - management confirms commitment to dividend target POSITIVE • MOL: teleconference takea...
EME Equity Market – March 2020 Market performance – all stock indices in the region were down in March, with the BET the best performer in EUR terms (-16.7%). The MSCI Emerging Markets Europe Index lost 25.8% in EUR terms, while the Czech PX Index was down 24.8%. Other regional stock markets were not far behind, with the BUX Index losing 22.8% in EUR terms, followed by the ASE Index (-22.5% mom), the Russian MOEX (-22.4% mom), the Polish WIG20 (-18.5% mom) and the Turkish ISE30 (-19.8% mom)....
The global pandemic has created a massive sell-off in all the markets in our region. Although we are still in the middle of the crisis, and it is impossible to know the endgame, in this report, we attempt to help investors navigate this, assuming two potential scenarios: 1) a prolonged crisis, with a delayed return to normality, a deep recession in 2020E and only a slow recovery in 2021E; or 2) a short-lived crisis, with the lockdowns easing gradually in May, a recession in 2020E, but a visible ...
EME Equity Market – February 2020 Market performance – Hungarian BUX lost the least, while the Greek ASE contracted the most in February, in EUR terms. While the MSCI Emerging Markets Europe Index lost 14% mom in EUR terms in February, the Hungarian BUX was down 7% mom in EUR terms, followed by the Romanian BET index (-9.7% mom) and the Czech PX index (also -9.8% mom). The rest of the regional indices contracted by double digits, with the largest drop in the Greek ASE index (-21% mom), follo...
HEADLINES: • EME Macro/Strategy: coronavirus impact - best guess • Alior Bank: publishes 2022E strategy, higher than expectations, but difference is cost POSITIVE • Alior Bank: posts ugly 4Q19 - not on headline numbers, but on quality mix NEGATIVE • Erste Bank: 4Q19 net profit largely in line with our forecasts NEUTRAL • Anadolu Efes: 4Q19 results in line, dividend a positive surprise POSITIVE • Graphisoft Park: 4Q19 in line; focus on buyback; valuation attractive • Sberbank: 4...
HEADLINES: • Yapi Kredi: our take on the UCG ABB POSITIVE • Romania macro: government falls after vote of no confidence NEUTRAL • Raiffeisen Int.: strong net profit on one-offs in other income, no guidance on 2020E, DPS at EUR 1 NEUTRAL • Komercni Banca: miss on bottom line in 4Q19, but surprise to the upside with DPS recommendation NEUTRAL • MONETA Money Bank: 4Q19 - below consensus, but raises mid-term guidance to reflect impact of M&A POSITIVE • ING BSK: 4Q19 results broadly in li...
EME Equity Market – October 2019 Market performance – ISE30 index the worst performer among our followed indices, down 10.1% in EUR terms and 7% in local currency terms. The MSCI EME index gained 3.7%, but added 6% in local currency terms. All our followed indices were in the black, bar the BET (-0.8% in EUR) and ISE30 indices (-10.1% in EUR). The BUX Index gained the most (5.9%), followed by MOEX (4.3%) and WSE (3.6%; all performance figures in EUR terms). Prague was also up in October (+1....
HEADLINES: • Bank Millennium: very strong delivery in 3Q19 amid provisions for CJEU ruling POSITIVE • Akbank: 3Q19 highlights - 9% higher than consensus, but tone somewhat downbeat • Vestel Beyaz: 3Q19 results - weak on stronger TRY and high base, but export growth remains intact NEUTRAL • Tekfen Holding: 3Q19 results - broadly in line • CME: to be acquired by PPF NEUTRAL • Atrium: shareholders vote down Gazit's offer NEGATIVE • Alior Bank: takeaways from call with management aft...
HEADLINES: • X5: sales growth decelerates to 13% in 3Q on soft traffic NEGATIVE • Jeronimo Martins: Biedronka planning to open 100 franchise stores in a year POSITIVE • CME: key takeaways from 3Q19 earnings call POSITIVE • CME: AT&T close to selling its stake to PPF NEUTRAL • Tauron: Jaworzno to be commissioned by end-January, additional costs of PLN 52m NEUTRAL • Rostelecom: hopes to finish Tele2 consolidation in 1Q20E NEUTRAL • O2 Czech Republic: Czech telecoms watchdog delays st...
HEADLINES: • CME: 3Q19 results review - OIBDA up 16% yoy, 3% above our forecast and 6% above consensus NEUTRAL • JSW: 3Q19 trading update - weak volumes and falling prices NEGATIVE • Echo Investment: a new controlling shareholder on the horizon • Lukoil: targeting 100% distribution of FCF • Richter: details of Mycovia novel antifungal licensing deal • Enerjisa Enerji: new CEO announced • Warsaw Stock Exchange: 3Q19E preview (due on 30 October) • O2 Czech Republic: 3Q19E - 1%...
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