We are discontinuing our coverage of the stocks listed below, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks. Atlantic Grupa DO&CO DP Eurasia Energa Medicalgorithmics MLP Care NIS Nostrum Oil & Gas Podravka SIF 1 Banat-Crisana SIF 2 Moldova SIF 3 Transilvania SIF 4 Muntenia SIF 5 Oltenia Sphera Stock Spirits
EME Equity Market – November 2021 Market performance – most markets down, with Czech PX Index (+3.0%) the exception. The MSCI EM Europe Index lost 8.9% in EUR terms and 10.7% in USD in November. Prague’s PX Index added 3.0% in EUR terms and 2.3% in local currency, followed by the Romanian BET Index, which declined 3.2% in both EUR and RON terms. Greece’s ASE Index declined by 3.4% in EUR terms, while Hungary’s BUX Index declined by 6.2% in EUR and 5.0% in HUF. The Russian MOEX Index declined 8.6...
EME Equity Market – August 2021 Market performance - The Hungarian BUX Index gained 9.8% in EUR terms. The MSCI EM Europe Index rose 5.1% in EUR terms and 4.6% in USD terms. The best-performing equity index was the BUX, which added 9.8% in EUR terms and 6.9% in the local currency (LCU). The ISE30 Index advanced 7.7% in EUR terms and 5.8% in LCU, while Prague’s PX Index gained 6.5% in EUR terms and 6.2% in LCU. The Polish benchmark WIG20 Index added 6.1% in EUR terms and 5.1% in LCU, followed by ...
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....
EME Equity Market – May 2021 Market performance – Polish equities continued to outperform in May. The MSCI EM Europe Index gained 6.9% in EUR terms and 8.7% in USD terms; while the WIG20 continued with its strong performance from April, advancing 11.4% in EUR terms and 9.6% in PLN terms. The BUX Index, the Hungarian benchmark and the worst performer in April, gained 11.4% in EUR terms and 7.4% in HUF terms in May. Prague’s PX index grew 7.5% in EUR terms and 5.7% in CZK terms; followed by the Ru...
AT: UBM Development - Forward sale of Q1 2023 residential project for EUR 33 mn BG: Economic recovery started CZ: CEZ - CEZ proposed dividend of CZK 52/share marking 8.3% yield as of yesterday's close (positive) CZ: CEZ - Comprehensive ESG strategy presented, high mid-term EBTDA targets (positive) CZ: Time to act is nearing for the CNB HU: OTP - Extension of loan moratoria until end of August (neutral) PL: Energa - Fitch placed the BBB- rating of Energa on watch positive RU: Cur...
HEADLINES: • Otokar: 1Q21 results - 9% EBITDA miss, NI in line NEUTRAL • PKO BP: EGM approves creation of FX mortgage conversion fund • Russia macro: CBR rushes to neutral range as inflation starts decelerating • EME Macro/Strategy: Poland - March data surprise to the upside • Ciech: 4Q20 conference call takeaways NEUTRAL • Polish utilities: unions and government reach deal on the Silesian coal mining social contract NEUTRAL • KGHM: March production and sales data NEUTRAL • Gazprom: Investor...
EME Equity Market – February 2021 Market performance – MSCI EM Europe Index rebounds slightly from its January decline, up 1.7% in EUR terms and 1.3% in local currencies. The best performing index was the Greek ASE, advancing 5.7%, followed by the Russian MOEX, which gained 4.1% in EUR terms and 2.1% in the local RUB. The PX Index, the Czech benchmark, was up 3.4% in EUR terms and 4% in the local currency. The Hungarian BUX declined 0.8% in EUR terms, but grew 0.6% in HUF terms. Romania’s BET In...
HEADLINES: • Polish banks: official NBP statement on potential CHF mortgage portfolio conversion assistance POSITIVE • BRD-GSG: another resilient quarter • Komercni Banka: 4Q20 solid, but most important are the dividend commitment and cautious 2021E outlook NEUTRAL • Bank Handlowy: first goodwill write-down against the retail banking segment NEGATIVE • CD Projekt: cyber-attack compromises internal systems - short-term risks for development pipeline NEGATIVE • CCC: very strong sales in February...
EME Equity Market – January 2021 Market performance – MSCI EM Europe Index -1.6% in EUR terms and -2.4% in local currency terms. The Hungarian BUX Index performed the best in January, adding 5.7% in EUR terms and 3.5% in HUF terms; followed closely by the Romanian BET, with a 5.0% gain in EUR terms and +5.1% in local currency. All the other markets ended the month in the red: the PX Index, the Czech benchmark, lost 0.2% in EUR terms and -1.0% in CZK terms; the Polish WIG20 Index was also down, -...
HEADLINES: • Polish utilities: never say never (TPE and PGE stay BUY, ENA downgraded to HOLD, ENG and LWB stay HOLD) • MONETA Money Bank: PPF announces voluntary bid for up to 20% stake in MONETA at CZK 80/share • CD Projekt: release of 1.1 patch for Cyberpunk 2077, gamers note limited scale of changes NEUTRAL • CD Projekt: SuperData estimates digital Cyberpunk copy sales at 10.2m in December 2020 NEUTRAL • Orange Polska: Orange France sells 50% stake in its fibre network - cross-read POSITIVE ...
The central theme of this report, and very likely this space’s main topic for the next two years, is the carve out of the dirty generation assets and mines. Realising that Polish power independence could be threatened and power price growth for consumers might not stop, but even accelerate, the Polish state has started playing with the idea of stripping the companies of their coal assets and allowing them to focus on renewables growth, distribution and heat. The investments in renewables, as wel...
EME Equity Market – December 2020 Market performance – December saw the MSCI EM Europe Index continue to perform well, amid a return of 7.8% in EUR terms. The best-performing index was the Turkish ISE30 Index (+18.3% in EUR terms and +15.0% in TRY terms) in December; followed by the Greek ASE Index (+9.8%); the Hungarian BUX Index (+6.8% in EUR terms and +8.6% in HUF terms); the PX Index, the Czech benchmark (+6.4% in EUR terms and +6.3% in local currency terms); the Polish WIG20 Index (+6.1% in...
HEADLINES: • NLB Banka: branded exposure to an underbanked economy (HOLD - initiation of coverage) • Romania macro: parliamentary elections - final results and PM options • Europe macro: EU Council - quick fix achieved, medium-term unknowns remain • CD Projekt: Cyberpunk 2077 - impressive 1m all-time peak of concurrent players on Steam POSITIVE • Transgaz: fined RON 34m by the Competition Council • Transelectrica: 10-year investment plan approved by regulatory body • Energa: minority shareh...
EME Equity Market – November 2020 Market performance – all country indices rebound in November, with the ASE Index gaining 29.4%. The MSCI EM Europe Index rebounded strongly in November, recording increases of 19.5% in EUR terms and 22.7% in local currency terms. The strongest performance was recorded by the ASE Index, which added 29.4% in both EUR and local currency terms. The Polish WIG Index, which gained 24.4% in EUR terms and 20.7% in PLN terms, was the second-best performer in the month; f...
HEADLINES: • Aegean Airlines: high point on low ground (stays BUY) • OTP Bank: beats estimates materially as provision charges move to immaterial levels POSITIVE • Bank Handlowy: bittersweet 3Q20 delivery NEUTRAL • MOL: 3Q20 results - big beat on net income • O2 Czech Republic: strong 3Q20 results, with 4% beat on EBITDA vs. our estimate POSITIVE • Dino: 3Q20 ahead of expectations across the board • Richter: small 3Q20 beat, driven by Vraylar and slightly lower opex POSITIVE • Wizz Air: 2Q F...
HEADLINES: • Wizz Air: the best-positioned carrier in Europe (upgraded to BUY) • Sirma Group Holding: small player, but growing quickly (BUY - initiation of coverage) • EME Macro/Strategy: a closer look at the implications of lockdowns • LPP: preliminary 3Q EBIT down 13% yoy, but still 9% ahead of PAP consensus POSITIVE • Ilirija d.d.: 3Q20 a small beat on better-than-expected hotel segment POSITIVE • Kazatomprom: 3Q operating results NEUTRAL • Warsaw Stock Exchange: Allegro's IPO boosts mont...
EME Equity Market – October 2020 Market performance – all country benchmarks in the red. The MSCI EM Europe Index lost one-tenth of its value in EUR terms, while it fell 10.6% in USD terms. The worst performer was the Polish benchmark, the WIG20 Index (-13.2% in EUR terms and 11.5% in local currency (LC)); followed by the Turkish ISE30 Index (-11.9% in EUR terms and 4.8% in LC terms). Russia’s equities, represented by the MOEX Index, fell 9% in EUR terms and 7.4% in local currency terms; while ...
HEADLINES: • Yandex: 3Q20 - stronger profitability, with little compromise on growth • mBank: 3Q20 results - beat on lower provision charges • Jeronimo Martins: 3Q - small beat across the board on lfl &costs control; additional dividend yield POSITIVE • OMV: 3Q20 results • OMV Petrom: 3Q20 results NEUTRAL • PKN Orlen: 3Q20 results • AD Plastik: 3Q20 results - improving profitability, but outlook remains very uncertain • Orange Polska: 3Q20 results - flat yoy adjusted EBITDAaL, 3% above our ...
HEADLINES: • Polish financials: will they finally take the plunge? (PZU and Bank Pekao stay BUY, Alior Bank upgraded to BUY) • European refining and petrochemicals margins monthly: September 2020 NEGATIVE • Eurocash: antimonopoly watchdog questions payments from suppliers NEGATIVE • Kernel: credit rating raised by S&P from `B' to `B+', stable outlook POSITIVE • Kernel: plans to announce new dividend policy along with FY21E results release NEUTRAL • Turkey macro: inflation update • Ten Square Ga...
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