EME Equity Market – May 2025 EME indices mostly in the green in May, apart from Türkiye. The MSCI EM Europe Index added 3.6% mom in EUR and USD terms. The Greek ASE index (+7.8% mom) was the best performer, followed by the Czech PX (+6.6% mom) and Romanian BET indices (+5.0% mom), the Hungarian BUX (+4.0% mom) and the Polish WIG20 (+2.0% mom; all in EUR terms). The Turkish ISE30 Index was, again, the worst performer, with a more modest decline (-1.4% mom in EUR terms) this time.
HEADLINES: • Middle Eastern oil services: time to switch horses (ADNOC Drilling downgraded to HOLD, Arabian Drilling upgraded to BUY) • Poland macro: Presidential election – final results and implications • 4iG: 1Q25 results review – 11% yoy increase in reported EBITDA, in line with our estimate NEUTRAL • GTC: 1Q25 – some notes, post the results • PCF Group: suspension of development works on Gemini and Bifrost, over 60 people to be laid off NEGATIVE • OMV: to sell stake in Ghasha sour gas proje...
Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: Gearing-up for acquisitions? – 1Q25 production was 4,085 boe/d with no horizontal wells drilled in the period. RCE is more mature than CN and while no drilling has taken place at RCE, the decline rate between 4Q24 and 1Q25 was only ~5%. 1Q25 Production was constrained by increased water production preventing the company increasing the speed of the pumps at some of its producing wells. The increased amount of produced water increase...
HEADLINES: • Polish food retail: turning the corner (initiating on Zabka with a BUY, Eurocash and Jeronimo stay BUY, Dino stays SELL) • Benefit Systems: 1Q25 adjusted EBIT up 14% yoy, 10% above our forecast POSITIVE • Grupa Pracuj: 1Q25 results – adjusted EBITDA up 11% yoy, in line with our forecast, 4% above the consensus POSITIVE • Wirtualna Polska: 1Q25 results review – adjusted EBITDA up 2% yoy, 2% above the consensus NEUTRAL • Athens Exchange Group: 1Q25 results in line with expectations NE...
OMV reported a clean CCS EBIT of EUR 1,160 mn in Q1 2025, down 16% quarter-on-quarter and 22% year-on-year, missing the market consensus of EUR 1,232 mn. The shortfall was primarily driven by the continued weak performance of the refining segment, which also disappointed significantly in Q4.
Calgary, Alberta--(Newsfile Corp. - May 9, 2025) - Canadian Natural held its Annual and Special Meeting of Shareholders on May 8, 2025. The result of the vote by shareholders for each resolution is reported below.The election of the following nominees as directors of the Corporation for the ensuing year or until their successors are elected or appointed.Votes ForVotes Withheld Catherine M. Best1,290,773,343105,594,697 92.44 % 7.56 % Dr. M. Elizabeth Cannon1,387,390,9078,977,135 99.36 % 0.64 % N. Murray Edwards1,343,051,98153,316,060 96.18 % 3.82 % ...
Calgary, Alberta--(Newsfile Corp. - May 8, 2025) - Canadian Natural's (TSX: CNQ) (NYSE: CNQ) President, Scott Stauth, commented on the Company's Q1/25 results, "We have a long track record of being an industry leading effective and efficient producer while consistently delivering top tier operational and financial performance. All our employees are shareholders, with a strong focus on continuous improvement, consistently driving strong results. In Q1/25 we achieved record quarterly production of approximately 1,582,000 BOE/d, which included record quarterly liquids production of approximately ...
Calgary, Alberta--(Newsfile Corp. - May 8, 2025) - Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) announces that its Board of Directors has declared a quarterly cash dividend on its common shares of C$0.5875 (fifty-eight and three quarter cents). The dividend will be payable on July 3, 2025 to shareholders of record at the close of business on June 13, 2025.As previously announced, in March 2025 the Board of Directors increased the quarterly dividend by 4% per common share. Canadian Natural's growing and sustainable dividend demonstrates the confidence that the Board of Directors ha...
GREATER CHINA Strategy Alpha Picks: May Conviction Calls Add Alibaba, Innovent, Shuanghuan, Trip.com to our BUY list. Take profit on JBM Healthcare and CR Land. Sector Aviation Airlines: 1Q25 results below expectations. Weak fuel prices to support full-year performance. Maintain UNDERWEIGHT. INDONESIA Strategy 1Q25 Results Recap ...
EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR ...
HEADLINES: • Bank Pekao: very solid 1Q25, supporting our 2025E 20%+ ROE, trading at 1.3x BV and a 9%+ yield very attractive • Komercni Banka: beat on 1Q25 bottom line driven by LLPs releases, pre-provision profit falls short of expectations NEUTRAL • Erste Bank: 1Q25 results in line; 2025E ROTE guidance sustained, but market focus on potential big M&A effort • mBank: 1Q25 solid, but valuation reflects recovery already; 2025E revenue guidance a little disappointing • Santander Bank Polska: solid ...
PTTEP remains attractive, supported by its earnings growth trend driven by increased sales and lower production costs, as well as its high dividend yield. In terms of major projects, developments remain interesting, with the Mozambique project progressing according to plan, while the Arthit CCS project is expected to reach FID in 2025. Maintain BUY and target price of Bt155.00.
KEY HIGHLIGHTS Results I-TAIL Corporation (ITC TB/HOLD/Bt13.10/Target: Bt13.30) 1Q25: Sluggish earnings; 2025 outlook remains challenging. Downgrade to HOLD. Update Berli Jucker (BJC TB/BUY/Bt23.50/Target: Bt28.00) Expect yoy earnings improvement in 1Q25. PTT Exploration & Production (PTTEP TB/BUY/Bt99.25/Target: Bt155.00) High dividend yield; steady earnings growth. PTT Oil & Retail Business (OR TB/BUY/Bt13.70/Target: Bt16.00) 1Q25 net profit expected to rise qoq and yoy.
HEADLINES: • DO & CO: the art of the meal (BUY - initiation of coverage) • Diagnostyka: strong 4Q24, in line with the prelims NEUTRAL • Alior Bank: 1Q25 a little below 1Q25E expectations, but valuation (1Q25 P/BV at 1.2x) still very low NEUTRAL • MONETA Money Bank: 1Q25 results almost in line with expectations, ROE of 18% fully priced in by 1Q25 P/BV of 2.2x NEUTRAL • Metlen Energy & Metals: 1Q25 sales +31% yoy, to EUR 1.5bn, in line NEUTRAL • 11 bit studios: strategy update, expands pipeline to...
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