reports
- Egor Fedorov
- James Wilson
EM Credit Spark/Trade ideas update
Supply has re-emerged as a key theme to start the year, while sentiment has been mixed amid renewed volatility in core rates. In this environment, we would prefer to be positioned in higher-quality names that have either issued already or shown spread weakness in anticipation of supply.
- Research Team
The Rear-View Mirror – EME markets: stellar market reaction in Poland ...
EME Equity Market – October 2023 Market performance – election results prompt stellar market reaction in Poland; sell-off in Turkey. The MSCI EM Europe Index added 1.7% mom in EUR terms and 2.0% mom in USD in October. Poland staged a massive rebound, post the elections, with the WIG20 advancing 16.4% mom in EUR terms. Apart from Turkey, where October was a sell-off, with the ISE30 declining 13.7% mom in EUR terms, there were relatively muted performances everywhere else (BUX +2.1% / PX +0.4% / B...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
19XX NEPI ROCKCASTLE PLC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
WPS 4IG NYRT
PCO W.A.G PAYMENT SOLUTIONS PLC
KLKIM PEPCO GROUP NV
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
7202 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO JAHEZ INTERNATIONAL CO
4071 SHOPER SA
BOROUGE ARABIAN CONTRACTING SERVICES CO
7203 BOROUGE
ELM CO
- Research Team
WOOD Daily: WINE RO; OTKAR TI; OPL PW; KSPI LI; TRP RO; PL Banks; BFT ...
HEADLINES: • Purcari Wineries: growth uninterrupted (stays BUY) • Otokar: 3Q23 - strong beat, with accelerated deliveries and improved sales mix POSITIVE • Orange Polska: 3Q23 results - EBITDAaL up 2% yoy, in line with the consensus NEUTRAL • Kaspi.kz: 3Q23 highlights - strong quarter, with a boost from the marketplace POSITIVE • TeraPlast: 3Q23 results in line, FY23E EBITDA guidance lowered NEUTRAL • Polish banks: current government preparing draft bill on credit holiday extension into 2024E ...
KRU KRUK S.A.
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
TPS ORANGE POLSKA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
GPW WARSAW STOCK EXCHANGE
TRP TERAPLAST
ELSA SOCIETATEA ENERGETICA ELECTRICA
KSPI KASPI KZ
GPP GRUPA PRACUJ DA
- Research Team
WOOD Daily: LPP PW; PGE PW; BHW PW; DOM PW; MOH GA; ENA PW; GWI LN; HU...
HEADLINES: • LPP: heart of steel (stays BUY) • PGE: new 2030 strategy - more aggressive capex targets • Bank Handlowy: strong 2Q23 results; presents plan to support Tier 1 ratio and keep DPS rich NEUTRAL • Dom Development: 2Q23 - GPM still around 30%, as if the challenging last year did not happen POSITIVE • Motor Oil Hellas: 2Q23 results - refining segment weaker than expected • Enea: 2Q23 prelims - 44% EBITDA beat driven by distribution POSITIVE • Globalworth: preliminary 1H23 results NEUT...
Hybridan Small Cap Feast - 03 Mar 23
3 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective...
- Research Team
The Rear-View Mirror – EME markets: all indices up, Turkey outperforms...
EME Equity Market – October 2022 Market performance – in a positive month across the board, Turkey outperforms yet again. The MSCI EM Europe Index advanced by 12.7% mom in EUR terms and 14.4% mom in USD. The ISE30 was, once again, the best-performing index in our coverage, adding 23.4% mom in EUR terms and 25.2% in local currency terms. All the other indices recorded positive performances as well, with the WIG (+14.8% EUR / 11.5% lcl), the BUX (+11.4% EUR / 8.5% lcl) and the ASE (+10.3% EUR) del...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
COG COGNOR HOLDING SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
GEKTERNA GEK TERNA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
HMX1R HANSAMATRIX AS
COTE CONPET SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
RICHT RICHTER
CGEO GEORGIA CAPITAL
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
PCO 4IG NYRT
GPP PEPCO GROUP NV
KLKIM GRUPA PRACUJ DA
KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
- Research Team
WOOD Daily: AKBNK TI; GARAN TI; ISCTR TI; YKBNK TI; KRKG SV; MIL PW; A...
HEADLINES: • Turkish banks: shifting sands (Akbank, Garanti Bank, Isbank and Yapi Kredi downgraded to SELL) • Krka: integrated model underpins steady returns (BUY) • Bank Millennium: books a PLN 1bn net loss in 3Q22, but underlying profitability at peak levels NEUTRAL • Arcelik: 3Q22 results - bottom line misses expectations NEUTRAL • Turkish banks: banking watchdog tightens requirements on Lira borrowers • CCC: new share issue extended by institutional investors POSITIVE • Cyfrowy Polsat: to...
ACP ASSECO POLAND SA
KRKG KRKA D.D.
YKBNK YAPI VE KREDI BANKASI A.S.
COG COGNOR HOLDING SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
AKBNK AKBANK TAS
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
CPS CYFROWY POLSAT SA
TRP TERAPLAST
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
- Research Team
WOOD Daily: CEE Real Estate; WPL PW; 4IG HB; TLV RO; DAT PW; ELPE GA; ...
HEADLINES: • CEE real estate: a write-down handbook - rising yields to weigh on real estate values • Wirtualna Polska: strong 2Q22, with adjusted EBITDA up 21% yoy, 4% above our estimate NEUTRAL • 4iG: intends to buy Vodafone Hungary jointly with the Hungarian State POSITIVE • Banca Transilvania: issues new shares; new price target at RON 30 • DataWalk: issues 246,940 shares for PLN 155/share NEUTRAL • Hellenic Petroleum: 2Q22E results preview (due on 25 August) • Banca Transilvania: 2Q22E re...
CAI CA IMMOBILIEN ANLAGEN AG
SPI S IMMO AG
GTC GLOBE TRADE CENTRE S.A.
GSPARK GRAPHISOFT PARK SE
DAT DATAWALK SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
19XX NEPI ROCKCASTLE PLC
ELPE HELLENIC PETROLEUM
IIA IMMOFINANZ AG
4IG 4IG NYRT
- Jakub Caithaml
- Research Team
CEE Real Estate: a write-down handbook – rising yields to weigh on rea...
The ECB’s rate hikes are pushing up the cost of capital across the Eurozone. This is, in turn, likely to drive up real estate yields, in our view. While the impact on values should be mitigated partly by indexation, given the challenging macro backdrop ahead, we believe that the rents in most of the sub-sectors of European real estate are likely to trail inflation when contracts are being renewed, or when new tenants are brought in. In this report, we recap some of the structural trends in offic...
- Research Team
The Rear-View Mirror – EME markets: Energy names outperform all other ...
EME Equity Market – September 2021 Market performance – Turkish equities performed the worst, followed by Greek stocks. The MSCI EM Europe Index advanced 4.5% in EUR terms and 2.4% in USD terms in September. Turkey’s ISE30 Index declined by 9.7% in EUR terms and lost 5.2% in TRY terms, while the Greek ASE Index declined 6.3% in EUR terms. In Poland, the WIG20 Index declined by 4.3% in EUR terms and 2.4% in local currency. The Hungarian BUX Index fell by 1.3% in EUR terms, but advanced 1.7% in lo...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
YNDX YANDEX NV CLASS A
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
BHW BANK HANDLOWY W WARSZAWIE S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
ENKAI ENKA INSAAT VE SANAYI A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
TRP TERAPLAST
MONET MONETA MONEY BANK AS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TABAK PHILIP MORRIS CR AS
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
ELPE HELLENIC PETROLEUM
NLBR NLB GROUP
HHR HEADHUNTER
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
GR6 GRADUS
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
OZON OZON HOLDINGS
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
SHO SHOPER
- Research Team
WOOD Daily: GWI LN; CPS PW; ALE PW; CDR PW
HEADLINES: • Globalworth: 1H21 in line with preliminaries, reflecting difficult leasing market backdrop • Cyfrowy Polsat: announces tender to control 100% of its shares in cooperation with main shareholder POSITIVE • Allegro: Aliexpress intensifying promo activity in Poland NEGATIVE • CD Projekt: to increase number of employees by c.20% annually NEUTRAL • Short News (FMF, RO Macro)
- Jakub Caithaml
WOOD Flash – Globalworth: 1H21 in line with preliminaries, reflecting ...
Globalworth’s 1H21 earnings were weak, in line with what the preliminary results suggested. The CEE office markets remain difficult, on a combination of weak leasing demand and the continuing supply of space. Still, trading at nearly a 30% discount to NAV, we believe Globalworth looks good value at the current levels. Some discount is likely to be appropriate, given the weak liquidity and the low visibility on the future strategic direction, with a potential management and supervisory board resh...
- Research Team
WOOD Daily: NLBR SV; GWI LN; AEGN GA; EME Macro/Strategy; EMEA Airline...
HEADLINES: • NLB Group: growth and dividend combo (stays BUY) • Globalworth: headwinds priced in, bid could drive upside (upgraded to BUY) • Aegean Airlines: 2Q21 - encouraging comments on outlook, fleet transition accelerated POSITIVE • EME Macro/Strategy: the energy price problem • EMEA Airlines: fully-vaccinated passengers to be allowed to fly to the US from November POSITIVE • CEZ: government considering subsidies against impact of rising energy prices NEUTRAL • Rosneft: government genera...
- Iuliana Ciopraga
- CFA
- Jakub Caithaml
Globalworth: Headwinds priced in, bid could drive upside (upgraded to ...
Since our downgrade to a HOLD in July 2021, after the EUR 7/share takeover offer period closed, Globalworth’s shares have declined some 13%. CPI and Aroundtown now jointly hold a c.60% stake. With the additional c.30% held by Growthpoint, the liquidity is predictably weak. The CEE office markets remain difficult, on a combination of weak leasing demand and the continuing supply of space. At 0.78x P/B and a 5.3% FFO yield on our 2021E, it seems that the headwinds are largely priced in, and Global...
- Research Team
The Rear-View Mirror – EME markets: Volumes down across the board, but...
EME Equity Market – July 2021 Market performance – Turkish ISE30 Index gains 6.0% in July, while Russian MOEX declines by 1.9%. The MSCI EM Europe Index declined 1.1% in EUR terms and 1.0% in USD terms in July, despite most of the followed sub-indices being in the black. The best-performing equity market was in Turkey, which added 6.0% in EUR terms and 2.6% in TRY terms, followed by the Czech PX Index, which gained 4.9% in both EUR and CZK terms. The Hungarian BUX Index added 1.1% in EUR and 2.9...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
GEKTERNA GEK TERNA
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SPI S IMMO AG
AKBNK AKBANK TAS
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CIE CIECH S.A.
ANY ALLAMI NYOMDA
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
FMF FAMUR SA
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BNET BITTNET SYSTEMS
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
ELPE HELLENIC PETROLEUM
ZB-R-A ZAGREBACKA BURZA DD
HHR HEADHUNTER
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
FINT FINTEL ENERGIJA
KSPI KASPI KZ
TNB NLB BANKA
INPST INPOST S.A.
HUGE HUUUGE
ALR ALRO SLATINA
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
Globalworth Real Estate Investments Limited: 1 director
A director at Globalworth Real Estate Investments Limited sold after exercising options/sold 18,500 shares at 7.000EUR and the significance rating of the trade was 56/100. 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 al...
- Research Team
WOOD Daily: HUGE PW; GWI LN; MBK PW; EUR PW; BHW PW; SPL PW; PGN PW; L...
HEADLINES: • Huuuge Games: play to win (BUY - initiation of coverage) • Globalworth: bigger boys and stolen sweethearts (downgraded to HOLD) • mBank: creates PLN 248.4m of FX mortgage litigation risk provisions • Eurocash: closing 59 own stores at a cost of PLN 80m NEGATIVE • Bank Handlowy: to pay a PLN 1.2/share dividend from the 2020 net profit NEUTRAL • Santander Bank Polska: may pay out up to 30% of 2020 net profit as a dividend NEUTRAL • PGNiG: operating estimates for 2Q21E, strong sales...
YNDX YANDEX NV CLASS A
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
EEG1T EKSPRESS GRUPP A.S.
EUR EUROCASH S.A.
FMF FAMUR SA
3LSA LSR GROUP (GDR)
DNP DINO POLSKA S.A.
A4L ALLTERCO AD
HUGE HUUUGE
- Iuliana Ciopraga
- CFA
- Jakub Caithaml
Globalworth: Bigger boys and stolen sweethearts (downgraded to HOLD)
Globalworth has returned some 42% since we upgraded it to BUY in September 2020. The investment demand for quality offices in CEE continues to outstrip supply, supporting pricing. Still, there is limited visibility on occupiers’ office requirements, going forward, and we are seeing pressure on vacancy and effective rent levels in both Bucharest and key Polish cities, driven by the completion of the developments launched before the pandemic. This could translate into further pressure on valuation...
- Research Team
WOOD Morning (19 July 2021)
HEADLINES: • X5: 2Q21 sales up 10.6% yoy POSITIVE • Astarta: 2Q21 trading update - weak volumes might not be compensated by strong prices NEGATIVE • Bank Pekao: to pay PLN 3.21/share as 2020 net profit dividend NEUTRAL • CA Immo: Starwood increases stake to 59% (from 28%) for EUR 37/share NEUTRAL • Globalworth: Growthpoint will not sell to CPI and Aroundtown offer at current level NEUTRAL • Famur: increases cap on investment in PV to PLN 500m POSITIVE • Warsaw Stock Exchange: expects c.20 IPOs b...
- Research Team
WOOD Daily: ALPHA GA; SPI AV; GWI LN; GEKTERNA GA; YNDX US; ANY HB; JM...
HEADLINES: • Alpha Bank: a plan for tomorrow (stays BUY) • Alpha Bank: the FTSE increases the bank's weight in its indices POSITIVE • S Immo: to sell its 6% stake in CA Immo to Starwood, for EUR 37/share POSITIVE • Globalworth: CEO Raptis sells his stake into the CPI and Aroundtown offer for EUR 7.0/share NEUTRAL • GEK Terna: acquisition of 100% of Heron Group POSITIVE • Yandex: Head of Yandex Search interview with RBC - key takeaways NEUTRAL • ANY PLC: sells Bulgarian subsidiary NEUTRAL • Jero...
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