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
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Stock Spirits Group plc 17-Nov-2021 / 15:15 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund &...
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Stock Spirits Group plc (Amendment to announcement released at 08:39 on 17 November 2021 under EQS News ID:1249751) 17-Nov-2021 / 09:52 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 - AMENDMENT - Change to Section 1(e) PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN ...
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Stock Spirits Group plc 17-Nov-2021 / 08:39 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund &...
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Stock Spirits Group plc 11-Nov-2021 / 13:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund &...
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Form 8.3 Stock Spirits Group plc 28-Oct-2021 / 16:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Grow...
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Form 8.3 MI Chelverton UK Equity Growth Fund 12-Aug-2021 / 14:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK...
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...
HEADLINES: • Raiffeisen Bank International: riding the recovery (upgraded to BUY) • AmRest: 1Q21 beat on margin recovery POSITIVE • Eurocash: 1Q21 beat on wholesale, retail still weak POSITIVE • Allegro: 1Q21 beat, FY21E guidance increased POSITIVE • Cyfrowy Polsat: 1Q21 results review - 6% yoy EBITDA growth, to PLN 1,083m, 2% above our estimate POSITIVE • MedLife: strong 1Q21 on COVID-19 testing and hospitals POSITIVE • GTC: 1Q21 - results in line, FFO to increase in the coming quarters NEUT...
Stock Spirits Group (SSG) released its 1H FY20/21 results today (12 May). The numbers were broadly flat on a yoy basis and, stripping out the exceptional items booked in 1H FY19/20, the net profit was also flat, despite the ongoing pandemic impact on the on-premise channel. However, the numbers were also double digits above our EBITDA forecast, on a better-than-expected margin performance in Italy and the other export markets. Management remains cautious on FY20/21E and we see some uncertainties...
EME Equity Market – April 2021 Market performance – Greek and Polish equities the best performers in April. The MSCI EM Europe lost 0.7% in EUR terms, but advanced 1.7% in USD terms in April. The best-performing index was the WIG20 Index, +6.9% in EUR terms and 5.1% in PLN terms. The Greek ASE Index advanced by 5.2% in EUR terms; followed by the Czech benchmark, the PX Index (+1.8% in EUR terms and +0.9% in CZK). Romania’s BET Index added 1.2% in EUR terms and 1.4% in RON. On the other hand, Tur...
The independent financial analyst theScreener just slightly lowered the general evaluation of STOCK SPIRITS (GB), active in the Distillers & Vintners industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the anal...
CECE index review - Add: Avast, CIG Pannonia, Kofola; Del: BIF, Graphisoft Park, Lotos, Santander Bank Polska, Stock Spirits Group AT: Atrium - Valuation effects drive loss, recurring earnings broadly in-line (negative) AT: BAWAG Group - EUR 0.45 dividend approved (neutral) AT: Flughafen Wien - Q4 20 broadly in line with expectations, guidance for FY 21 was reiterated as already first time announced in January (neutral) AT: Lenzing - Hygiene Austria confirmed having ordered masks from ...
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: • Stock Spirits Group: stocked up for good (downgraded to HOLD) • Yandex: raising estimates ahead of the FY20E results (stays BUY) • Ford Otosan: 4Q20 results - robust delivery, high capex cycle starting in 2021 NEUTRAL • CA Immo: EUR 205m positive revaluation result expected in 4Q20E POSITIVE • LPP: CFO relatively optimistic on 2021E, but less bullish on online NEGATIVE • PKO BP: CFO appreciates NBP's reaction to FX mortgage settlement statements POSITIVE • Bank Handlowy: 4Q20 net ...
We have downgraded Stock Spirits Group (Stock) to HOLD (from Buy), with a new price target (PT) of GBp 317/share (from GBp 305). Stock has benefited from its large exposure to the Polish off-premises channel, as consumers stayed home, and has reported its highest market share since 2016 (c.30%). With a gradual reopening taking place at some point, on-premises dominated categories (i.e. beer) could gain share from spirits, while the recently-introduced small-format tax poses a further risk for th...
HEADLINES: • MONETA Money Bank: posts very solid 4Q20, but all eyes on the PPF bid POSITIVE • Raiffeisen Int.: 4Q20 results - posts very strong beat POSITIVE • Magnit: 4Q20 slightly ahead of expectations POSITIVE • Mytilineos: strong 4Q20, with a positive outlook for 2021E • Otokar: 4Q20 results - strong NI beat, EBITDA in line • Aeroflot: RAS 4Q20 - supported by cargo, revenue down 'only' 59%, vs. 73% drop in RPK NEUTRAL • Jumbo: group sales down 0.6% yoy in January POSITIVE • EME Macro/Stra...
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...
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