A director at Atal S.A. bought 20,000 shares at 51.300PLN and the significance rating of the trade was 74/100. 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 all the company's directors over the last two years clearly sho...
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....
The coronavirus crisis also affects companies' dividend payments, first, due to AGMs being postponed and foremost due to the economic turmoil, potential regulatory intervention and cash restraints. Below we present an overview of the biggest dividend risks and potential timelines for AGMs and subsequent 2019 dividend pay-outs in our Coverage universe. Dividend risks We clearly see the highest risk for dividends in the banking sector as many regulators have already issued recommendations to su...
We expect the positive growth delta of the CEE region vs. the Euro Area to persist in FY 20-21e. We forecast continued robust growth in the region ranging between 2.0-3.5% yoy in FY 20e and FY 21e stimulated by private and public consumption, supported by expansionary fiscal and/or monetary policies in CEE economies. We expect Poland to outperform CEE peers in terms of GDP growth in 2020e (3.3%, down from 4.3% in 2019e). While some of the problematic topics which dominated in 2019 remain on the...
The number of units delivered was in line with our FY19 expectations, while the number of pre-sales was 21% above our estimates (582 units in 4Q19, +86% y/y on improved dwellings offer). Our 4Q19 forecast implies FY19 revenues of PLN 814m and EBIT ex. revaluations of PLN 262m and net profit ex. revaluations of ca. PLN 193m (broadly in line with our previous expectations). As a reminder, our in our forecasts we assume a 75% pay-out ratio of adjusted consolidated net profit with additional payment...
The analysed residential developers reported cumulative delivery of 2,245 units in 4Q19 (-32% y/y) and 9,326 units in FY19 (-12% y/y). Based on our estimates, we expect cumulative gross profitability to improve by 1.4pp y/y, while cumulative net profit to decline by 10% y/y in FY19 (mainly on lower y/y deliveries in Atal).
In 4Q19, twelve WSE-listed residential developers reported improvement of pre-sales by 12% y/y to over 4,600 units. Six of analysed developers reported improvement y/y of pre-sales with the highest growth rate reported by Develia (+86% y/y to 582 units) and the highest volume reported by Dom Development (962 units; -4% y/y).
Very good 2019 offer preparation of the Company resulted in an increase in sales volumes by 18% within 4 months. As a result, the Management Board increased the sales target to 2.8 ths. (vs. 2.5 ths. Previously & 2.4 ths. in 2018). In our view, this is a realistic scenario taking into account the rebuilding of the offer (after its decline in 2018) on key markets and an expansion on growth markets (Katowice, Poznań). There is also space for Atal to increase market share in Tricity (2.4% in 2018)...
• Short term: positive attitude. Shares ↑, EM>DM, WIG20WIG20 • WIG20: S-T +10%; L-T WIG20 • Our thesis is that the market is currently in an ‘unreasonably cheap’ phase and we are only just ahead of a phase of doubt, especially in the segment of small companies. • The economic cycle is already behind its peak phase. • The upcoming slowdown will be a classic recession rather than a crisis. • Poland: slowdown in growth, especially in 2H19; strong consumption maintained (although s...
Due to a reallocation of resources, Haitong Research is terminating coverage of Echo Investment (ECH PW), Dom Development (DOM PW), GTC (GTC PW), LC Corp (LCC PW), Capital Park (CPG PW), Atal (1AT PW), Ronson (RON PW). Inter Cars (CAR PW), PKP Cargo (PKP PW), Budimex (BDX PW) and Wawel (WWL PW). Effective upon this termination of coverage, our last recommendations, fair values and estimates should not be relied upon going forward.
Currently, the housing market experiences the demand from the baby-boomer generation of people aged 35 at present, which was hindered in 2009–2014 period (amid low rates and wage increases). At the same time, the consumer demand is strongly supported by the investment demand (ca. 40% of the market). We still believe that the market scale will drop by 30–40%, although we thought that it would happen earlier (we did not foresee the investment demand scale). We are looking at the market from th...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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