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....
• We are positive about stock markets. Stocks ↑ • WIG > EM > SPX > EuroStoxx • The global economic cycle is close to the inflection point. • Central banks’ policy will support risky assets. • GPW is in the ‘risk search’ phase and a wave of optimism may have a dynamic impact on multiple re-rating. • The most important topic for 2020 on the GPW will be a significant increase in the capacity of domestic investors to purchase stocks. Inflows should send valuations up. • Poland:...
It is worth paying attention to... FINANCIALS + PEO / BHW: We recommend going overweight on banks with high dividend, for which the current DY exceeds 6%. In the scenario of no events in the sector depleting the Bank Guarantee Fund’s funds, these banks should be beneficiaries of the change in the structure of contributions for the next year. In the long run, they may strengthen their position in the sector if the CHF risk becomes large. (Maciej Marcinowski, p. 34/26) + PZU: The Management Boa...
It is worth paying attention to... BANKS + PKO: Another quarter of very good results. Only for PKO, our annual forecast deviates positively from the consensus. The Bank will probably pay out realistically 90% dividend starting next year. Moreover, CHF-denominated loans pose less risk than indexed loans. (Maciej Marcinowski, p. 36) + BHW: We find a 6% DY in a temporarily weak year in terms of results (write-offs for Kania) attractive, especially following recent drops in bond yields. The absence...
It is worth paying attention to: BANKS + PKO: Another quarter of very good results. This year’s stock price is worse than WIG Banks and we can see the potential for reversal of this trend. The Bank wishes to leave 50% of its 2018 profit undistributed, which will enable it to increase the dividend next year. (MM, p. 36) + MIL: Good results despite the upcoming acquisition of Eurobank. Quick synergies can be achieved after the acquisition through replacing the expensive financing of Eurobank. I...
It is worth paying attention to: BANKS + PKO: Another quarter of very good results. This year’s stock price is worse than WIG Banks and we can see the potential for reversal of this trend. The Bank wishes to leave 50% of its 2018 profit undistributed, which will enable it to increase the dividend next year. (MM, p. 36) + MIL: Good results despite the upcoming acquisition of Eurobank. Quick synergies can be achieved after the acquisition through replacing the expensive financing of Eurobank. I...
• 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...
A director at Pgs Software Sa bought 21,250 shares at 12.500PLN 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 all the company's directors over the last two years c...
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