reports
- Szabolcs Pal
Solid performance and no surprises from BRD in Q1 2024
BRD’s reported net income came to RON 324 mln in the first quarter, down by4% y-o-y due to higher cost of risk and new levy tax. NII was up by 6.8% yearly thanks to positive volume effect, while the impact ofinterest rates reversed, given lower interest rates as compared to Q1 2023,therefore the NIM slightly decreased to 3.4%. Operating expenses were also up by ca. 5% q-o-q due to levy tax and 4.2% yo-y. Beside the levy tax the PEREX also increased substantially (+9.3% y-o-y). Provisioning wa...
- Research Team
WOOD Daily: KOMB CP; BRD RO; YKBNK TI; CZ Macro; WPL PW; TL Automotive...
HEADLINES: • Komercni Banka: 1Q24 below market's expectations, on late-cycle provisions and revenue headwinds NEGATIVE • BRD-GSG: high level of provisions booked leads to bottom-line miss in 1Q24 NEUTRAL • Yapi Kredi: 1Q24 highlights • Czech Republic macro: MPC preparing the ground for slower rate cuts • Czech Republic macro: a sound recovery, despite stagnant exports • Wirtualna Polska: Itaka ends cooperation with Wakacje.pl NEGATIVE • Turkish automotive: ADA releases April light vehicle sales ...
- Research Team
WOOD Daily: KSPI LI; KRU PW; TUPRS TI; TL Banks; SIPCHEM AB; JMT PL; E...
HEADLINES: • Kaspi.kz: 1Q24 highlights Kruk: buys more portfolios in Italy • Tupras: launches USD 256m propylene investment NEUTRAL • Turkish banks: coverage UNDER REVIEW • Sipchem: 1Q24E results preview (due on 25 April) NEUTRAL • Jeronimo Martins: 1Q24E results preview – 11% yoy EBITDA growth expected (due on 26 April, before the open) • Erste Bank: 1Q24E preview (due on 30 April) • BRD-GSG: 1Q24E preview (due on 2 May) NEUTRAL • PKO BP: 1Q24E preview (due on 9 May) • Banca Transilvania: 1Q24E...
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
MIL BANK MILLENNIUM SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
TUPRS TURKIYE PETROL RAFINERILERI A.S.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
- Research Team
The Rear-View Mirror – EME markets: mixed market performances in March
EME Equity Market – March 2024 Market performance – mixed performances in March, with the Romanian BET outperforming. The MSCI EM Europe Index declined by 0.3% mom in EUR terms and 0.4% mom in USD in March. The Romanian BET reported the strongest performance, adding 7.1% mom in EUR terms, followed by the Czech PX and the Polish WIG20 (+4.1% and 1.0% mom, in EUR terms, respectively). Greece saw a relatively muted performance (-0.2% mom in EUR terms), while Hungary (-1.1% mom in EUR terms) and Tür...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
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
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
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.
ECH ECHO INVESTMENT
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
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.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
CTPNV KAZMUNAYGAS NC JSC
ONE CTP NV
GPP ONE UNITED PROPERTIES SA
AROBS GRUPA PRACUJ DA
2381 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN DRILLING CO.
4071 JAHEZ INTERNATIONAL CO
H2O ARABIAN CONTRACTING SERVICES CO
7203 HIDROELECTRICA S.A.
AQ ELM CO
AIRA AQUILA PART PROD COM
AIR ASTANA JSC
- Research Team
WOOD Daily: PL Banks Sector Update; KAP LI; JAHEZ AB; BRD RO; MGROS TI
HEADLINES: • Polish Banks: not done yet (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • Kazatomprom: digging the margins (stays BUY) • Jahez: mixed 2023 financial results NEUTRAL • BRD-GSG: publishes 2024 budget NEUTRAL • Migros: BoD to propose DPS of TRY 6.904 NEUTRAL • Short News (M, BRISA)
PEO BANK POLSKA KASA OPIEKI SA
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
MGROS MIGROS TICARET A.S
ALR ALIOR BANK SA
BRD BRD-GROUPE SOCIETE GENERALE
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
9526 JAHEZ INTERNATIONAL CO
- Research Team
The Rear-View Mirror – EME markets: February mostly green, despite det...
EME Equity Market – February 2024 Market performance – a positive February, with the Polish WIG20 outperforming. The MSCI EM Europe Index added 4.2% mom in EUR terms and 3.7% mom in USD in February. The Polish WIG20 saw the strongest performance, adding 6.4% mom in EUR terms, followed by the Greek ASE (+4.2% mom), the Turkish ISE30 (+4.0% mom) and the Romanian BET (+2.6% mom) (all in EUR terms). There was a relatively muted performance in Hungary (+0.6% mom in EUR terms) and a decline in the Cze...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AUG1L AGROWILL GROUP AB
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
ONE KAZMUNAYGAS NC JSC
KLKIM ONE UNITED PROPERTIES SA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
7202 AROBS TRANSILVANIA SOFTWARE SA
ELPE ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
BOROUGE ARABIAN CONTRACTING SERVICES CO
H2O BOROUGE
AQ HIDROELECTRICA S.A.
AQUILA PART PROD COM
- Hai Thanh Le Phuong
Model update after Q4 earnings
We updated our model due to better 2023 results, better NII and risk cost outlook. While the Romanian reference rate is set to decline to below 6% this year, but NII could be higher compared to 2023 on stellar volumes and repricing could be slower on the asset side. Asset quality should stay benign but positive contribution to earnings is unlikely to be sustainable thus we project it to be 32bps and 47bps for 2024 and 2025, respectively. We also included the turnover tax for the 2024-2026 p...
- Hai Thanh Le Phuong
Sound Q4 results but dividend somewhat disappoints
BRD’s reported net income came to RON 425 mln in the fourth quarter, down by 8% q-o-q due to seasonally higher costs (+13% q-o-q) and lower Net F&C. NII was up by 5% quarterly thanks to lending volumes counterbalanced by partially higher amount of deposits thus this was the reason of stalling NIM at 3.5%. Operating expenses were also up by 13% q-o-q partially due to seasonality and 8% y-o-y. Amongst expense lines besides PEREX, other operating expenses also increased substantially (+15% y-o-...
- Research Team
WOOD Daily: KOMB CP; MBK PW; BRD RO; PEO PW; APR PW; PL Macro; PPC GA
HEADLINES: • Komercni Banka: 2023 delivery brings positive surprise on two-year dividend outlook, yield at almost 11% • mBank: 2023 marked by active portfolio at risk coverage of 100% NEUTRAL • BRD-GSG: 4Q23 results – strong results, with a 28% bottom-line beat vs. our expectations POSITIVE • Bank Pekao: hefty yield possible this year POSITIVE • Auto Partner: January sales growth recovers materially, to 22% yoy POSITIVE • Poland macro: MPC on hold • Public Power Corporation: EC proceeds with...
- Research Team
WOOD Daily: H2O RO; MONET CP; AKBNK TI; KAP LI; SNP RO; BRD RO; KRU PW...
HEADLINES: • Hidroelectrica: incorporating lower power prices (downgraded to HOLD) • MONETA Money Bank: publishes 4Q23 results, guides for CZK 9 of 2023 DPS, upgrades 2024-28E EPS guidance NEUTRAL • Akbank: 4Q23 results and 2024E guidance highlights Kazatomprom: 4Q operational update and guidance NEUTRAL • OMV Petrom: takeaways from the 4Q23 earnings call NEUTRAL • BRD-GSG: SocGen may be mulling over potential sale of its Romanian subsidiary NEUTRAL • Kruk: invests EUR 212m in 1Q24E in Italy,...
CDR CD PROJEKT S.A.
AKBNK AKBANK TAS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
EAT AMREST HOLDINGS SE
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
PCF PCF GROUP SA
HUGE HUUUGE
SHO SHOPER SA
H2O HIDROELECTRICA S.A.
- Research Team
The Rear-View Mirror – EME markets: Poland – strongest performer in De...
EME Equity Market – December 2023 Market performance – Poland outperforms in December. The MSCI EM Europe Index added 0.3% mom in EUR terms and 1.9% mom in USD in December. The WIG20 Index continues to perform well in the post-elections environment and reported the strongest performance in our core region, adding 5.9% mom in EUR terms. There was also a strong performance from the Romanian BET and Hungarian BUX indices, adding 4.4% and 4.1% mom, respectively, in EUR terms; while there was a relat...
KRU KRUK S.A.
CEZ CEZ AS
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
LPP LPP S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
GTC GLOBE TRADE CENTRE S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
OTOEL AUTOHELLAS S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
EAT AMREST HOLDINGS SE
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
PCF PCF GROUP SA
PCO PEPCO GROUP NV
GPP GRUPA PRACUJ DA
ELPE HELLENIQ ENERGY
H2O HIDROELECTRICA S.A.
7203 ELM CO
- Research Team
WOOD Daily: TLV RO; BRD RO; EME Macro/Strategy – HU; 4IG HB; CEZ CP; I...
HEADLINES: • Romanian banks: banking in the land of Dracula (Banca Transilvania stays BUY and BRD-GSG stays HOLD - transfer of coverage) • EME Macro/Strategy: Hungary - heading into a brighter 2024E • 4iG: key takeaways from the 3Q23 earnings call NEUTRAL • CEZ: completes sale of stake in AKCEZ Enerji NEUTRAL • ING BSK: receives approval for dividend payment NEUTRAL • Kazatomprom: signs contract with Emirates Nuclear Energy Corporation to supply uranium • Elm: announces completion of discussio...
- Research Team
The Rear-View Mirror – EME markets: Greek stocks in the lead
EME Equity Market – November 2023 Market performance – Greeks in the lead, in a month with only green across the region. The MSCI EM Europe Index added 5.6% mom in EUR terms and 8.7% mom in USD in November. The Greek ASE Index was the top performer in our region (+6.9% mom), followed by the Polish WIG20 (+5.5% mom) and the Hungarian BUX (+4.0% mom). The Czech PX Index saw the most muted performance, advancing 2.8% mom.
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
PCO PEPCO GROUP NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
- Can Demir
- Marta Jezewska-Wasilewska
- Miguel Dias
Romanian Banks: banking in the land of Dracula (Banca Transilvania sta...
We remain constructive on the Romanian banks, thanks to a positive macro outlook, which we expect to translate into: 1) a pick-up in loan book development; 2) no abrupt rate cuts, allowing for a smooth transition and a margin normalisation; 3) no major asset quality deterioration; and 4) subsiding inflationary pressures. Moreover, the banks remain very well-capitalised, which should, we believe, in theory, allow for stable dividend payments in the years to come, in the absence of any misstep. No...
- Research Team
WOOD Daily: WIZZ LN; ISCTR TI; SOLUTION AB; BRD RO; PL Macro; OMV AV; ...
HEADLINES: • Wizz Air: go big, or go home (stays BUY) • Isbank: 3Q23 - NIM and earnings quality weaker than its peers • Solutions by STC: key takeaways from the 3Q23 conference call NEUTRAL • BRD-GSG: 9M23 results conference call takeaways NEUTRAL • Poland macro: President Duda gives Morawiecki first mandate • OMV: forms geothermal JV with Wien Energie • Hidroelectrica: Supervisory Board appoints new management NEUTRAL • Banca Transilvania: might be in pole position for OTP Romania acquisi...
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
WIZZ WIZZ AIR HOLDINGS PLC
LVC LIVECHAT SOFTWARE SA
OTP OTP BANK NYRT
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
H2O HIDROELECTRICA S.A.
- Hai Thanh Le Phuong
Solid results, DPS 0.92 proposed
BRD net income came to RON 461 mln in the third quarter, up by 11% q-o-q and 17% y-o-y while exceeded our estimate by 21%. The better than anticipated results came from higher net interest income, which was up by 3% q-o-q and 13% y-o-y and fees were also strong. NIM was rather stable on growing asset base. Costs were up by 3% q-o-q due to higher personnel expenses. Due to higher revenues and slower OPEX growth, operating result improved by 7% q-o-q. Cost of risk was again positive mainly giv...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/Société Générale weak 3Q, covered supply picks up, Novoban...
Société Générale reports weak numbers but calls its USD AT1 in December. Slight pickup in covered bond issuance in October with €9.5bn supplied, raising the YTD total to €177bn. Novobanco preparing for possible covered bond issue in 1H24. RBI reports strong capital, expect another NPS perhaps still this year
- Research Team
WOOD Daily: CZ Macro; KOMB CP; RBI AV; BRD RO; DNP PW; ELPE GA; DAT PW...
HEADLINES: • Czech Republic macro: CNB begins rate cut deliberations • Komercni Banka: solid 3Q23 delivery, but not implying any major changes in medium-term outlook NEUTRAL • Raiffeisen Bank: beats 3Q23 expectations, improves guidance, but valuation still at deep discounts NEUTRAL • BRD-GSG: 3Q23 results - strong bottom line with still provision releases POSITIVE • Dino: 2-5% beat in 3Q23 NEUTRAL • HELLENiQ Energy: 3Q23 results - above the consensus, plus interim dividend of EUR 0.3/share • ...
KOMB KOMERCNI BANKA A.S.
VER VERBUND AG CLASS A
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
DAT DATAWALK SA
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
DNP DINO POLSKA S.A.
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
RICHT RICHTER
ALG ALLEGRO.EU SA
INPST INPOST S.A.
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
- Research Team
The Rear-View Mirror – EME markets: Turkey back on top, again
EME Equity Market – August 2023 Market performance – Turkey the top performer in August, once again. The MSCI EM Europe Index lost 0.7% mom in EUR terms and 2.2% mom in USD in August. Turkey, yet again, outperformed its peers, with the ISE30 gaining 9.4% mom in EUR terms. The Hungarian BUX index saw a solid performance in August, adding 6.1% mom in EUR terms, while the Romanian BET had a lacklustre month, barely making any gains (0.1% mom in EUR terms). Elsewhere, the index performances were neg...
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
TRP TERAPLAST
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
PEN PHOTON ENERGY NV
DUNAHOUSE DUNA HOUSE
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
7203 ELM CO
- Hai Thanh Le Phuong
Good results on cost control, provisioning
BRD’s reported net income came to RON 416 mln in the second quarter – upby 19% y-o-y and 23% q-o-q as risk cost was positive and OPEX was undercontrol with higher revenues y-o-y. Net interest income was at RON 658 mln, up by 16% y-o-y thanks to higherinterest rates and volumes but q-o-q there was a decline of 2% as a result ofhigher cost of liabilities thus NIM also declined to 3.5% from 3.7%. Net F&C was up 9% q-o-q due to higher fees across all segments offset bylower gains from FX and deriv...
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