A director at Banca Transilvania Cluj sold 95,367 shares at 27.827RON and the significance rating of the trade was 90/100. 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...
The lower supply pressure and turning interest rate cycle have helped CEE bank bonds outperform this year, particularly in the unsecured segment. The relative value metrics of CEE bank bonds remain enticing though versus European comparables, from a bank fundamental and instrument rating angle. We expect to see a further outperformance of CEE names.
The lower supply pressure and turning interest rate cycle have helped CEE bank bonds outperform this year, particularly in the unsecured segment. The relative value metrics of CEE bank bonds remain enticing though versus European comparables, from a bank fundamental and instrument rating angle. We expect to see a further outperformance of CEE names.
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
HEADLINES: • Migros: solid operating results in 2Q24 POSITIVE • NEPI Rockcastle: 1H24 – robust NOI growth and strong tenant sales POSITIVE • Banca Transilvania: 2Q24 bottom-line beat on higher trading income and lower provisions booked POSITIVE • Teknosa: weak set of results in 2Q24 NEGATIVE • Akcansa: 2Q24 conference call takeaways • Türkiye macro: CBT reaffirms prolonged pause • NLB Group: threshold for Addiko acquisition not met, plan shelved NEGATIVE • Bank Pekao and Commerzbank: notify Nati...
BRD’s reported net income came to RON 366 mln in the second quarter, down by 12% YoY mainly driven by higher operating expenses, while moderated risk costs and lower contribution to Guarantee Scheme and Resolution Fund resulted in a 13% QoQ increase in net income. NII was up by 7.7% YoY thanks to positive volume effect, but there was a slight decline of 0.9% QoQ as a result of higher cost of funding, therefore NIM also declined by 0.1%ppt to 3.3%
HEADLINES: • Banca Transilvania: still some gas in the tank (stays BUY) • Ford Otosan: weak set of results in 2Q24 NEGATIVE • ING Bank: posts neutral set of 2Q24 results NEUTRAL • Shoper: preliminary 2Q24 adjusted EBITDA up by a strong 32% yoy, as expected NEUTRAL • Public Power Corporation: 2Q24 beats, on lower receivables provisioning and tax rate NEUTRAL • Richter: takeaways from the 2Q24 earnings call NEUTRAL • 11 bit studios: PAP interview with the CEO – key takeaways NEUTRAL • MOL: 2Q24E r...
We maintain our BUY rating on Banca Transilvania (TLV), with an increased price target (PT) of RON 31.89/share, implying 16.4% upside. We have rolled forward our model, updated our underlying business assumptions, and integrated the recent OTP Romania acquisition into our forecasts, and we believe that the market might not be fully pricing in TLV’s potential yet. The stock might not appear particularly cheap at this juncture, trading at 1.5x P/BV, on our 2024E figures, but it also does not scre...
HEADLINES: • Solutions by STC: slower growth on the horizon (stays HOLD) • Wizz Air: 1Q FY25 – a miss, and FY guidance reviewed down NEGATIVE • mBank: posts solid 2Q24 results; evolution of the CHF mortgage saga a key catalyst NEUTRAL • Komercni Banka: 2Q24 results – slight miss • BRD-GSG: small miss on 2Q24 bottom line, but good dynamics in loan book development NEUTRAL • Eurobank Ergasias Services: 2Q24 highlights – in line in 2Q24, but trends indicate upside for full-year NI estimate • Euroba...
HEADLINES: • Raiffeisen Bank International: posts solid 2Q24 POSITIVE • Athens Exchange Group: good results delivery in 2Q24 POSITIVE • Siauliu Bankas: high opex drags net profit down in 2Q24, but some positives NEUTRAL • Akbank: 2Q24 highlights – interest rate risk plays out • Budimex: earnings call takeaways – 2024E outlook reiterated NEUTRAL • Solutions by STC: 2Q24 conference call takeaways POSITIVE • Borouge/OMV: sign agreement, along with ADNOC and Borealis, with Wanhua Chemical Group for ...
EME Equity Market – May 2024 Turkish equities lead, in the mostly green month of May. The MSCI EM Europe Index rose by 0.7% mom in EUR terms and 1.8% mom in LCU terms in May. The Turkish ISE30 index reported the strongest performance, adding 3.6% mom in EUR terms, followed by the Romanian BET and the Czech PX (+2.7% and 2.1% mom in EUR terms, respectively). The Hungarian BUX index and the Polish WIG20 remained broadly flat (+0.4% and +0.2% mom in EUR terms, respectively); although, in LCU terms,...
BT’s reported net income came to RON 1,132 mln in the first quarter, up by35% and 63% y-o-y and q-o-q, respectively. Better results stemmed fromlower provisioning, higher revenues and a solid bargain gain from theacquisition of the BCR Chișinău S.A. Net interest income went up by 9% q-o-q and 24% y-o-y as a result of higherlending flows and higher NIM while net fees also increased thanks to strongclient activity. Net trading was also better after a weak Q4 due to higher incomefrom derivatives....
After some relief for markets on the data front this week, a period of quiet in terms of macro news should offer a further window for new supply to come from EM issuers ahead of an expected summer lull. Spread levels remain well anchored and EM credit should continue to see robust demand from yield-seeking investors.
Overall, we see the bank’s 1Q24 results as positive. Despite the core pre-provision profit coming in largely in line with our expectations, we view the resilience of the NIM and the strong loan book expansion as constructive. The bargain gain was a positive surprise and, together with the very low COR, provided most of the c.27% bottom-line beat vs. our expectations.
HEADLINES: • Banca Transilvania: NIM resilience and strong loan book expansion the key positives of 1Q24 bottom-line beat, on non-recurring revenue, low provisions and a one-off POSITIVE • ADNOC Drilling: 1Q24 results – new venture and updated dividend policy POSITIVE • Otokar: lacklustre 1Q24 results, but strong backlog NEGATIVE • TBC Bank: 1Q24 results and conference call NEUTRAL • Elm: mixed 1Q24 financial results NEGATIVE • Isbank: 1Q24 highlights – margin pressure worsening • Polish banks: ...
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...
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 ...
EME Equity Market – April 2024 Market performance – green across all geographies, with Turkey outperforming. The MSCI EM Europe Index was up 5.3% mom in EUR terms and 4.2% mom in USD in April; while the Turkish ISE30 saw the strongest performance, adding 11.6% mom; followed by the Hungarian BUX (+5.0% mom); the Czech PX (+2.8% mom); the Greek ASE (+1.8% mom), the Polish WIG20 (+1.2% mom) and the Romanian BET (+0.1% mom) (all in EUR terms).
HEADLINES: • Jeronimo Martins: small beat in 1Q24 NEUTRAL • Inter Cars: 4Q23 net profit in line with prelims, a miss vs. our initial forecasts due to lower gross margin NEUTRAL • Mo-BRUK: 4Q23 earnings call takeaways – supportive 2024E outlook POSITIVE • Shoper: earnings call takeaways – strong April, optimistic on 2024E outlook POSITIVE • Türkiye macro: MPC takes a pause, but hiking cycle not over yet • Uzbekistan macro: CBU keeps rates on hold • Polish banks: Polish Supreme Court reconfirms th...
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...
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