reports
- Research Team
WOOD Daily: SPL PW; PEO PW; PCF PW; EBS AV; OMV AV; BOROUGE UH; SNP RO...
HEADLINES: • Santander Bank Polska: 1Q24 results – 19%+ headline ROE affected only slightly by FX mortgage saga costs • Bank Pekao: 1Q24 results in line with market's expectations NEUTRAL • PCF Group: 4Q23 headlines hit heavily by write-offs, but a more limited EBITDA loss than we had expected NEUTRAL • Erste Bank: 1Q24 results NEUTRAL • OMV: 1Q24 results – chemicals stronger than expected NEUTRAL • Borouge: 1Q24 results – better than expected POSITIVE • OMV Petrom: 1Q24 results NEUTRAL • Garan...
- Research Team
WOOD Daily: ARCLK TI; SIPCHEM AB; KRU PW; EME Macro/Strategy Weekly; T...
HEADLINES: • Arcelik: weak bottom-line performance in 1Q24 NEGATIVE • Sipchem: 1Q24 results – weak net income NEGATIVE • Kruk: issues flash 1Q24 net profit of PLN 338m NEUTRAL • EME Macro/Strategy: macro all-in-one (22-28 April) • Türkiye macro: MPC takes a pause, but hiking cycle not over yet • OTP Bank: CEO Csanyi speaks at AGM on future acquisitions and Russian exposure POSITIVE • Budimex: BXF Energia acquires 60 MW photovoltaic project NEUTRAL • Inter Cars: dividend policy for 2023-25E and p...
- Research Team
WOOD Daily: JMT PL; CAR PW; MBR PW; SHO PW; TL Macro; UZ Macro; PL Ban...
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...
- 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
WOOD Daily: SOKM TI, CAR PW, PL telecoms, PL media, SNP RO
HEADLINES: • Sok Marketler: weak performance in the 4Q23 results • Inter Cars: targets 15-17% yoy revenue growth this year • Polish telecoms: telecommunications fee to grow from 0.05% of sales to 0.15% sales • Polish media: CPS audience share at 21.53%, WP TV at 0.61% in March 2024 • OMV Petrom: 1Q24E results preview (due out 30 April)
- Stephane Foucaud
AUCTUS ON FRIDAY - 12/04/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Restarting production at Anshof – The Permanent Production Facility (PPF), with a capacity of 3,000 bbl/d of liquids, has been commissioned and the Anshof-3 well has recommenced production at a rate of 134 bbl/d with no water. The operation has been undertaken in line with expectations and within budget. The oil production rate at Anshof-3 is 16% above the rate prior to shut-in. A...
GPRK GEOPARK
CVX CHEVRON CORPORATION
OMV OMV AG
TXP TOUCHSTONE EXPLORATION
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
REP REPSOL SA
CASP CASPIAN SUNRISE
CHAR CHARIOT OIL & GAS
VLE VALEURA ENERGY INC.
JSE JADESTONE ENERGY
TAL PETROTAL (TAL)
PNOR PETRONOR E&P LTD
ADX ADX ENERGY LTD
J4V VAR ENERGI ASA
MAHA-A MAHA ENERGY AB
- Research Team
WOOD Daily: SNP RO; OMV AV; MIL PW; PL Utilities; EME Macro/Strategy W...
HEADLINES: • OMV Petrom: 1Q24 trading statement POSITIVE • OMV: 1Q24 trading statement NEUTRAL • Bank Millennium: 1Q24E CHF mortgage saga provisions land at PLN 507m NEUTRAL • Polish gencos: IndMin floats notion of alternative solution to the NABE NEUTRAL • EME Macro/Strategy: macro all-in-one (1-7 April) • Halyk Savings Bank: pays off State aid fully POSITIVE • Orange Polska: key takeaways from the interview with the CTO NEUTRAL • Polish telecoms: mobile number portability in 1Q24 NEUTRAL • Pub...
Banca Transilvania Cluj: 1 director
A director at Banca Transilvania Cluj sold 18,000 shares at 27.900RON and the significance rating of the trade was 58/100. 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...
- Research Team
WOOD Daily: GEV CP; THYAO TI; GPP PW; MOH GA; ENA PW; TXT PW; BGEO LN;...
HEADLINES: • GEVORKYAN: the power of powder (BUY - initiation of coverage) • Turkish Airlines: 4Q24 – ending a very good year on a strong note POSITIVE • Grupa Pracuj: 4Q23 results – adjusted EBITDA up 18% yoy, 8% above the market consensus POSITIVE • Motor Oil Hellas: 4Q23 results NEUTRAL • Enea: preliminary 4Q23 results POSITIVE • Text: key takeaways from the 4Q23-24 preliminary earnings call NEUTRAL • Bank of Georgia: finalises Ameria acquisition POSITIVE • Aegean Airlines: 1Q24 traffic – goo...
- 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: EME Macro/Strategy Weekly; RICHT HB; SNG RO; TBCG LN; TLV ...
HEADLINES: • EME Macro/Strategy: macro all-in-one (18-24 March) • Richter: proposes dividend of HUF 423/share POSITIVE • Romgaz: makes two dividend proposals NEGATIVE • TBC Bank: notes from the Uzbekistan webinar POSITIVE • Banca Transilvania: AGM convocation NEUTRAL • Short News (HUG)
- Research Team
WOOD Daily: TR macro, HU macro, ASELS TI, DNP PW, BFT PW, 11B PW, CEZ ...
HEADLINES: • Türkiye macro: MPC surprises with a 500bp hike • Hungary macro: Hungary ends the cap on bank deposits • Aselsan: new USD 0.6bn contract • Dino: 8-10% EBITDA miss in 4Q23 - qoq sales erosion • Benefit Systems: conference call takeaways - solid 2024E outlook, Türkiye promising, churn-related risks from the Czech Republic should not materialise in Poland • 11 bit studios: Indika release date set for 8 May • CEZ: takeaways from the 4Q23 earnings call • Jahez: conference call takeaways •...
- Mihaly Gajda
Challenging Transformation Journey Amid Energy Security and Geopolitic...
Our target price for OMV is EUR 48.1, indicating a 27% upside potential, inclusive of the announced EUR 5.05 dividend. For MOL, we propose a target price of HUF 3,245, suggesting an 18% upside potential, factoring in an estimated dividend of HUF 250. We recommend 'Buy' for OMV and 'Accumulate' for MOL. In our opinion OMV holds a smaller risk. Despite challenges in the petrochemical sector, the company has achieved greater success with its international E&P portfolio, boasts more efficient refini...
- Research Team
WOOD Daily: EL RO; ELM AB; HTO GA; OMV AV; INPST NA
HEADLINES: • Electrica: takeaways from the FY23 earnings call NEGATIVE • Elm: 4Q23 conference call takeaways NEUTRAL • OTE: planning to spin off its mobile infrastructure POSITIVE • OMV: acquires retail sites in Austria and Slovakia NEUTRAL • InPost: 4Q23E preview – adjusted EBITDA growth of 41% yoy expected (due on 28 March)
- Research Team
WOOD Daily: OMV AV; PGSUS TI; TUPRS TI; AROBS RO; SIPCHEM AB; ETEL EY;...
HEADLINES: • OMV: Chemical Brothers (stays BUY) • Pegasus Airlines: 4Q23 – decent end to another stellar year NEUTRAL • Tupras: FY23 results, using inflation accounting POSITIVE • AROBS Transilvania Software: FY23 results – awaiting the calming of IT spending headwinds NEUTRAL • Sipchem: 4Q23 interim results NEGATIVE • Telecom Egypt: key takeaways from the 4Q23 earnings call NEUTRAL • Tofas: proposes distribution of a DPS of TRY 20 NEUTRAL • 11 bit studios: strong player reviews of The Thaumatur...
OMV OMV AG
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
11B 11 BIT STUDIOS S.A.
ETEL TELECOM EGYPT
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
AROBS AROBS TRANSILVANIA SOFTWARE SA
4071 ARABIAN CONTRACTING SERVICES CO
- Bram Buring
- CFA
- Jonathan Lamb
OMV: Chemical Brothers (stays BUY)
We maintain our BUY rating on OMV, with an updated price target (PT) of EUR 56.4 (from EUR 53.9), offering upside of 37.3%. While we await the final announcement on the Borealis/Borouge merger, OMV’s petrochemicals business continues to grow in both Europe and UAE, in the teeth of poor margins. The gas business is now less profitable, but energy expenses have plunged as well, as gas prices in Europe normalise. We expect 2024E to deliver better refining margins, before normalising in 2025E. The d...
- 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
- Egor Fedorov
- James Wilson
EM Credit Spark/EM credit weekly
EM credit markets continue to hold up well amid the challenging macro backdrop, with some more optimism building around the higher-yielding portion of the market. With valuations fairly tight on the whole, we expect more positive technical tailwinds, such as a return of inflows to the asset class, will be needed for spreads to tighten further. Key topics: • EM Credit: Weekly review. • Egypt surges amid foreign investment from UAE. • CEEMEA corporates: Brief review of key events: ENGPRO, KZO...
- Research Team
WOOD Daily: EBS AV; EAT PW; TXT PW; EL RO; WINE RO; AQ RO; SNN RO; TGN...
HEADLINES • Erste Bank: 4Q23 results • AmRest: 4Q23 EBITDA in line, but earnings affected by EUR 29m goodwill write-down for Sushi Shop NEGATIVE • Text: 3Q23-24 (calendar 4Q23) results – EBITDA down 4% yoy, 10% above the consensus POSITIVE • Electrica: 4Q23 results in line with expectations NEGATIVE • Purcari Wineries: 4Q23 results and 2024E outlook in line with expectations POSITIVE • Aquila Part Prod Com: earnings beat, on lower credit losses, interest income and tax rate POSITIVE • Nuclearel...
AKCNS AKCANSA CIMENTO
LVC LIVECHAT SOFTWARE SA
TLV BANCA TRANSILVANIA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
M MED LIFE
EAT AMREST HOLDINGS SE
IGN1L IGNITIS GRUPE
AROBS AROBS TRANSILVANIA SOFTWARE SA
4071 ARABIAN CONTRACTING SERVICES CO
AQ AQUILA PART PROD COM
- Miguel Dias
WOOD Flash – Banca Transilvania: 4Q23/FY23 results and conference call
Banca Transilvania (TLV) reported its FY23 preliminary results on 26 February, after the market closed, delivering net profit (before minorities) of RON 693m, down 14.5% yoy, but beating our expectations by 8.4%. The main drivers of the beat were an almost 12% beat in the NII and a 50% beat in the taxes booked for the quarter. With this print, TLV managed to deliver a very robust ROE of 27% in 2023, in line with our expectations. The results were a bit of a mixed bag, but we see them as positive...
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