Key Message Romgaz reported a solid quarter with RON 1581 mn EBITDA, down 16% YoY andup 43.8% QoQ. The company was able to improve QoQ profitability despite significantly lower gas prices, primarily due to a substantial reduction in windfall taxes from RON 477 mn to RON 77 mn from Q1 2023 to Q1 2024. Other parametersremained relatively stable.
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: • Benefit Systems: strong 1Q24, but May card base estimate disappoints POSITIVE • Magyar Telekom: 1Q24E results review – EBITDA up 46% yoy, 6% above the consensus; 2024E guidance upgraded POSITIVE • Patria Bank: strong bottom-line print in 1Q24, but loan book development remains absent POSITIVE • GEVORKYAN: 1Q24 EBITDA up 24% yoy, 17% above our estimate POSITIVE • Mo-BRUK: 1Q24 EBITDA 5% above our forecast, 6% miss vs. the consensus NEUTRAL • DataWalk: 1Q24 numbers fully in line with ...
Digi has reported a solid set of Q1 numbers vs expectations: Both SR and EBITDA growth rates are slower, but remain impressive. A launch in Portugal has been pushed back to H2 (same timing as for Belgium) and no further details were given on the launch particulars. We remain unconvinced that Digi can build NPV positive businesses in either market, but we think it will launch in both, with all the associated costs– indeed, Digi upped capex guidance for 2024 to €650m-€700m from €650m. This drag to...
HEADLINES: • InPost: strong 1Q24, as expected; FY24E guidance maintained; slight volume deceleration in 2Q24 so far POSITIVE • Graphisoft Park: 1Q24 – occupancy and results stable so far; guidance maintained POSITIVE • Sphera Group: 1Q24 above our expectations POSITIVE • Hidroelectrica: 1Q24 – lower power prices offset by no tax on producers NEGATIVE • DIGI Communications: 1Q24 results – adjusted EBITDA up 22% yoy, 6% above our estimate POSITIVE • AROBS Transilvania Software: weak 1Q24 results, ...
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: ...
HEADLINES: • mBank: solid 1Q24 results justify one of the top market valuations (1Q24 P/BV of 2.1x) POSITIVE • OTP Bank: books solid 1Q24, keeps 2024E guidance unchanged NEUTRAL • Bank Millennium: 1Q24 results in line • CCC: 40% EBITDA beat in 1Q24, on opex control POSITIVE • Dino: 2-7% EBITDA miss in 1Q24 NEGATIVE • AmRest: 1Q24 broadly in line with our forecasts, but below the consensus NEGATIVE • MOL: 1Q24 results – EBITDA below expectations on maintenance NEUTRAL • MedLife: 1Q24 results poin...
HEADLINES: • Budimex: 1Q24 EBIT 13% above our forecast on solid gross margin, but broadly in line with the consensus POSITIVE • European oil and gas monthly: April 2024 – margins retreating • Bank Handlowy: to pay PLN 10/share dividend NEUTRAL • PKO BP: estimates cost of credit holidays extension at PLN 489m NEUTRAL • Bank Millennium: expects a PLN 201-247m impact from the 2024E credit holidays extension for PLN mortgagors NEUTRAL • Inter Cars: April sales recover by 19.5% yoy POSITIVE • MOL: 1Q...
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: • 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...
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...
HEADLINES: • Lamda: 4Q23 results - significant step-up in Ellinikon revenues, revaluation gain on existing malls • Electrica: proposed changes to the regulatory framework • Bank Pekao: AGM chooses new Supervisory Board members, approves PLN 19.2 DPS • 11 bit studios: release date of INDIKA moved to 2 May • Nuclearelectrica: shareholders abstain from voting on the items from yesterday’s GMS • EMEA airlines: 1Q24 traffic - a good start to the year • Budimex: 1Q24E flat yoy - profitability improvem...
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)
A director at Digi Communications NV sold 35,000 shares at 54.209RON 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 ...
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...
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