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: • MONETA Money Bank: strong 1Q24 delivery, on better-than- expected revenues POSITIVE • Alior Bank: books small beat on 1Q24 delivery, driven by low credit risk charges; robust 2024E outlook supported POSITIVE • Shoper: 1Q24 adjusted EBITDA 9% above our expectations; FY23 results in line with prelims POSITIVE • Mo-BRUK: 4% miss vs. our 4Q23 adjusted EBITDA forecast, weak cash flows NEGATIVE • Wizz Air: fiscal 2024 post-close trading update POSITIVE • Aselsan: CEO's comments on exports...
HEADLINES: • Orange Polska: 1Q24 results – EBITDAaL up 5% yoy, 4% above the consensus POSITIVE • VIGO Photonics: strong miss on EBITDA and bottom line NEGATIVE • GTC: 4Q23 – no material revaluation result, focus remains on refinancing ahead NEUTRAL • Poland macro: retail sales stay brisk in March • Hungary macro: MNB slows down pace of rate cuts • Kruk: 1Q24E preview (due on 8 May, after the close) • Bank Handlowy: 1Q24E preview (due on 9 May) • Eurocash: 1Q24E results preview – 16% yoy EBITDA ...
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: • 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)
HEADLINES: • Middle Eastern Oil Services: we’re going with what’s growing (ADNOC Drilling upgraded to BUY, Arabian Drilling downgraded to HOLD) • Public Power Corporation: 4Q23 earnings review NEUTRAL • Kruk: 1Q24 trading update shows strong recoveries POSITIVE • Budimex: 4Q23 figures in line with the preliminary guidance NEUTRAL • Budimex: management recommends PLN 35.69 DPS (5% dividend yield), above our expectations POSITIVE • Polish utilities: Industry Ministry plans to link mines to coal-fi...
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...
HEADLINES: • Budimex: stands out, but deserves a pause (downgraded to HOLD) • CCC: 4Q23 slightly below prelims; sales acceleration and gross margin widening in 1Q24E POSITIVE • PGE: takeaways from the 4Q23 earnings call NEUTRAL • Hungary macro: the rise of the “Peter Magyar” phenomenon • Poland macro: local elections and NBP decision show continuity • Budimex: UOHS cancels decision on choosing BDX's offer for the D11 highway NEGATIVE • Budimex: potential new contract in road construction (PLN 0...
HEADLINES: • EME Macro/Strategy: Türkiye – unprecedented CHP victory in local elections • PGE: 4Q23 fully in line with prelims NEUTRAL • Turkish Airlines: 4Q24 conference call takeaways POSITIVE • Grupa Pracuj: key takeaways from the 4Q23 earnings call NEUTRAL • European oil and gas monthly: March 2024 – winter was survived, as expected • Poland macro: MPC keeps rates on hold, as expected • Romania macro: rates on hold, with a word of caution • Arabian Drilling: may have three offshore contracts...
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...
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...
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...
HEADLINES: • CD Projekt: 13% beat vs. our 4Q23 EBITDA forecast, on stronger revenues (CP77 IP) POSITIVE • Al Arabia Outdoor Advertising: mixed 4Q23 results NEUTRAL • Cimsa: 2023 financial results review • Tauron: reports 4Q23 EBITDA of PLN 674m , 44% lower qoq, but 83% higher yoy NEUTRAL • Asseco Poland: key takeaways from the 4Q23 earnings call NEUTRAL • Romanian energy: government adopts emergency ordinance, with amended regulations for the energy sector NEUTRAL • Bank of Georgia: receives app...
HEADLINES: • InPost: 4Q23 strong, as expected; neutral FY24E guidance; volume acceleration in 1Q24 NEUTRAL • Asseco Poland: 4Q23 review – net profit up 10% yoy, in line with preliminaries; strong 2024 backlog recorded POSITIVE • Echo Investment: 4Q23 – residential good, offices bad NEUTRAL • Athens Exchange Group: 4Q23 results NEUTRAL • LPP: key takeaways from the conference call on the exit from Russia, 2.0 POSITIVE • Kruk: 2023 net profit DPS proposal of PLN 18, in line with our expectations N...
A director at Coca-Cola Hellenic Bottling Company AG sold 15,133 shares at 2,480p and the significance rating of the trade was 57/100. 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 la...
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)
HEADLINES: • Air Astana Group: a cash-accretive airline from the heart of Eurasia (BUY - initiation of coverage) • Elm: still a digital champion (stays HOLD) • PZU: reports solid 4Q23; high DPS potential POSITIVE • CEZ: misses on 4Q23 net profit, tepid 2024E guidance NEGATIVE • Benefit Systems: strong 4Q23 beats expectations, but company trims 2024E guidance for card additions abroad NEUTRAL • Teknosa: mixed results in 4Q23 NEGATIVE • CA Immo: 4Q23 – all about the disposals POSITIVE • Brisa: 4Q2...
• Bank of Georgia: 4Q23 highlights and notes from the conference call • Halyk Bank: 4Q23 highlights • Arabian Drilling 4Q23 results and dividend announcement • EME Macro/Strategy: macro all-in-one (11-17 March) • Romanian Energy: Energy Ministry draft publication of changes to current regulations • Huuuge Games: USD 6m investment in a minority stake in Bananaz Studios, with a call option for a larger investment • Huuuge Games: earnings call takeaways - solid 2024E outlook, broadly in line with o...
HEADLINES: • Huuuge Games: 4Q23 slightly above the consensus; up to USD 70m buyback announced (14% yield) POSITIVE • KazMunayGas: 4Q23 results – weaker than expected NEGATIVE • Enea: announces significant impairment charges (PLN 2.9bn) affecting the FY23 figures NEGATIVE • MONETA Money Bank/Komercni Banka: negative impact from the drop in mortgage rates NEGATIVE • MOL: updated strategy for 2030E – conference call takeaways NEUTRAL • Sarantis: key takeaways from the Investor Day • Allegro: key ta...
HEADLINES: • EME Macro/Strategy: good news and challenges – the state of play in March • Aegean Airlines: caps off another strong year with a good 4Q, to pay out a EUR 0.75 DPS POSITIVE • Sarantis: 2H23 results slightly above guidance NEUTRAL • National Bank of Greece: 4Q23 and 2024-26E outlook highlights • Budimex: annual conference takeaways – targeting maintaining 2024E revenues and margins flat yoy NEUTRAL • Nuclearelectrica: shareholders called to approve continuation of SMR project, based...
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