A director at Komercijalna Banka Skopje bought 100 shares at 0.000MKD and the significance rating of the trade was 53/100. 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...
We discontinue our coverage of the following stocks, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks: AD Plastik Arena Hospitality Group Bittnet Ciech Conpet Dogus Otomotiv Ekspress Grupp Fintel Energija Immofinanz Kcell Kernel KGHM Komercijalna Banka NLB Banka Petrol Group S Immo Sava Re Shelly Group (formerly Allterco) STS Group Turk Telekom Turkcell Ulker Zagreb Stock Exchange
EME Equity Market – July 2022 Market performance – markets mostly up during the month, but Russia’s MOEX down 9.4% in EUR terms. The MSCI EM Europe Index added 2.3% mom in EUR, but lost 0.5% mom in USD in July. The Greek ASE Index was the best performing benchmark, advancing 5.0% mom in EUR. Hungary’s benchmark, the BUX Index, added 4.4% mom and 6.5% mom in EUR and HUF terms, respectively. Romania’s BET Index gained 1.7% mom in EUR terms and 1.3% mom in local currency, while Turkey’s ISE20 added...
HEADLINES: • Pilulka Lekarny: blowing with the e-commerce wind (HOLD - initiation of coverage) • Wizz Air: thoughts on capital increase post 1Q FY23 results, CASK and RASK comparison vs. RYA • Mytilineos: strong second quarter, 2H22E should be even better • Titan Cement: 2Q22 - price increases restoring profitability • Garanti: 2Q22 highlights - beat, with lower quality • Ford Otosan: 2Q22 results - strong beat POSITIVE • Siauliu Bankas: 2Q22 - another strong quarter POSITIVE • Arena Hosp...
EME Equity Market – May 2022 Market performance – markets down mostly, as MSCI EM Europe Index declines 3.6%. The MSCI EM Europe Index fell 3.6% mom and 2.0% mom in EUR and USD terms, respectively, in May. The best-performing index was the Russian MOEX, which added 6.3% mom in EUR terms, but declined 3.7% mom in local currency. However, we note that, with the CBR ban on short selling and restrictions on international investors, as well various sanctions, this performance is not fully comparable ...
HEADLINES: • Photon Energy: discover a great solar growth proxy (BUY - initiation of coverage) • Komercijalna Banka: performing well, but remains expensive (stays SELL) • Immofinanz: CPI offer is attractive (downgraded to SELL) • Huuuge Games: 1Q22 adjusted EBITDA in line with our forecast, but 22% ahead of the consensus NEUTRAL • Enea: 1Q22 results review - fully in line with the preliminary figures NEUTRAL • PGE: 1Q22 results review - in line with prelims NEUTRAL • CA Immo: 1Q22 - recurring...
Komercijalna Banka continues to outperform the MBI Index, and is up 37.2% in the LTM, vs. 14.4% growth in the benchmark. This is attributable partially to the solid ROEs reported over the past couple of periods, backed by the bank’s very conservative balance sheet structure. Looking at our forward-looking multiple of 1.7x P/BVs for 2022-23E, the valuation seems relatively stretched. At such premia (108-115%), the stock screens as too expensive vs. the other banks under our coverage, in our view....
EME Equity Market – April 2022 Market performance – regional benchmarks performance rather mixed in April. The MSCI EM Europe Index declined by 5.3% in EUR terms and by 9.9% in USD. The best-performing market was Turkey, whose equities gained 13.3% in EUR terms and 9.2% in local currency. Russia’s MOEX Index added 9.0% in EUR terms, but declined by 9.6% in local currency. In Greece, the ASE Index advanced by 4.9% in EUR terms, the last to end the month in the black; while Romania’s BET Index rec...
HEADLINES: • EME Macro/Strategy: Russia can live (but not thrive) without EU gas payments • Erste Bank: strong start to 2022 with the 1Q22 delivery POSITIVE • Kruk: publishes detailed 1Q22 - solid trends, but supported by positive revaluations, as suspected NEUTRAL • Tekfen Holding: 1Q22 results - another major miss NEGATIVE • Turkcell: 1Q22 results in line, except a 10% NI miss; FY22E guidance maintained NEUTRAL • Enerjisa Enerji: 1Q22 results review - mixed, but FY guidance revised up NEUTRA...
HEADLINES: • Allegro: still a market leader, with ambitions for more (upgraded to BUY) • Nuclearelectrica: riding the power price boom (upgraded to BUY) • Czech Republic macro: CNB hikes, with a cautious undertone • CEE macro: CE4 yields and macro forecasts update • Ekspress Grupp: final 4Q21 figures in line with prelims, ambitious 2026E profitability target • Ten Square Games: key takeaways from the 4Q21 earnings call NEUTRAL • Santander Bank Polska: management proposes PLN 2.68/share div...
EME Equity Market – January 2022 Market performance – Russia’s equities lost 9.3%, while Turkish and Hungarian stocks advanced 8.6% and 9.3%, respectively, in January. The MSCI EM Europe Index declined 4.5% in EUR terms and 5.9% in USD. Hungary’s equities were the best performers in January, adding 9.3% in EUR and 5.4% in HUF terms; followed by Turkish equities, with an 8.6% gain in EUR and an 8.8% gain in TRY. In Greece, the ASE Index added 4.9%, while the PX Index, the Czech benchmark, gained ...
HEADLINES: • Purcari Wineries: more wine, please (BUY - transfer of coverage) • Mytilineos: solid 2021, but expecting an even stronger 2022E • Polymetal: 4Q21 operating results - production guidance beat, but 2022E capex guidance +15% NEGATIVE • Komercijalna Banka: results review - 2H21 net income of MKD 1.5bn, ROE of 15.5% POSITIVE • Kazatomprom: 4Q21 operating update NEGATIVE • Nexters: acquires three gaming companies for USD 100m POSITIVE • Transgaz: 2022E budget sees contracting net profit...
EME Equity Market – November 2021 Market performance – most markets down, with Czech PX Index (+3.0%) the exception. The MSCI EM Europe Index lost 8.9% in EUR terms and 10.7% in USD in November. Prague’s PX Index added 3.0% in EUR terms and 2.3% in local currency, followed by the Romanian BET Index, which declined 3.2% in both EUR and RON terms. Greece’s ASE Index declined by 3.4% in EUR terms, while Hungary’s BUX Index declined by 6.2% in EUR and 5.0% in HUF. The Russian MOEX Index declined 8.6...
Following our downgrade from Buy to Hold earlier this year, we now downgrade the stock further, to SELL, due mostly to the continued share price appreciation. The stock has advanced 75.4% in the last 12 months, which has lifted our P/BV multiples to 1.6-1.7x for 2021-22E, premiums of c.32-39% vs. its peers. While some premium is justified, in our view, we see the current levels as rather too excessive, with downside of 23.0% to our new price target (PT), which we have reduced only marginally to ...
EME Equity Market – October 2021 Market performance – most markets end October in the black, WIG20 +4.1%. The MSCI EM Europe Index added 3.6% in EUR terms and 3.4% in USD. Poland was the best-performing equity market, gaining 4.1% in both EUR and PLN terms. The Russian MOEX followed, adding 3.9% in EUR and 1.1% in local currency. The Greek ASE Index added 3.8%, while the Hungarian BUX Index advanced by 2.3% and 2.5% in EUR and local currency, respectively. Turkey’s ISE30 Index gained 0.5% in EUR...
HEADLINES: • MONETA Money Bank: strong 3Q21 bottom line on LLPs releases, 2021E net profit outlook upgraded POSITIVE • Sberbank: 3Q21 highlights - solid quarter • VK (formerly Mail.ru): 3Q21 results review • Komercijalna Banka: 3Q21 results review - strong figures, 2021E beat now likely POSITIVE • Lotos: 3Q21 results - strong downstream results, upstream weak due to maintenance • OMV: 3Q21 results - strong EBITDA, disappointing bottom line • OMV Petrom: 3Q21 results - EBITDA in line, net in...
EME Equity Market – August 2021 Market performance - The Hungarian BUX Index gained 9.8% in EUR terms. The MSCI EM Europe Index rose 5.1% in EUR terms and 4.6% in USD terms. The best-performing equity index was the BUX, which added 9.8% in EUR terms and 6.9% in the local currency (LCU). The ISE30 Index advanced 7.7% in EUR terms and 5.8% in LCU, while Prague’s PX Index gained 6.5% in EUR terms and 6.2% in LCU. The Polish benchmark WIG20 Index added 6.1% in EUR terms and 5.1% in LCU, followed by ...
HEADLINES: • Piraeus Bank: better underlying trends and fast execution of the Sunrise plan POSITIVE • Allegro: 2Q21 adjusted EBITDA 7% above our expectations POSITIVE • Kety: 2Q21 EBITDA in line with preliminary estimate NEUTRAL • Jumbo: July sales figures • Komercijalna Banka: sets dates for the MKD 600/share dividend • BRD-GSG: highlights from the 2Q21 results conference call • European refining and petrochemicals margins monthly: July 2021 NEUTRAL • MOL: 2Q21E results preview (due on 6 ...
EME Equity Market – July 2021 Market performance – Turkish ISE30 Index gains 6.0% in July, while Russian MOEX declines by 1.9%. The MSCI EM Europe Index declined 1.1% in EUR terms and 1.0% in USD terms in July, despite most of the followed sub-indices being in the black. The best-performing equity market was in Turkey, which added 6.0% in EUR terms and 2.6% in TRY terms, followed by the Czech PX Index, which gained 4.9% in both EUR and CZK terms. The Hungarian BUX Index added 1.1% in EUR and 2.9...
HEADLINES: • Raiffeisen Bank International: 2Q21 results - huge beat vs. market's expectations POSITIVE • Erste Bank: posts very solid 2Q21 results, upgrades 2021E guidance and commits to more dividends POSITIVE • Mail.ru: mixed 2Q21 results; guidance implies a strong recovery in 2H • Magnit: releases 2Q21 results - EBITDA in line with market's expectations NEUTRAL • Sberbank: 2Q21 highlights • Garanti: 2Q21 highlights - good quarter, with robust fees and subsidiary performance • Ekspress G...
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