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: • CTP: better late than never (upgraded to BUY) • Georgia macro: protests in Tbilisi • Raiffeisen Bank International: posts solid 1Q24, keeps 2024E guidance (but only on ex. Russia and Belarus basis), facing huge pressure to address Russia and Belarus exposures from officials • Air Astana Group: 1Q24 – 15% ASK growth, RASK down slightly yoy, but CASK stable • Piraeus Financial Holdings: 1Q24 highlights NEUTRAL • Alkaloid: 1Q24 numbers a strong start to the year POSITIVE • National Ban...
Alkaloid reported another solid set of results in 1Q24, albeit with the yoy comparison on some lines coloured by the reclassification of cost from below to above the operating line. This quarter, the business caught a tailwind from cephalosporin antibiotic sales in Ukraine (the first quarter is typically strong for all antibiotics), but also from recent investments in its Western European markets. Keeping in mind seasonality, the company is well on track to meet its FY24E revenues growth target ...
A director at Alkaloid AD Skopje bought 80 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 clearly...
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: • Pegasus Airlines: 4Q23 – decent end to another very good year NEUTRAL • Ford Otosan: strong set of results in 4Q23 POSITIVE • ONE United Properties: FY23 – ramping up, with almost 1k units sold in 2023 • Alkaloid: 4Q23 – reaping the benefits of recent investments • Alkaloid: rating and price target changes • European oil and gas monthly: February 2024 – return of the crack • Transgaz: takeaways from the 4Q23 earnings call POSITIVE • Auto Partner: February sales growth accelerates...
There was an error in our flash note, published today. Please disregard the previous version. Last week, Alkaloid announced solid 4Q23 numbers, topping off the strong results for FY23. Most notably, the 4Q23 revenues grew by 22% yoy (+16% for FY23); this is despite a season slowdown in Russia/CIS. The growth was broad-based, with domestic sales and sales in Europe all up at least 20% yoy, reflecting recent investments in a new plant and products (both in pharmaceutics, as well as its FMCG busine...
Last week, Alkaloid announced solid 4Q23 numbers, topping off the strong results for FY23. Most notably, the 4Q23 revenues grew by 22% yoy (+16% for FY23); this is despite a season slowdown in Russia/CIS. The growth was broad-based, with domestic sales and sales in Europe all up at least 20% yoy, reflecting recent investments in a new plant and products (both in pharmaceutics, as well as its FMCG business). Supporting this was even higher spending on sales and marketing (+84% yoy in 4Q23), which...
HEADLINES: • Logo Yazilim: clearer skies in 2024E (stays BUY) • Turkish Airlines: 3Q23 - even better summer than last year POSITIVE • Brisa: solid 3Q23 results, on gross margin expansion and low CIT NEUTRAL • Migros: strong beat in the 3Q23 financials POSITIVE • ING BSK: posts solid 3Q23 results, but largely in line with its peers NEUTRAL • Verbund: 3Q23 results above our estimates • Alkaloid: 3Q revenues growth normalises, 4Q shaping up nicely NEUTRAL • EME Macro/Strategy: US - Fed stays on h...
EME Equity Market – October 2023 Market performance – election results prompt stellar market reaction in Poland; sell-off in Turkey. The MSCI EM Europe Index added 1.7% mom in EUR terms and 2.0% mom in USD in October. Poland staged a massive rebound, post the elections, with the WIG20 advancing 16.4% mom in EUR terms. Apart from Turkey, where October was a sell-off, with the ISE30 declining 13.7% mom in EUR terms, there were relatively muted performances everywhere else (BUX +2.1% / PX +0.4% / B...
Alkaloid has posted another solid set of results for 3Q23, with revenues growth normalising, after a brisk first half, but opex also contracting slightly, on lower sales and marketing costs (with doctors extending their summer holidays into September). Speaking to management, 4Q23E is shaping up to be solid as well, including Alkaloid’s target “growth” markets in the EU, but also on the domestic market: both are driven by new product launches, including new in- and out-licensing deals. To date, ...
EME Equity Market – July 2023 Market performance – gains keep on rolling in all geographies, with special mention of Turkey’s stellar performance. The MSCI EM Europe Index gained 8.6% mom in EUR terms and 9.5% mom in USD in July. Turkey clearly outperformed its peers, gaining 18.6% mom in EUR terms. Most other geographies performed more or less at similar levels, with the Polish WIG20 in the upper part of the range, advancing 7.3% mom in EUR terms, followed by the Romanian BET and Czech PX indic...
HEADLINES: • Garanti: 2Q23 highlights - in line with change of heart on discretionary provisions • Ford Otosan: 2Q23 financials - better-than-expected results POSITIVE • OMV: 2Q23 results - weak net income in 2Q23 • OMV Petrom: net loss in 2Q23, but lower than expected NEUTRAL • Borouge: 2Q23 results - in line • Alkaloid: 2Q23 - another strong quarter, with broad-based growth POSITIVE • Titan Cement: tailwinds from lower energy prices, construction demand POSITIVE • Mytilineos: CEO comfortabl...
Alkaloid has posted a strong set of 2Q numbers, as it took advantage of EU-wide shortages in some of its key indications to boost sales in all its geographies. At the same time, earnings on a yoy basis were hit by negative FX revaluations and higher interest costs on the debt financing for new investments in capacity and growth. The former should recede in 2H23E, we believe, meaning that Alkaloid still stands to deliver FY23E earnings that should beat the company’s guidance. It has delivered 53%...
EME Equity Market – April 2023 Market performance – in the black across all geographies, except for Turkey. The MSCI EM Europe Index gained 3.4% mom in EUR terms and 4.9% mom in USD in April. The Polish WIG20 Index saw the biggest gains (+11.5% mom in EUR terms), followed by the Hungarian BUX Index (+7.8% mom in EUR terms) and the Greek ASE Index (+2.9% mom in EUR terms). More muted performances were witnessed in the Czech PX Index and Romanian BET Index, both adding 1.7% mom in EUR terms for th...
HEADLINES: • Eurozone macro: tweaking the GDP outlook • Yapi Kredi: 1Q23 highlights - NIM blues • PCF Group: 4Q22 EBITDA falls by 30% qoq, broadly in line with preliminary guidance NEUTRAL • Auto Partner: preliminary 1Q23 EBIT falls by 7% yoy NEGATIVE • Kazatomprom: 1Q23 update broadly in line, guidance reiterated • Kalekim: 1Q23 results - in line operationally NEUTRAL • Alkaloid: strong 1Q23, driven by exports and antibiotics POSITIVE • OMV Petrom: takeaways from the 1Q23 earnings call NEUT...
Alkaloid has delivered a strong start to the year, with its 1Q23 earnings driven by sales in both its Eastern (Russian/CIS) and Western European markets, with the former growing by c.150% yoy, to a record MDK 886m. Sales in both regions appear to have been driven, in large part, by Alkaloid’s core antibiotics portfolio – including cephalosporins – with 68% yoy sales growth. The company’s investment in new cephalosporin capacity seems to be paying off, as demand recovers from the pandemic lull; a...
EME Equity Market – November 2022 Market performance – Turkey does it again, breezing past everyone else, once more, in November. The MSCI EM Europe Index advanced 11.6% mom in EUR terms and 16.7% mom in USD. The ISE30 index, again, boasted the best performance among our coverage, adding 18.6% mom in EUR terms and 23.9% mom in local currency (lcl) terms. Positive performances were also recorded in the WIG (+14.0% EU /13.0% lcl mom), the BUX (+12.6% EUR/12.0% lcl mom), the BET (+8.4% EUR/8.6% lcl...
HEADLINES: • Wizz Air: end-summer liquidity ahead of expectations (stays BUY) • Alkaloid AD Skopje: expansion and antibiotics drive strong earnings (stays HOLD) • TBC Bank: 3Q22 highlights - much better than expected with trading income • Romania macro: stronger than most, rates heading slightly higher than thought previously • European Oil and Gas Monthly: October 2022 • CEZ: WFT approved, price caps announced • Turkish Airlines: 3Q22 - can it get any better? POSITIVE • Erdemir: new pelle...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.