EME Equity Market - September 2024 EME indices mostly in the red in September; rebound in Greece. The MSCI EM Europe Index declined 2.0% in EUR terms and 1.1% in USD terms in September. The Greek ASE Index was the best performer in our region, advancing 1.4% mom in EUR terms. Muted performances were seen in Czechia and Hungary (+0.3% and +0.2% mom, respectively in EUR terms), with declines in Poland, Romania and Turkey (-3.6%, -2.9% and -1.5% mom, respectively in EUR terms).
HEADLINES: • Kruk: forging forward (stays BUY) • CCC: 2Q24 results a notch above prelims; positive trends maintained in 2Q24 POSITIVE • VIGO Photonics: miss on adjusted EBITDA and bottom line NEGATIVE • Kaspi.kz: issues response to short seller report • Hungary macro: MNB resumes the easing cycle • 11 bit studios: Frostpunk 2 falls to 20th position on Steam top seller list, player reviews recover marginally NEUTRAL • National Bank of Greece: HFSF to sell up to 12% of its stake
Kaspi.kz Responds to Investor Questions ALMATY, Kazakhstan, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Kaspi.kz’s mission is to improve people’s lives by developing innovative mobile products and services. To deliver upon this we operate a unique two-sided Super App model – Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants. We are proud of the business we have built, which we are continuing to grow by serving consumers and businesses across Kazakhstan. Here are some important facts we think you should know about our business and our robust efforts to ensure local and interna...
Kaspi.kz to Announce 3rd Quarter and 9 Months 2024 Financial Results on 21st October ALMATY, Kazakhstan, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Kaspi.kz (KSPI US) will report its financial results for the quarter and nine months ended September 30, 2024, on Monday, 21st October, 2024. On that day, management will hold a conference call and webcast at 8.00am EST (1pm GMT, 5.00pm Astana time) to review and discuss the company's results for the period. 3rd Quarter & 9 months 2024 Financial Results Conference Call Monday, 21st October, 2024 To pre-register for this call, please go to the foll...
HEADLINES: • Kaspi.kz: stock down 17% yesterday on report by short seller Culper • Kety: 3Q24 preliminary results close to our expectations NEUTRAL • Logo Yazilim: CMC approves cancellation of treasury shares POSITIVE • Wizz Air: 24-hour strike called for 24 September by third-party Italian union • AUGA Group: coverage discontinued • Short News (CEZ)
Kaspi.kz Statement on Misleading short-seller research ALMATY, Kazakhstan, Sept. 19, 2024 (GLOBE NEWSWIRE) -- The company is issuing the following statement following the research report published by Culper Research today: In our view, the report is misleading, inaccurate and misrepresents our business. Being the first company from Kazakhstan to successfully list on Nasdaq has obviously raised our profile amongst short sellers. For those investors who have known us over the years, our reputation speaks for itself. About Kaspi.kz Kaspi.kz’s mission is to improve people’s li...
Kaspi.kz receives first international credit rating ALMATY, Kazakhstan, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Kaspi.kz has received its first international credit rating. Fitch rates Kaspi.kz investment grade BBB- with a stable outlook. This rating is separate from Kaspi Bank, a component of Kaspi.kz’s Fintech Platform, which has been tracked by international rating agencies for many years. Fitch also rates Kaspi Bank investment grade BBB- with a stable outlook. According to Fitch, the rating reflects Kaspi.kz’s unique business profile, leading nationwide franchise and one of the strongest ...
HEADLINES: • Colt CZ Group SE: full metal jacket (stays BUY) • Pegasus Airlines: another good year (stays HOLD) • Allegro: 2Q24 above expectations, but growth deceleration guided for 3Q24E NEUTRAL • Echo Investment: 2Q24 ahead of PAP consensus expectations • Auto Partner: key takeaways from the 2Q24 earnings call NEUTRAL • Halyk Bank: announces programme to buy back up to USD 50m of its GDRs
Moody’s upgrades our rating to investment grade ALMATY, Kazakhstan, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Moody’s has upgraded its long-term deposit ratings to investment grade Baa3 from Ba1 with a stable outlook for Kaspi Bank, a core part of Kaspi.kz’s Fintech Platform. Moody’s cited sound profitability, liquidity and the resilience of Kaspi.kz’s proven business model including Fintech, Payments and Marketplace Platforms. According to Moody’s: Kaspi.kz’s proven business model has demonstrated resilience throughout the economic cycle.Kaspi.kz has sound fundamentals, such as profitability,...
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
HEADLINES: • Kruk: 2Q24 results – recently-announced miss caused by higher costs and negative revaluations in Spain NEUTRAL • Eurocash: weak 2Q24 across the board NEGATIVE • Asseco Poland: 2Q24 review – net profit down 10% yoy, 7% above the consensus POSITIVE • 11 bit studios: 2Q24 adjusted EBITDA slightly below our expectations, but bottom line boosted by associates NEUTRAL • Grupa Pracuj: 2Q24 results – adjusted EBITDA flat yoy, 2% above the market consensus; bottom-line miss on revaluation of...
Kaspi.kz submits a formal letter of interest to participate in the privatization of the Humo payments system in Uzbekistan ALMATY, Kazakhstan, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”) has sent a formal letter of interest to Uzbekistan’s State Assets Management Agency (“SAMA”), indicating its interest in participating in the upcoming privatization of the National Interbank Processing Center (“Humo”). SAMA has unveiled plans to privatize a 100% stake in the Humo payment system via a public negotiation process. Humo is one of two payment systems in Uzbekis...
Announcement of Extraordinary General Meeting Results ALMATY, Kazakhstan, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (Nasdaq: KSPI) announces that the following resolutions were duly passed at its Extraordinary General Meeting on 21 August 2024: 1. To approve the agenda of the Extraordinary General Meeting of Shareholders of JSC Kaspi.kz: 1) Approval of the agenda;2) Payment of dividends on common shares of JSC Kaspi.kz and approval of the amount of dividend per common share;3) Appointment of the external auditor to audit JSC Kaspi.kz’s financial state...
HEADLINES: • PKO BP: posts very solid 2Q24 delivery, implying upside risk for 2024E forecasts POSITIVE • Cyfrowy Polsat: 2Q24 results review – EBITDA up 8% yoy, 3% above our estimate POSITIVE • Benefit Systems: better-than-expected 2Q24 and FY24E profitability outlook revised upwards POSITIVE • GTC: 2Q24 in line, 2026 EUR 500m refinancing should be priority NEUTRAL • Orlen: 2Q24 results – in line with previous estimates NEUTRAL • Halyk Bank: 2Q24 conference call takeaways • CEZ: FinMin proposes ...
HEADLINES: • Coca-Cola Icecek: mixed results in 2Q24; 2024E guidance revised downwards NEGATIVE • Halyk Bank: 2Q24 highlights – quarter in line, margin makes up for soft COR and fee growth • Bank of Cyprus: to hold EGM on 13 September • CCC: to purchase 2.5% Modivo shares for PLN 100m NEUTRAL • Dino: 2Q24E preview – 4% yoy EBITDA erosion expected (due on 22 August) • Kazatomprom: 2Q24E results preview (due on 26 August) NEUTRAL
EME Equity Market – July 2024 Greece the biggest winner, while Poland the clear loser in July. The MSCI EM Europe Index declined by 1.1% in EUR terms and 0.3% in USD terms in July. The Greek ASE Index posted the best performance for the month, advancing by 5.3% mom in EUR terms. There was a broadly similar performance in Hungary, Czechia and Romania (+ 2.9%, 2.7% and 2.1% mom in EUR terms, respectively). The Turkish ISE30 Index declined by 1.6% mom in EUR terms, but the clear loser was the Polis...
HEADLINES: • Metlen Energy & Metals: the art of continued growth (BUY - reinitiation of coverage) • Kaspi.kz: 2Q24 highlights – in line with guidance in 1H24 • Solutions by STC: mixed 2Q24 financial results NEGATIVE • Magyar Telekom: 2Q24E preview – 25% yoy growth in EBITDA expected (due on 7 August) • Cyfrowy Polsat: 2Q24E preview – 3% yoy increase in adjusted EBITDA expected (due on 21 August) • Short News (PPC)
Notice of Extraordinary General Meeting of Shareholders of Kaspi.kz ALMATY, Kazakhstan, July 22, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of JSC Kaspi.kz (Nasdaq: KSPI) hereby announces the Extraordinary General Meeting of Shareholders of JSC Kaspi.kz will be held on 21 August 2024 at 10:00 Astana time at: 154 “А”, Nauryzbai Batyr Street, Almaty, Kazakhstan, 050013. If a quorum is not met, a repeated General Meeting of Shareholders will be held on 22 August 2024 at 10:00 Astana time at: 154 “А”, Nauryzbai Batyr Street, Almaty, Kazakhstan, 050013. Agenda of the Extraordinary G...
Kaspi.kz 2Q and 1H 2024 Financial Results ALMATY, Kazakhstan, July 22, 2024 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”, “we”) (Nasdaq: KSPI) which operates the Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants, today publishes its unaudited consolidated IFRS financial results for the quarter and first half ended 30 June 2024 (“2Q & 1H 2024”). 2Q 2024 Highlights Strong 2Q 2024 with revenue and net income up 36% and 25% year-over-year (“YoY”), respectively.Our faster growing and more profitable Payments and Marketplace Platforms together accounte...
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