reports
- Research Team
WOOD Flash – Coverage discontinued
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
PETG PETROL D.D.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
KGH KGHM POLSKA MIEDZ S.A.
SPI S IMMO AG
CIE CIECH S.A.
EEG1T EKSPRESS GRUPP A.S.
ULKER ULKER BISKUVI SANAYI A.S.
POSR POZAVAROVALNICA SAVA
KMB KOMERCIJALNA BANKA AD SKOPJE
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
COTE CONPET SA
A4L ALLTERCO AD
IIA IMMOFINANZ AG
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
ARNT-R-A ARENATURIST D.D.
FINT FINTEL ENERGIJA
KCEL KCELL JSC
TNB NLB TUTUNSKA BANKA AD SKOPJE
Bittnet Systems Sa Bucuresti: 1 director
A director at Bittnet Systems Sa Bucuresti sold 2,000,000 shares at 0.300RON and the significance rating of the trade was 59/100. 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 tw...
- Research Team
The Rear-View Mirror – EME markets: 2022 ends with Turkey still on top
EME Equity Market – December 2022 Market performance – Turkey closed the year by outperforming the other markets, yet again. The MSCI EM Europe Index gained 2.0% mom in EUR terms and 5.9% mom in USD in December. Turkey was, again, the best performer, with the ISE30 index adding 6.3% mom in EUR terms and 10.8% mom in local currency terms. Positive performances were recorded by the WIG20 (+3.1% EUR / 3.2% lcl mom) and the ASE indices (+1.9% EUR mom) as well. On the other side, the Hungarian BUX de...
MOL MOL NYRT
CDR CD PROJEKT S.A.
OMV OMV AG
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
DOM DOM DEVELOPMENT SA
AUG1L AGROWILL GROUP AB
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
OTOEL AUTOHELLAS S.A.
HB HELLENIC BANK LTD.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
ETEL TELECOM EGYPT
BNET BITTNET SYSTEMS
HMX1R HANSAMATRIX AS
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
A4L ALLTERCO AD
RICHT RICHTER
NLBR NLB GROUP
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
SHO SHOPER
PCO PEPCO GROUP NV
ISB ISLANDSBANKI HF
ONE ARION BANKI HF
GPP ONE UNITED PROPERTIES SA
GRUPA PRACUJ DA
- Research Team
WOOD Daily: Bittnet Systems (stays HOLD), SPL PW, KOMB CP, CCOLA TI
HEADLINES: • Bittnet Systems: continuing M&A spree (stays HOLD) • Santander BP: provisions created for the FX mortgage portfolio in 4Q22E NEUTRAL • Komercni Banka: Regulator's update on minimum capital ratios requirements NEUTRAL • Coca-Cola Icecek: Competition Board imposes administrative fine of TRY 272m NEGATIVE • Short news (CPS)
- Iuliana Ciopraga
- CFA
- Piotr Raciborski
- CFA
Bittnet Systems: continuing M&A spree (stays HOLD)
We reiterate our HOLD rating on Bittnet Systems (BNET) and cut our 12M price target (PT) to RON 0.30/share, from RON 0.35/share, implying 2% upside potential. We have fine-tuned our forecasts in order to reflect the recent results and the progress of Bittnet’s M&A schedule, including the recently-announced Dataware acquisition. Due mainly to the delay in the TopTech and 2NET acquisition, ongoing difficulties in the hardware supply chain and inflationary pressure, we reduce our 2022-23E EBITDA fo...
- Research Team
WOOD Daily: OTP HB; SNN RO; BNET RO; Postcards from Prague – GPP PW; J...
HEADLINES: • OTP Bank: gets started in Uzbekistan NEUTRAL • Nuclearelectrica: update on support agreement for new reactors NEGATIVE • Bittnet Systems: acquires 70% stake in Dataware for RON 18.55m POSITIVE • WOOD's Winter Wonderland EME Conference 2022: postcards from Prague • Grupa Pracuj: postcard from Prague • JSW: postcard from Prague • KGHM: postcard from Prague • Fondul Proprietatea: postcard from Prague • Nuclearelectrica: postcard from Prague • OMV Petrom: postcard from Prague • R...
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
OTP OTP BANK NYRT
FROTO FORD OTOMOTIV SANAYI A.S.
TRP TERAPLAST
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BNET BITTNET SYSTEMS
SNP PETROM S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
GPP GRUPA PRACUJ DA
- Research Team
The Rear-View Mirror – EME markets: Turkey still on top (resend)
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...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SFA SOPHARMA AD
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BNET BITTNET SYSTEMS
SNP PETROM S.A.
HMX1R HANSAMATRIX AS
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
PEN PHOTON ENERGY NV
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
IGN1L 4IG NYRT
SHO IGNITIS GRUPE
KCEL SHOPER
GPP KCELL JSC
TNB GRUPA PRACUJ DA
7202 NLB TUTUNSKA BANKA AD SKOPJE
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
HELLENIQ ENERGY
- Research Team
WOOD Daily: CAI AV; TPEIR GA; BHW PW; TLV RO; TGN RO; BNET RO; ALR RO;...
HEADLINES: • CA Immo: locking in profits after relative outperformance (downgraded to SELL) • Piraeus Bank: 3Q22 - strong quarter, improving capital • Bank Handlowy: 3Q22 brings beat on strong underlying NII POSITIVE • Banca Transilvania: another strong beat in 3Q22 • Transgaz: 3Q22 - strong net income beat due to revenues from auction premium • Bittnet Systems: 3Q22 results review - misses on EBITDA and bottom line vs. our forecasts NEGATIVE • Alro: RON 125m net loss in 3Q22 • Transelect...
BHW BANK HANDLOWY W WARSZAWIE S.A.
CAI CA IMMOBILIEN ANLAGEN AG
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
TLV BANCA TRANSILVANIA S.A.
BNET BITTNET SYSTEMS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
M MED LIFE
PEN PHOTON ENERGY NV
ALR ALRO SLATINA
- Research Team
WOOD Daily: SNP RO; OMV AV; GARAN TI; KRU PW; EU Macro; EREGL TI; EME ...
HEADLINES: • OMV Petrom: record-high clean CCS EBIT, above both our and consensus numbers POSITIVE • OMV: 3Q22 results and special dividend proposal • Garanti Bank: 3Q22 highlights - decent quarter, on its own • Kruk: PLN 188m of net profit in 3Q22 - profit warning • Europe macro: ECB's stance to stay hawkish for a long time, but attention is shifting to liquidity • Erdemir: key takeaways from the 3Q22 earnings call NEUTRAL • EME Macro/Strategy: US - positive 3Q GDP does not change the traje...
- Research Team
The Rear-View Mirror – EME markets: Turkish stocks outperform in Augus...
EME Equity Market – August 2022 Market performance – Turkey the biggest winner, in a predominantly bad month. The MSCI EM Europe Index declined 1.2% mom in EUR and 2.8% mom in USD terms. Turkey’s ISE index outperformed all other indices, adding 24.9% mom in EUR terms and 25.1% in local currency terms. Hungary’s benchmark, the BUX Index, added 1.1% mom and 0.2% mom in EUR and HUF terms, respectively. Greece’s ASE Index had a muted performance and added only 0.6% mom. All the other indices across ...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
COG COGNOR HOLDING SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
AYGAZ AYGAZ A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
GSPARK GRAPHISOFT PARK SE
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
PBK PATRIA BANK SA
HMX1R HANSAMATRIX AS
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ADKO ADDIKO BANK
PEN PHOTON ENERGY NV
FINT MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
ILRA-R-A FINTEL ENERGIJA
ALG ILIRIJA D.D.
DUNAHOUSE ALLEGRO.EU SA
TNB DUNA HOUSE
WINE NLB BANKA
4IG ALRO SLATINA
IGN1L PURCARI WINERIES PCL
ONE 4IG NYRT
KLKIM IGNITIS GRUPE
ONE UNITED PROPERTIES SA
KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
- Research Team
WOOD Daily: KOMB CP; MONET CP; BNET RO; WINE RO; PETG SV; 4IG HB
HEADLINES: • Czech banks: picking the stronger one (Komercni Banka stays BUY, MONETA Money Bank stays HOLD) • Bittnet Systems: 2Q22 - solid quarter, with 88% yoy increase in EBITDA, 65% above our estimate POSITIVE • Purcari Wineries: 2Q22 net profit 14% below our expectations on higher costs • Petrol Group: 2Q22 results hit by prices caps in Slovenia • 4iG: 2Q22E preview - 28x yoy growth in EBITDA due to M&A expected (due on 31 August) • Short News (TPE)
- Research Team
WOOD Daily: SAB1L LH; PL Macro; RO Macro; EAT PW; VESBE TI; ACP PW; EU...
HEADLINES: • Siauliu Bankas: growth mindset (stays BUY) • Poland macro: worsening stance towards EU demands NEGATIVE • Poland macro: MPC member states that PLN is undervalued by 30% NEUTRAL • Romania macro: NBR hikes by 75bps, with more to come • AmRest: 2Q22 sales up 30% yoy POSITIVE • Vestel Beyaz: 2Q22 results - better-than-expected bottom line POSITIVE • Asseco Poland: preliminary 2Q22 net profit at PLN 140m, 4% above the consensus POSITIVE • European oil and gas monthly: July 2022 • CA ...
- Research Team
WOOD Daily: SNP RO, CZ macro, HU macro, 11B PW, LPP PW, BNET RO
OMV Petrom: proposes special dividend Czech Republic: worsening trade leads to a further deterioration of the current account Hungary: April current account: no surprises or improvements 11 bit studios: Annual Investor Conference takeaways LPP: 1Q22 slightly below prelims due to the sale of the Russian business, FY22E guidance maintained Bittnet Systems: sells a 12% stake in Dendrio to Agista for RON 7.5m
- Research Team
The Rear-View Mirror – EME markets: Hungarian equities down 13.6% in M...
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 ...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
SISE TURKIYE SISE VE CAM FABRIKALARI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
M MED LIFE
ELPE HELLENIC PETROLEUM
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
PEN PHOTON ENERGY NV
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
SHO SHOPER
KCEL KCELL JSC
ONE ONE UNITED PROPERTIES SA
- Research Team
WOOD Daily: HU Macro; BNET RO; EME Macro/Strategy – Frontier; CZG CP; ...
HEADLINES: • Hungary macro: Orban 5 begins with a bang • Bittnet Systems: 1Q22 results confirm full-year outlook (stays HOLD) • EME Macro/Strategy: overview charts for peripheral countries • Colt CZ Group SE: strong 1Q22 beat, FY22E guidance intact POSITIVE • Eurobank: strong 1Q22, upside risk for targets and our forecasts • CCC: final 1Q22 results below prelims on write-downs related to Russian market; strong start to 2Q NEGATIVE • STS Group: 1Q22 strong, as expected; FY22E guidance maintai...
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
CCC CCC SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BNET BITTNET SYSTEMS
SNP PETROM S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
SF3 STS GROUP AG
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
HUGE HUUUGE
SHO SHOPER
- Iuliana Ciopraga
- CFA
- Piotr Raciborski
- CFA
Bittnet Systems: 1Q22 results confirm full-year outlook (stays HOLD)
We reiterate our HOLD rating on Bittnet Systems (BNET) and cut our 12M price target (PT) to RON 0.35/share, from RON 0.36/share, implying 7% upside potential. We have fine-tuned our forecasts, in order to reflect the recent results, the 2022E budget and the schedule of M&A activity. Due mainly to the delay in the TopTech acquisition and the ongoing difficulties in hardware supply, we have cut our 2022E sales and EBITDA forecasts by 13% and 8%, respectively, to RON 208m and RON 20.1m. Our current...
- Research Team
WOOD Daily: FP RO; TGN RO; EL RO; WINE RO; BNET RO; ONE RO; ALR RO; CE...
HEADLINES: • Fondul Proprietatea: better 1Q22 results for Hidroelectrica • Transgaz: much better than expected 1Q22, on reversals of provisions and financial gains POSITIVE • Electrica: lower-than-expected net loss in 1Q22, on better supply results POSITIVE • Purcari Wineries: weaker sales but better margins in 1Q22 POSITIVE • Bittnet Systems: 1Q22 - 62% yoy gross profit on sales expansion, in line with our expectations NEUTRAL • ONE United Properties: 1Q22 - revaluations a major driver of ea...
BNET BITTNET SYSTEMS
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SF3 STS GROUP AG
ALG ALLEGRO.EU SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
SHO SHOPER
ONE ONE UNITED PROPERTIES SA
- Research Team
The Rear-View Mirror – EME markets: Turkish equities gain 13.3%, other...
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...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
TENERGY TERNA ENERGY S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFKS SISTEMA PJSFC
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
FMF FAMUR SA
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
PLZL POLYUS (GDR)
OGZD GAZPROM (GDR)
DNP DINO POLSKA S.A.
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
IIA IMMOFINANZ AG
ZB-R-A ZAGREBACKA BURZA DD
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
ALG ALLEGRO.EU SA
KSPI KASPI KZ
TNB NLB BANKA
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
SHO SHOPER
PCO PEPCO GROUP NV
KCEL KCELL JSC
- Research Team
WOOD Daily: EL RO; TEL RO; TGN RO; SPL PW; MIL PW; PL Banks; GARAN TI;...
HEADLINES: • Romanian utilities: for those willing to wait (Electrica stays BUY, Transgaz stays HOLD, Transelectrica upgraded to HOLD) • Santander Bank Polska: 1Q22 results review - strong beat vs. expectations on low provisions • Bank Millennium: 1Q22 results review - results in line with expectations • Polish banks: government proposals to aid mortgagors may hit Polish banks' 2022-23E earnings NEGATIVE • Garanti: 1Q22 highlights NEUTRAL • Orange Polska: 1Q22 results - EBITDAaL up 2% yoy, in ...
KER KERNEL HOLDING S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
CCOLA COCA-COLA ICECEK A.S.
MGROS MIGROS TICARET A.S
POLY POLYMETAL INTERNATIONAL PLC
TUPRS TURKIYE PETROL RAFINERILERI A.S.
BNET BITTNET SYSTEMS
PLZL POLYUS (GDR)
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SOKM SOK MARKETLER TICARET AS
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
KSPI KASPI KZ
- Research Team
WOOD Daily: Iceland Country Report; HU Macro; PL Macro; TPEIR GA; TEN ...
HEADLINES: • Iceland: wiser, safer and with an ESG twist. Alas, still pricey • Hungary macro: update on the dispute with the EU • Poland macro: NBP steps up hiking cycle, with more to come • Piraeus Bank: key takeaways from business plan update • Ten Square Games: 1Q22 preliminary sales of PLN 142.8m (down 15% qoq) NEUTRAL • Bittnet Systems: acquires 2net Computer for RON 6.3m POSITIVE • Electrica: Hidroelectrica looking to acquire supply company, Electrica a potential target NEUTRAL • Pol...
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