reports
- Research Team
The Rear-View Mirror – EME markets: Most markets end October in the bl...
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...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
YNDX YANDEX NV CLASS A
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
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.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LWB LUBELSKI WEGIEL BOGDANKA S.A.
AFKS SISTEMA PJSFC
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
RTKM ROSTELECOM PJSC
2ET ETALON GROUP (GDR)
ALRS ALROSA PJSC
ALR ALIOR BANK SA
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
ADPL-R-A AD PLASTIK D.D.
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HHR HEADHUNTER
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
TNB NLB BANKA
HUGE HUUUGE
4IG ALRO SLATINA
SHO 4IG NYRT
GDEV SHOPER
NEXTERS
- Research Team
WOOD Daily: TL Food Retail; EME Macro/Strategy – UZB; ARNT CZ; MOEX RX...
HEADLINES: • Turkish food retail: severe penalties announced by the Competition Authority NEGATIVE • EME Macro/Strategy: Uzbekistan - new dawn for the reform agenda • Arena Hospitality Group: delivers strong 3Q results POSITIVE • Moscow Exchange: 3Q21 results in line with the consensus NEUTRAL • AmRest: 3Q21 preliminary sales up by 21% yoy NEUTRAL • NLB Banka: 3Q21 results review - solid quarter, on the back of low COR • Siauliu Bankas: 3Q21 - another strong quarter, with a positive outlook ...
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
MGROS MIGROS TICARET A.S
FMF FAMUR SA
SAB1L SIAULIU BANKAS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
RICHT RICHTER
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ARNT-R-A ARENATURIST D.D.
TNB NLB BANKA
- Research Team
WOOD Daily: MONET CP; SBER RX; MAIL LI; KMB MS; LTS PW; OMV AV; MGNT L...
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...
OMV OMV AG
SBER SBERBANK RUSSIA PJSC
EEG1T EKSPRESS GRUPP A.S.
LTS GRUPA LOTOS S.A.
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
NVTK NOVATEK JSC SPONSORED GDR REGS
KMB KOMERCIJALNA BANKA AD SKOPJE
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
DIGI DIGI COMMUNICATIONS NV
- Research Team
WOOD Daily: WIZZ LN; HMX1R LR; LTS PW; PGN PW; HU Macro; PPC GA; TNB M...
HEADLINES: • Wizz Air: float like a butterfly (upgraded to BUY) • HansaMatrix: shortages crimp top line; but down, not out (stays BUY) • Lotos: 3Q estimates - net income above expectations • PGNiG: operating estimates for 3Q21 - production volumes up 13% • Hungary macro: MNB signals protracted tightening cycle, stretching out to 2022E • Public Power Corporation: EGM approves capital hike and HEDNO disposal NEUTRAL • NLB Banka: proposes dividends from 2019 and 2020 profits yielding c.6.5% P...
- Research Team
The Rear-View Mirror – EME markets: Energy names outperform all other ...
EME Equity Market – September 2021 Market performance – Turkish equities performed the worst, followed by Greek stocks. The MSCI EM Europe Index advanced 4.5% in EUR terms and 2.4% in USD terms in September. Turkey’s ISE30 Index declined by 9.7% in EUR terms and lost 5.2% in TRY terms, while the Greek ASE Index declined 6.3% in EUR terms. In Poland, the WIG20 Index declined by 4.3% in EUR terms and 2.4% in local currency. The Hungarian BUX Index fell by 1.3% in EUR terms, but advanced 1.7% in lo...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
YNDX YANDEX NV CLASS A
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
BHW BANK HANDLOWY W WARSZAWIE S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
ENKAI ENKA INSAAT VE SANAYI A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
TRP TERAPLAST
MONET MONETA MONEY BANK AS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TABAK PHILIP MORRIS CR AS
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
ELPE HELLENIC PETROLEUM
NLBR NLB GROUP
HHR HEADHUNTER
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
GR6 GRADUS
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
OZON OZON HOLDINGS
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
SHO SHOPER
- Research Team
WOOD Daily: BELA GA; CZG CP; OTP HB; CPS PW; KCEL KZ; AUG1L LH; CCOLA ...
HEADLINES: • Jumbo: the noose is tightening (stays BUY) • Ceska zbrojovka Group: 1H21 results and conference call takeaways POSITIVE • OTP Bank: signs memorandum with Uzbek government on targeted purchase of strategic stake in Ipoteka • Cyfrowy Polsat: to vote on PLN 2.93bn buyback on 16 November 2021 NEUTRAL • Kcell: Kazakhtelecom plans to sell 24% stake NEUTRAL • AUGA Group: presents its new sustainable, green, hybrid tractor POSITIVE • Coca-Cola Icecek: completes acquisition of CCBU
- Research Team
The Rear-View Mirror – EME markets: Volumes down across the board, but...
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...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
GEKTERNA GEK TERNA
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SPI S IMMO AG
AKBNK AKBANK TAS
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CIE CIECH S.A.
ANY ALLAMI NYOMDA
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
FMF FAMUR SA
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BNET BITTNET SYSTEMS
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
ELPE HELLENIC PETROLEUM
ZB-R-A ZAGREBACKA BURZA DD
HHR HEADHUNTER
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
FINT FINTEL ENERGIJA
KSPI KASPI KZ
TNB NLB BANKA
INPST INPOST S.A.
HUGE HUUUGE
ALR ALRO SLATINA
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
- Research Team
WOOD Daily: COTE RO; YKBNK TI; OTKAR TI; TNB MS; KCEL KZ; GR Banks; TL...
HEADLINES: • Conpet: no growth in sight (SELL - transfer of coverage) • Yapi Kredi: 2Q21 highlights - business continuing • Otokar: 2Q21 results - strong beat, led by an improved sales mix and deferred tax income POSITIVE • NLB Banka: 2Q21 results review - supportive numbers, with ROE reaching 15.9% POSITIVE • Kcell: 2Q21 - adjusted EBITDA up 20% yoy, 2% above our expectations NEUTRAL • Greek banks: results of the EBA stress test • Banca Transilvania: proposal for RON 500m in dividends • Ke...
YKBNK YAPI VE KREDI BANKASI A.S.
KTY GRUPA KETY SA
AYGAZ AYGAZ A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TLV BANCA TRANSILVANIA S.A.
BNET BITTNET SYSTEMS
KCEL KCELL JOINT STOCK COMPANY
COTE CONPET SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
RICHT RICHTER
TEN TEN SQUARE GAMES
TNB NLB BANKA
HUGE HUUUGE
- Piotr Raciborski
- CFA
WOOD Flash – Kcell: 2Q21 – adjusted EBITDA up 20% yoy, 2% above our ex...
Kcell has reported solid 2Q21 results, with its top line growing 19% yoy, to KZT 46.1bn (6% above our estimate) and the adjusted EBITDA up 20% yoy, to KZT 19.4bn (2% above our estimate). The top-line growth was driven by both handset sales, which were up 31% yoy, to KZT 7.8bn (boosted by the demand for devices enabling remote working/education), and service revenues, which increased by 17% yoy, to KZT 38.3bn, on ARPU expansion of 15% yoy (vs. 4% yoy growth in 1Q21).
- Research Team
WOOD Daily: KSPI LI; PKO PW; EXAE GA; TRP RO; ZB CZ; MGNT LI; MIL PW; ...
HEADLINES: • Kaspi.kz: 2Q21 highlights NEUTRAL • PKO BP: management board member responsible for IT resigns NEGATIVE • Athens Exchange Group: strong performance in 2Q21 • TeraPlast: 2Q21 results - another strong quarter • Zagreb Stock Exchange: 2Q21 results review - negative net income, due to high opex • Magnit: Dixy acquisition conference call takeaways POSITIVE • Bank Millennium: additional colour after the 2Q21 results • Ekspress Grupp: 2Q21E preview (due on 30 July) • Kcell: 2Q21E prev...
PKO PKO BANK POLSKI S.A.
MIL BANK MILLENNIUM SA
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
RTKM ROSTELECOM PJSC
TRP TERAPLAST
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
ZB-R-A ZAGREBACKA BURZA DD
KSPI KASPI KZ
- Research Team
The Rear-View Mirror – EME markets: Russian equities rally, another go...
EME Equity Market – June 2021. Market performance – Russian equities stood out, rising 7%, in June. The MSCI Emerging Markets Europe index grew by 4.7% in June in EUR terms, continuing May’s good performance. June was also a good month for Russian stocks, advancing 7% in EUR terms and 3.2% in local currency terms. The second-best performance in EUR terms came from the BET Index (+3.7% mom; and 3.9% in local currency terms); while the Hungarian index saw a mild gain of 0.6% in EUR terms, but was...
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
YNDX YANDEX NV CLASS A
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
SFA SOPHARMA AD
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
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.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CIE CIECH S.A.
ANY ALLAMI NYOMDA
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
AFKS SISTEMA PJSFC
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
FMF FAMUR SA
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
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.
TLV BANCA TRANSILVANIA S.A.
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BNET BITTNET SYSTEMS
SNP PETROM S.A.
KCEL KCELL JOINT STOCK COMPANY
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
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
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ATAD TATNEFT (GDR)
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
NLBR NLB GROUP
HHR HEADHUNTER
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
GR6 GRADUS
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
4IG 4IG NYRT
- Research Team
The Rear-View Mirror – EME markets: Polish WIG20 and Hungarian BUX add...
EME Equity Market – May 2021 Market performance – Polish equities continued to outperform in May. The MSCI EM Europe Index gained 6.9% in EUR terms and 8.7% in USD terms; while the WIG20 continued with its strong performance from April, advancing 11.4% in EUR terms and 9.6% in PLN terms. The BUX Index, the Hungarian benchmark and the worst performer in April, gained 11.4% in EUR terms and 7.4% in HUF terms in May. Prague’s PX index grew 7.5% in EUR terms and 5.7% in CZK terms; followed by the Ru...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
4IG 4IG
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
YNDX YANDEX NV CLASS A
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
PETG PETROL D.D.
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
STCK STOCK SPIRITS GROUP
TITK TITAN CEMENT CO. SA
BIMAS BIM BIRLESIK MAGAZALAR A.S.
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
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
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.
ENKAI ENKA INSAAT VE SANAYI A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
EEG1T EKSPRESS GRUPP A.S.
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
AFKS SISTEMA PJSFC
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
2ET ETALON GROUP (GDR)
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
ICD ENERGA SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
TELEC O2 CZECH REPUBLIC A.S.
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
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
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)
TABAK PHILIP MORRIS CR AS
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
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HHR HEADHUNTER
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
TNB NLB BANKA
INPST INPOST S.A.
WINE ALRO SLATINA
PURCARI WINERIES PCL
- Atinc Ozkan
- Piotr Raciborski
- CFA
Kcell: Valuation still demanding vs. peers (stays SELL)
In this report, we update our view on Kcell and reiterate our SELL rating, with our price target (PT) lifted to KZT 2,231/share (from KZT 1,485/share), implying 12% downside potential. We appreciate Kcell’s growth outlook (a 12% 2020-23E adjusted EBITDA CAGR), driven by ARPU expansion mainly, and we expect the dividend yields it offers to catch up with its peers by 2023E. However, we reiterate our SELL rating, as we still see Kcell as relatively expensive vs. its peers: Kcell trades at 32-17% pr...
- Research Team
The Rear-View Mirror – EME markets: Greece performs well again, but vo...
EME Equity Market – April 2021 Market performance – Greek and Polish equities the best performers in April. The MSCI EM Europe lost 0.7% in EUR terms, but advanced 1.7% in USD terms in April. The best-performing index was the WIG20 Index, +6.9% in EUR terms and 5.1% in PLN terms. The Greek ASE Index advanced by 5.2% in EUR terms; followed by the Czech benchmark, the PX Index (+1.8% in EUR terms and +0.9% in CZK). Romania’s BET Index added 1.2% in EUR terms and 1.4% in RON. On the other hand, Tur...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
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.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
STCK STOCK SPIRITS GROUP
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
GEKTERNA GEK TERNA
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFKS SISTEMA PJSFC
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
FMF FAMUR SA
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
NVTK NOVATEK JSC SPONSORED GDR REGS
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
ADPL-R-A AD PLASTIK D.D.
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
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)
TABAK PHILIP MORRIS CR AS
A4L ALLTERCO AD
ALPHA ALPHA BANK
ELPE HELLENIC PETROLEUM
IIA IMMOFINANZ AG
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
FINT FINTEL ENERGIJA
KSPI KASPI KZ
TNB NLB BANKA
INPST INPOST S.A.
ALRO SLATINA
- Piotr Raciborski
- CFA
WOOD Flash – Kcell: 1Q21 results – adjusted EBITDA up 23% yoy, 3% abov...
Kcell has reported strong 1Q21 results, with its top line growing 10% yoy, to KZT 44.0bn (1% below our estimate), and its adjusted EBITDA up 23% yoy, to KZT 19.4bn (3% above our estimate). The top-line growth was driven mainly by handset sales, which increased by 51% yoy, to KZT 8.2bn (boosted by demand for devices enabling remote working/education). Service revenues increased by 3% yoy, to KZT 35.8bn, on ARPU expansion of 4% yoy (vs. 8% yoy growth in 4Q20).
- Research Team
WOOD Daily: GR6 BU; TPEIR GA; FIVE LI; PL Utilities; RO Macro; MTSS RX...
HEADLINES: • Gradus: better days should come, but uncertainty remains (downgraded to HOLD) • Piraeus Bank: BoD decides terms of the capital increase • X5: 1Q21 sales up 8.1% yoy NEGATIVE • Polish utilities: ministry presents coal assets carve out plan • Romania macro: S&P revises outlook to stable from negative, affirms rating at BBB- POSITIVE • Mobile TeleSystems: recommends RUB 26.51 DPS from the 2020 net profit POSITIVE • DIGI Communications: Romanian governments adopts draft law on 5G eq...
ENA ENEA S.A.
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
MTSS MOBILE TELESYSTEMS PJSC
TPE TAURON POLSKA ENERGIA S.A.
BANK OF CYPRUS PCL
MONET MONETA MONEY BANK AS
KCEL KCELL JOINT STOCK COMPANY
DIGI DIGI COMMUNICATIONS NV
GR6 GRADUS
- Research Team
The Rear-View Mirror – EME markets: Greek and Russian benchmarks – sol...
EME Equity Market – February 2021 Market performance – MSCI EM Europe Index rebounds slightly from its January decline, up 1.7% in EUR terms and 1.3% in local currencies. The best performing index was the Greek ASE, advancing 5.7%, followed by the Russian MOEX, which gained 4.1% in EUR terms and 2.1% in the local RUB. The PX Index, the Czech benchmark, was up 3.4% in EUR terms and 4% in the local currency. The Hungarian BUX declined 0.8% in EUR terms, but grew 0.6% in HUF terms. Romania’s BET In...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
STCK STOCK SPIRITS GROUP
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
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.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
AFKS SISTEMA PJSFC
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
PPC PUBLIC POWER CORPORATION S.A.
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
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.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
ICD ENERGA SA
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
TRP TERAPLAST
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
HMX1R HANSAMATRIX AS
DIGI DIGI COMMUNICATIONS NV
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
MPARK MLP SAGLIK HIZMETLERI AS
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
WINE PURCARI WINERIES
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
GR6 GRADUS
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
- Research Team
WOOD Daily: PEO PW; SNN RO; SNG RO; PGE PW; CCOLA TI; BOCH CY; ZB CZ; ...
HEADLINES: • Bank Pekao: provides solid 4Q20 delivery, as LLPs subside materially POSITIVE • Nuclearelectrica: reports better-than-expected 4Q results, on higher revenues • Nuclearelectrica: calls GMS to approve strategy for reactors 3 and 4 • Romgaz: preliminary 4Q20 results - big miss on EBITDA • PGE: 4Q20 results review - 4% EBITDA beat NEUTRAL • Coca-Cola Icecek: 4Q20 numbers and 2021E guidance in line NEUTRAL • Bank of Cyprus: 4Q20 results - restructuring and de-risking exercise on track...
MOL MOL NYRT
CCOLA COCA-COLA ICECEK A.S.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LTS GRUPA LOTOS S.A.
RTKM ROSTELECOM PJSC
KCEL KCELL JOINT STOCK COMPANY
DIGI DIGI COMMUNICATIONS NV
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
19XX NEPI ROCKCASTLE PLC
CGEO GEORGIA CAPITAL
ZB-R-A ZAGREBACKA BURZA DD
NLBR NLB GROUP
- Richard Williamson
Kcell Joint Stock Company - Delisting from LSE and AIX
Following a directors’ meeting yesterday, Kcell has announced its intention to delist its GDRs from the LSE and AIX. It expects to remain listed on the Kazakhstan Stock Exchange (KASE). Kcell believes that concentrating trading on the KASE will improve liquidity and the costs and efforts of maintaining an international listing are no longer justifiable, particularly given it has no plans to access the international capital markets. It will convene an EGM on 9 April to approve the cancellation an...
- Richard Williamson
Kcell Joint Stock Company - A strong Q4, raising FY21 forecasts
The recovery from the COVID-19 affected Q2 continued in Q4. Service revenue growth (ex bulk SMS) accelerated to 7.6% y-o-y, resulting in FY20 sales and EBITDA ahead of our forecasts and guidance. This trend is further evidence of an improving market in our view and leads us to raise our FY21 and FY22 adjusted EPS forecasts by 5% and 6% respectively. Kcell grew adjusted EPS by 20% in FY20 despite COVID-19. At $5.80 it trades at an adjusted FY22 P/E of 15x, its lowest rating in a year.
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