reports
- Research Team
Focus: Hungary – the normalisation phase has begun; Lukoil starts bu...
HEADLINES: • Hungary: the normalisation phase has begun • Lukoil: starts buying back shares, implying c.USD 1.5bn to be spent in one year POSITIVE • CA Immo: issues EUR 150m bond with a 7.5Y maturity and a 1.875% fixed interest rate POSITIVE • CCC: Investor Day takeaways • Richter: re-obtains licence for Romanian wholesale NEUTRAL • CD Projekt: Thronebreaker and Gwent release dates NEUTRAL • Pegasus Airlines: Pegasus Hava applies to regulator to merge with IzAir NEUTRAL • Unip...
- Ondrej Slama
WOOD Flash – Unipetrol: to be delisted from the PSE; coverage discon...
According to the Prague Stock Exchange (PSE), Unipetrol will be excluded from trading on the Prime Market on 26 September. The reason for the exclusion is a decision made by a general meeting of the issuer on the squeeze-out of the remaining minorities (28 August). The last trading day will be 25 September. In view of the delisting, we discontinue our coverage of Unipetrol, effective immediately, and we caution against using the forecasts, ratings and price target guidance issued previously on t...
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE30 down 28% in August
Market performance – Turkey down 28% mom in August. The MSCI EME lost 6.7% mom in August, while the Bucharest Stock Exchange outperformed its peers, rising 3.7%. The BUX came in second, recording a rise of 2.1%, while Warsaw’s WIG20 followed with gains of 0.7%. On the other hand, the Turkish ISE30 recorded the largest drop, -28.0%, while Russia lost 5.8%, the Greek ASE index was down 4.2% and Prague’s PX fell 2.5% (all performances measured in EUR terms).
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
KRU KRUK S.A.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG UNIQA INSURANCE GROUP AG
HTO PETROL D.D.
CDR HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI CD PROJEKT S.A.
YKBNK RAIFFEISEN BANK INTERNATIONAL AG
OMV YAPI VE KREDI BANKASI A.S.
PGN OMV AG
PKO POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB PKO BANK POLSKI S.A.
STCK KOMERCNI BANKA A.S.
TITK STOCK SPIRITS GROUP
BHW TITAN CEMENT CO. SA
EVR BANK HANDLOWY W WARSZAWIE S.A.
ARHOF EVRAZ PLC
BIMAS AMREST HOLDING
WIZZ BIM BIRLESIK MAGAZALAR A.S.
PZU WIZZ AIR HOLDINGS PLC
DOAS POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK BANK MILLENNIUM SA
MTELEKOM ING BANK SLASKI S.A.
SBER MAGYAR TELEKOM TELECOMMUNICATIONS
KTY SBERBANK RUSSIA PJSC
KGH GRUPA KETY SA
DOC KGHM POLSKA MIEDZ S.A.
TPS DO & CO AKTIENGESELLSCHAFT
CAI ORANGE POLSKA S.A.
MYTIL CA IMMOBILIEN ANLAGEN AG
LPP MYTILINEOS S.A.
SPI LPP S.A.
AEFES S IMMO AG
ENKAI ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL ENKA INSAAT VE SANAYI A.S.
GUBRF EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC GUBRE FABRIKALARI T.A.S.
CCOLA CCC SA
ANY COCA-COLA ICECEK A.S.
EUPRO ALLAMI NYOMDA
GTC GRIVALIA PROPERTIES REIC
DOM GLOBE TRADE CENTRE S.A.
HALKB DOM DEVELOPMENT SA
AEGN TURKIYE HALK BANKASI ANONIM SIRKETI
ENA AEGEAN AIRLINES SA
MGROS ENEA S.A.
PGE MIGROS TICARET A.S
EKGYO PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
JSW AEROFLOT RUSSIAN AIRLINES
PGSUS.E JASTRZEBSKA SPOLKA WEGLOWA S.A.
NOG PEGASUS HAVA TASIMACILIGI AS
LVC NOSTRUM OIL & GAS PLC
PCM LIVECHAT SOFTWARE SA
TBCB PRIME CAR MANAGEMENT
GHG TBC BANK JOINT STOCK CO
PPC GEORGIA HEALTHCARE GROUP
OTP PUBLIC POWER CORPORATION S.A.
CAR OTP BANK NYRT
AYGAZ INTER CARS S.A.
FROTO AYGAZ A.S.
OTKAR FORD OTOMOTIV SANAYI A.S.
THYAO OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURK HAVA YOLLARI A.O.
ULKER TURKIYE PETROL RAFINERILERI A.S.
SAHOL ULKER BISKUVI SANAYI A.S.
EUR HACI OMER SABANCI HOLDING A.S.
PJP EUROCASH S.A.
LTS X5 RETAIL GROUP N.V. SPONSORED GDR REGS
VAKBN GRUPA LOTOS S.A.
ECH TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
FMF ECHO INVESTMENT
GSPARK FAMUR SA
TKFEN GRAPHISOFT PARK SE
CPS TEKFEN HOLDING
GPW CYFROWY POLSAT SA
11B WARSAW STOCK EXCHANGE
TPE 11 BIT STUDIOS S.A.
MDG TAURON POLSKA ENERGIA S.A.
ALR MEDICALGORITHMICS SA
CCH ALIOR BANK SA
OTOEL COCA-COLA HBC AG
PKP AUTOHELLAS S.A.
ICD PKP CARGO
ENERGA SA
SAB1L BANK OF CYPRUS PCL
BRD SIAULIU BANKAS
TLV BRD-GROUPE SOCIETE GENERALE
MONET BANCA TRANSILVANIA S.A.
SNP MONETA MONEY BANK AS
TOFAS PETROM S.A.
5M71 TOFAS TURK OTOMOBIL FABRIKASI A.S.
UNIPE MAGNIT PJSC SPONSORED GDR REGS
MMK UNIPETROL A.S.
MOEX MAGNITOGORSK IRON & STEEL WORKS (GDR)
PLY MOSCOW EXCHANGE MICEX-RTS PJSC
PFL PLAY COMMUNICATIONS SA
LKODN PFLEIDERER GROUP SA
OGZD OIL COMPANY LUKOIL PJSC SPONSORED ADR
DIGI GAZPROM (GDR)
MNOD DIGI COMMUNICATIONS NV
DNP NORILSK NICKEL
COTE DINO POLSKA S.A.
SNN CONPET SA
TEL SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA C.N.T.E.E. TRANSELECTRICA
FP. SOCIETATEA ENERGETICA ELECTRICA
BVB FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN S.C. BURSA DE VALORI BUCURESTI S.A.
KAZ LN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT KAZ MINERALS
WABERERS RICHTER
KOFOL WABERER'S INTERNATIONAL ZRT
ALPHA KOFOLA
LNTA LI ALPHA BANK
ATAD LENTA
M TATNEFT (GDR)
SFG MED LIFE
ELPE SPHERA FRANCHISE GROUP SA
IIA HELLENIC PETROLEUM
MPARK IMMOFINANZ
CGEO MLP SAGLIK HIZMETLERI AS
GEORGIA CAPITAL
- Research Team
Focus: upgrading to BUY on Erste Bank, with a higher EUR 40.5 PT; Tatn...
HEADLINES: • Erste Bank: a penny saved is a penny earned (upgraded to BUY) • Tatneft: 2Q18 results - stronger earnings, although higher capex is a small concern • Bank of Cyprus: positive news from NPE sale • Eurocash: 2Q18 results in line with the consensus NEUTRAL • LiveChat Software: 1Q18-19 EBITDA beat consensus by 4.4%, due mainly to ARPU growth POSITIVE • Emlak Konut: to sell units in instalments at sub-market rates to boost nation's housing market NEGATIVE • Prime Car Man...
- Research Team
Focus: PKN Orlen’s 2Q18 results – one-offs and inventory gains fee...
HEADLINES: * PKN Orlen: 2Q18 results - one-offs and inventory gains feed big cash flow * Lukoil: moves forward with buyback and Treasury share cancellation POSITIVE * Eurocash: sales at small stores gained 5% yoy in June, according to CMR * JSW: 2Q18 coal production down qoq, but pricing discount improves * PGNiG: 2Q trading statement NEUTRAL * Unipetrol: 2Q18 review - last insurance payment and squeeze out NEUTRAL * CME: expects to finalise Croatian operations sale in ...
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
TITK TITAN CEMENT CO. SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
CPS CYFROWY POLSAT SA
SVST SEVERSTAL (GDR)
UNIPE UNIPETROL A.S.
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
- Research Team
Focus: upgrading Akbank & Vakifbank to BUY, keeping our BUY on Garanti...
HEADLINES: * Turkish banks: action is their middle name (Akbank & Vakifbank upgraded to BUY; Garanti stays BUY; Yapi Kredi upgraded to HOLD; Halkbank & Isbank stay HOLD) * Unipetrol: 2Q18E preview - weak results, but no impact on share price (due out tomorrow) * Short News (CAI, RO politics)
- Research Team
Focus: MOL’s subsidiary INA buys ENI's share in Northern Adriatic of...
HEADLINES: * MOL: subsidiary INA buys ENI's share in Northern Adriatic offshore gas fields POSITIVE * Bucharest Stock Exchange: MSCI upgrades three notes of Romania's Accessibility Criteria POSITIVE * EME Strategy: 2018 MSCI Market Review - Saudi Arabia and Argentina to join EM from 2019 NEUTRAL * LiveChat Software: management recommends advance dividend payment of PLN 0.44/share NEUTRAL * Bank Pekao: not interested in buying Eurobank; comments on the sales of mortgage loans in 2Q...
Unipetrol, a.s. (UNIPE) - Oil & Gas - Deals and Alliances Profile
Summary Unipetrol, a.s. (Unipetrol), a subsidiary of Polski Koncern Naftowy Orlen SA, is refinery and petrochemical company. The company produces and sells petroleum products, petrochemicals, plastics and specialty chemicals. Unipetrol owns and operates transport services, filling stations and carries out research and development activities. The company operates with its subsidiaries and joint ventures which produces and sells refining and petrochemical products; operates the company’s retail...
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