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Raiffeisen Research Institutional Equity Daily 03.06.2022

 WIG20/WIG30 indices review - No change in constituents  AT: OMV - OMV received a binding offer for the acquisition of Borealis' nitrogen business (positive)  Oil&Gas: OPEC+ meeting - OPEC to accelerate oil production in July and August  PL: PKN/Lotos - Lotos and PKN agreed on a share swap ratio, merger finalization aimed for August (neutral/positive)  RU: Moscow Exchange - May trading volumes 5% up yoy, no statistics on account balances (neutral)

Raiffeisen Research Institutional Equity Daily 23.05.2022

 FTSE Index June review - No changes of index constituents in our Coverage Universe  AT: Strabag - Haselsteiner Foundation proposes share buyback resolution to AGM (positive)  CZ: CEZ - CEZ paid for small Gazprom contract in EUR, rumoured to have opened an account with Gazprombank (neutral)  RU: Moscow Exchange - April trading is 8% yoy down, account balances undisclosed (neutral)  RU: Petropavlovsk - A likely initiation of takeover by UMMC (negative)

Raiffeisen Research Institutional Equity Daily 22.04.2022

 AT: AMAG - Multi-year order from Ruag Aerostructures (positive)  AT: IMMOFINANZ - Radka Doehring appointed as a memeber of the executive board (neutral)  AT: Polytec - FY 21 results broadly in line with expectations, no guidance on FY 22 (neutral)  CZ: CEZ - CEZ to extend Detmarovice hard coal-fired power plant life byond H1 2023 for security of supply reasons (neutral)  PL: PGNiG - Disappointing crude output and lower gas distribution volumes to weigh on Q1 earning (negative)  RU: Fertil...

Raiffeisen Research Institutional Equity Daily 13.04.2022

 AT: Flughafen Wien - March traffic statistics show sequential improvements (positive)  AT: S IMMO - Acquisition of 41.5 k sqm Business Park in Bucharest (neutral)  HU: Magyar Telekom - AGM approves HUF 15 bn dividend (neutral)  PL: Bank Millennium - Q1 22 pre-earnings call (neutral)  PL: Bank Pekao - Q1 22 pre-earnings call (neutral)  PL: LPP - Higher inventories maintained allowing for 4 months of sales (neutral)  PL: mBank - Informing about Q1 level of FX mortgage related risk provisio...

Raiffeisen Research Institutional Equity Daily 05.04.2022

 AT: Andritz - Andritz to supply Metris platform to Forsyning Helsingor in Denmark (neutral)  AT: PORR - Cartel fine legally binding (neutral)  HR: Podravka - DPS of HRK 13 to be paid to shareholders (positive)  RO: Medlife - Medlife bought 100% of Life Med (positive)  RU: Moscow Exchange - March 2022 statistics: account balances grow 4x yoy and 2.5x mom, the currency split undisclosed; total trading up 71% yoy (positive)

Research Team
  • Research Team

The Rear-View Mirror – EME markets: MSCI EM Europe Index loses half it...

EME Equity Market – March 2022 Market performance – regional benchmarks mostly in the black, despite the MSCI EM Europe Index losing half of its value. Following its decline in February, the MSCI EM Europe Index lost in March as well, declining by 49.5% in EUR terms and 50.1% in USD terms. Russia’s MOEX Index added 13.2% in EUR terms and 9.4% RUB terms (we note that Russian companies’ GDRs are still suspended for trading). The Turkish ISE30 Index added 8.2% in EUR terms and 13.3% in local curren...

EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
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.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
FOYRK FOURLIS HOLDINGS S.A.
GEKTERNA GEK TERNA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CCOLA COCA-COLA ICECEK A.S.
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
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
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.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
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.
NVTK NOVATEK JSC SPONSORED GDR REGS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
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.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
ALPHA ALPHA BANK
EAT AMREST HOLDINGS SE
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
ONE 4IG NYRT
ONE UNITED PROPERTIES SA

Raiffeisen Research Institutional Equity Daily 31.03.2022

 Oil&Gas: Oil price - A potential announcement of another release of US oil reserves puts pressure on the oil price ahead of today's OPEC meeting  PL: PKN - The 2021 DPS proposal of PLN 3.50 is fully in line with previous guidance and market expectation (neutral)  RU: Fertilisers - Essential goods incl. fertilizers are exempted from any U.S. anti-Russia sanctions (positive)  RU: NLMK - NLMK continues steel supplies to Europe and USA (neutral)  RU: Petropavlovsk - Loan from Gazprombank may ...

Research Team
  • Research Team

WOOD Daily: DOM PW; 11B PW; KTY PW; ACP PW; CPS PW; PKO PW; ALR PW; TE...

HEADLINES: • Dom Development: homebuilders critical to alleviating shortage (stays BUY) • 11 bit studios: solid 4Q21 results, with good quality beat vs. both our and market's expectations POSITIVE • Kety: final 4Q21 EBITDA 7% above preliminary forecast POSITIVE • Asseco Poland: key takeaways from the 4Q21 earnings call NEUTRAL • Cyfrowy Polsat: key takeaways from the 4Q21 earnings call NEUTRAL • PKO BP/Alior Bank: another switch in the management board NEGATIVE • Transelectrica: proposes to dis...

Andrey Gromadin ... (+7)
  • Andrey Gromadin
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Igor Rapokhin
  • Konstantin Samarin
  • Research Team

CIS Market Daily - March 21, 2022

MARKET COMMENT - EQUITIES FROZEN, CAPITAL CONTROLS REMAIN AMID FALLOUT OF "SPECIAL MILITARY OPERATION"EPAM Systems surged 8% and VEON 22%, while Polymetal fell 14% on Friday. The ruble fell 1.6-1.7% both in Moscow and offshore to trade around USD/RUB 104-105. While equities remain frozen, trading of ruble-denominated OFZ sovereign debt will resume today. STORIES> How the balance of payments is likely to evolve amid the crisis> Monetary policy set to be stimulatory for a couple of years> CBR Revi...

Andrey Gromadin ... (+8)
  • Andrey Gromadin
  • Anton Chernyshev
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Igor Rapokhin
  • Konstantin Samarin
  • Research Team

CIS Market Daily - 21 марта 2022

КОММЕНТАРИЙ И ПРОГНОЗ - ТОРГОВЛЯ АКЦИЯМИ ПО-ПРЕЖНЕМУ ЗАМОРОЖЕНА, ОГРАНИЧЕНИЯ НА ДВИЖЕНИЕ КАПИТАЛА СОХРАНЯЮТСЯБумаги EPAM Systems выросли в пятницу в цене на 8%, VEON - на 22%, Polymetal подешевел на 14%. Рубль в Москве и на зарубежных площадках ослаб на 1,6-1,7% до 104-105 за доллар. Торговля акциями на МосБирже по-прежнему заморожена, но сегодня должны возобновиться торги ОФЗ. НОВОСТИ> Денежно-кредитная политика станет стимулирующей> Перспективы платежного баланса в условиях кризиса> Итоги засе...

Raiffeisen Research Institutional Equity Daily 14.03.2022

 AT: Verbund - Press reports on windfall profit politics, special dividend in discussion (neutral)  CEE: Banks - Deutsche Bank and Commerzbank announced withdrawal from Russia (neutral)  CZ: CEZ - Tender for new block at Dukovany nuclear power plant to be launched this week (neutral)  RU: Russia - Stock market to stay frozen another week (neutral)  RU: Russian Steel - EU bans steel import from Russia (negative)  RU: Russian Steel - Government plans to reduce domestic steel prices by restri...

Raiffeisen Research Institutional Equity Daily 11.03.2022

 AT: Oesterreichische Post - Q4 21 in line, muted outlook wording (neutral)  AT: OMV - Borealis declined the binding offer of EuroChem for the acquisition of its fertilizer business (neutral)  AT: OMV - OMV is considering building a waste sorting plant in Germany (neutral)  CZ: Komercni Banka, Erste Group - Central bank to increase counter-cyclical capital buffer to 2.5% from April 22 (negative)  HR: Hrvatski Telekom - Dividend proposal od HRK 8.00 per share (neutral)  HR: Valamar Riviera ...

Raiffeisen Research Institutional Equity Daily 10.03.2022

 AT: AGRANA - Update on current situation in Ukraine and Russia (neutral)  AT: Lenzing - FY results below expectations on higher cost inflation, outlook of better EBITDA yoy vague, but in line (neutral)  AT: Lenzing - Lenzing appoints Stephen Sielaff to CEO position (neutral)  AT: Verbund - Verbund acquired 70% in a wind/solar portfolio in Spain (neutral)  PL: AmRest - Temporary suspension of operations in Russia (negative)  PL: Eurocash - Solid Q4 21 preliminary figures with EBITDA 14% ah...

Raiffeisen Research Institutional Equity Daily 07.03.2022

 AT: OMV - Initiation of a strategic review on its exposure to Russia will trigger a value adjustment of EUR 1.5-1.8 bn in Q1 22 (negative)  AT: Wienerberger - Share buyback of up to 3% (positive)  HU: OTP - Q4 21 conference call notes with focus on RU/UA (neutral)  RU: Moscow Exchange - Q4 21 conference call: Strategy revision should take time, the stock market trading freeze carries on (neutral)  SI: NLB Group - Conference call on Sberbank Slovenia acquisition (positive)

Andrew Keeley ... (+10)
  • Andrew Keeley
  • Andrey Gromadin
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Arthur Cherkesov
  • Cole Akeson
  • Dmitry Troshin
  • Georgiy Ivanin
  • Konstantin Samarin
  • Research Team

CIS Market Daily - March 3, 2022

MARKET COMMENT - GOVERNMENT MULLS BUYING MORE STOCK, MSCI EXPELS RUSSIARussian stocks remained frozen in Moscow and were mostly frozen abroad as well yesterday. The government is mulling tapping more of the NWF to buy Russian stocks. MSCI will expel Russia from global benchmarks, and ratings agencies have cut the market to junk status.STORIES> MSCI expels Russia from global and emerging benchmarks> GDP could decline by 10-15% in 2022> Weekly inflation surges to 0.45% over February 19-25> Basic s...

Andrew Keeley ... (+11)
  • Andrew Keeley
  • Andrey Gromadin
  • Anton Chernyshev
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Arthur Cherkesov
  • Cole Akeson
  • Dmitry Troshin
  • Georgiy Ivanin
  • Konstantin Samarin
  • Research Team

CIS Market Daily - 3 марта 2022

КОММЕНТАРИЙ И ПРОГНОЗПроизводство в базовых отраслях российской экономики выросло в январе на 1% по сравнению с предыдущим месяцем (с учетом корректировки на сезонную составляющую) после роста на 0,6% в декабре. Динамика улучшилась благодаря оптовой торговли и грузообороту транспорта. В период с 19 по 25 февраля потребительские цены в России выросли на 0,45% против 0,24% неделей ранее. Причинами, судя по всему, стали повышение спроса на непродовольственные товары, а также ослабление рубля, котор...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: stocks bleed amid Russian invasion...

EME Equity Market – February 2022 Market performance – Russia’s equities bled in February due to the country’s invasion of Ukraine. The MSCI EME Europe Index declined by 38.7% in EUR terms and 38.8% in USD terms. Russian stocks, represented by the MOEX Index, lost the most in February, declining by 34.6% in EUR terms and 30.0% in RUB terms. The Hungarian BUX Index lost 21.8% in EUR terms and 18.2% in HUF terms; while the Polish WIG20 Index declined by 11.7% in EUR and 9.5% in PLN. In Prague, the...

BRE MBANK SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
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.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
AKBNK AKBANK TAS
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.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
TTKOM TURK TELEKOMUNIKASYON A.S.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
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.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
ALRS ALROSA 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
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.
5M71 MAGNIT PJSC SPONSORED GDR REGS
PLZL POLYUS (GDR)
HMX1R HANSAMATRIX AS
OGZD GAZPROM (GDR)
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.
A4L ALLTERCO AD
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
CGEO GEORGIA CAPITAL
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
TEN TEN SQUARE GAMES
GR6 GRADUS
ALG ALLEGRO.EU SA
KSPI KASPI KZ
OZON OZON HOLDINGS
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
SHO SHOPER
GDEV NEXTERS INC
PCO PEPCO GROUP NV
KCEL KCELL JSC
ONE ONE UNITED PROPERTIES SA
Andrew Keeley ... (+10)
  • Andrew Keeley
  • Andrey Gromadin
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Arthur Cherkesov
  • Cole Akeson
  • Dmitry Troshin
  • Georgiy Ivanin
  • Konstantin Samarin
  • Research Team

CIS Market Daily - March 2, 2022

MARKET COMMENT - RDX DOWN MORE THAN IN 1998, MSCI RUSSIA THE MOST SINCE 2008 AS MOSCOW TRADING REMAINS CLOSEDWhile Moscow stock trading remains closed, offshore and composite indexes dropped another 6-57%. The RDX offshore DR index has now fallen 91% since its October decade-long peak, a fall sharper than that of 1998 or 2008. The government announced plans to support the market with share purchases, while capital restrictions and supply shocks have also been in the news.STORIES> Government mull...

Andrew Keeley ... (+11)
  • Andrew Keeley
  • Andrey Gromadin
  • Anton Chernyshev
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Arthur Cherkesov
  • Cole Akeson
  • Dmitry Troshin
  • Georgiy Ivanin
  • Konstantin Samarin
  • Research Team

CIS Market Daily - 2 марта 2022

КОММЕНТАРИЙ И ПРОГНОЗСегодня утром котировки Брент выросли до $111/барр., и, вероятно, поднимутся еще выше, хотя МЭА объявило, что страны ОЭСР скоординированно выведут на рынок 60 млн барр. нефти из своих стратегических резервов. После объявлений ВР и Equinor, сделанных ранее на этой неделе, еще несколько крупных международных нефтяных компаний сообщили о решении продать свой бизнес в России или выразили серьезную обеспокоенность сложившейся ситуацией.НОВОСТИ> Нехватка предложения начала сказыва...

Research Team
  • Research Team

WOOD Flash – Russian coverage universe: under review

Russia’s invasion of Ukraine has led to unprecedented dislocations of capital and resources, on top of human tragedies. The sanctions imposed, by the world’s key nations, on Russia, its politicians, institutions, companies and businessmen, as well as the counter-measures introduced by the Russian government, are wide-ranging and continue to be imposed on a daily basis. The most severe sanctions are related to the freezing of the CBR’s FX reserves, as well as the freezing of non-residents’ assets...

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