Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
HEADLINES: • Romania politics: PNL, USR Plus and UDMR signed a coalition agreement yesterday • Hellenic Bank: withdrawal of certain assets from the Asset Protection Scheme • LPP: takeaways from the 3Q20 call with management NEUTRAL • Play Communications: Iliad announces the launch of the squeeze-out procedure for Play shares NEUTRAL • Alior Bank: delegates Supervisory Board member to the Management Board • MedLife: Dent Estet, a MedLife subsidiary, acquires 60% of a clinic in Brasov
EME Equity Market – November 2020 Market performance – all country indices rebound in November, with the ASE Index gaining 29.4%. The MSCI EM Europe Index rebounded strongly in November, recording increases of 19.5% in EUR terms and 22.7% in local currency terms. The strongest performance was recorded by the ASE Index, which added 29.4% in both EUR and local currency terms. The Polish WIG Index, which gained 24.4% in EUR terms and 20.7% in PLN terms, was the second-best performer in the month; f...
HEADLINES: • EME Macro/Strategy: Turkey - energy current account, long-term outlook • ANY Security Printing Company: 3Q20 results review - numbers improve, amid recovering sales POSITIVE • Petrol Group: 3Q20 results review - weak yoy, but better than expected NEUTRAL • Sava Re: 3Q20 results review - on track to reach its 2020E targets • Polish retail: shopping malls to reopen from 28 November, positive for LPP and CCC POSITIVE • Lukoil: considering the sale of its power unit POSITIVE • Play C...
HEADLINES: • Petkim: TRY to get your FX of chemicals (upgraded to BUY) • PZU: posts solid 3Q20 results, but the strategic update is still pending • Tauron: 3Q20 results review - numbers fully in line with the prelims NEUTRAL • Enea: 3Q20 preliminary results review - solid 19% EBITDA beat, net income in line with our numbers NEUTRAL • Ciech: 3Q20 adjusted EBITDA in line with the consensus and our figures NEUTRAL • KGHM: 3Q20 results review - 5% EBITDA beat, 26% bottom-line miss NEUTRAL • Play C...
The independent financial analyst theScreener just slightly lowered the general evaluation of PLAY COMMUNICATIONS (PL), active in the Mobile Telecommunications industry. The title has lost a star(s) at the fundamental level and now shows 2 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date ...
HEADLINES: • Aegean Airlines: high point on low ground (stays BUY) • OTP Bank: beats estimates materially as provision charges move to immaterial levels POSITIVE • Bank Handlowy: bittersweet 3Q20 delivery NEUTRAL • MOL: 3Q20 results - big beat on net income • O2 Czech Republic: strong 3Q20 results, with 4% beat on EBITDA vs. our estimate POSITIVE • Dino: 3Q20 ahead of expectations across the board • Richter: small 3Q20 beat, driven by Vraylar and slightly lower opex POSITIVE • Wizz Air: 2Q F...
HEADLINES: • Cyfrowy Polsat: network monetisation ahead (upgraded to BUY) • ING BSK: wins it all with 3Q20 delivery POSITIVE • Bank Pekao: delivers solid set of 3Q20 results POSITIVE • Komercni Banka: 3Q20 - some miss, but 2025E strategy outlook very bullish NEUTRAL • Turk Telekom: 3Q20 results - 8% NI beat, guidance upgraded POSITIVE • Coca-Cola Icecek: 3Q20 results - double-digit beat on EBITDA, due to tight cost control POSITIVE • Magyar Telekom: decent 3Q20 results, as expected, with 2% yoy...
AT: Addiko Bank - 3Q 20 conference call takeaways (positive) AT: Andritz - Final 3Q results in line with preliminaries, Pulp&Paper and Separation key for strong performance (neutral) AT: S&T - 3Q results in line with RCBe, above consensus, guidance raised as expected (positive) AT: Verbund - 3Q results in line, guidance increased more than expected to EUR 1,240-1,300 mn EBITDA, EUR 570-610 mn net (positive) AT: Wienerberger - 3Q results well ahead of RCBe and consensus owing to higher...
EME Equity Market – October 2020 Market performance – all country benchmarks in the red. The MSCI EM Europe Index lost one-tenth of its value in EUR terms, while it fell 10.6% in USD terms. The worst performer was the Polish benchmark, the WIG20 Index (-13.2% in EUR terms and 11.5% in local currency (LC)); followed by the Turkish ISE30 Index (-11.9% in EUR terms and 4.8% in LC terms). Russia’s equities, represented by the MOEX Index, fell 9% in EUR terms and 7.4% in local currency terms; while ...
Conferences calendar … 2 Large-cap companies news … 3Asseco Poland, Comarch: 2 offers in KSI maintenance tender atZUS, a price war?CCC: 3Q20 financials in line with preliminary figures; drop ofprofitability at e-commerce, decent sales in OctoberSantander BP: Management on outlookMillennium: Management on outlookPlay: The European Commission grants consent to Iliad’s takeoverof PlayCD Projekt: Cyberpunk 2077 debut delayed by three weeks toDecember 10KGHM: Loan payment deadline extended by 1 year...
HEADLINES: • Ilirija d.d.: Adriatic tourism, by land and by sea (BUY - initiation of coverage) • CCC: actual 3Q20 results close to the prelims; strong operating cash flow POSITIVE • Vestel Beyaz: 3Q20 results - strong delivery, guidance for 4Q remains upbeat POSITIVE • Otokar: 3Q20 results - strong beat POSITIVE • Aselsan: 3Q20 results - poor execution continues NEGATIVE • Akbank/Garanti: 3Q20 results wrap up - good numbers, but quality probably different • CD Projekt: delays Cyberpunk 2077 r...
Conferences calendar … 2 Large-cap companies news … 3Play: Illiad to sell 60% of Play’s towers for Euro 804 million?Eurocash: 3Q20 results’ forecasts – no surprises expected - flatyoy adj EBITDA awaitedKGHM: Production and sale volumes for SeptemberPekao: CEO on outlookAzoty: CEO and CFO dismissedmBank: New CRO and supervisory board memberING BSK: Exit from cooperation with SkarbiecNon-banking lender: Situation at non-banking lenders Small- and mid-cap companies news … 9LSI Software: 3Q20 prel...
AT: S IMMO - S IMMO announces share buyback program (positive) CZ: CEZ - CEZ closed sale of Pocerady power plant three years ahead of schedule (positive) CZ: CEZ - CEZ sold Romanian assets to Macquarie (positive) PL: AmRest - Press rumors about closing bars and restaurants in Poland (negative) PL: Bank Pekao - The CEO expects to pay dividend from 2020 (positive) PL: mBank - Lusztyn replaces Jablonowska-Luba as deputy CEO (neutral) PL: Play - Iliad plans to sell Play infrastructur...
HEADLINES: • Tekfen Holding: 3Q20 results - big miss, driven by E&C cut, FY20E guidance NEGATIVE • Turkey macro: it may not look pretty, but the essence is there • Sarantis: strong 9M20 trading update • Polish retail: new restrictions likely, negative for AmRest NEGATIVE • CEZ: agrees sale of Romanian assets to Macquarie POSITIVE • CEZ: to sell Pocerady at end-2020 POSITIVE • KGHM: preliminary production and sales figures for September NEUTRAL • Kety: 3Q20 conference call takeaways - positiv...
HEADLINES: • Turk Telecom: more resilient to FX headwinds, reiterate BUY • Etalon: 3Q20 operating results - solid performance continues, lfl price growth at around 15% POSITIVE • CEZ: receives CZK 1.463bn for overpayment of the gift tax • Sava RE: calls general meeting to be held on 16 November, to vote on dividends from its 2019 profits POSITIVE • Warsaw Stock Exchange: Allegro joins the WIG index from today NEUTRAL • Kcell: 3Q20E preview - 6% yoy adj. EBITDA growth expected (due out on 30 O...
AT: CA Immo - Sells residential building NEO Living (positive) PL: Communication services - Polish 5G auction consultations to start this year but bidding in 2021 (neutral) RU: Alrosa - Outstanding diamond sales result in September (positive) RU: Petropavlovsk - Pioneer flotation plant launch delayed to the 2Q 20201e (negative) RU: Petropavlovsk - S&P rating downgrade from B to B- (negative) RU: Petropavlovsk - Weaker-than-expected guidance for the FY 2020e (negative) CEE Macro Dai...
EME Equity Market – September 2020 Market performance – most indices in the red in EUR terms, while ISE30 Index advanced 2.9%. In September, the MSCI EM Europe Index lost 5.8% in EUR terms and 7.5% in local currency terms. The ISE30 Index was the best performer, adding 2.9% in EUR terms and 6.0% in local currency terms. The Romanian BET Index lost 0.6% in USD terms, but remained largely flat (+0.1%) in RON term; while the Greek ASE Index lost 1.5% in EUR terms. The Russian MOEX Index declined 4....
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