reports
Raiffeisen Research Institutional Equity Daily 05.09.2022
AT: Utilities - Austrian government announces electricity price caps for households (negative) Oil&Gas - Oil price: G7 is getting serious about a price ceiling on Russian oil RO:Banca Transilvania - Banca Transilvania takes a loan of EUR 25 mn from the EBRD to support lending to businesses (neutral)
Raiffeisen Research Institutional Equity Daily 01.07.2022
AT: Andritz - Andritz acquried Bonetti group (neutral) AT: Andritz - Andritz to supply fiberline and lime kiln equipment to Sun Paper, China (neutral) AT: UBM - UBM sells project and construction management subsidiary Alba (neutral) AT: Wienerberger - Strong Q2 results trigger FY EBITDA guidance upgrade (positive) AT: Zumtobel - Better than expected Q4 results despite higher warranty costs, FY 21/22 guidance beat, implied FY 22/23 EBIT range in line with RBIe (positive) CZ: CEZ - CEZ...
- Research Team
WOOD Daily: LVC PW, PCF PW, SNN RO, SNP RO, SNG RO, OGZD LI, ROSN LI, ...
HEADLINES: • LiveChat Software: 4Q21-22 (calendar 1Q22) results - EBITDA up 10% yoy, 8% below our estimates NEGATIVE • PCF Group: Outriders Worldslayer released, initial Steam reviews disappoint NEGATIVE • Nuclearelectrica: calls GMS to approve EUR 185m financing for EnergoNuclear NEGATIVE • OMV Petrom: the government adopts the Ordinance reducing fuel prices by RON 0.5/litre • Romgaz: transaction with Exxon to be completed at end-July 2022 NEUTRAL • Gazprom: AGM fails to approve its 2021 divid...
Raiffeisen Research Institutional Equity Daily 22.06.2022
AT: Lenzing - Minimum dividend as of FY 23 raised to EUR 4.50 (positive) RO: Digi Communications - A joint venture between Digi and Citymesh won spectrum to operate in Belgium for EUR 114 mn (positive) RO: Medlife - Medlife consolidates its position in the West part of the country (positive) RO: OMV Petrom - The Supervisory Board approved the proposed special dividend and share capital increase (neutral) RU: Gazprom - Additional MET payments of RUB 416 bn could reduce 2022e DPS by RUB ...
- 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
Raiffeisen Research Institutional Equity Daily 27.05.2022
AT: IMMOFINANZ - CPI offer deadline to end on May 30, instead of May 28 (neutral) AT: Telekom Austria - Acquisition of Bulgarian ICT market leader (positive) AT: Verbund - Verbund announced special dividend of EUR 1.15 on top of 22e payout (neutral) HU - Introduction of windfall profit taxes esp. hitting the financial and energy sector (negative) PL: CCC - Q1 22/23 conference call stressed an increasing interest in lower priced products (neutral) RU: Gazprom - BoD recommends record high dividend...
- Research Team
WOOD Daily: COG PW; HU Macro; ALPHA GA; KER PW; AEGN GA; PPC GA; CDR P...
HEADLINES: • Cognor Holding: record results could serve as re-rating trigger (BUY - initiation of coverage) • Hungary macro: taxes and budget consolidation • Alpha Bank: strong 1Q22 numbers, with upside risk for FY22E estimates POSITIVE • Kernel: 3Q22 EBITDA materially below our estimates, amid weak farming segment result NEGATIVE • Aegean Airlines: 1Q22 - small beat, fare levels exceed expectations, summer outlook encouraging POSITIVE • Public Power Corporation: 1Q22 earnings in line, still ...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
COG COGNOR HOLDING SA
AUG1L AGROWILL GROUP AB
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
SKK SIRMA GROUP HOLDING JSC
OGZD GAZPROM (GDR)
ALPHA ALPHA BANK
SHO SHOPER
Raiffeisen Research Institutional Equity Daily 13.05.2022
MSCI May Index Review - Standard indices (STD) changes: DEL: Raiffeisen Bank Intl.; SmallCap indices (SC) changes: ADD: STRABAG SE, DEL: Zumtobel AT: AGRANA - Final FY 21/22 results match preliminary figures, FY 22/23e guidance confirmed (neutral) AT: AT&S - AT&S proposed dividend of EUR 0.90/share for 2021/22e (neutral) AT: Oesterreichische Post - Final Q1 22 numbers in line with prliminary figures, outlook reiterated (neutral) AT: Palfinger - Takeover of remaining 35% stake in French...
PEO BANK POLSKA KASA OPIEKI SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
ARHOF AMREST HOLDING
SPL SANTANDER BANK POLSKA SA
POG PETROPAVLOVSK PLC
MIL BANK MILLENNIUM SA
PAL PALFINGER AG
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
STR STRABAG SE
GAZP GAZPROM PJSC
ALR ALIOR BANK SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
COTE CONPET SA
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
AGR AGRANA BETEILIGUNGS-AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
Raiffeisen Research Institutional Equity Daily 11.05.2022
AT: Addiko Bank - Q1 22 profit slightly ahead of market expectations, CET 1 deterioration (neutral) AT: Wienerberger - Share buyback programme extended (positive) PL: mBank - Q1 22 net profit >30% ahead of consensus and RBI on robust set of results (positive) PL: PGNiG - The Board proposed not to distribute any dividends for 2021 (neutral) RO: Banca Transilvania, BRD-GSG - National Bank of Romania raises key interest rate by 75 bps to 375 bps (positive) RU: Gazprom - Ukraine halts t...
- 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: EME Macro/Strategy – RU; EBS AV; KRU PW; TKFEN TI; TCELL T...
HEADLINES: • EME Macro/Strategy: Russia can live (but not thrive) without EU gas payments • Erste Bank: strong start to 2022 with the 1Q22 delivery POSITIVE • Kruk: publishes detailed 1Q22 - solid trends, but supported by positive revaluations, as suspected NEUTRAL • Tekfen Holding: 1Q22 results - another major miss NEGATIVE • Turkcell: 1Q22 results in line, except a 10% NI miss; FY22E guidance maintained NEUTRAL • Enerjisa Enerji: 1Q22 results review - mixed, but FY guidance revised up NEUTRA...
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
EBS ERSTE GROUP BANK AG
OMV OMV AG
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LPP LPP S.A.
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
TKFEN TEKFEN HOLDING
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
KMB KOMERCIJALNA BANKA AD SKOPJE
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
OGZD GAZPROM (GDR)
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
EAT AMREST HOLDINGS SE
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
KCEL KCELL JSC
Raiffeisen Research Institutional Equity Daily 27.04.2022
AT: EVN - Cutoff of Russian gas delivieries only minor on Bulgarian electricity generation, potential regional price effect though (neutral) AT: IMMOFINANZ - FY 22 guidance withdrawn due to bond repurchase (negative) AT: Telekom Austria - Robust trends trigger earnings beat, guidance confirmed (positive) AT: Warimpex - FY 21 significantly ahead of expectations (positive) PL: Alior Bank - Q1 22 net profit missed expectations on one-offs and weaker NII / pessimistic costs outlook in 2022...
EVN EVN AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
WXF WARIMPEX FINANZ UND BETEILIGUNG
LTS GRUPA LOTOS S.A.
GAZP GAZPROM PJSC
ALR ALIOR BANK SA
IIA IMMOFINANZ AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ONE ONE UNITED PROPERTIES SA
Raiffeisen Research Institutional Equity Daily 25.04.2022
AT: Andritz - Andritz received paper machine upgrade order from the Netherlands (neutral) PL: Banks - PFR head sees 5.5%-6% new rte equilibrium (neutral) RU: Gazprom - EC sees gas payments in RUB may be possible (positive) RU: Petropavlovsk - Weaker qoq Q1 22 trading update likely mispriced by the market (negative) SI: NLB/Addiko - Change of the political climate in Slovenia after yesterday's parliamentary elections (negative)
- 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...
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 01.04.2022
GE: Baader Bank - Annual profit 2021 in line with preliminaries, 2022 outlook significantly below RBIe (negative) Oil&Gas: OPEC+ meeting - OPEC+ stick to its strategy of a gradual increase of supply despite the biggest-ever oil release of the US strategic reserves PL: CCC - CCC faces opposition from banks against sale of a stake in Modivo to Modivo's CEO (neutral) PL: CCC - Modivo started marketplace testing, launch likely delayed until July (neutral) PL: mBank - mBank plans to forgo d...
- Research Team
WOOD Daily: ALE PW; SNN RO; CZ Macro; CEE Macro; EEG1T ET; TEN PW; SPL...
HEADLINES: • Allegro: still a market leader, with ambitions for more (upgraded to BUY) • Nuclearelectrica: riding the power price boom (upgraded to BUY) • Czech Republic macro: CNB hikes, with a cautious undertone • CEE macro: CE4 yields and macro forecasts update • Ekspress Grupp: final 4Q21 figures in line with prelims, ambitious 2026E profitability target • Ten Square Games: key takeaways from the 4Q21 earnings call NEUTRAL • Santander Bank Polska: management proposes PLN 2.68/share div...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
QIWI QIWI PLC SPONSORED ADR CLASS B
SPL SANTANDER BANK POLSKA SA
EEG1T EKSPRESS GRUPP A.S.
KMB KOMERCIJALNA BANKA AD SKOPJE
OGZD GAZPROM (GDR)
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
Raiffeisen Research Institutional Equity Daily 28.03.2022
AT: Kapsch TraffiCom - Arbitration court decides in favour of Kapsch TrafficCom regarding German toll claim (positive) DE: Encavis - Encavis Asset Management bought 11 MWp wind park for EIF II fund (neutral) RO: Electrica - Distribution tariffs for electricity will increase starting April 1 (positive) RU: ALROSA - Tiffany refused to buy diamonds with a Russian origin (negative) RU: Petropavlovsk - Gold sales complicated on UK sanctions against Gazprombank (negative) RU: Russian gold ...
- Research Team
WOOD Daily: ARNT CZ; BOCH CY; PZU PW; CZG CP; CAI AV; AEGN GA; KTY PW;...
HEADLINES: • Arena Hospitality Group: more pleasure, less business (upgraded to BUY) • Bank of Cyprus: unjustified valuation gap (stays BUY) • PZU: very strong 4Q21, on strong real estate investment result and restarting of GWP growth POSITIVE • Ceska zbrojovka Group: big miss in 4Q21 due to one-offs, but FY22E guidance is upbeat POSITIVE • CA Immo: 4Q21 - massive revaluation gain and strong sales result, but weak underlying FFO • Aegean Airlines: 4Q21 - capacity continues to recover, but pro...
ACP ASSECO POLAND SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
CAI CA IMMOBILIEN ANLAGEN AG
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
CPS CYFROWY POLSAT SA
BANK OF CYPRUS PCL
TLV BANCA TRANSILVANIA S.A.
OGZD GAZPROM (GDR)
ELSA SOCIETATEA ENERGETICA ELECTRICA
ARNT-R-A ARENATURIST D.D.
CZG CESKA ZBROJOVKA GROUP
ONE ONE UNITED PROPERTIES SA
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Research Team
CIS Market Daily - March 23, 2022
MARKET COMMENT - RSPP PROPOSES STRIPPING MINORITY RIGHTS, EU AND US OFFICIALS CONSIDER MORE SANCTIONS AND EXPELLING RUSSIA FROM THE G20The Russian Union of Industrialists and Entrepreneurs proposed to the government to strip nonresident minority shareholders of their shareholder rights on a temporary basis, according to RBC and other sources. Top EU and US officials remarked that more sanctions would be considered Thursday. Equity trading remains suspended in Russia. STORIES> RSPP proposes to st...
- Anton Chernyshev
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Research Team
CIS Market Daily - 23 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗ - РСПП ПРЕДЛАГАЕТ ВРЕМЕННО ОГРАНИЧИТЬ В ПРАВАХ ИНОСТРАННЫХ МИНОРИТАРИЕВ, ЕС И США РАССМАТРИВАЮТ ВОЗМОЖНОСТЬ ВВЕДЕНИЯ НОВЫХ САНКЦИЙРоссийский союз промышленников и предпринимателей предложил правительству временно ограничить в правах иностранных миноритариев, сообщают РБК и другие источники. ЕС и США рассмотрят в четверг возможность введения новых санкций. Торги акциями на МосБирже по-прежнему не проводятся. НОВОСТИ> Цены на нефть после ралли начали стабилизироваться в предд...
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