HEADLINES: • OMV Petrom: 1Q24 trading statement POSITIVE • OMV: 1Q24 trading statement NEUTRAL • Bank Millennium: 1Q24E CHF mortgage saga provisions land at PLN 507m NEUTRAL • Polish gencos: IndMin floats notion of alternative solution to the NABE NEUTRAL • EME Macro/Strategy: macro all-in-one (1-7 April) • Halyk Savings Bank: pays off State aid fully POSITIVE • Orange Polska: key takeaways from the interview with the CTO NEUTRAL • Polish telecoms: mobile number portability in 1Q24 NEUTRAL • Pub...
EME Equity Market – March 2024 Market performance – mixed performances in March, with the Romanian BET outperforming. The MSCI EM Europe Index declined by 0.3% mom in EUR terms and 0.4% mom in USD in March. The Romanian BET reported the strongest performance, adding 7.1% mom in EUR terms, followed by the Czech PX and the Polish WIG20 (+4.1% and 1.0% mom, in EUR terms, respectively). Greece saw a relatively muted performance (-0.2% mom in EUR terms), while Hungary (-1.1% mom in EUR terms) and Tür...
• Bank of Georgia: 4Q23 highlights and notes from the conference call • Halyk Bank: 4Q23 highlights • Arabian Drilling 4Q23 results and dividend announcement • EME Macro/Strategy: macro all-in-one (11-17 March) • Romanian Energy: Energy Ministry draft publication of changes to current regulations • Huuuge Games: USD 6m investment in a minority stake in Bananaz Studios, with a call option for a larger investment • Huuuge Games: earnings call takeaways - solid 2024E outlook, broadly in line with o...
EME Equity Market – November 2023 Market performance – Greeks in the lead, in a month with only green across the region. The MSCI EM Europe Index added 5.6% mom in EUR terms and 8.7% mom in USD in November. The Greek ASE Index was the top performer in our region (+6.9% mom), followed by the Polish WIG20 (+5.5% mom) and the Hungarian BUX (+4.0% mom). The Czech PX Index saw the most muted performance, advancing 2.8% mom.
HEADLINES: • CD Projekt: solid long-term prospects, but a long way to go (upgraded to HOLD) • 11 bit studios: weak 3Q23, but losses more limited than expected NEUTRAL • Halyk Savings Bank: 3Q23 highlights - balance sheet working harder • Enea: reports 3Q23 EBITDA of PLN 1.1bn, 9% above the consensus, strong bottom-line beat POSITIVE • EME Macro/Strategy: macro all-in-one (13-19 November) • Hidroelectrica: cancels tender for feasibility study for 1.5 GW solar park • CEZ: IndMin comments on po...
EME Equity Market – October 2023 Market performance – election results prompt stellar market reaction in Poland; sell-off in Turkey. The MSCI EM Europe Index added 1.7% mom in EUR terms and 2.0% mom in USD in October. Poland staged a massive rebound, post the elections, with the WIG20 advancing 16.4% mom in EUR terms. Apart from Turkey, where October was a sell-off, with the ISE30 declining 13.7% mom in EUR terms, there were relatively muted performances everywhere else (BUX +2.1% / PX +0.4% / B...
HEADLINES: • EU macro: October sentiment positive in CEE and Turkey • mBank: 3Q23 results - key to us are the solid capital ratios and high FX mortgage portfolio coverage • Orlen: 3Q23 results review • Garanti Bank: 3Q23 results highlights NEUTRAL • Halyk Savings Bank: notes from the deep-dive session • OMV: 3Q23 results review • OMV Petrom: 3Q23 result good, but in line with expectations • RO utilities: RO state could consider selling shares in Hidroelectrica, Nuclearelectrica, Romgaz NE...
Polymetal International plc (POLY) Polymetal: Q3 2023 production results 31-Oct-2023 / 07:31 MSK The issuer is solely responsible for the content of this announcement. Release time IMMEDIATE AIX, MOEX: POLY Date 31 October 2023 Polymetal International plc Q3 2023 production results Polymetal International plc reports production results for the third quarter ended September 30, 2023. “In Q3, we returned to positive cash flow generation after seasonal working ...
On 26 October, Halyk held a deep-dive session on its superapp, ecosystem offerings and data factory. This flash note includes our notes and takeaways from that meeting. This was the first time we have seen Halyk’s consumer and digital offerings in action. Halyk seems to have products with modern and good UX and UI, as well as a comprehensive offering. Although the full extent and details of potential new consumer loan regulations are unknown, management also mentioned that it would not expect to...
Polymetal International plc (POLY) Polymetal: Half-year report for the six month ended 30 June 2023 25-Sep-2023 / 07:55 MSK Release time IMMEDIATE AIX, MOEX: POLY Date 25 September 2023 Polymetal International plc Half-year report for the six month ended 30 June 2023 “Despite external pressures, we made good progress in the first half of the year while adapting to the logistics constraints. High commodity prices against a weakening Rouble, combined with stead...
EME Equity Market – August 2023 Market performance – Turkey the top performer in August, once again. The MSCI EM Europe Index lost 0.7% mom in EUR terms and 2.2% mom in USD in August. Turkey, yet again, outperformed its peers, with the ISE30 gaining 9.4% mom in EUR terms. The Hungarian BUX index saw a solid performance in August, adding 6.1% mom in EUR terms, while the Romanian BET had a lacklustre month, barely making any gains (0.1% mom in EUR terms). Elsewhere, the index performances were neg...
Polymetal International plc (POLY) Polymetal: London De-listing 29-Aug-2023 / 11:00 MSK Release time IMMEDIATE LSE, MOEX, AIX: POLY ADR: AUCOY Date 29 August 2023 Polymetal International plc London De-listing Polymetal announces that the London De-listing has completed. Further to the announcement made by the Company on 28 July 2023, the Company can confirm that it has cancelled its admission of the Company's Ordinary Shares from the Premium Equity Commercial Co...
HEADLINES: • CE4 macro: weak 2Q GDP, as expected • Benefit Systems: positive surprise in 2Q23 gross margin, strong FY23E guidance POSITIVE • Mo-BRUK: 2Q23 EBITDA 6% below our forecast on weaker top line NEGATIVE • Cyfrowy Polsat: 2Q23 results review - soft numbers, in line with expectations NEGATIVE • Transgaz: lower-than-expected net loss in 2Q23 NEUTRAL • Sok Marketler Ticaret: 2Q23 results - in line NEUTRAL • Halyk Savings Bank: 2Q23 results on track POSITIVE • Inter Cars: 2Q23 preliminary ...
Halyk Bank has reported KZT 177bn in 2Q23 net income, in line with both the KZT 171bn consensus collected by the bank and our KZT 178bn estimate. We see Halyk as on track to deliver on its >KZT 700bn net income guidance (KZT 365bn net income in 1H23). We also believe that the 2H23E margin can pick up without the accelerated amortisation of the State aid. The bank is trading at 2.5x P/E and 0.8x P/TBV, on our 2023E estimates. In our view, Halyk is mispriced, and we rate it a BUY. The conference c...
Polymetal International plc (POLY) Polymetal: Resumption of trading on AIX 10-Aug-2023 / 09:00 MSK Release time IMMEDIATE LSE, MOEX, AIX: POLY ADR: AUCOY Date 10 August 2023 Polymetal International plc Resumption of trading on AIX Polymetal International plc (the “Company”) confirms trading resumption of the Company’s Ordinary shares on AIX, effective today, 10 August 2023. Further to the Re-domiciliation completion, trading in the shares of Polymetal Internation...
Polymetal International plc (POLY) Polymetal: Q2 2023 production results 09-Aug-2023 / 09:00 MSK Release time IMMEDIATE LSE, MOEX, AIX: POLY ADR: AUCOY Date 9 August 2023 Polymetal International plc Q2 2023 production results Polymetal International plc reports production results for the second quarter ended June 30, 2023. “Q2 saw a set of solid production results supporting our full-year production guidance of 1.7 Moz of GE. The company continued to experience lo...
Polymetal International plc (POLY) Polymetal: Re-Domiciliation to AIFC Completed 08-Aug-2023 / 07:00 MSK Release time IMMEDIATE LSE, MOEX, AIX: POLY ADR: AUCOY Date 8 August 2023 Polymetal International plc Re-Domiciliation to AIFC Completed Polymetal International plc (the “Company”) is pleased to confirm that the re-domiciliation of the Company from Jersey to the Astana International Financial Centre (“AIFC”) in Kazakhstan has successfully completed effective as...
Polymetal International plc (POLY) Polymetal: Suspension of Trading on the London Stock Exchange 01-Aug-2023 / 20:00 MSK Release time IMMEDIATE LSE, MOEX, AIX: POLY ADR: AUCOY Date 1 August 2023 Polymetal International plc Suspension of Trading on the London Stock Exchange Polymetal International plc (the “Company”) confirms that in advance of the Re-domiciliation taking place on 7 August 2023, the Company’s shares have now been suspended from trading on the Londo...
Polymetal International plc (POLY) Polymetal: Results of GM 28-Jul-2023 / 15:00 MSK Release time IMMEDIATE LSE, MOEX, AIX: POLY ADR: AUCOY Date 28 July 2023 Polymetal International plc Results of GM Polymetal International plc (the “Company”) announces that at the General Meeting (“GM”) of the Company held today at 10.00 am (BST), the resolution proposed by the Directors in the Notice of the GM dated 10 July 2023 was duly passed with the results as stated below. ...
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