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Research Team
  • Research Team

The Rear-View Mirror – EME markets: Turkey still on top (resend)

EME Equity Market – November 2022 Market performance – Turkey does it again, breezing past everyone else, once more, in November. The MSCI EM Europe Index advanced 11.6% mom in EUR terms and 16.7% mom in USD. The ISE30 index, again, boasted the best performance among our coverage, adding 18.6% mom in EUR terms and 23.9% mom in local currency (lcl) terms. Positive performances were also recorded in the WIG (+14.0% EU /13.0% lcl mom), the BUX (+12.6% EUR/12.0% lcl mom), the BET (+8.4% EUR/8.6% lcl...

BRE MBANK SA
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
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
PETG PETROL D.D.
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
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
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SFA SOPHARMA AD
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
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.
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BNET BITTNET SYSTEMS
SNP PETROM S.A.
HMX1R HANSAMATRIX AS
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
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
PEN PHOTON ENERGY NV
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
IGN1L 4IG NYRT
SHO IGNITIS GRUPE
KCEL SHOPER
GPP KCELL JSC
TNB GRUPA PRACUJ DA
7202 NLB TUTUNSKA BANKA AD SKOPJE
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
HELLENIQ ENERGY
Markus Remis
  • Markus Remis

Rosenbauer confirmed at HOLD, TP EUR 38 - Model update: Cutting FY 22 ...

We maintain the HOLD recommendation but tweak the target price to EUR 38 from EUR 39 We project break-even EBIT (guidance: positive EBIT) and a net loss for FY 22e. We think a dividend omission is well possible Given several guidance revisions in the last two years, a track record needs to be restored. We think there is reason to believe that next year could mark a turning point Apart from a certain relief from retreated material costs and less strained supply chains as well as the non-recurrenc...

Gellert Gaal
  • Gellert Gaal

DIGI - Q3: Growth, Growth, Growth + 5G Auction

Q3: Growth, Growth, Growth + 5G auction   DIGI reported its Q3 results with EBITDA and profit arrived to EUR 120m (-6% y-o-y) and EUR 25 m (+377% y-o-y) respectively because of the deconsolidation of Hungarian operation EBITDA  was flat in Romania which was the main source of lower margin because of higher indirect cost. All in all, EBITDA is in line with our FY forecast of EUR 505m.   Key positives: RGU growth was spectacular, total RGU exceeded 20m again, but this time without Hungary ...

Research Team
  • Research Team

Raiffeisen Research Institutional Equity Daily 22.11.2022

 AT: IMMOFINANZ, S IMMO - IMMOFINANZ to buy S IMMO stake from CPI Property Group (negative, positive)  AT: S IMMO - CPI Property Group holds 88.37% stake following additional acceptance period (neutral)  HU: OTP - Government caps interest rates on banks' deposits from financial institutions and retail clients (neutral)  SI: NLB Group - Issued EUR 225 mn Tier 2 subordinated bonds at 10-75% coupon (neutral)

Research Team
  • Research Team
EVN EVN AG
OMV OMV AG ... (+6)

Raiffeisen Research Institutional Equity Daily 18.11.2022

 AT: Energy - Austrian government to present windfall profit tax proposal today (negative)  AT: Flughafen Wien - Optimistic wording in yesterday's results conference call (positive)  AT: Flughafen Wien - Security staff to demand higher wages (neutral)  HR: Windfall profit taxes - Introduction of the proposal of a windfall tax (negative)  PL: Answear.com - Q3 22 EBITDA grew by 70% yoy and topped consenus by 7% (positive)  SI: NLB Group - Postponing of the planned Tier 2 issuance (negative)

Research Team
  • Research Team

WOOD Daily: ALPHA GA; EUROB GA; ETE GA; TPEIR GA; DOM PW; KGH PW; ALR ...

HEADLINES: • Greek banks: earnings upgrades cycle (Alpha Bank, Eurobank, NBG and Piraeus Bank stay BUY) • Dom Development: 3Q22 - en route to another year of record profit POSITIVE • KGHM: 3Q22 results review - net income beat, but operating cash flow remains weak • Alro: takeaways from the 3Q22 earnings call POSITIVE • Purcari Wineries: takeaways from the 3Q22 earnings call NEUTRAL • Romgaz: takeaways from the 3Q22 earnings call NEUTRAL • Polish banks: PLN mortgage loan agreements subject t...

Research Team
  • Research Team

Raiffeisen Research Institutional Equity Daily 16.11.2022

 AT: Kapsch TrafficCom - Q2 22/23 results in line, guidance of stable revenues and EBIT improvements confirmed (neutral)  AT: Semperit - Clean Q3 EBITDA about in line with RBIe, unchanged FY outlook, Sempermed disposal moving to the forefront (neutral)  AT: STRABAG - Dynamic output growth sustained in Q3, FY 22 output guidance revised upwards, margin objective of at least 4% confirmed (positive)  RO: Digi Communications - Bought spectrum worth EUR 45.5 mn in the auction organized by the Roma...

Research Team
  • Research Team

WOOD Daily: EL RO; GTC PW; SAR GA; PL Macro; RO Macro; HU Macro; CPS P...

HEADLINES: • Electrica: 3Q22 net profit jumps to RON 709m, in line with our expectations • GTC: 3Q22 in line, FFO slightly ahead of last year's level, LTV at 44% NEUTRAL • Sarantis: 9M22 - sales up 10% yoy, erosion in profitability due to high cost environment • Poland macro: 3Q GDP rebounds • Romania macro: on track to stand out next year • Hungary macro: downturn likely to have commenced • Cyfrowy Polsat: key takeaways from the 3Q22 earnings call NEUTRAL • Fondul Proprietatea: takeaways f...

Russell Waller
  • Russell Waller

New Street: Digi Q3 22: Feedback from the call, with insights into new...

We listened to the Digi Q3 earnings call where Digi talked in a bit more detail about its plans to be a new entrant in Portugal and Belgium.

Research Team
  • Research Team

Raiffeisen Research Institutional Equity Daily 15.11.2022

 AT: Rosenbauer - Operating loss in Q3 amplified by restructuring costs, unchanged FY guidance of sales of ca. EUR 1 bn and positive EBIT requires major earnings uptick in Q4 (neutral)  AT: Vienna Insurance Group - Strong earnings driven by underwriting and investment performance (neutral)  DE: Encavis - Q3 22 above RBIe and consensus without EUR 30 mn provision for potential government revenue skimming, guidance confirmed (neutral)  RO: Conpet - Q3 22 net profit up by 27% yoy, on the back o...

Research Team
  • Research Team

WOOD Daily: AEGN GA; CPS PW; WINE RO; FP RO; COTE RO; DIGI RO; SNG RO;...

HEADLINES: • Aegean Airlines: stellar summer, but visibility limited on 2023E (downgraded to HOLD) • Cyfrowy Polsat: 3Q22 results review - soft numbers, but better than expectations POSITIVE • Purcari Wineries: 3Q22 net profit at RON 14.5m, 31% above our expectations • Fondul Proprietatea: Hidroelectrica's 3Q22 results - small miss, Petrom stake reduced marginally • Conpet: 17% beat on 3Q22 net profit from higher import volumes transported • DIGI Communications: 3Q22 results - pro-forma adj...

Jovan Sikimic
  • Jovan Sikimic

NLB Group Q3 22 - Beat from risk costs, 2022/23e ROE guidance confirme...

-Strong beat to expectations despite indications by management in the forefront of the release -2022/23 ROE guidance confirmed albeit at tweaked operating profit outlook on better income generation despite lowering the lending outlook -We regard the Q3 package overall slightly positive

Research Team
  • Research Team

Raiffeisen Research Institutional Equity Daily 09.11.2022

 AT: FACC - Negative EBIT and bottom line loss in Q3 22, FY outlook confirmed (negative)  AT: S IMMO - Acquiring properties in Budapest from CPI Property Group (neutral)  AT: Vienna Insurance Group - Application for listing on the Budapest Stock Exchange submitted (neutral)  AT: voestalpine - Q2 results live up to pre-announced indication, NWC remains cash flow burden (neutral)  CEE: Banks - KBC reports lower Q3 net profit qoq in CZ, but higher in BG and HU (neutral)  CZ: CTP - Q3 trends i...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: all indices up, Turkey outperforms...

EME Equity Market – October 2022 Market performance – in a positive month across the board, Turkey outperforms yet again. The MSCI EM Europe Index advanced by 12.7% mom in EUR terms and 14.4% mom in USD. The ISE30 was, once again, the best-performing index in our coverage, adding 23.4% mom in EUR terms and 25.2% in local currency terms. All the other indices recorded positive performances as well, with the WIG (+14.8% EUR / 11.5% lcl), the BUX (+11.4% EUR / 8.5% lcl) and the ASE (+10.3% EUR) del...

GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
COG COGNOR HOLDING SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
GEKTERNA GEK TERNA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
HMX1R HANSAMATRIX AS
COTE CONPET 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
RICHT RICHTER
CGEO GEORGIA CAPITAL
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
PCO 4IG NYRT
GPP PEPCO GROUP NV
KLKIM GRUPA PRACUJ DA
KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
Research Team
  • Research Team

WOOD Daily: YKBNK TI; EL RO; SAB1L LH; ALK MS; ARNT CZ; BRISA TI; CCOL...

HEADLINES: • Yapi Kredi: 3Q22 highlights - 14% beat, but spreads look tighter vs. peers • Electrica: impact of latest ordinance in the energy sector POSITIVE • Siauliu Bankas: 3Q22 - another positive surprise • Alkaloid: strong 3Q, driven by Russia/CIS and Western Europe POSITIVE • Arena Hospitality Group: reports record 3Q on strong ADRs POSITIVE • Brisa: 3Q earnings and conference call takeaways NEUTRAL • Coca-Cola Icecek: 3Q22 results - in line NEUTRAL • Vestel Beyaz: worse-than-expected r...

Research Team
  • Research Team

Raiffeisen Research Institutional Equity Daily 27.10.2022

 AT: AMAG - Q3 headline earnings in line with forecasts, CF trend reversal, almost unchanged outlook implies major EBITDA deceleration in Q4 (neutral)  AT: Andritz - Competitor posted in-line results, sees good market conditions in the short term (positive)  AT: AT&S - Main customers to report earnings tonight (neutral)  AT: Telekom Austria - S&P upgraded rating to A- from BBB+, outlook stable (positive)  CEE: Banks - UniCredit's CEE subsidiaries delivered better profit qoq on the wings of ...

Research Team
  • Research Team

WOOD Daily: TLV RO; BRD RO; FOYRK GA; SPL PW; CCC PW; TRP RO; ZB CZ; S...

HEADLINES: • Romanian banks: building resilience (Banca Transilvania downgraded to HOLD, BRD-GSG stays HOLD) • Fourlis Group: 2 for the price of 1 (upgraded to BUY) • Santander Bank Polska: strong 3Q22 delivery, largely in line with expectations • CCC: final 2Q22 results below prelims on write-downs of receivables from wholesale partners NEGATIVE • TeraPlast: weak 3Q22 earnings NEGATIVE • Zagreb Stock Exchange: 3Q22 results review - muted performance, despite qoq improvements • Romgaz: 3Q22 ...

Research Team
  • Research Team

WOOD Daily: Allterco (HOLD – transfer of coverage), ASELS TI, KLKIM TI...

HEADLINES: • Allterco: a smart investment, for a smart home (HOLD - transfer of coverage) • Aselsan: 3Q22 results - strong quarter but not enough to change the big picture post a muted 1H22 POSITIVE • Kalekim: 3Q22 results - in line • CEZ: government windfall tax might not be imposed retroactively, dividend payout aimed at 80-100% POSITIVE • Romgaz: signs a MOU with SOCAR for developing an LNG terminal • CD Projekt: more than 1m active Cyberpunk players every day for four consecutive weeks N...

Research Team
  • Research Team

Raiffeisen Research Institutional Equity Daily 20.10.2022

 AT: OMV - Austria's government to discuss about OMV's future with Abu Dhabi's MPPH (neutral)  AT: UBM Development - Receival of building permit for LeopoldQuartier (positive)  CZ: Banks/Utilities - Confusing government comments regarding plans to collect windfall profit tax already in 2022 (neutral)  DE: Encavis - Encavis closes project financing for two solar parks in Denmark (neutral)  PL: Bank Pekao - Management expects net profit in FY 2022 despite the net loss in Q3 (neutral)  PL: CC...

Oleg Galbur
  • Oleg Galbur

Romgaz reinitiated with BUY, TP RON 61.0 - Strong investment case desp...

-Romgaz is well positioned to take advantage of the positive outlook for the European gas market -We project strong medium/long-term cash flow generation which should cover dividends, the regular capex and Neptun Deeps development capex -We see a low risk of higher windfall tax, since Romgaz is already paying >50% of its realized gas price in royalty and windfall taxes -We value separately the Neptun Deep project. Our estimated projects NPV of EUR 1.2 bn translates into RON 15 per Romgaz share -...

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