reports
- Andy Jones
- Research Team
WOOD Daily: RO Politics; WPL PW; EME Macro/Strategy – TL; SNG RO; PL...
HEADLINES: • Romanian politics: early elections becoming less of a likely scenario NEGATIVE • Wirtualna Polska: tax investigation - potential negative impact of PLN 62.6m on consolidated results NEGATIVE • EME Macro/Strategy: Turkey - too much momentum • Romgaz: 4Q19 results - European market catches up finally • Polish banks: PFSA wants banks to make consistent provisions against FX mortgage litigation risk NEGATIVE • Ten Square Games: 2019 effective tax rate at 9.4% post IP Box ...
- Research Team
The Rear-View Mirror – EME markets: Consumer staples best performer ...
EME Equity Market – January 2020 Market performance – Hungarian BUX the weakest performer in January, by far. While the MSCI Emerging Markets Europe Index lost 0.6% in EUR terms and 2.3% in LCU terms in January, the Hungarian BUX was down 8.3% in EUR terms and 6.5% in HUF terms. The Polish WIG20 also fell quite substantially, -4.9% in EUR terms and -3.9% in PLN terms; followed by Prague’s PX Index, which dropped 3.1% in EUR terms and -3.9% in CZK terms. While the MOEX Index lost 0.8% in EU...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EBS ERSTE GROUP BANK AG
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
KRKG KRKA D.D.
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.
EVR EVRAZ PLC
SIF2 SIF MOLDOVA S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
SPI S IMMO AG
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
AFLT AEROFLOT RUSSIAN AIRLINES
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
ICD ENERGA SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SIF3 SIF TRANSILVANIA S.A.
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
SIF1 SIF BANAT-CRISANA S.A.
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
PLZL POLYUS (GDR)
OGZD GAZPROM (GDR)
SIF5 SOCIETATEA DE INVESTITII FINANCIARE OLTENIA SA
MNOD NORILSK NICKEL
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SIF4 SIF MUNTENIA S.A.
KOFOL KOFOLA
DPEU DP EURASIA
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
NLBR NLB GROUP
- Research Team
WOOD Daily: ESI, MIL PW, PKO PW, AKBNK TI, OPAP GA, KTY PW, TEN PW, MN...
HEADLINES: • EME Macro/Strategy: recovery - part one in place, three more to go • Bank Millennium: posts PLN 27m of net profit; underlying results much better than expected NEUTRAL • PKO BP: higher hit on FX mortgage and early consumer loan repayments than our initial take NEGATIVE • Akbank: 4Q19 results review NEGATIVE • OPAP: decision to repay early a EUR 200m bond issued in 2017 • Kety: amended 2019E forecasts imply significant beat vs. 4Q19 preliminary figures POSITIVE • Ten ...
- Andy Jones
WOOD Flash – Norilsk Nickel: 4Q19 trading update
Norilsk released its 4Q19 trading update today (31 January). The production of nickel and copper were up by 8% and 5% qoq, respectively, 4% and 2% above our estimates; while palladium and platinum production were down by 7% and 9%, respectively, 22% and 25% above our forecasts. All metals’ 12M19 production were in line (slightly above for palladium and platinum) with the annual guidance. We view these results as a small positive for the share price.
- Research Team
The Rear-View Mirror – EME markets: Only Polish WIG20 in the red in ...
EME Equity Market – November 2019 Market performance – the weakest performance in November was recorded by the Polish WIG20 Index, in both EUR- and PLN-terms (-2.9% mom and -1.6% mom, respectively). While the MSCI Index lost 0.4% in local currency terms, it gained 0.8% in EUR terms. With the exception of Poland, all the other indices recorded a positive performance, with the Turkish ISE30 gaining 8.9% (EUR terms) over the month. The BET Index was the second-best performer, increasing by 3.2%...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
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
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
FXPO FERREXPO PLC
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
EVR EVRAZ PLC
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SBER SBERBANK RUSSIA PJSC
KGH KGHM POLSKA MIEDZ S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS 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
ENKAI ENKA INSAAT VE SANAYI A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
GHG GEORGIA HEALTHCARE GROUP
TPEIR PIRAEUS BANK SA
OTP OTP BANK NYRT
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
ICD ENERGA SA
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLZL POLYUS (GDR)
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
DIGI DIGI COMMUNICATIONS NV
MNOD NORILSK NICKEL
DNP DINO POLSKA S.A.
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.
RICHT RICHTER
KOFOL KOFOLA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
- Research Team
Focus: downgrading Norilsk Nickel to HOLD, with lower USD 28.1/GDR PT;...
HEADLINES: • Norilsk Nickel: growth over dividends (downgraded to HOLD) • Alpha Bank: transformational plan on the right track POSITIVE • Mobile TeleSystems: 3Q19 - strong set of results, with a 5% beat on OIBDA vs. our forecasts POSITIVE • Fourlis: 3Q19 review - solid results, with Intersport driving growth • Ciech: 3Q19 adjusted EBITDA in line with expectations, miss on EBIT amid impairment loss NEUTRAL • Graphisoft Park: to pay a special dividend or launch a buyback POSITIVE â€...
- Andy Jones
- Pawel Wieprzowski
- PhD
Norilsk Nickel: Growth over dividends (downgraded to HOLD)
Norilsk Nickel held its 2019 Capital Markets Day (CMD) on 18 November. Medium-term capex guidance was increased meaningfully, which is likely to result in higher leverage in the medium term and lower dividend payouts, under the existing policy, from 2024E. Due mainly to higher capex, we lower our price target (PT) by 2%, to USD 28.1/GDR. We expect Norilsk to continue to pay c.11% dividend yields for the next few years. However, with nickel falling 18% since mid-September, the stock trading close...
- Research Team
Focus: keeping our BUY on 11 bit studios, with a lower PLN 464 PT; LPP...
HEADLINES: • 11 bit studios: let's play it again... (stays BUY) • LPP: 3Q broadly in line with prelims; FY19E gross margin guidance cut by 1ppt • Wirtualna Polska: decent 3Q19 results, with adjusted EBITDA ex.IFRS 16 up 17% yoy POSITIVE • Norilsk Nickel: Capital Markets Day - long-term production growth NEGATIVE • PKO BP: claims technological leadership in banking • Orange PL: starts negotiations with trade unions on voluntary redundancies for 2020-21E NEUTRAL • OMV: agrees to ...
- Andy Jones
WOOD Flash – Norilsk Nickel: Capital Markets Day – long-term produ...
Norilsk hosted its 2019 CMD today (18 November), in which it laid out its long-term ambitions out to 2030E, which include: 15-30% increases in nickel output; 20-40% in copper; and 30-95% in PGMs. Capex should increase meaningfully, however, to USD 3.5-4bn p.a. in the mid-2020s (without including Arctic Palladium). This is likely to lead to lower dividend payouts without further strength in metals prices, in our view. On the positive side, short-term capex guidance has decreased so we do not expe...
- Research Team
The Rear-View Mirror – EME markets: Weak Istanbul, but good month in...
EME Equity Market – October 2019 Market performance – ISE30 index the worst performer among our followed indices, down 10.1% in EUR terms and 7% in local currency terms. The MSCI EME index gained 3.7%, but added 6% in local currency terms. All our followed indices were in the black, bar the BET (-0.8% in EUR) and ISE30 indices (-10.1% in EUR). The BUX Index gained the most (5.9%), followed by MOEX (4.3%) and WSE (3.6%; all performance figures in EUR terms). Prague was also up in October (+1....
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG PETROL D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
STCK STOCK SPIRITS GROUP
BHW BANK HANDLOWY W WARSZAWIE S.A.
EVR EVRAZ PLC
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
SBER SBERBANK RUSSIA PJSC
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.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
WXF WARIMPEX FINANZ UND BETEILIGUNG
TTKOM TURK TELEKOMUNIKASYON A.S.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
KAZ KAZ MINERALS PLC
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
ECH ECHO INVESTMENT
FMF FAMUR SA
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
PODR-R-A PODRAVKA D.D.
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
TELEC O2 CZECH REPUBLIC A.S.
ATGR-R-A ATLANTIC GRUPA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
PLZL POLYUS (GDR)
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
MNOD NORILSK NICKEL
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
RICHT RICHTER
ALPHA ALPHA BANK
EAT AMREST HOLDINGS SE
ENJSA ENERJISA ENERJI
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
- Research Team
Focus: Sberbank’s 3Q19 results review – still underwhelming, manag...
HEADLINES: • Sberbank: 3Q19 results review - still underwhelming, management is more positive on 4Q NEUTRAL • Turk Telekom: 3Q19 earnings beat triggers guidance upgrade • Turkcell: 3Q19 results - numbers in line, risk of new taxes in 2020 • O2 Czech Republic: 3Q19 - lower-than-expected sales, but beat on EBITDA • MMK: 3Q19 results - dividend beats our estimate by 60% on FCF beat • Norilsk Nickel: 3Q19 trading update - well on track to meet guidance • Ford Otosan: 3Q19 confere...
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
SBER SBERBANK RUSSIA PJSC
CIE CIECH S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
MGROS MIGROS TICARET A.S
FROTO FORD OTOMOTIV SANAYI A.S.
BANK OF CYPRUS PCL
BRD BRD-GROUPE SOCIETE GENERALE
TELEC O2 CZECH REPUBLIC A.S.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLZL POLYUS (GDR)
MNOD NORILSK NICKEL
SOKM SOK MARKETLER TICARET AS
- Andy Jones
WOOD Flash – Norilsk Nickel: 3Q19 trading update – well on track t...
Norilsk released its 3Q19 trading update this morning (31 October). Production of all metals are up 6-8% yoy after the first nine months of 2019, and remain well on track to meet the 2019E guidance, which was reiterated by management. 3Q19 nickel production was up 7% qoq/+8% yoy and copper production was down 3% qoq/flat yoy. Palladium production fell 6% qoq, but rose 3% yoy, while platinum production was down 11% qoq and 8% yoy. The only negative we see is that Chita gold production is below th...
- Research Team
Focus: Orange Polska’s 3Q19 results – 2.5% beat vs. consensus on E...
HEADLINES: • Orange Polska: 3Q19 results - 2.5% beat vs. consensus on EBITDAaL POSITIVE • Norilsk Nickel: Indonesia brings forward nickel ore export ban, with immediate effect POSITIVE • PGNiG: 3Q19E estimates - weaker than expected • Bank Millennium: additional colour after the 3Q19 results • Polish telecoms: memorandum on joint 5G network signed by T-Mobile, Orange, CPS Exatel and PFR POSITIVE • Alior Bank: CEO's interview with Puls Biznesu NEUTRAL • Novatek: expecting weak 3Q1...
- Research Team
The Rear-View Mirror – EME markets: Turkish market stands out in Sep...
EME Equity Market – September 2019 Market performance – all markets in the black, with Turkey standing out. In September, the MSCI EME index expanded by 3.8% mom. The Turkish ISE30 stood out among its peers, rising by 14.1% mom, vs. losing 10.8% in August. Moscow’s index was the second-best performer, up 4.0% mom, recovering from the 3.8% loss seen in the previous month. Bucharest’s BET index ended September with a gain of 3.3%, while Warsaw’s WIG20 rose by 2.0%, vs. its 8.3% loss in A...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
CEZ CEZ AS
PETG PETROL D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
KOMB KOMERCNI BANKA A.S.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
SPI S IMMO AG
CCC CCC SA
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
PKP PKP CARGO
ICD ENERGA SA
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
MONET MONETA MONEY BANK AS
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
DIGI DIGI COMMUNICATIONS NV
MNOD NORILSK NICKEL
TABAK PHILIP MORRIS CR AS
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
DPEU DP EURASIA
ATAD TATNEFT (GDR)
M MED LIFE
PTKHY PETKIM PETROKIMYA HOLDING AS
IIA IMMOFINANZ AG
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
- Research Team
Focus: upgrading Norilsk Nickel to BUY, with higher USD 28.6/GDR PT; N...
HEADLINES: • Norilsk Nickel: nickel bull market on Indonesian ore ban (upgraded to BUY) • NLB Group: weak 2Q19 results NEGATIVE • Tauron: weak 2Q19 EBITDA, in line with consensus NEUTRAL • Kruk: additional takeaways from meeting
- Andy Jones
- Pawel Wieprzowski
- PhD
Norilsk Nickel: Nickel bull market on Indonesian ore ban (upgraded to ...
With the Indonesian government planning to accelerate a ban on raw ore exports to the end of 2019, vs. 2022 previously, the news has shocked the nickel market, with prices up c.50% since June. With the potential to remove nearly 10% of global supply almost overnight, the nickel market will move into a large deficit, in our view, justifying high prices close to current spot in the next couple of years, before processing capacity catches up. Beyond 2022, EV demand should support nickel prices. Wit...
- Research Team
The Rear-View Mirror – EME markets: Soft performance across markets ...
EME Equity Market – August 2019 Market performance – pressure on all markets, only the BET flattish. The MSCI EME contracted by 4.9% mom in August, while the ASE index fell by 3.5% and Moscow’s index dropped by 3.8%. Bucharest’s BET index was the only one to rise, if only marginally, by 0.4% mom. The worst performer was Turkey’s ISE30, losing 10.8% mom, while the WIG20 index was down 8.3% mom, the BUX index dropped by 4.1% mom, and Prague’s PX index fell by 2.8% mom.
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
CEZ CEZ AS
PETG PETROL D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
FXPO FERREXPO PLC
BHW BANK HANDLOWY W WARSZAWIE S.A.
EVR EVRAZ PLC
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
WXF WARIMPEX FINANZ UND BETEILIGUNG
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
NOG NOSTRUM OIL & GAS PLC
LVC LIVECHAT SOFTWARE SA
GHG GEORGIA HEALTHCARE GROUP
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.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
KAZ KAZ MINERALS PLC
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
ICD ENERGA SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
PLZL POLYUS (GDR)
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
MNOD NORILSK NICKEL
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)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
KOFOL KOFOLA
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
MPARK MLP SAGLIK HIZMETLERI AS
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
ENJSA ENERJISA ENERJI
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
- Alessio Chiesa
- Pawel Wieprzowski
- PhD
- Research Team
EME Strategy: EME dividend stories – highest in the EM universe
Since 2Q19, investors have started acquiring treasury bonds massively, pushing 30% of the yields worldwide into negative territory. Moreover, we believe that there are good arguments (geopolitical tensions, central banks becoming even more dovish) to suggest that this situation may persist in the long term. Also, as the yield hunting may continue, we believe that selected high dividend yielding stocks could offer an interesting alternative to bonds, and we see the EME region as a great place for...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
PETG PETROL D.D.
KOMB KOMERCNI BANKA A.S.
FXPO FERREXPO PLC
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
TTKOM TURK TELEKOMUNIKASYON A.S.
AYGAZ AYGAZ A.S.
ECH ECHO INVESTMENT
FMF FAMUR SA
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
OTOEL AUTOHELLAS S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
PLZL POLYUS (GDR)
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
MNOD NORILSK NICKEL
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
ATAD TATNEFT (GDR)
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
- Research Team
Focus: KGHM’s 2Q19 financial results – in line with PAP consensus ...
HEADLINES: • KGHM: 2Q19 financial results - in line with PAP consensus and FCF turns positive NEUTRAL • Mobile TeleSystems: 2Q19 results - OIBDA in line with consensus, 2019E guidance increased POSITIVE • Mobile TeleSystems: key takeaways from 2Q19 earnings call NEUTRAL • Italy macro: political crisis can be safely ignored • Eurocash: sales in small stores up only 6.2% yoy in July NEGATIVE • Norilsk Nickel: 1H19 - in line with consensus on EBITDA, lower-than-expected capex & 6% inte...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.