reports
OTP Bank Plc: 6 directors
Two Directors at OTP Bank Plc sold after exercising options 2,870 shares at between 27,066.000HUF and 27,073.000HUF. The significance rating of the trade was 23/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the ...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the green in...
EME Equity Market – May 2025 EME indices mostly in the green in May, apart from Türkiye. The MSCI EM Europe Index added 3.6% mom in EUR and USD terms. The Greek ASE index (+7.8% mom) was the best performer, followed by the Czech PX (+6.6% mom) and Romanian BET indices (+5.0% mom), the Hungarian BUX (+4.0% mom) and the Polish WIG20 (+2.0% mom; all in EUR terms). The Turkish ISE30 Index was, again, the worst performer, with a more modest decline (-1.4% mom in EUR terms) this time.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
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.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCOLA COCA-COLA ICECEK A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Emmanuel Matot
RCO REMY COINTREAU SA
DBG DERICHEBOURG SA
AUB AUBAY SA
ELIS ELIS SA
POS PORR AG
SOI SOITEC SA
COR CORTICEIRA AMORIM SGPS SA
PAL PALFINGER AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
AEDAS AEDAS HOMES SA
- Emmanuel Matot
RCO REMY COINTREAU SA
DBG DERICHEBOURG SA
AUB AUBAY SA
ELIS ELIS SA
POS PORR AG
SOI SOITEC SA
COR CORTICEIRA AMORIM SGPS SA
PAL PALFINGER AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
AEDAS AEDAS HOMES SA
- Research Team
WOOD Daily: BHW PW; ACP PW; PGE PW; HUG PW; DIA PW; BFT PW; GPP PW; WP...
HEADLINES: • Bank Handlowy: sells retail operations, sets 2027E ROE target of 19% • Asseco Poland: 1Q25 review – net profit up 9% yoy, in line with the consensus; 2025 backlog up 10% yoy POSITIVE • PGE: full 1Q25 results in line with the preliminaries NEUTRAL • Huuuge Games: 1Q25 adjusted EBITDA in line with our expectations NEUTRAL • Diagnostyka: 1Q25 results in line with expectations NEUTRAL • Benefit Systems: 1Q25 earnings call takeaways – very optimistic on MAC Group POSITIVE • Grupa Pracuj:...
ACP ASSECO POLAND SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
ALPHA ALPHA BANK AE
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
HUGE HUUUGE
GPP GRUPA PRACUJ DA
DIAG DIAGNOSTYKA SA
- Oleg Galbur
- Research Team
WOOD Daily: Polish Food Retail – DNP PW; EUR PW; JMT PL; ZAB PW; BFT P...
HEADLINES: • Polish food retail: turning the corner (initiating on Zabka with a BUY, Eurocash and Jeronimo stay BUY, Dino stays SELL) • Benefit Systems: 1Q25 adjusted EBIT up 14% yoy, 10% above our forecast POSITIVE • Grupa Pracuj: 1Q25 results – adjusted EBITDA up 11% yoy, in line with our forecast, 4% above the consensus POSITIVE • Wirtualna Polska: 1Q25 results review – adjusted EBITDA up 2% yoy, 2% above the consensus NEUTRAL • Athens Exchange Group: 1Q25 results in line with expectations NE...
EXAE HELLENIC EXCHANGES SA
OMV OMV AG
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
EUR EUROCASH S.A.
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
DNP DINO POLSKA S.A.
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
ZAB ZABKA GROUP
- Research Team
WOOD Daily: BDX PW (upgraded to BUY); HSBK LI; TEN PW; GEV CP; TITC GA...
HEADLINES • Budimex: growth acceleration on the horizon (upgraded to BUY) • Halyk Bank: 1Q25 results highlights before the call POSITIVE • Ten Square Games: 1Q25 adjusted EBITDA 15% above our forecast, but April sales disappoint NEGATIVE • GEVORKYAN: strong 1Q25 - EBITDA 15% above our expectations; 2025E conservative guidance POSITIVE • Titan Cement: completes divestment of its 75% stake in Adocim in Eastern Türkiye NEUTRAL • Al Arabia Outdoor Advertising: key takeaways from our call with the CF...
- Adrian Pehl
UBI UBISOFT ENTERTAINMENT SA
BEKB BEKAERT SA
SBMO SBM OFFSHORE NV
PBB DEUTSCHE PFANDBRIEFBANK AG
INF INFOTEL SA
BRBY BURBERRY GROUP PLC
JCQ JACQUET METALS SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
EUR EUROCASH S.A.
PYT POLYTEC HOLDING
LTA ALTAMIR ACT PORTEUR
FLU FLUGHAFEN WIEN AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
DKG DEUTSCHE KONSUM REIT-AG
TRE TECNICAS REUNIDAS SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DUFN DUFRY AG
DIGI DIGI COMMUNICATIONS NV
DUE DURR AG
MDM MAISONS DU MONDE SA
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SFG SPHERA FRANCHISE GROUP SA
DSC1 DUTCH STAR C SHAR
VK VALLOUREC SA
IVG IVECO GROUP
SPAC 468 SPAC I SE
TUI TUI AG
SCHOTT PHARMA AG
HBX HBX GROUP INTERNATIONAL PLC
- Adrian Pehl
UBI UBISOFT ENTERTAINMENT SA
BEKB BEKAERT SA
SBMO SBM OFFSHORE NV
PBB DEUTSCHE PFANDBRIEFBANK AG
INF INFOTEL SA
BRBY BURBERRY GROUP PLC
JCQ JACQUET METALS SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
EUR EUROCASH S.A.
PYT POLYTEC HOLDING
LTA ALTAMIR ACT PORTEUR
FLU FLUGHAFEN WIEN AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
DKG DEUTSCHE KONSUM REIT-AG
TRE TECNICAS REUNIDAS SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DUFN DUFRY AG
DIGI DIGI COMMUNICATIONS NV
DUE DURR AG
MDM MAISONS DU MONDE SA
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SFG SPHERA FRANCHISE GROUP SA
DSC1 DUTCH STAR C SHAR
VK VALLOUREC SA
IVG IVECO GROUP
SPAC 468 SPAC I SE
TUI TUI AG
SCHOTT PHARMA AG
HBX HBX GROUP INTERNATIONAL PLC
- Oleg Galbur
- Research Team
WOOD Daily: PZU PW; CEZ CP; EUR PW; GPW PW; SFG RO; TLV RO; BVB RO; DI...
HEADLINES: • PZU: solid 1Q25 results, ahead of the market's expectations; some upside risk for2025E EPS forecasts POSITIVE • CEZ: 1Q25 beat on distribution and sales segments, disposal of Polish assets POSITIVE • Eurocash: 1Q25 – weak, as expected NEGATIVE • Warsaw Stock Exchange: strong 1Q25, with a significant net income beat POSITIVE • Sphera Group: 1Q25 softer than expected; FY25E budget below our forecasts NEGATIVE • Banca Transilvania: bottom-line miss, due mainly to asset quality deterior...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
OTP OTP BANK NYRT
EUR EUROCASH S.A.
GPW WARSAW STOCK EXCHANGE
VGO VIGO SYSTEM SA
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
GIG KAZMUNAYGAS NC JSC
4071 GAMING INNOVATION GROUP
ARABIAN CONTRACTING SERVICES CO
- Gabor Bukta
Marginal beat in Q1 driven by higher revenues
OTP’s reported net income came to HUF 189bn in Q1/25, beating the consensus estimate of HUF 184bn by 3% due to better-than-expect total income. 2025 guidance has been left fully unchanged by the management, but the current consensus may not reflect the full potential for 2025. Our 2025 net profit estimate is 9% above the consensus. We roll over to Jun-26 and raise our TP by HUF 30,955, implying a 26% total return upside potential including the dividends after 2024 (c. HUF 1000 adj. for treasury...
- Research Team
WOOD Daily: MTELEKOM HB; IGN1L LH; GSPARK HB; AQ RO; INPST NA; OPTIMA ...
HEADLINES: • Magyar Telekom: 1Q25 results review – EBITDA +24% yoy, 4% above the consensus; solid 2025E guidance reiterated POSITIVE • Ignitis Group: 1Q25 adjusted EBITDA 20% above our expectations, driven by strong Green Capacities POSITIVE • Graphisoft Park: 1Q25 – recurring income higher yoy, and a small revaluation loss • Aquila Part Prod Com S.A.: strong 1Q25 gross profit margin sustainable in FY25E POSITIVE • InPost: 1Q25 in line with expectations; FY25E EBITDA guidance maintained; soft do...
- Martin Marandon-Carlhian
- Stephane Houri
- Thomas Zlowodzki
IFX INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
EDP EDP-ENERGIAS DE PORTUGAL SA
ZURN ZURICH INSURANCE GROUP LTD
LONN LONZA GROUP AG
RHM RHEINMETALL AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ENEL ENEL SPA
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
OTP OTP BANK NYRT
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
INGA ING GROEP NV
LDO LEONARDO SPA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
- Martin Marandon-Carlhian
- Stephane Houri
- Thomas Zlowodzki
IFX INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
EDP EDP-ENERGIAS DE PORTUGAL SA
ZURN ZURICH INSURANCE GROUP LTD
LONN LONZA GROUP AG
RHM RHEINMETALL AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ENEL ENEL SPA
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
OTP OTP BANK NYRT
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
INGA ING GROEP NV
LDO LEONARDO SPA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
- Jovan Sikimic
- Research Team
WOOD Daily: BIMAS TI; MOL HB; OTP HB; EAT PW; NLBR SV; ETE GA; EUROB G...
HEADLINES: • BIM: weak results in 1Q25 NEGATIVE • MOL: 1Q25 results – strong EBITDA, big net income beat POSITIVE • OTP Bank: neutral 1Q25 results, but supported strongly by Russian operations NEUTRAL • AmRest: 1Q25 below expectations, due to EUR 5m negative one-off NEUTRAL • NLB Group: small bottom-line miss in 1Q25, but guidance maintained NEUTRAL • National Bank of Greece: 1Q25 highlights POSITIVE • Eurobank Ergasias Services: 1Q25 highlights NEUTRAL • Alpha Services and Holdings: 1Q25 highli...
MOL MOL NYRT
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
TITK TITAN CEMENT CO. SA
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
TBCB TBC BANK JOINT STOCK CO
ALPHA ALPHA BANK AE
OTP OTP BANK NYRT
11B 11 BIT STUDIOS S.A.
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
7203 ELM CO
- Research Team
WOOD Daily: RBI AV; ADNOCDIS UH; ENA PW; TITC GA; RO Macro; BRISA TI; ...
HEADLINES: • Raiffeisen Bank International: 1Q25 results largely in line NEUTRAL • ADNOC Distribution: 1Q25 results NEUTRAL • Enea: preliminary 1Q25 EBITDA 13% above our expectations, driven by strong Supply; only 8% of 2025E capex plan realisation POSITIVE • Titan America: soft 1Q25 results, guidance unchanged NEUTRAL • Romania macro: reflections on the resignation of PM Ciolacu • Brisa: takeaways from the 1Q25 earnings call NEUTRAL • Inter Cars: earnings call takeaways - targeting 2025E revenu...
RBI RAIFFEISEN BANK INTERNATIONAL AG
TITK TITAN CEMENT CO. SA
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENA ENEA S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
CPS CYFROWY POLSAT SA
WPL WIRTUALNA POLSKA HOLDING SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
INPST INPOST S.A.
ADNOCDRILL ADNOC DRILLING CO
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
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