reports
- Oytun Altasli
- Research Team
Turkey: Non-Financials 4Q17E Previews – year-on-year growth momentum...
Turkish companies kicked off their 4Q17 earnings season this week. After 11.1% real GDP growth in 3Q, the momentum should have eased in 4Q, in our view, while the quarter was dented by currency volatility. Still, we expect the yoy growth to have remained robust – for the non-financials under our coverage, we calculate 31% and 9% median EBITDA growth yoy and qoq, respectively. On adjusted earnings, we see 16% and flat qoq net income yoy growth.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
ENKAI ENKA INSAAT VE SANAYI A.S.
CCOLA COCA-COLA ICECEK A.S.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
MGROS MIGROS TICARET A.S
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
AYGAZ AYGAZ A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
SAHOL HACI OMER SABANCI HOLDING A.S.
TKFEN TEKFEN HOLDING
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
ASELS TI ASELSAN
AEFES TI ANADOLU EFES
DPEU LN DP EURASIA
EREGL TI ERDEMIR
PGSUS TI PEGASUS AIRLINES
OTKAR TI OTOKAR
FROTO TI FORD OTOSAN
PETKM TI PETKIM
GUBRF TI GUBRETAS
DOC AV DO&CO
- Research Team
WOOD Morning (24 January)
HEADLINES: * CE4 macro: inflation - where do we stand? This is just the beginning * DP Eurasia: trading update * Orange Polska: to record a PLN 196m negative one-off in 4Q17E related to its VRP NEUTRAL * Cyfrowy Polsat: Netia's PLN 150.7m asset impairment in 2017E will not affect CPS' 4Q17E results NEUTRAL * PGNiG: operating results estimates in line with our expectations NEUTRAL * Wirtualna Polska: enters healthcare e-commerce market NEUTRAL * X5: considering acquisition ...
- Gabriela Burdach
WOOD Flash – DP Eurasia: trading update
DP Eurasia released a solid trading update today (23 January). The sales data were above our estimates for 2017E (+3% vs. our estimate for system sales, which is a combination of own stores and franchisee revenues). Just like in 1H17, the company was able to generate positive lfls in both markets in 2H17: Turkey generated FY lfls of +10%, and Russia +29%. The store rollout (+76 stores) was higher than our estimate (+69 stores) and the company closed 2017 with 643 stores (522 in Turkey and 121 in...
- Research Team
WOOD Morning (23 January)
HEADLINES: * OMV: hitting cruise control (downgraded to HOLD) * AmRest: 4Q sales up 25% yoy NEUTRAL * Energa: preliminary 4Q17 EBITDA of PLN 525m beats consensus by 7% NEUTRAL * X5: decent 4Q numbers, traffic remained in positive territory NEUTRAL * PGNiG: concludes agreement for Baltic pipeline POSITIVE * Sabanci Holding: ENJSA valuation range POSITIVE * Polish gencos: new speculation about sector consolidation NEUTRAL * DP Eurasia: trading update conference call today...
- Research Team
The Rear-View Mirror – CEE markets: New Polish Prime Minister appoin...
Market performance –Turkish index the regional top performer in December. The MSCI EME gained +3.7% mom in EUR terms in December. The largest rate of return for December was realised by the Turkish ISE30 (+13.9% mom), followed by the Athens Stock Exchange index (+8.4% mom), the Polish WIG20 (+2.9%), the Hungarian BUX (+2.6%), the Czech PX index (+1.6% mom) and the Russian MIXEX (+0.8% mom), while the Romanian BET index lost 1%. Only utilities in negative territory for December. Industrials wa...
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
CEZ CEZ AS
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
FFGRP FOLLI FOLLIE S.A.
PETG SV PETROL GROUP
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
EUPRO GRIVALIA PROPERTIES REIC
LWB LUBELSKI WEGIEL BOGDANKA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
GNB GETIN NOBLE BANK SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
PKP PKP CARGO
ICD ENERGA SA
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
ROSN LI ROSNEFT
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
DIGI DIGI COMMUNICATIONS NV
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
MONET CP MONETA MONEY BANK
SBER03 RX SBERBANK
ASELS TI ASELSAN
BFTPLN LN BENEFIT SYSTEMS
TELEC LN O2 CZECH REPUBLIC
DPEU LN DP EURASIA
ALPHA GA ALPHA BANK
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TPEIR GA PIRAEUS BANK
PLY PW PLAY COMMUNICATIONS
OTKAR TI OTOKAR
FROTO TI FORD OTOSAN
TGN RO TRANSGAZ
KAZ LN KAZAKHMYS
JSW PW JSW
UNIP CP UNIPETROL AS
ANY HB ANY SECURITY PRINTING COMPANY
ALR PW ALIOR BANK
BOCH LN BANK OF CYPRUS
ELSA SOCIETATEA ENERGETICA ELECTRICA
ENA PW ENEA
OGZD LI GAZPROM
RICHT HB RICHTER
GSPARK HB GRAPHISOFT PARK
MOL HB MOL
MDG PW MEDICALGORITHMICS
NVTK LI NOVATEK
PGE PW PGE
PETKM TI PETKIM
SNG RO ROMGAZ
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