Two Directors at TBC Bank Group sold 12,789 shares at between 3,236p and 3,237p. The significance rating of the trade was 71/100. 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 company's directors over the last tw...
HEADLINES: • EME Macro/Strategy: macro all-in-one (18-24 March) • Richter: proposes dividend of HUF 423/share POSITIVE • Romgaz: makes two dividend proposals NEGATIVE • TBC Bank: notes from the Uzbekistan webinar POSITIVE • Banca Transilvania: AGM convocation NEUTRAL • Short News (HUG)
TBC held a webinar yesterday (21 March), showcasing its Uzbekistan businesses. The presenters were Nika Kurdiani (TBC’s Uzbekistan CEO) and Oliver Hughes (Head of International Business). We discuss our impressions and notes from the call, below. You can watch the replay by clicking here. We rate TBC Bank Group a BUY with a price target (PT) of GBP 32.9. On our 2024E expectations, the bank is trading at a 4.6x P/E and a 1.2x P/TBV.
EME Equity Market – February 2024 Market performance – a positive February, with the Polish WIG20 outperforming. The MSCI EM Europe Index added 4.2% mom in EUR terms and 3.7% mom in USD in February. The Polish WIG20 saw the strongest performance, adding 6.4% mom in EUR terms, followed by the Greek ASE (+4.2% mom), the Turkish ISE30 (+4.0% mom) and the Romanian BET (+2.6% mom) (all in EUR terms). There was a relatively muted performance in Hungary (+0.6% mom in EUR terms) and a decline in the Cze...
HEADLINES: • TBC Bank: 4Q23 results and conference call • PKO BP: decides to beef up FX mortgage provisions in 4Q23E NEUTRAL • EME Macro/Strategy: macro all-in-one (12-18 February) • OTE: 4Q23E results preview – 2% yoy adjusted EBITDA growth expected (due on 22 February)
TBC has reported GEL 291m in net income for 4Q23, in line with the GEL 288m consensus and our GEL 292m estimate. We believe that the bank may not have finished 2023 with a huge bang, but nothing to be desired in terms of earnings power, with a ROTE of around 30%. The bank kept on going full throttle in Uzbekistan as well. TBC will pay out a GEL 4.7/share dividend (a 4.9% yield on Friday’s stock price) on 19 July (ex. date 13 June). We rate TBC a BUY, with a GBP 32.9/share price target. The bank ...
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: • Teknosa: good things come in small packages (BUY - initiation of coverage) • OTP Bank: beats expectations with 3Q23 delivery • Bank Handlowy: solid 3Q23, DPS feasible and attractive, still a reason to own the stock NEUTRAL • Eurocash: 3Q23 beat on costs POSITIVE • Dogus Otomotiv: strong bottom-line beat in 3Q23 POSITIVE • Ulker: 3Q23 results - strong beat POSITIVE • Sok Marketler Ticaret: 3Q23 in line operationally, strong bottom-line beat on deferred tax income NEUTRAL • Public P...
TBC Bank has announced GEL 300m in net income in 3Q23, implying a 6% beat vs. the GEL 282m market estimate and a 15% beat vs. our GEL 262m forecast, which was included in the company collected consensus. The beat vs. our estimate came from the NII (GEL 20m better than expected) and provisions (GEL 17m lower than expected). The NIM ticked up another 10bpts qoq, with the help of the Uzbekistan expansion, and the COR is still more benign than the 1.0-1.2% run-rate guidance. A normalisation in fee g...
EME Equity Market – September 2023 Market performance – positive developments in Romania and Turkey, declines everywhere else. The MSCI EM Europe Index lost 3.7% mom in EUR terms and 6.0% mom in USD in September. Romania took the spotlight, with the BET Index advancing 7.4% mom in EUR terms, followed by the Turkish ISE30 (+4.6% mom). The Polish WIG20 declined the most (-8.7% mom), followed by the Greek ASE, the Hungarian BUX and, finally, the Czech PX (-7.9%, -1.9% and -0.6% mom, respectively).
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...
HEADLINES: • Kruk: posts solid 2Q23, showing its operational execution excellence NEUTRAL • Kruk: Italy may change regulations for debt collection NEGATIVE • Warsaw Stock Exchange: strong 2Q23 results, in line with prelims NEUTRAL • Romgaz: 2Q23 net profit 13% above our estimate, on lower profit tax NEUTRAL • CTP: 2Q23 - recurring in line, FFO guidance reiterated, leasing backdrop supportive, LTV contained POSITIVE • TBC Bank: highlights from 2Q23 - a strong quarter POSITIVE • NLB Group: strong ...
We like the results and the ongoing momentum in the NIM and fees. Our 2023E net income estimate (GEL 991m) looks conservative, based on the 1H23 trends. The bank has also set specific KPIs for 2025E, and started reporting its Georgian and Uzbek (both Payme and TBC Uz) numbers separately. We rate TBC a BUY, with a PT of GBP 26.2/share. On our current 2023E estimates, TBC is trading at 4.6x P/E and 1.0x P/TBV.
EME Equity Market – May 2023 Market performance – in its election month and with talks of a return to investment grade starting to materialise, Greece outperformed, posting a stellar performance. The MSCI EM Europe Index gained 2.3% mom in EUR terms, but lost 1.4% mom in USD in May. The Greek ASE Index saw the biggest gains (+12.3% mom in EUR terms), followed by the Hungarian BUX Index (+6.2% mom in EUR terms) and the Turkish ISE 30 Index (+3.4% mom in EUR terms). The remaining geographies finis...
QIWI Announces First Quarter 2023 Financial Results NICOSIA, Cyprus, May 26, 2023 (GLOBE NEWSWIRE) -- QIWI plc (NASDAQ and MOEX: QIWI) (“QIWI” or the “Company”), a leading provider of cutting-edge payment and financial services in Russia and the CIS, today announced its financial results for the first quarter ended March 31, 2023. 1Q 2023 key operating and financial highlights1 2 1Q 20221Q 2023YoY 1Q 2023 RUB millionRUB million USD million(1) Consolidated Group resultsRevenue9,717 17,872 83.9% 231.8 Total Net Revenue6,305 8,552 35.6% 110.9 Adjusted EBITDA3,687 4,479 21.5% 58....
HEADLINES: • Purcari: 1Q23 results show strong sales growth POSITIVE • Transgaz: stronger 1Q23 net profit than expected, on lower impairments of receivables NEUTRAL • Alro: net loss reported for 1Q23 NEGATIVE • DIGI Communications: 1Q23 results - adjusted EBITDA up 8% yoy, in line with our estimates NEUTRAL • ONE United Properties: 1Q23 in line, as higher revenue compensated for a lower gross profit margin NEUTRAL • Fondul Proprietatea: Hidroelectrica 1Q23 results • Nuclearelectrica: takeaways...
Although TBC’s 1Q23 results were similar to our expectations on the bottom line, we are positive on the back of the increasing quality of earnings, positive guidance from the management and signs of a fast ramp-up in the Uzbekistan business. We rate TBC a BUY with a PT of GBP 26.2/share. On our 2023E estimates, the bank is trading at 4.1x P/E and 0.9x P/TBV.
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EME Equity Market – February 2023 Market performance – Greece and Czechia continue with good momentum; Turkey resumes rally. The MSCI EM Europe Index gained 4.9% mom in EUR terms and 2.4% mom in USD in February. The Greek ASE and the Czech PX were, again, the best performers, adding 10.4% mom and 7.6% mom in EUR terms, respectively; while the rally resumed in Turkey, with the ISE 30 index gaining 7.3% mom in EUR terms. There was a somewhat muted performance in Hungary and Romania, with the BUX a...
HEADLINES: • Bank of Cyprus: patience wins the race (stays BUY) • Turk Telekom: 4Q22 results in line, but no dividends from the FY22 earnings NEGATIVE • Magyar Telekom: 4Q22 results - EBITDA down 3% yoy, 2% above the consensus; strong 2023-24E outlook POSITIVE • TBC Bank: 4Q22 highlights, and our take on the redemption liability • Brisa: small 4Q22 earnings beat, declares DPS of TRY 3.6 (6.0% yield) POSITIVE • Piraeus Bank: 4Q22E results (due out tomorrow morning) • Alro: 4Q22E results previ...
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