reports
- Research Team
WOOD Morning (19 February)
HEADLINES: * Turkey macro: model updates - the message for the near-term remains very bullish POSITIVE * BGEO: 4Q17 results wrap - no surprises in 4Q17 per se, but the bank's 2017 performance was positive NEUTRAL * LPP: 4Q17 preliminary results in line with consensus, but above our forecasts POSITIVE * Tofas: TRY 800m of gross dividends POSITIVE * Banca Transilvania: 4Q17 results conference call summary NEUTRAL * KAZ Minerals: comments on potential Baimskaya acquisition - neutr...
- Research Team
WOOD Morning (26 January)
HEADLINES: * Wirtualna Polska: in e-commerce we trust (upgraded to BUY) * Magnit: soft set of 4Q17 results NEGATIVE * Turkey: government postpones strike decision by 60 days POSITIVE * PGNiG: distribution tariffs reduced by 7.37% NEGATIVE * KAZ Minerals: 2017 trading update weaker-than-expected & lower-than-expected guidance for Bozshakol NEGATIVE * MMK: 4Q trading update - weaker volumes qoq, but higher price growth than peers NEUTRAL * Hungarian telecoms: Magyar Telekom ...
- Andy Jones
WOOD Flash – KAZ Minerals: 2017 trading update weaker-than-expected ...
This morning, KAZ Minerals reported its 4Q17 trading update, which is likely to be taken negatively by the market, in our view. Copper production of 259kt for 2017 was in the middle of the updated guidance range (and the top of the range set in February, before being increased later in the year), while gold production hit the top end of the guidance range at 179koz in 2017. However, full-year zinc production of 58kt missed the guidance marginally and silver was at the lower end of the guidance r...
- 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
- Andy Jones
- Jakub Mician
KAZ Minerals: More growth from Aktogay expansion (stays BUY)
Yesterday (21 December), we initiated coverage of KAZ with a BUY and a GBp 973/share price target (PT). However, within minutes of our report being published, the company announced an expansion to Aktogay, which will the double sulphide processing capacity for USD 1.2bn. This will add 80ktpa to production from 2022-27E and 60ktpa thereafter as the increased processing volumes will hasten the grade decline, which was already expected in the mine plan. The expansion would reduce the mine life from...
- Research Team
WOOD Morning (22 December)
HEADLINES: * KAZ Minerals: more growth from Aktogay expansion (stays BUY) * Public Power Corporation: weak 3Q17 operations on tariff erosion and discounts NEGATIVE * Piraeus Bank: sale of Romanian operations NEUTRAL * PKO BP: change of CFO NEUTRAL * Kruk: buying opportunity * Short News (PEO)
- Research Team
WOOD Morning (21 December)
HEADLINES: * EMEA copper: KAZ over KGHM on FCF generation (reinitiating on KAZ with a BUY, KGHM stays HOLD) * JSW: neutral strategy update (stays HOLD) * PZU: guides for P&C GWP growth to decelerate significantly in 2018E NEGATIVE * Orange Polska: T-Mobile Polska and OPL negotiating access to OPL's fibre network POSITIVE * Poland politics: European Commission triggers Article 7 NEUTRAL * Public Power Corporation: we expect stabilising trend in 3Q17E trading statement (due this morning) * ...
- Andy Jones
- Jakub Mician
EMEA copper: KAZ over KGHM on FCF generation (reinitiating on KAZ with...
In this report, we increase our copper price forecasts by c.20% in 2018-22E, 7% in the long term but maintain our HOLD rating on KGHM, with an 8% lower price target (PT) of PLN 110/share (the stronger PLN, lower production, higher capex, and wage inflation guidance offset the higher copper price). We reinitiate coverage of KAZ Minerals, with a BUY rating (PT GBp 973/share). We see KAZ as a superior operator, more than tripling production in the last two years. With assets at the bottom of the co...
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