reports
- Research Team
WOOD Morning (12 February)
HEADLINES: * JSW: strategy presentation - little new news (stays HOLD) * Richter: 4Q net profit misses on deferred taxes, undisclosed milestones boost EBIT NEGATIVE * Richter: EMA PRAC recommends that no patients start/continue on Esmya NEGATIVE * Ulker: asks Turkish banks to restructure USD 6-7bn debt load NEGATIVE * Atrium: exits Hungary POSITIVE * Romania macro: NBR ups inflation forecasts * Inter Cars: January sales up 16% yoy NEUTRAL * Aygaz: 4Q17E preview (due on ...
- Andy Jones
- Pawel Wieprzowski
- PhD
JSW: Strategy presentation – little new news (stays HOLD)
JSW presented its new 2018-30E strategy update on Friday (9 February). Most of the headline numbers had been presented in a December press release already, so the production figures were broadly in line with our estimates, and the total 2018-30E capex of c.PLN 19bn was reiterated. Cost guidance was higher than we expected and the previous guidance. In this report, we also increase our coal price assumptions and assume a stronger zloty, which results in a small (2%) increase in our price target (...
- 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
- 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) * ...
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