reports
- Research Team
WOOD Daily: CEZ CP; WIZZ LN; MBK PW; MBR PW; WPL PW; HUG PW; TEN PW; 1...
HEADLINES: • CEZ: government may try to include support for coal plants in draft gas bill NEUTRAL • Wizz Air: extends compensation agreement with PW until YE26 NEUTRAL • mBank: sees PLN 907m of FX mortgage saga costs in 4Q24E NEUTRAL • Mo-BRUK: update on increased fees in Wałbrzych for 2018 NEUTRAL • Wirtualna Polska: agrees to acquire Invia Group for c.EUR 240m POSITIVE • Huuuge Games: December bookings estimate jumps by 18% mom, to USD 13m POSITIVE • Ten Square Games: December bookings estimat...
CEZ CEZ AS
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
WIZZ WIZZ AIR HOLDINGS PLC
PPA PIRAEUS PORT AUTHORITY S.A.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TABAK PHILIP MORRIS CR AS
TEN TEN SQUARE GAMES
HUGE HUUUGE
IGN1L IGNITIS GRUPE
- Research Team
WOOD Flash – Fondul Proprietatea/ Globalworth/ Ignitis Group/ Philip M...
We put our coverage of the following stocks UNDER REVIEW, with immediate effect: Fondul Proprietatea Globalworth Ignitis Group Philip Morris Piraeus Port Authority We caution against using the forecasts, ratings and price target guidance issued previously on these stocks.
- Research Team
The Rear-View Mirror – EME markets: Energy names outperform all other ...
EME Equity Market – September 2021 Market performance – Turkish equities performed the worst, followed by Greek stocks. The MSCI EM Europe Index advanced 4.5% in EUR terms and 2.4% in USD terms in September. Turkey’s ISE30 Index declined by 9.7% in EUR terms and lost 5.2% in TRY terms, while the Greek ASE Index declined 6.3% in EUR terms. In Poland, the WIG20 Index declined by 4.3% in EUR terms and 2.4% in local currency. The Hungarian BUX Index fell by 1.3% in EUR terms, but advanced 1.7% in lo...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
YNDX YANDEX NV CLASS A
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
BHW BANK HANDLOWY W WARSZAWIE S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
ENKAI ENKA INSAAT VE SANAYI A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
TRP TERAPLAST
MONET MONETA MONEY BANK AS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TABAK PHILIP MORRIS CR AS
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
ELPE HELLENIC PETROLEUM
NLBR NLB GROUP
HHR HEADHUNTER
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
GR6 GRADUS
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
OZON OZON HOLDINGS
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
SHO SHOPER
- Research Team
WOOD Daily: WIZZ LN; GEKTERNA GA; TENERGY GA; TABAK CP; PKO PW; TTKOM ...
HEADLINES: • Wizz Air: slip into the autumn shade (downgraded to HOLD) • GEK Terna: 1H21 results review - no major surprises • Terna Energy: 1H21 numbers as expected, US fully divested • Philip Morris CR: 1H21 results review - volumes down, but continuing positive performance • PKO BP: pushes forward with settlement offer for its FX mortgagors POSITIVE • Turk Telekom: Turkish Wealth Fund in talks with banks POSITIVE • EME Macro/Strategy: evolving, not stalling • Czech Republic macro: CNB g...
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
WIZZ WIZZ AIR HOLDINGS PLC
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
TENERGY TERNA ENERGY S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
FMF FAMUR SA
TABAK PHILIP MORRIS CR AS
HHR HEADHUNTER
4IG 4IG NYRT
- Research Team
The Rear-View Mirror – EME markets: Polish WIG20 and Hungarian BUX add...
EME Equity Market – May 2021 Market performance – Polish equities continued to outperform in May. The MSCI EM Europe Index gained 6.9% in EUR terms and 8.7% in USD terms; while the WIG20 continued with its strong performance from April, advancing 11.4% in EUR terms and 9.6% in PLN terms. The BUX Index, the Hungarian benchmark and the worst performer in April, gained 11.4% in EUR terms and 7.4% in HUF terms in May. Prague’s PX index grew 7.5% in EUR terms and 5.7% in CZK terms; followed by the Ru...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
4IG 4IG
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
YNDX YANDEX NV CLASS A
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
PETG PETROL D.D.
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
STCK STOCK SPIRITS GROUP
TITK TITAN CEMENT CO. SA
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENKAI ENKA INSAAT VE SANAYI A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
EEG1T EKSPRESS GRUPP A.S.
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
AFKS SISTEMA PJSFC
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
2ET ETALON GROUP (GDR)
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
ICD ENERGA SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TABAK PHILIP MORRIS CR AS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HHR HEADHUNTER
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
TNB NLB BANKA
INPST INPOST S.A.
WINE ALRO SLATINA
PURCARI WINERIES PCL
- Research Team
The Rear-View Mirror – EME markets: Greece performs well again, but vo...
EME Equity Market – April 2021 Market performance – Greek and Polish equities the best performers in April. The MSCI EM Europe lost 0.7% in EUR terms, but advanced 1.7% in USD terms in April. The best-performing index was the WIG20 Index, +6.9% in EUR terms and 5.1% in PLN terms. The Greek ASE Index advanced by 5.2% in EUR terms; followed by the Czech benchmark, the PX Index (+1.8% in EUR terms and +0.9% in CZK). Romania’s BET Index added 1.2% in EUR terms and 1.4% in RON. On the other hand, Tur...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
STCK STOCK SPIRITS GROUP
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
GEKTERNA GEK TERNA
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFKS SISTEMA PJSFC
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
FMF FAMUR SA
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
NVTK NOVATEK JSC SPONSORED GDR REGS
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
ADPL-R-A AD PLASTIK D.D.
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TABAK PHILIP MORRIS CR AS
A4L ALLTERCO AD
ALPHA ALPHA BANK
ELPE HELLENIC PETROLEUM
IIA IMMOFINANZ AG
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
FINT FINTEL ENERGIJA
KSPI KASPI KZ
TNB NLB BANKA
INPST INPOST S.A.
ALRO SLATINA
- Research Team
WOOD Daily: TABAK CP; PPC GA; MOH GA; PZU PW; PGN PW; RTKM RX; RO Macr...
HEADLINES: • Philip Morris CR: stable dividends outweigh the risks (upgraded to HOLD) • Public Power Corporation: 4Q20 EBITDA in line, guiding for c.EUR 900m for 2021E NEUTRAL • Motor Oil Hellas: 4Q20 results • PZU: PFSA sees potential impact of FX mortgages in the insurance sector as well • PGNiG: 1Q21 operational estimates • Rostelecom: key takeaways from the 2021-25 strategy announcement POSITIVE • Romania macro: government looking to adopt formal strategy for the development of capital m...
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB KOMERCNI BANKA A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
PPC PUBLIC POWER CORPORATION S.A.
FMF FAMUR SA
RTKM ROSTELECOM PJSC
OTOEL AUTOHELLAS S.A.
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
ELSA SOCIETATEA ENERGETICA ELECTRICA
TABAK PHILIP MORRIS CR AS
A4L ALLTERCO AD
- Jakub Mician
- Lukasz Wachelko
- CFA
Philip Morris CR: Stable dividends outweigh the risks (upgraded to HOL...
We have upgraded Philip Morris CR (PMCR) to HOLD (from Sell), with a new price target (PT) of CZK 16,288/share (12% upside). The improved outlook for the core cigarette business, on higher cross-border sales as the market reopens fully, coupled with a lower cannibalisation rate from its risk-reduced products (RRPs, a c.9% share in FY20), are the key themes behind our upgrade. While we still see PMCR’s business model as unsustainable in the mid-to-long term, the near-term dividend outlook still o...
- Research Team
The Rear-View Mirror – EME markets: Strong performance in Greece and R...
EME Equity Market – March 2021 Market performance – Greek, Romanian and Russian equities performed the best in March. The MSCI EM Europe Index gained 4.5% in EUR terms and 1.6% in USD terms. The best-performing index was the Greek ASE (+9.2%), followed by the Romanian BET, which gained 8.7% in EUR terms and 9.7% in RON. The MOEX followed, advancing 7.6% in EUR terms and 5.8% in RUB. The PX Index, the Czech benchmark, gained 3.4% in EUR terms and 3.1% in CZK; while the Hungarian BUX Index gained ...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
PETG PETROL D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
FOYRK FOURLIS HOLDINGS S.A.
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
SFA SOPHARMA AD
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
SPI S IMMO AG
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CIE CIECH S.A.
ANY ALLAMI NYOMDA
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
TPE TAURON POLSKA ENERGIA S.A.
2ET ETALON GROUP (GDR)
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TABAK PHILIP MORRIS CR AS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
PTKHY PETKIM PETROKIMYA HOLDING AS
MPARK MLP SAGLIK HIZMETLERI AS
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
WINE PURCARI WINERIES
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HHR HEADHUNTER
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
TNB NLB BANKA
- Research Team
WOOD Daily: PPC GA; ALPHA GA; PEO PW; ALR PW; WPL PW; FMF PW; TABAK CP...
HEADLINES: • Public Power Corporation: fully valued on a normalised macro (stays HOLD) • Alpha Bank: trading at an extreme discount (stays BUY) • Bank Pekao: targeting 2024E ROE of 10%, dividend payout ratio guided at 50-75% • Alior Bank: 2022E strategic targets, minimum upside for our forecasts • Wirtualna Polska: strong 4Q20 results, adjusted EBITDA up 16% yoy, 8% above our estimate POSITIVE • Famur: 4Q20 EBITDA 18% below the consensus NEGATIVE • Philip Morris CR: 2H20 results - better tha...
EXAE HELLENIC EXCHANGES SA
CDR CD PROJEKT S.A.
CCC CCC SA
PPC PUBLIC POWER CORPORATION S.A.
FMF FAMUR SA
GPW WARSAW STOCK EXCHANGE
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
KMB KOMERCIJALNA BANKA AD SKOPJE
DIGI DIGI COMMUNICATIONS NV
TABAK PHILIP MORRIS CR AS
ALPHA ALPHA BANK
- Research Team
WOOD Daily: YNDX US; SNG RO; PZU PW; PL Banks; CEE Banks; ARCLK TI; KT...
HEADLINES: • Yandex: the true value of the ecosystem (stays BUY) • Romgaz: more spend, less dividend (upgraded to HOLD) • PZU: facing significant relaxation in dividend recommendation from the regulator POSITIVE • Polish banks: extension of unconditional dividend ban until end-1H21 NEGATIVE • CEE banks: ECB issues restrictive guidance on dividend capacity for the banks • Arcelik: more details on the Hitachi deal, but market reaction remains muted • Kety: strategy 2021-25 - very ambitious fin...
- Research Team
WOOD Daily: ZB CZ; CZ Macro; KTY PW; PGN PW; AFLT RX; TCELL TI; MYTIL ...
HEADLINES: • Zagreb Stock Exchange: a pricey bet on the Balkan markets consolidation (SELL - initiation of coverage) • Czech Republic macro: reintroduces lockdown - implications • Kety: 3Q20 results - all-time record figures create chance for 2020E forecasts hike POSITIVE • PGNiG: gains a new supplier of gas, but loses a CEO • Aeroflot: Russian carriers ask government for RUB 50bn in additional aid POSITIVE • Turkcell: AGM approves L1-TWF deal NEUTRAL • Mytilineos: completion of 300MW solar p...
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
CEZ CEZ AS
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB KOMERCNI BANKA A.S.
KTY GRUPA KETY SA
MYTIL MYTILINEOS S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
RTKM ROSTELECOM PJSC
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
TABAK PHILIP MORRIS CR AS
19XX NEPI ROCKCASTLE PLC
ZB-R-A ZAGREBACKA BURZA DD
KOFOL KOFOLA CESKOSLOVENSKO A.S.
- Jakub Caithaml
- Raffaella Tenconi
WOOD Flash – Czech Republic macro: reintroduces lockdown – implication...
The Czech government has decided to reintroduce a full lockdown, as the fast-rising number of COVID-19 cases threatens to overwhelm the healthcare system. The re-introduction of the lockdown in the country has been seen as increasingly likely lately. Having contained the initial outbreak exceptionally well, the number of cases in the Czech Republic has been rising rapidly since the middle of the summer. We note that the number of new cases is rising steeply across the region, and we believe that...
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE30 rebounds, advances 2...
EME Equity Market – September 2020 Market performance – most indices in the red in EUR terms, while ISE30 Index advanced 2.9%. In September, the MSCI EM Europe Index lost 5.8% in EUR terms and 7.5% in local currency terms. The ISE30 Index was the best performer, adding 2.9% in EUR terms and 6.0% in local currency terms. The Romanian BET Index lost 0.6% in USD terms, but remained largely flat (+0.1%) in RON term; while the Greek ASE Index lost 1.5% in EUR terms. The Russian MOEX Index declined 4....
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
KER KERNEL HOLDING S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
YNDX YANDEX NV CLASS A
CEZ CEZ AS
CDR CD PROJEKT S.A.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
SPI S IMMO AG
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
WXF WARIMPEX FINANZ UND BETEILIGUNG
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
2ET ETALON GROUP (GDR)
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
HB HELLENIC BANK LTD.
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
5M71 MAGNIT PJSC SPONSORED GDR REGS
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
TABAK PHILIP MORRIS CR AS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
19XX NEPI ROCKCASTLE PLC
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
DPEU DP EURASIA
IIA IMMOFINANZ AG
EAT AMREST HOLDINGS SE
HHR HEADHUNTER
TEN TEN SQUARE GAMES
GR6 GRADUS
KOFOL KOFOLA CESKOSLOVENSKO A.S.
- Research Team
WOOD Daily: CCC PW; TABAK CP; RU Energy; GTC PW; PGE PW; ARCLK TI
HEADLINES: • CCC: 2Q20 below preliminary numbers, recovery in 3Q driving 4% yoy sales expansion POSITIVE • Philip Morris CR: 1H20 results - business model transition continuing • Russian oil & gas: State companies may be required to use adjusted earnings for 50% dividend distributions • GTC: management sees fair value around PLN 9-11/share, initial price for Lone Star stake revealed • PGE: CEO comments on upcoming strategy update • Arcelik: sells non-core asset in China for USD 17m NEUTRAL •...
- Jakub Mician
WOOD Flash – Philip Morris CR: 1H20 results – business model transitio...
This morning (30 September), Philip Morri s CR (PMCR) announced its 1H20 results. The revenues were driven by growing sales of HEETS, while the inferior margins related to the distribution of HEETS has taken a toll on profitability, as the gross and EBITDA margins were down by 300-650bps yoy. EBITDA of CZK 2.5bn was down by 15% yoy and below our expectations, on a 350bps expansion in the opex/sales ratio (most likely related to the higher distribution and marketing costs of HEETS). The EPS of CZ...
- Research Team
WOOD Daily: CEE Banks; CEE Consumers; GPW PW; MNOD LI; MOL HB; OMV AV;...
HEADLINES: • CEE banks: there are no winners, just survivors (coverage universe update) • CEE consumers: #stayathome (coverage universe update) • Warsaw Stock Exchange: 4Q19 EBIT misses consensus by 8% on higher-than-expected opex NEGATIVE • Norilsk Nickel: declares final dividend in line with expectations, and nominates new Board NEUTRAL • MOL: update on business conditions, dividend suspended • OMV: 1Q20 trading update • OMV Petrom: 1Q20 trading update • LPP: CEO expects s...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
STCK STOCK SPIRITS GROUP
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
CCOLA COCA-COLA ICECEK A.S.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
GPW WARSAW STOCK EXCHANGE
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
BELA JUMBO S.A.
PODR-R-A PODRAVKA D.D.
MONET MONETA MONEY BANK AS
ATGR-R-A ATLANTIC GRUPA
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TABAK PHILIP MORRIS CR AS
RICHT RICHTER
KOFOL KOFOLA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
DPEU DP EURASIA
SFG SPHERA FRANCHISE GROUP SA
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
- Fani Tzioukalia
- Gabriela Burdach
- Jakub Mician
- Lukasz Wachelko
- CFA
- Stefan Lungu
- CFA
CEE Consumers: #stayathome (coverage universe update)
The development of the COVID-19 pandemic has changed the landscape for consumer names materially. While #stayathome is slowing down the contagion, it has infected the foundations of discretionary retailers severely. At the same time, the staples players have seen a sales boost, especially in the e-commerce space. Facing such a storm among the especially vulnerable players hurt by store lockdowns and carrying high leverage, we identify: AmRest, CCC, Kofola and Fourlis. On the other hand, FMCG dis...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
STCK STOCK SPIRITS GROUP
BIMAS BIM BIRLESIK MAGAZALAR A.S.
FOYRK FOURLIS HOLDINGS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
CCOLA COCA-COLA ICECEK A.S.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
CAR INTER CARS S.A.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
CCH COCA-COLA HBC AG
BELA JUMBO S.A.
PODR-R-A PODRAVKA D.D.
ATGR-R-A ATLANTIC GRUPA
5M71 MAGNIT PJSC SPONSORED GDR REGS
DNP DINO POLSKA S.A.
TABAK PHILIP MORRIS CR AS
KOFOL KOFOLA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
DPEU DP EURASIA
SFG SPHERA FRANCHISE GROUP SA
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
- Research Team
The Rear-View Mirror – EME markets: BET Index the best performer, de...
EME Equity Market – March 2020 Market performance – all stock indices in the region were down in March, with the BET the best performer in EUR terms (-16.7%). The MSCI Emerging Markets Europe Index lost 25.8% in EUR terms, while the Czech PX Index was down 24.8%. Other regional stock markets were not far behind, with the BUX Index losing 22.8% in EUR terms, followed by the ASE Index (-22.5% mom), the Russian MOEX (-22.4% mom), the Polish WIG20 (-18.5% mom) and the Turkish ISE30 (-19.8% mom)....
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
PETG PETROL D.D.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
FXPO FERREXPO PLC
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
TPEIR PIRAEUS BANK SA
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
ICD ENERGA SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TABAK PHILIP MORRIS CR AS
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
KOFOL KOFOLA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
DPEU DP EURASIA
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
904596 SURGUTNEFTEGAS (GDR)
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
MPARK MLP SAGLIK HIZMETLERI AS
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
- Research Team
WOOD Daily: EME Strategy – Coverage Universe; EME Macro/Strategy; KO...
HEADLINES: • EME Strategy: seeking alpha in pyjamas • EME Macro/Strategy: we have a framework • Komercni Banka: cancels 2019 dividend NEGATIVE • Rosneft: starts buyback POSITIVE • Transgaz: dividend proposal largely in line NEUTRAL • Ten Square Games: 4Q19 beat, mainly on lower marketing POSITIVE • Echo Investment: 4Q19 - beats vs. both our and consensus estimates, but 2020E may prove challenging • Philip Morris CR: 2H19 results - weaker than expected, dividend not yet announ...
WIZZ WIZZ AIR HOLDINGS PLC
CIE CIECH S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
ECH ECHO INVESTMENT
TPE TAURON POLSKA ENERGIA S.A.
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
TABAK PHILIP MORRIS CR AS
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
DPEU DP EURASIA
TEN TEN SQUARE GAMES
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.