reports
- Bram Buring
WOOD Flash – MedLife: management sees wage pressure abating from 4Q1...
During the conference call, management directly addressed one of its biggest challenges – high wage growth, driven by pressure from the public healthcare sector – saying that it expects public sector wages to reach the government’s 2022E target in 4Q18E, which would relieve the pressure on MedLife’s costs for the next four years, allowing its margin to expand. Also, while we are unlikely to see significant relief in the coming quarters, looking at the solid revenues growth from the curre...
- Research Team
WOOD Morning (15 May)
HEADLINES: * Raiffeisen Int: 1Q18 - strong bottom line, but driven purely by LLPs, as pre-provision profit in line POSITIVE * Romgaz: 1Q18 results affected by poor electricity and storage performance NEGATIVE * CCC: 1Q final numbers weak, matching preliminary statement * AmRest: 1Q EBITDA strong, as expected, miss on bottom line due to taxes and impairments * Rosneft: 1Q18 results - improving FCF is quite encouraging * Play Communications: 1Q18 - 3% miss on adjusted EBITDA ...
ARHOF AMREST HOLDING
KGH KGHM POLSKA MIEDZ S.A.
CCC CCC SA
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
PLY PLAY COMMUNICATIONS SA
DIGI DIGI COMMUNICATIONS NV
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
COTE CONPET SA
TEL C.N.T.E.E. TRANSELECTRICA
0RO5 MEDLIFE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
CEZ CEZ
KOFOL KOFOLA
RBI RAIFFEISEN BANK INTERNATIONAL
SFG SPHERA FRANCHISE GROUP SA
- Research Team
WOOD Morning (14 May)
HEADLINES: * Isbank: 1Q18 wrap up - a mixed bag, with a beat, one-offs and a major accounting change NEUTRAL * ANY PLC: 1Q18 results review - strong revenue performance mitigated by lower profitability NEUTRAL * Pfleiderer: management recommends PLN 1.2 DPS NEUTRAL * Immofinanz: shareholders vote to appoint a special auditor to investigate sale of Moscow malls NEUTRAL * Cyfrowy Polsat: receives antimonopoly office approval for Netia acquisition NEUTRAL * MedLife: 1Q18E preview...
- Research Team
The Rear-View Mirror – CEE markets: Romanian index the top performer...
EME Equity Market – March 2018 Market performance – only Romania and Prague in positive territory. The MSCI EME lost 5.8% mom in March, continuing the negative trend after February’s 1.1% contraction. The Romanian BET index was the best performer in March, +3.1%, while Prague’s PX index remained broadly flat, recording a small gain of 0.3%. On the negative side, the Turkish ISE30 performed poorly, losing 9.1%, followed by the Warsaw WIG20, -7.3%. The Greek ASE index fell by 6.6% and Mosc...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
BOCH BANK OF COMMERCE HOLDINGS
OGZD GAZPROM
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
ARHOF AMREST HOLDING
BIMAS BIM BIRLESIK MAGAZALAR A.S.
SIF2 SIF MOLDOVA S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
PODRRA PODRAVKA
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.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
ENKAI ENKA INSAAT VE SANAYI A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
AFLT AEROFLOT RUSSIAN AIRLINES
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
PCM PRIME CAR MANAGEMENT
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
SAHOL HACI OMER SABANCI HOLDING A.S.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
ICD ENERGA SA
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
TLV BANCA TRANSILVANIA
SVST SEVERSTAL (GDR)
TELEC O2 CZECH REPUBLIC A.S.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
EREGL ERDEMIR
PLY PLAY COMMUNICATIONS SA
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
DIGI DIGI COMMUNICATIONS NV
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
MNOD NORILSK NICKEL
DNP DINO POLSKA S.A.
LKOD LUKOIL
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
0RO5 MEDLIFE
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
HTO OTE
JSW JSW
RICHT RICHTER
SAB1L SIAULIU BANKAS
SBER03 SBERBANK
ARGRRA ATLANTIC GROUP
ANY ANY SECURITY PRINTING COMPANY
WABERERS WABERER'S INTERNATIONAL ZRT
SGGD SURGUTNEFTEGAS
ATAD TATNEFT
CEZ CEZ
KOFOL KOFOLA
OMV OMV
EVR EVRAZ
RBI RAIFFEISEN BANK INTERNATIONAL
ALPHA ALPHA BANK
DPEU DP EURASIA
DOM PW DOM DEVELOPMENT
UQA AV UNIQA INSURANCE GROUP
LNTA LI LENTA
UNIP UNIPETROL
- Research Team
WOOD Morning (15 March)
HEADLINES: * Polish utilities: unloved, but (really) cheap again (upgrading to BUY on Enea, Energa & PGE, Tauron stays HOLD) * CE4 macro: inflation - just not taking off. Yet... * PZU: 4Q17 - a solid set of results POSITIVE * OTP Bank: denied approval to take over Banca Romaneasca NEGATIVE * KGHM: 4Q17 financial results - weaker-than-expected EBITDA on higher costs, little FCF NEGATIVE * Bank Pekao: denies press speculation on the decision to merge with Alior * Polish ban...
- Research Team
The Rear-View Mirror – CEE markets: Moscow MICEX the regional top pe...
EME Equity Market – February 2018 Market performance –Moscow the regional top performer in February. In February, the MSCI EME lost 1.1% mom in EUR terms, vs. the 6.6% gain in the previous month. The largest rate of return in February was realised by the MICEX, up 2.1%, followed by Bucharest’s BET (+0.9% mom) and the Turkish ISE30 (+0.7%). The other regional indices ended the month in negative territory, with Warsaw’s WIG20 recording the largest drop (-7.9%) and Budapest’s BUX followin...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
EBS ERSTE GROUP BANK AG
BOCH BANK OF COMMERCE HOLDINGS
ELPE HELLENIC PETROLEUM SA
IMO1 IMMOFINANZ AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
BHW BANK HANDLOWY W WARSZAWIE S.A.
FP FONDUL PROPRIETATEA
ARHOF AMREST HOLDING
SIF2 SIF MOLDOVA S.A.
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.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
ENKAI ENKA INSAAT VE SANAYI A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
EUPRO GRIVALIA PROPERTIES REIC
HALKB TURKIYE HALK BANKASI ANONIM SIRKETI
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
AFLT AEROFLOT RUSSIAN AIRLINES
GNB GETIN NOBLE BANK SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
GHG GEORGIA HEALTHCARE GROUP
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
SAHOL HACI OMER SABANCI HOLDING A.S.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
GSPARK GRAPHISOFT PARK SE
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
ICD ENERGA SA
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
TBCG TBC BANK GROUP
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SIF3 SIF TRANSILVANIA S.A.
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
SIF1 SIF BANAT-CRISANA S.A.
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
EREGL ERDEMIR
PLY PLAY COMMUNICATIONS SA
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
VTBR VTB BANK (GDR)
PFL PFLEIDERER GROUP SA
DIGI DIGI COMMUNICATIONS NV
SIF5 SOCIETATEA DE INVESTITII FINANCIARE OLTENIA SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
0RO5 MEDLIFE
CCH COCA-COLA HBC
GEB BANK OF GEORGIA
DOC DO&CO
FTE FORTE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
KAZ LN KAZ MINERALS
HTO OTE
SIF4 SIF MUNTENIA S.A.
JSW JSW
RICHT RICHTER
SAB1L SIAULIU BANKAS
SBER03 SBERBANK
GARAN GARANTI BANK
CEZ CEZ
OMV OMV
EVR EVRAZ
UNIP UNIPETROL
- Research Team
WOOD Morning (26 February)
HEADLINES: * Romanian coverage universe: growth normalising (TLV, BRD, BVB, FP, SNN, SNP, SNG, COTE, EL, TEL, TGN, M, DIGI, SIF1, SIF2, SIF3, SIF4, SIF5) * Polish banks: parliament reignites works on FX mortgage bill draft NEGATIVE * JSW: 4Q17 trading update - lower-than-expected volumes NEGATIVE * PKN Orlen: settlement of the tender offer for Unipetrol NEUTRAL * Bank of Cyprus: 4Q17E results preview - marginal profitability in 4Q (due out tomorrow) * Kernel: 2Q FY18E preview ...
BOCH BANK OF COMMERCE HOLDINGS
FP FONDUL PROPRIETATEA
SIF2 SIF MOLDOVA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
CIE CIECH S.A.
HB HELLENIC BANK LTD.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SIF3 SIF TRANSILVANIA S.A.
SNP PETROM S.A.
SIF1 SIF BANAT-CRISANA S.A.
DIGI DIGI COMMUNICATIONS NV
SIF5 SOCIETATEA DE INVESTITII FINANCIARE OLTENIA SA
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
0RO5 MEDLIFE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SIF4 SIF MUNTENIA S.A.
JSW JSW
Romanian Coverage Universe: Growth normalising (TLV RO, BRD RO, BVB RO...
After a decent correction in 2H17, driven by increased concerns about higher inflation and risk free rates, and against the background of heightened political noise, the Romanian market has had a good start to 2018. The economy seems to be moving back onto a more balanced growth path, with GDP growth estimated at 4.5% and disposable income at 6%. Even though some imbalances remain (the budget deficit likely to exceed 3%) the low starting point for most of the indicators (public debt-to-GDP below...
SIF2 SIF MOLDOVA S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SIF3 SIF TRANSILVANIA S.A.
SNP PETROM S.A.
SIF1 SIF BANAT-CRISANA S.A.
DIGI DIGI COMMUNICATIONS NV
SIF5 SOCIETATEA DE INVESTITII FINANCIARE OLTENIA SA
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
0RO5 MEDLIFE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SIF4 SIF MUNTENIA S.A.
- Research Team
WOOD Morning (13 February)
HEADLINES: * Ford Otosan: 4Q17 review - miss on EBITDA, but ahead on net income NEGATIVE * MedLife: wage growth key factor for FY18E profitability * PGE: preliminary recurring EBITDA in line, net profit misses * Medicalgorithmics: January tests data NEUTRAL * Richter: little clarity on Esmya, but no new negatives during conference call NEGATIVE * BRD-GSG: 4Q17 results conference call takeaways NEUTRAL * EME Strategy: MSCI February QIR - no changes in the EME universe, in l...
- Research Team
WOOD Morning (9 February)
HEADLINES: * Turk Telekom: 4Q17 results and FY18E guidance in line, but no cash dividend proposal NEGATIVE * CME: guides for 14-16% OIBDA growth at constant rates in 2018E POSITIVE * Romanian SOEs: government to request 90% dividend payout POSITIVE * Otokar: submits best and final offer for ALTAY NEUTRAL * mBank: takeaways from the post-4Q17 results analyst meeting * Komercni Banka: takeaways from 4Q17 results conference call * Mytilineos: proposal to PPC to upgrade Amyn...
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