reports
- Research Team
- Research Team
The Rear-View Mirror – EME markets: Greek equities stand out in Apri...
EME Equity Market – April 2019 Market performance – Greece up 7.2% mom in EUR terms in April 2019. The MSCI EME gained 2.4% in April, and was outperformed by the Greek ASE index, which rose 7.2%. The second-best performing market in EME was Romania, with the BET index up 5.3% mom, followed by the Russian MOEX (+4.1% mom), the Polish WIG20 (+1.4% mom) and the Hungarian BUX (+1.3% mom). The Czech PX index was flat mom; while the Turkish ISE30 dropped by 4.5% mom, but this was related to the de...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
STCK STOCK SPIRITS GROUP
EVR EVRAZ PLC
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
SPI S IMMO AG
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CIE CIECH S.A.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
NOG NOSTRUM OIL & GAS PLC
LVC LIVECHAT SOFTWARE SA
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.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
TPE TAURON POLSKA ENERGIA S.A.
MDG MEDICALGORITHMICS SA
CCH COCA-COLA HBC AG
PKP PKP CARGO
HB HELLENIC BANK LTD.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
TELEC O2 CZECH REPUBLIC A.S.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
PFL PFLEIDERER GROUP SA
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
FTE FORTE
19XX NEPI ROCKCASTLE PLC
DPEU DP EURASIA
ALPHA ALPHA BANK
SBNC SBERBANK RUSSIA PJSC SPONSORED ADR
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
NLBR NLB GROUP
LNTR LENTA INTERNATIONAL PJSC
- Piotr Łopaciuk
- Research Team
The Rear-View Mirror: EME Markets – Only Bucharest’s BET in the re...
EME Equity Market – January 2019 Market performance – only Bucharest in negative territory in January. In January, the Turkish ISE was the best performer (+17%); while the Russian MOEX was second (+12.8%); and the MSCI EME recorded double-digit growth of 11.3%; followed by Budapest, with the BUX up 6.1%; and Prague’s PX +5.7%, just above the WIG20, which gained 5.6% mom. The Greek ASE also saw a gain (+3.5%), while Bucharest’s BET was the only one in the red, falling by 7.5% mom.
PEO BANK POLSKA KASA OPIEKI SA
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
CEZ CEZ AS
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
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
STCK STOCK SPIRITS GROUP
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
EVR EVRAZ PLC
WIZZ WIZZ AIR HOLDINGS PLC
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
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.
LPP LPP S.A.
SPI S IMMO AG
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
DOM DOM DEVELOPMENT SA
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
NOG NOSTRUM OIL & GAS PLC
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
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
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
MNOD NORILSK NICKEL
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ELSA SOCIETATEA ENERGETICA ELECTRICA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
FTE FORTE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
DPEU DP EURASIA
LNTA LI LENTA
ATAD TATNEFT (GDR)
M MED LIFE
ELPE HELLENIC PETROLEUM
IIA IMMOFINANZ AG
EAT AMREST HOLDINGS SE
- Research Team
WOOD Morning (29 January)
HEADLINES: • Turk Telekom: OTAS out, banks in - what's next? (stays BUY) • Romania macro: playing with fire • O2 Czech Republic: 4% miss on 4Q18 net profit, revenues and EBITDA in line NEUTRAL • S Immo: expects significant increase in net profit yoy, driven by revaluation result POSITIVE • Titan Cement: revokes tender offer • Stock Spirits Group: largest shareholder calling for removal of two BoD members NEUTRAL • Nostrum Oil & Gas: releases 4Q18 operational update NEUTRAL •...
- Research Team
The Rear-View Mirror – EME markets: Turkish ESI continued to plummet...
EME Equity Market – October 2018 Market performance – Turkey up only 1.4% mom in EUR terms in October 2018. The MSCI EME lost 3.4% in October, vs. September’s 6.1% gain; while the Turkish ISE rose by 1.4%, following September’s +17% mom; and the BET index recorded a gain of 1.1%. Prague’s PX index lost 4.2% in October, after September’s rise of 3.1%, while Moscow’s index lost 2.9%. Budapest’s BUX ended October marginally flat, losing 0.4%. A poor performance was seen by the ASE, ...
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
FXPO FERREXPO PLC
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
STCK STOCK SPIRITS GROUP
TITK TITAN CEMENT CO. SA
EVR EVRAZ PLC
BIMAS BIM BIRLESIK MAGAZALAR A.S.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
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.
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
EUPRO GRIVALIA PROPERTIES REIC
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
NOG NOSTRUM OIL & GAS PLC
LVC LIVECHAT SOFTWARE SA
GHG GEORGIA HEALTHCARE GROUP
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.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
ICD ENERGA SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
PODR-R-A PODRAVKA D.D.
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
MONET MONETA MONEY BANK AS
ATGR-R-A ATLANTIC GRUPA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
PLY PLAY COMMUNICATIONS SA
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
MNOD NORILSK NICKEL
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TABAK PHILIP MORRIS CR AS
GEB BANK OF GEORGIA
FTE FORTE
KAZ LN KAZ MINERALS
19XX NEPI ROCKCASTLE PLC
LNTA LI LENTA
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
- Research Team
Focus: mBank – small miss on 3Q18 bottom line due to high admin cost...
HEADLINES: • mBank: small miss on 3Q18 bottom line due to high admin costs and one-offs in other income • Lenta: 3Q18 trading update - soft operationally, but GDR buyback supports our positive message POSITIVE • Nostrum Oil & Gas: releases 3Q18 operational update NEGATIVE • Lotos: 3Q18 review - results generally in line with preliminary numbers NEUTRAL • Dom Development: 3Q18 - results in line; doing well operationally; shares look cheap NEUTRAL • Emlak Konut: 3Q18 review - predict...
- Research Team
Focus: keeping our BUYs on Komercni (new PT CZK 1,051) and MONETA (new...
HEADLINES: • Czech banks: more of the same (Komercni and MONETA stay BUY) • Turkey macro: bold hikes, but with an eye for easing • Forte: 2Q18 results fully in line with preliminaries, but still strong NEGATIVE • Medicalgorithmics: Apple Watch not a diagnostic device NEUTRAL • Polish gencos: press speculating Enea may get minority stake in Energa • OPAP: 2Q18 conference call takeaways NEUTRAL • Banca Transilvania: calls EGM to merge with Bancpost NEUTRAL • Kety: 3Q18E - anothe...
- Research Team
Focus: Russia-US relations after the Helsinki Summit – conversation ...
HEADLINES: * Russia-US relations after the Helsinki Summit: conversation with Dmitri Trenin * Garanti: 2Q18 results - COR climbs, core revenues are robust NEUTRAL * O2 CR: solid 2Q18 earnings beat consensus by c.6% POSITIVE * PGE: posts disappointing preliminary 2Q18 numbers; includes PLN 112m of one-offs NEGATIVE * Forte: preliminary 2Q18 results - strong recovery, 61% EBITDA beat POSITIVE * Titan Cement: small miss on EBITDA, but outlook remains positive * Krka: 1H18 c....
EXAE HELLENIC EXCHANGES SA
KRKG KRKA D.D.
TITK TITAN CEMENT CO. SA
EVR EVRAZ PLC
ARHOF AMREST HOLDING
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
EUPRO GRIVALIA PROPERTIES REIC
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
CPS CYFROWY POLSAT SA
BRD BRD-GROUPE SOCIETE GENERALE
TELEC O2 CZECH REPUBLIC A.S.
ATGR-R-A ATLANTIC GRUPA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
FTE FORTE
KAZ LN KAZ MINERALS
WABERERS WABERER'S INTERNATIONAL ZRT
- Research Team
Focus: Turkey macro – central bank keeps rates on hold, but door sti...
HEADLINES: * Turkey macro: central bank keeps rates on hold, but door still open for future rate hikes * BZ WBK: solid 2Q18 results - volume growth shines the most POSITIVE * Orange Polska: strong 2Q18 results, with a 5% beat on EBITDA POSITIVE * Lenta: 2Q sales growth decelerates to 17% yoy on lfl erosion to 3.5%; opex pressure NEGATIVE * Turk Telekom: 2Q18 results - in line, some colour on new fiber protocol NEUTRAL * Wizz Air: 1Q FY19 review - 6% miss vs. our EBITDAR due to...
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
ARHOF AMREST HOLDING
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
DOC DO & CO AKTIENGESELLSCHAFT
AKBNK AKBANK TAS
CIE CIECH S.A.
HALKB TURKIYE HALK BANKASI ANONIM SIRKETI
TTKOM TURK TELEKOMUNIKASYON A.S.
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
OTP OTP BANK NYRT
THYAO TURK HAVA YOLLARI A.O.
PKP PKP CARGO
FTE FORTE
LNTA LI LENTA
MPARK MLP SAGLIK HIZMETLERI AS
- Research Team
The Rear-View Mirror – EME markets: Record drop in Turkish ESI in Ma...
EME Equity Market – May 2018 Market performance – only Russia in positive territory, while Athens the worst performer. The MSCI EME lost 2% mom in May, continuing the negative trend after April’s 3.2% contraction. The best performer for May was the Russian MOEX index, which outperformed its peers (+4.6%). All the other indices were in negative territory: the Greek ASE realised the largest drop (-11.9%); Budapest’s BUX lost 9.7%; the Turkish ISE30 was down 9.4%; the Warsaw WIG20 fell 7.3%...
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
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG UNIQA INSURANCE GROUP AG
KRKG PETROL D.D.
HTO KRKA D.D.
CDR HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI CD PROJEKT S.A.
IMO1 RAIFFEISEN BANK INTERNATIONAL AG
YKBNK IMMOFINANZ AG
OMV YAPI VE KREDI BANKASI A.S.
PGN OMV AG
ISCTR POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
STCK KOMERCNI BANKA A.S.
TITK STOCK SPIRITS GROUP
BHW TITAN CEMENT CO. SA
ARHOF BANK HANDLOWY W WARSZAWIE S.A.
BIMAS AMREST HOLDING
WIZZ BIM BIRLESIK MAGAZALAR A.S.
DOAS WIZZ AIR HOLDINGS PLC
SPL DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK SANTANDER BANK POLSKA SA
MTELEKOM ING BANK SLASKI S.A.
KGH MAGYAR TELEKOM TELECOMMUNICATIONS
CAI KGHM POLSKA MIEDZ S.A.
LPP CA IMMOBILIEN ANLAGEN AG
AEFES LPP S.A.
ASELS ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ENKAI ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
GUBRF ENKA INSAAT VE SANAYI A.S.
CCC GUBRE FABRIKALARI T.A.S.
CCOLA CCC SA
CIE COCA-COLA ICECEK A.S.
ANY CIECH S.A.
EUPRO ALLAMI NYOMDA
GTC GRIVALIA PROPERTIES REIC
HALKB GLOBE TRADE CENTRE S.A.
AEGN TURKIYE HALK BANKASI ANONIM SIRKETI
ENA AEGEAN AIRLINES SA
PGE ENEA S.A.
EKGYO PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
JSW AEROFLOT RUSSIAN AIRLINES
PGSUS.E JASTRZEBSKA SPOLKA WEGLOWA S.A.
NOG PEGASUS HAVA TASIMACILIGI AS
LVC NOSTRUM OIL & GAS PLC
PCM LIVECHAT SOFTWARE SA
TBCB PRIME CAR MANAGEMENT
GHG TBC BANK JOINT STOCK CO
TPEIR GEORGIA HEALTHCARE GROUP
OTP PIRAEUS BANK SA
PPA OTP BANK NYRT
CAR PIRAEUS PORT AUTHORITY S.A.
AYGAZ INTER CARS S.A.
FROTO AYGAZ A.S.
THYAO FORD OTOMOTIV SANAYI A.S.
TUPRS TURK HAVA YOLLARI A.O.
SAHOL TURKIYE PETROL RAFINERILERI A.S.
EUR HACI OMER SABANCI HOLDING A.S.
LTS EUROCASH S.A.
VAKBN GRUPA LOTOS S.A.
ECH TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
GSPARK ECHO INVESTMENT
CPS GRAPHISOFT PARK SE
TSGYO CYFROWY POLSAT SA
TPE TSKB GAYRIMENKUL YATIRIM ORTAKLIGI AS (A)
MDG TAURON POLSKA ENERGIA S.A.
ALR MEDICALGORITHMICS SA
CCH ALIOR BANK SA
OTOEL COCA-COLA HBC AG
PKP AUTOHELLAS S.A.
ICD PKP CARGO
ENERGA SA
WPL BANK OF CYPRUS PCL
ROSN WIRTUALNA POLSKA HOLDING SA
SAB1L ROSNEFT OIL CO. SPONSORED GDR REGS
BRD SIAULIU BANKAS
TLV BRD-GROUPE SOCIETE GENERALE
MONET BANCA TRANSILVANIA S.A.
SNG MONETA MONEY BANK AS
ATGR-R-A SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP ATLANTIC GRUPA
TOFAS PETROM S.A.
5M71 TOFAS TURK OTOMOBIL FABRIKASI A.S.
MMK MAGNIT PJSC SPONSORED GDR REGS
MOEX MAGNITOGORSK IRON & STEEL WORKS (GDR)
PLY MOSCOW EXCHANGE MICEX-RTS PJSC
PFL PLAY COMMUNICATIONS SA
LKODN PFLEIDERER GROUP SA
OGZD OIL COMPANY LUKOIL PJSC SPONSORED ADR
DIGI GAZPROM (GDR)
NIIS DIGI COMMUNICATIONS NV
MNOD NAFTNA INDUSTRIJA SRBIJE NOVA SAD
DNP NORILSK NICKEL
COTE DINO POLSKA S.A.
NBGGY CONPET SA
SNN NATIONAL BANK OF GREECE S.A. ADS
TEL SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA C.N.T.E.E. TRANSELECTRICA
FP. SOCIETATEA ENERGETICA ELECTRICA
GEB FONDUL PROPRIETATEA S.A. GDR (REG S)
FTE BANK OF GEORGIA
TGN FORTE
RICHT SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
WABERERS RICHTER
KOFOL WABERER'S INTERNATIONAL ZRT
ALPHA KOFOLA
SBNC ALPHA BANK
M SBERBANK RUSSIA PJSC SPONSORED ADR
SFG MED LIFE
ELPE SPHERA FRANCHISE GROUP SA
CGEO HELLENIC PETROLEUM
PTKHY GEORGIA CAPITAL
PETKIM PETROKIMYA HOLDING AS
- Research Team
WOOD Morning (25 May)
HEADLINES: * Norilsk Nickel: announces 5.6% dividend yield as final dividend for 2017, in line with our forecast NEUTRAL * Titan Cement: results in line; 1Q not indicative of the full-year performance * Ciech: supervisory board raises dividend recommendation to PLN 7.5/share POSITIVE * Krka: Q&A post 1Q18 results reinforces encouraging view POSITIVE * Kernel: 3Q FY18 results - broadly expected, adjusted for one-offs NEUTRAL * PKP Cargo: 1Q18 results fully in line with prelimi...
- Research Team
WOOD Morning (26 April)
HEADLINES: * Turkey macro: do not expect big changes post rate hike * Getin Noble Bank: 2017 results overshadowed by capital raising announcement NEGATIVE * Getin Noble Bank: Leszek Czarnecki comments on GNB and Idea Bank investments * X5: head of Pyatetochka departs NEGATIVE * Warsaw Stock Exchange: proposes PLN 2.2/share dividend from 2017 net profit NEGATIVE * Jeronimo Martins: 1Q18 beat, positive outlook for all markets POSITIVE * CME: 1Q18 results - 7% OIBDA beat, Ti...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
EBS ERSTE GROUP BANK AG
OGZD GAZPROM
KOMB KOMERCNI BANKA A.S.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
FFGRP FOLLI FOLLIE S.A.
BSK ING BANK SLASKI S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKBNK AKBANK TAS
CCC CCC SA
TTKOM TURK TELEKOMUNIKASYON A.S.
GNB GETIN NOBLE BANK SA
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
TKFEN TEKFEN HOLDING
GPW WARSAW STOCK EXCHANGE
ALR ALIOR BANK SA
NVTK NOVATEK JSC SPONSORED GDR REGS
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
FTE FORTE
UNIP UNIPETROL
- 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 (20 February)
HEADLINES: * Romania chartbook: mildly tougher times * MOL: 4Q17 results - no surprises NEUTRAL * GPW: start of negotiations of the boundary conditions of a sale of Aquis NEUTRAL * Forte: interview with the CEO * CEZ: nuclear regulator says there is pressure to decommission Dukovany 10 years early NEUTRAL * Ford Otosan: TRY 800m of gross dividends POSITIVE * Poland strategy: Polish mutual fund flows - inflows into Polish S/M funds accelerate * Novatek: 4Q17E earnings p...
- Research Team
WOOD Morning (16 February)
HEADLINES: * Piraeus Port Authority: the turning of the tide (BUY - initiation of coverage) * Polish Furniture Market: time to turn the tables (Pfleiderer stays BUY, Forte downgraded to HOLD) * Athens Exchange Group: look for better entry points (stays HOLD) * EME Strategy: Polish pension reform - ECP bill draft * Magnit: Mr. Galitskiy leaving Magnit, at only a 3% premium to the market price NEGATIVE * Transelectrica: loss in the quarter higher than expected NEGATIVE * D...
GHG GEORGIA HEALTHCARE GROUP
CAR INTER CARS S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
TELEC LN O2 CZECH REPUBLIC
TEL C.N.T.E.E. TRANSELECTRICA
MOL HB MOL
PPA GA PIRAEUS PORT AUTHORITY
TCELL TI TURKCELL
WABERERS HB WABERER'S INTERNATIONAL
PFL PW PFLEIDERER
DOC DO&CO
FTE FORTE
- Research Team
The Rear-View Mirror – CEE markets: EME stock markets – mixed perf...
Market performance – Russian MICEX and Greek ASE indices up the most in November in EUR terms. In November, the MSCI EME index increased by 2.2% mom in EUR terms. The Russian MICEX managed to rise the most (+8.2% mom), followed by the Greek ASE (+6.4% mom). The only other EME index to end the month in positive territory was the Romanian BET (+0.2% mom). The worst-performing EME index was the Turkish ISE30, which lost 12.2% mom, while the Czech PX (-4.5% mom) and Polish WIG20 (-4.1% mom) also f...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
EBS ERSTE GROUP BANK AG
CDR CD PROJEKT S.A.
ELPE HELLENIC PETROLEUM SA
YKBNK YAPI VE KREDI BANKASI A.S.
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
FFGRP FOLLI FOLLIE S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
ARHOF AMREST HOLDING
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
LPP LPP S.A.
ENKAI ENKA INSAAT VE SANAYI A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
GUBRF GUBRE FABRIKALARI T.A.S.
CCC CCC SA
SYNTHOS S.A.
CIE CIECH S.A.
HALKB TURKIYE HALK BANKASI ANONIM SIRKETI
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
GNB GETIN NOBLE BANK SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
PCM PRIME CAR MANAGEMENT
ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
SAHOL HACI OMER SABANCI HOLDING A.S.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
PKP PKP CARGO
ICD ENERGA SA
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
PFL PFLEIDERER GROUP SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
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.
FTE FORTE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
JSW JSW
RICHT RICHTER
BELA JUMBO
CEZ CEZ
RBI RAIFFEISEN BANK INTERNATIONAL
- Research Team
The Rear-View Mirror – CEE markets: Romanian stock market down, but ...
The MSCI EME index increased by 3.6% mom in EUR terms in October, while most stock markets also rose. The Hungarian BUX was the top performer (+7.5% mom), while the Czech PX index (+6.7% mom), the Polish WIG20 (+5.9% mom) and the Greek ASE index (+4.5% mom) also managed to report growth. The Russian MICEX (+2.2% mom) and the Turkish ISE30 index (+1.8% mom) also grew, but to a smaller extent. The only CEE index to end the month in negative territory was the Romanian BET, which lost -3.0% mom. C...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
ARHOF AMREST HOLDING
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.
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.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CCC CCC SA
SYNTHOS S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
GNB GETIN NOBLE BANK SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
PCM PRIME CAR MANAGEMENT
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
ICD ENERGA SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TELEC O2 CZECH REPUBLIC A.S.
PFL PFLEIDERER GROUP SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
FTE FORTE
JSW JSW
RICHT RICHTER
BELA JUMBO
CEZ CEZ
RBI RAIFFEISEN BANK INTERNATIONAL
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