reports
- Research Team
The Rear-View Mirror – EME markets: ASE rallied in February
EME Equity Market – February 2019 Market performance – ASE Index up 11.5% mom in February. The ASE index outperformed its rivals in February, rising by 11.5%, following a mom gain of 3.5% in January. Bucharest was the second-best performer, up 10.2% in February, while Prague’s PX recorded a mom gain of 3.2%. The MSCI EME was in correction mode in February, losing 1.6% mom, following January’s double-digit growth of 11.3% mom; while the MOEX and BUX both lost 1.3% mom in February; and the...
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
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
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
FXPO FERREXPO PLC
EVR EVRAZ PLC
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA 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.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
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.
CIE CIECH S.A.
EUPRO GRIVALIA PROPERTIES REIC
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
NOG NOSTRUM OIL & GAS PLC
LVC LIVECHAT SOFTWARE SA
OTP OTP BANK NYRT
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI 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
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
PKP PKP CARGO
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
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
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
MNOD NORILSK NICKEL
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
KAZ LN KAZ MINERALS
RICHT RICHTER
KOFOL KOFOLA
LNTA LI LENTA
ATAD TATNEFT (GDR)
904596 SURGUTNEFTEGAS (GDR)
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
MPARK MLP SAGLIK HIZMETLERI AS
WINE PURCARI WINERIES
NLBR NLB GROUP
- Research Team
Focus: MONETA: announces improved metrics of potential acquisition of ...
HEADLINES: • MONETA: announces improved metrics of potential acquisition of AirBank and Home Credit POSITIVE • Polish banks: BFG charges hiked - the first risk to 2019E banks' earnings materialises NEGATIVE • Polish banks: FX mortgage relief fund draft bill sent to the main Parliament for voting • MOL: 4Q18 results - net income well above consensus POSITIVE • Lenta: 2H18 results below expectations, rollout slowing down • Tekfen Holding 4Q18 results: strong beat and bullish FY19E gu...
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
AYGAZ AYGAZ A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
TKFEN TEKFEN HOLDING
NVTK NOVATEK JSC SPONSORED GDR REGS
MONET MONETA MONEY BANK AS
KAZ LN KAZ MINERALS
LNTA LI LENTA
EAT AMREST HOLDINGS SE
- Andy Jones
WOOD Flash – KAZ Minerals: 2H18 financial results - broadly in line ...
KAZ Minerals reported its 2H18 financial results this morning. EBITDA beat consensus by 3% and net income by 2%, while net debt fell 3% hoh to USD 1,986m, 6% below consensus due to below-guidance capex. In addition, KAZ announced a final dividend of US¢ 6/share. With the interim dividend having been of the same size, KAZ has paid US¢ 12/share in 2018, a 1.4% yield, marginally above our US¢ 11/share forecast. On guidance, the 300kt total copper production is in line with our forecast for 2019E...
- Research Team
Focus: Romanian oil and gas update – downgrading OMV Petrom and Romg...
HEADLINES: • Romanian Oil and Gas: Time to CAPitulate to CAPricious regulation? (downgrading OMV Petrom and Romgaz to HOLD) • Bank of Cyprus: trading update ahead of results • MTS: sells its 18.69% stake in OZON to Sistema for RUB 7.9bn NEUTRAL • KAZ Minerals: 2H18E financial results preview - close to consensus (due out 21 February) NEUTRAL • OTE: 4Q18E results preview (due out 21 February) • MOL: 4Q18E results preview (due out 22 February) • CCI: 4Q18E preview - weak quarter ...
- Ildar Davletshin
- Raffaella Tenconi
EME Macro: Kazakhstan – ready to take off again
Kazakhstan shares many similarities with other emerging and frontier markets, so it is arguably not a unique market for a seasoned investor. Yet, a few things catch our eye each time we travel to this country, and each time we leave convinced that it offers a few compelling investment opportunities that are hard to find elsewhere. In this report, we share our thoughts on the country’s ambitious plans to transform itself from a state-dependent economy, heavily reliant on natural resources, into...
- 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: Turkey macro – where we stand; Garanti’s 3Q18 review – in...
HEADLINES: • Turkey macro: where we stand • Garanti: 3Q18 review - in line, with free provisions and tone somewhat better than Akbank NEUTRAL • Erdemir: 3Q18 results - EBITDA 10% above consensus, but net income misses on high tax rate NEUTRAL • Tekfen Holding: 3Q18 review - strong results beat expectations POSITIVE • X5: strategy refocusing towards smart expansion • NLMK: 3Q18 financial results - large beat on EBITDA, 3.8% quarterly dividend POSITIVE • Ford Otosan: 3Q18 results ...
EVR EVRAZ PLC
TPS ORANGE POLSKA S.A.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
OTP OTP BANK NYRT
FROTO FORD OTOMOTIV SANAYI A.S.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
TKFEN TEKFEN HOLDING
TPE TAURON POLSKA ENERGIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
PLY PLAY COMMUNICATIONS SA
KAZ LN KAZ MINERALS
- Andy Jones
- Pawel Wieprzowski
- PhD
WOOD Flash – KAZ Minerals: 3Q18 trading update – on track to meet ...
KAZ has just announced its 3Q18 trading update. The company is well on track to meet its 2018E copper production guidance and should be at the top end of the guidance range for gold and silver, according to CEO Andrew Southam. Zinc production was below the guidance run-rate in 9M18 and management now expects to be 10-15% below the 2018E production target. The company noted, however, that production at Aktogay and Bozshakol in 4Q18E will be influenced by seasonally lower oxide output, scheduled m...
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE30 down 28% in August
Market performance – Turkey down 28% mom in August. The MSCI EME lost 6.7% mom in August, while the Bucharest Stock Exchange outperformed its peers, rising 3.7%. The BUX came in second, recording a rise of 2.1%, while Warsaw’s WIG20 followed with gains of 0.7%. On the other hand, the Turkish ISE30 recorded the largest drop, -28.0%, while Russia lost 5.8%, the Greek ASE index was down 4.2% and Prague’s PX fell 2.5% (all performances measured in EUR terms).
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
KRU KRUK S.A.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG UNIQA INSURANCE GROUP AG
HTO PETROL D.D.
CDR HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI CD PROJEKT S.A.
YKBNK RAIFFEISEN BANK INTERNATIONAL AG
OMV YAPI VE KREDI BANKASI A.S.
PGN OMV AG
PKO POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB PKO BANK POLSKI S.A.
STCK KOMERCNI BANKA A.S.
TITK STOCK SPIRITS GROUP
BHW TITAN CEMENT CO. SA
EVR BANK HANDLOWY W WARSZAWIE S.A.
ARHOF EVRAZ PLC
BIMAS AMREST HOLDING
WIZZ BIM BIRLESIK MAGAZALAR A.S.
PZU WIZZ AIR HOLDINGS PLC
DOAS POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK BANK MILLENNIUM SA
MTELEKOM ING BANK SLASKI S.A.
SBER MAGYAR TELEKOM TELECOMMUNICATIONS
KTY SBERBANK RUSSIA PJSC
KGH GRUPA KETY SA
DOC KGHM POLSKA MIEDZ S.A.
TPS DO & CO AKTIENGESELLSCHAFT
CAI ORANGE POLSKA S.A.
MYTIL CA IMMOBILIEN ANLAGEN AG
LPP MYTILINEOS S.A.
SPI LPP S.A.
AEFES S IMMO AG
ENKAI ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL ENKA INSAAT VE SANAYI A.S.
GUBRF EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC GUBRE FABRIKALARI T.A.S.
CCOLA CCC SA
ANY COCA-COLA ICECEK A.S.
EUPRO ALLAMI NYOMDA
GTC GRIVALIA PROPERTIES REIC
DOM GLOBE TRADE CENTRE S.A.
HALKB DOM DEVELOPMENT SA
AEGN TURKIYE HALK BANKASI ANONIM SIRKETI
ENA AEGEAN AIRLINES SA
MGROS ENEA S.A.
PGE MIGROS TICARET A.S
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
PPC GEORGIA HEALTHCARE GROUP
OTP PUBLIC POWER CORPORATION S.A.
CAR OTP BANK NYRT
AYGAZ INTER CARS S.A.
FROTO AYGAZ A.S.
OTKAR FORD OTOMOTIV SANAYI A.S.
THYAO OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURK HAVA YOLLARI A.O.
ULKER TURKIYE PETROL RAFINERILERI A.S.
SAHOL ULKER BISKUVI SANAYI A.S.
EUR HACI OMER SABANCI HOLDING A.S.
PJP EUROCASH S.A.
LTS X5 RETAIL GROUP N.V. SPONSORED GDR REGS
VAKBN GRUPA LOTOS S.A.
ECH TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
FMF ECHO INVESTMENT
GSPARK FAMUR SA
TKFEN GRAPHISOFT PARK SE
CPS TEKFEN HOLDING
GPW CYFROWY POLSAT SA
11B WARSAW STOCK EXCHANGE
TPE 11 BIT STUDIOS S.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
SAB1L BANK OF CYPRUS PCL
BRD SIAULIU BANKAS
TLV BRD-GROUPE SOCIETE GENERALE
MONET BANCA TRANSILVANIA S.A.
SNP MONETA MONEY BANK AS
TOFAS PETROM S.A.
5M71 TOFAS TURK OTOMOBIL FABRIKASI A.S.
UNIPE MAGNIT PJSC SPONSORED GDR REGS
MMK UNIPETROL A.S.
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)
MNOD DIGI COMMUNICATIONS NV
DNP NORILSK NICKEL
COTE DINO POLSKA S.A.
SNN CONPET SA
TEL SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA C.N.T.E.E. TRANSELECTRICA
FP. SOCIETATEA ENERGETICA ELECTRICA
BVB FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN S.C. BURSA DE VALORI BUCURESTI S.A.
KAZ LN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT KAZ MINERALS
WABERERS RICHTER
KOFOL WABERER'S INTERNATIONAL ZRT
ALPHA KOFOLA
LNTA LI ALPHA BANK
ATAD LENTA
M TATNEFT (GDR)
SFG MED LIFE
ELPE SPHERA FRANCHISE GROUP SA
IIA HELLENIC PETROLEUM
MPARK IMMOFINANZ
CGEO MLP SAGLIK HIZMETLERI AS
GEORGIA CAPITAL
- Research Team
Focus: keeping our BUY on KAZ Minerals, with a lower GBp 679 PT; Sberb...
HEADLINES: * KAZ Minerals: oversold - Baimskaya is a free hit (stays BUY) * Sberbank: 2Q18 review - decent quarter, but not strong enough to shake off sanctions gloom NEUTRAL * CCC: 2Q18 results - very strong cash flow, P&L supported by one-offs, in line with prelims NEUTRAL * Dom Development: 2Q18 results broadly in line, waiting for the completion schedule NEUTRAL * GTC: stock gains almost 7% on Lone Star's stake sale update POSITIVE * Play Communications: signs agreement w...
- Andy Jones
- Pawel Wieprzowski
- PhD
KAZ Minerals: Oversold – Baimskaya is a free hit (stays BUY)
On 2 August, KAZ announced the USD 900m acquisition of Baimskaya. The stock dropped 28% on that day and is down 46% in total since (USD 2.2bn of market cap) vs. c.11% on average for its peers (if it moved with its peers, KAZ would have lost c.USD 540m of market cap, implying a USD 1.6-1.7bn de-rating, due mainly to Baimskaya). We dislike the acquisition. It is a challenging project in an unfamiliar region (Russia), with large capex relative to the size of the company. USD 900m seems a steep pric...
- Research Team
Focus: Turkey – reassurances, but more facts needed; KGHM’s 2Q18 â...
HEADLINES: * Turkey: reassurances, but more facts needed * KGHM: 2Q18 - EBITDA 6% above consensus, but net income missed by 68% and FCF still negative NEUTRAL * Dogus Otomotiv: 2Q18 review - strong results, slight miss vs. consensus NEUTRAL * KAZ Minerals: 1H18 results - in line with consensus on EBITDA, FCF zero, but better than we expected NEUTRAL * LPP: FY18E gross margin guidance sustained NEUTRAL * Orange Polska: to receive c.PLN 38m for providing universal service in 20...
- Andy Jones
WOOD Flash – KAZ Minerals: 1H18 results – in line with consensus o...
KAZ Minerals reported its 1H18 financial results this morning (16 August). The results were broadly in line with the consensus (and our estimates) at the EBITDA level, although the net income was marginally weaker (the higher D&A was the major deviation from our forecast, so we see this as immaterial). FCF was zero (on our definition – KAZ excludes development capex) and net debt remained broadly unchanged qoq, so the FCF beat our negative USD 57m forecast due to lower-than-expected capex, des...
- Research Team
Focus: BIM’s strong 2Q18 results – beating consensus on all lines;...
HEADLINES: * BIM: strong 2Q18 results - beating consensus on all lines POSITIVE * Georgia Healthcare Group: 2Q18 earnings a small beat, FY18E earnings case intact POSITIVE * Norilsk Nickel: announces USD 1.137/GDR dividend (6.9% yield, 14% annualised) POSITIVE * X5: 2Q18 results - gross margin expansion on lower promo drove 6% EBITDA beat NEUTRAL * DO&CO: 1Q FY19 results - miss on non-airlines segments, but Turkish DO&CO strong NEUTRAL * Sabanci Holding: 2Q18 results - beat on ...
DOC DO & CO AKTIENGESELLSCHAFT
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
PCM PRIME CAR MANAGEMENT
GHG GEORGIA HEALTHCARE GROUP
SAHOL HACI OMER SABANCI HOLDING A.S.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
PLY PLAY COMMUNICATIONS SA
DIGI DIGI COMMUNICATIONS NV
MNOD NORILSK NICKEL
KAZ LN KAZ MINERALS
SFG SPHERA FRANCHISE GROUP SA
MPARK MLP SAGLIK HIZMETLERI AS
- Research Team
Focus: KAZ Minerals – Baimskaya acquisition – oversold; MOL’s 2Q...
HEADLINES: * KAZ Minerals: Baimskaya acquisition - oversold * MOL: 2Q18 results, EBITDA in line NEUTRAL * MMK: 2Q18 financial results - broadly as expected * Tekfen: 2Q18 review - strong results, as expected, and guidance revised up NEUTRAL * Tauron: preliminary 2Q18 EBITDA beats consensus by 9% POSITIVE * Grivalia: acquires EUR 82m luxury resort in Greece through its hospitality subsidiary NEUTRAL * Richter: takeaways from the 2Q18 conference call NEUTRAL * Turkish au...
MOL MOL NYRT
UNIQA INSURANCE GROUP AG
CDR CD PROJEKT S.A.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
EUPRO GRIVALIA PROPERTIES REIC
FROTO FORD OTOMOTIV SANAYI A.S.
TKFEN TEKFEN HOLDING
TPE TAURON POLSKA ENERGIA S.A.
PKP PKP CARGO
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
KAZ LN KAZ MINERALS
RICHT RICHTER
- Andy Jones
WOOD Flash – KAZ Minerals: Baimskaya acquisition – oversold
Yesterday (2 August), KAZ Minerals fell 28.3%, or USD 1.35bn of its market cap, after announcing the USD 900m acquisition of the Baimskaya project in Russia. Press reports had circulated about this potential acquisition and we have previously said that such a deal would be negative for the share price. It is a large project for KAZ to take on in an unfamiliar location, which significantly increases its risk profile and first production is due only in 2026E. However, in our view, the move yesterd...
- 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
- Andy Jones
WOOD Flash – KAZ Minerals: 2Q18 trading update – on track to meet ...
KAZ has just announced its 2Q18 trading update. The company remains on track to meet its 2018E guidance, confirmed by CEO Andrew Southam in this press release, which should be taken as a neutral/a small positive, in our view. Only zinc production was below the guidance run-rate in 1H18, but management expects grades to improve hoh. The good news is that the recent development project, Aktogay, is running at close to design capacity already, which bodes well for volumes in 2H18E.
- Research Team
The Rear-View Mirror – CEE markets: Greek equities gained the most i...
EME Equity Market – April 2018 Market performance – ASE gained the most in April, while the ISE30 lost the most. The MSCI EME dropped by 3.2% mom in EUR terms. The ASE index (+10% mom) reported the largest rate of return, followed by the Polish WIG20 index (+2.9%), and the BUX (+2.7% mom); while the Turkish ISE30 lost -10.4% mom, followed by the Russian MICEX (-6.3% mom), and the Czech PX index (-1.4% mom). The Romanian BET index stayed fairly flat (-0.1% mom).
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
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
EBS ERSTE GROUP BANK AG
OGZD GAZPROM
CDR CD PROJEKT S.A.
ELPE HELLENIC PETROLEUM SA
IMO1 IMMOFINANZ 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.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
FP FONDUL PROPRIETATEA
ARHOF AMREST HOLDING
SIF2 SIF MOLDOVA S.A.
PODRRA PODRAVKA
SPL SANTANDER BANK POLSKA SA
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.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS 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
ENKAI ENKA INSAAT VE SANAYI A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
NOG NOSTRUM OIL & GAS PLC
LVC LIVECHAT SOFTWARE SA
PCM PRIME CAR MANAGEMENT
ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
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.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
TELEC O2 CZECH REPUBLIC A.S.
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
EREGL ERDEMIR
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
PFL PFLEIDERER GROUP SA
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
MNOD NORILSK NICKEL
COTE CONPET SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
KAZ LN KAZ MINERALS
HTO OTE
JSW JSW
SAB1L SIAULIU BANKAS
BELA JUMBO
CEZ CEZ
OMV OMV
EVR EVRAZ
RBI RAIFFEISEN BANK INTERNATIONAL
DOM PW DOM DEVELOPMENT
UQA AV UNIQA INSURANCE GROUP
LNTA LI LENTA
UNIP UNIPETROL
SFG SPHERA FRANCHISE GROUP SA
ARGRRA ATLANTIC GRUPA DD
FTE FORTE ENERGY NL
SBER SBERBANK OF RUSSIA PJSC
SGGD SURGUTNEFTEGAS OJSC
- Research Team
WOOD Morning (27 April)
HEADLINES: * Greece: keep calm, this time it is real! (AEGN, ALPHA, BELA, CCH, ELPE, ETE, EUROB, EXAE, FOYRK, GRIV, HTO, MOH, MYTIL, OPAP, PPA, PPC, SAR, TITK, TPEIR) * Gazprom: 4Q17 results - weaker than expected NEGATIVE * Ford Otosan: 1Q18 review - a strong set of results POSITIVE * Tekfen: 1Q18 review - strong quarter, as expected NEUTRAL * Tofas: 1Q18 review - revenues and EBITDA in line, beat on net income NEUTRAL * Kruk: 1Q18 - 8-13% beat on net income; 30% yoy growth i...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
OGZD GAZPROM
ELPE HELLENIC PETROLEUM SA
FFGRP FOLLI FOLLIE S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
FOYRK FOURLIS HOLDINGS S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
CIE CIECH S.A.
EUPRO GRIVALIA PROPERTIES REIC
AEGN AEGEAN AIRLINES SA
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
TKFEN TEKFEN HOLDING
GPW WARSAW STOCK EXCHANGE
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
EREGL ERDEMIR
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
MNOD NORILSK NICKEL
DNP DINO POLSKA S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
KAZ LN KAZ MINERALS
HTO OTE
ARGRRA ATLANTIC GROUP
BELA JUMBO
PETG PETROL GROUP
EVR EVRAZ
ALPHA ALPHA BANK
WIZZ WIZZ AIR
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