reports
- Research Team
WOOD Morning (24 April)
HEADLINES: * Bank Millennium: 1Q18 - 4-5% beat on net profit, driven by lower provision charges POSITIVE * BZ WBK: 1Q18 - slightly below our forecasts, but in line with the market consensus NEGATIVE * KGHM: reports weak 1Q18 production results NEGATIVE * Tatneft: FY17 dividends - higher than expected POSITIVE * PGNiG: 1Q operating data estimates - strong growth POSITIVE * Warsaw Stock Exchange: Mr. Dietl re-appointed as CEO; updated strategy might be released in June NEUTRAL ...
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
KGH KGHM POLSKA MIEDZ S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
CCC CCC SA
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
ICD ENERGA SA
NVTK NOVATEK JSC SPONSORED GDR REGS
SAB1L SIAULIU BANKAS
ATAD TATNEFT
- Andy Jones
- Can Demir
- Ildar Davletshin
- Lukasz Wachelko
- CFA
WOOD Flash – Russian equity market: walking through a minefield
We believe that investors should approach the Russian market with much more caution and be prepared for a lot of volatility in the next few days and weeks. We do not believe that all stocks have fully priced in the negative possibilities, but consider the overall market as becoming more attractively priced. We suggest that investors have a list of “top buys†at hand and be ready to step in on significant weakness over the next few weeks. Such a list could include some Russian consumer and me...
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
MNOD NORILSK NICKEL
LKOD LUKOIL
SGGD SURGUTNEFTEGAS
ATAD TATNEFT
EVR EVRAZ
LNTA LI LENTA
- 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 (3 April)
HEADLINES: * Aselsan: AGM green light for SPO NEGATIVE * Kruk: wins tender for two debt portfolios in Poland POSITIVE * Transelectrica: revises 2017 result to a loss NEGATIVE * Bank Pekao: management board recommends PLN 7.9 DPS from 2017 net profit POSITIVE * Wirtualna Polska: management recommends PLN 0.96 DPS NEUTRAL * Anadolu Efes: asset merger with AB InBev in Russia completed NEUTRAL * OTP Bank: eyeing SocGen's Bulgarian subsidiary as potential merger target NEUTRAL ...
- Ildar Davletshin
WOOD Flash – Tatneft: 4Q17 results review – good cost control
Tatneft has reported strong 4Q17 results, with EBITDA, net income and FCF of RUB 53bn, RUB 34bn and RUB 27bn, respectively, 3%, 9% and 43% above our expectations. We were particularly surprised by the better cost discipline and stronger FCF generation. Tatneft remains our top pick in the sector, with a BUY recommendation and USD 65 /GDR and RUB 504/preferred share price targets (PTs).
- Ildar Davletshin
WOOD Flash – Tatneft: 4Q17E – expecting good cost control and a ma...
Tatneft plans to release its 4Q17E results on 29 March. The company improved its cost control recently, with capex falling 13% and lifting costs rising just 2% in 9M17 (in RUB terms), and we expect these trends to have remained in 4Q17E. Having introduced one of the most attractive dividend policies this year, Tatneft’s stock has enjoyed a remarkable re-rating. Going forward, we expect the operating performance to be the key driver for shareholder returns, especially with the launch of gasolin...
- Ildar Davletshin
WOOD Flash – Russian Equity Strategy: feedback from investor meeting...
In this flash note, we share feedback post our 70-plus meetings with European, US and Middle Eastern investors. We were surprised to learn that practically all investors we met had Russia as either overweight or at least neutral. While we still maintain our positive view on Russia, given the bullish positioning, we believe that it make take longer for Russian stocks to re-rate from their current 6.7x P/E to a more reasonable 9-10x.
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