reports
- Stanisław Ozga
- Stanisław Ozga
- Stanisław Ozga
- 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 (11 May)
HEADLINES: * OTP Bank: 1Q18 - strong bottom line beat on low provision charges POSITIVE * Eurocash: 1Q showing first signs of recovery in wholesale POSITIVE * Bank Handlowy: 1Q18 - strong bottom line, but very weak quality mix NEUTRAL * Halkbank: 1Q18 - in line on the bottom line, but leaves much to be desired in operational metrics NEGATIVE * Nuclearelectrica: 1Q18 results above expectations POSITIVE * Pegasus Airlines: 1Q18 results - minor beat on stronger yields POSITIVE ...
GUBRF GUBRE FABRIKALARI T.A.S.
HALKB TURKIYE HALK BANKASI ANONIM SIRKETI
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
OTP OTP BANK NYRT
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
PFL PFLEIDERER GROUP SA
DIGI DIGI COMMUNICATIONS NV
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
CEZ CEZ
- Research Team
WOOD Morning (7 May)
HEADLINES: * Greek banks: stress test - no surprises but confirms our positive call * Folli Follie: Quintessential Capital Management claiming fraudulent behaviour by the company NEGATIVE * NBG: resignation of CEO * JSW: Zofiowka mine hit by tremor, two miners killed, three still missing NEGATIVE * Polish media: CPS' commercial audience share at 24.92% in April, while WPL's reached 0.38% NEUTRAL * Transgaz: open season procedure for Black Sea gas * Banca Transilvania: acq...
EBS ERSTE GROUP BANK AG
KOMB KOMERCNI BANKA A.S.
FFGRP FOLLI FOLLIE S.A.
CAI CA IMMOBILIEN ANLAGEN AG
ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
CPS CYFROWY POLSAT SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
HTO OTE
JSW JSW
CEZ CEZ
- 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
- 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
Focus: keeping our HOLD on CEZ, with a higher CZK 525 PT; CCC’s weak...
HEADLINES: * CEZ: absent yield support, a multiples rerating (stays HOLD) * CCC: weak sales in March due to... unfavourable weather NEGATIVE * LPP: relatively decent preliminary 1Q18 results POSITIVE * CEZ: Bulgaria not seeking stake in CEZ asset disposal POSITIVE * Banca Transilvania: announces price paid for Bancpost POSITIVE * Romanian pension funds: changes possible, starting in 2019 NEUTRAL * LiveChat Software: net customer adds at 374 in March NEGATIVE * Moscow Ex...
- Bram Buring
- Ondrej Slama
CEZ: Absent yield support, a multiples rerating (stays HOLD)
Following CEZ’s FY17 earnings, we raise our 2018E net profit forecast by c.16% to CZK 12.5bn on a lower depreciation charge, and retain our HOLD rating, with an updated price target (PT) of CZK 525/share. By extending its estimates of the useful life of the traditional generation fleet, management has delivered a material boost to CEZ’s bottom line; nonetheless, we believe that dividends from the 2018-19E earnings are still likely to fall by half vs. our forecast of CZK 35/share to be paid t...
- Research Team
WOOD Morning (27 March)
HEADLINES: * Turkish small & mid-caps: small is beautiful, again (Datagate, Dogus Otomotiv, Indeks, Kordsa, Logo, Mavi, Tumosan and Yatas) * Ciech: 4Q17 - 8% adjusted EBITDA beat on slightly stronger soda segment and organic segment beat POSITIVE * Athens Exchange Group: 4Q17 in line; DPS a positive surprise POSITIVE * Philip Morris CR: 2H17 results - DPS below expectations and service revenues lower than expected NEGATIVE * CCC: takeaways from the management meeting POSITIVE ...
- Research Team
WOOD Morning (23 March)
HEADLINES: * Sberbank: positives priced in, fair value (downgraded to HOLD) * Anadolu Efes: signs binding agreement with ABI; synergy guidance POSITIVE * Krka: 4Q17 results a small beat, FY18E guidance is "more of the same" NEUTRAL * Cyfrowy Polsat: key takeaways from 4Q17 results conference * Enea: reported 4Q17 fully in line with preliminaries NEUTRAL * Romgaz: proposes RON 4.99 DPS POSITIVE * PKN Orlen: management and board changes NEGATIVE * CEZ: IndMin apparently n...
EXAE HELLENIC EXCHANGES SA
KRKG KRKA D.D.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ENA ENEA S.A.
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
CPS CYFROWY POLSAT SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
TABAK PHILIP MORRIS CR AS
UNIP UNIPETROL AS
SBER03 SBERBANK
CEZ CEZ
KOFOL KOFOLA
- Research Team
WOOD Morning (21 March)
HEADLINES: * GTC: solid 4Q17 results and higher-than-expected dividend - we remain BUYers POSITIVE * Alpha Bank: 4Q17 - solid reversal of asset quality trends * DP Eurasia: 2017 results in line on adjusted EBITDA, miss on reported EBITDA NEUTRAL * Kruk: takeaways from the conference call * CEZ: takeaways from 4Q conference call - broadly neutral NEUTRAL * CEZ: 4Q17 results beat consensus, FY18E guidance range rather weak NEUTRAL * Coca-Cola Icecek: Pakistani Rupee corrects...
- Bram Buring
WOOD Flash – CEZ: 4Q17 results beat consensus, FY18E guidance range ...
Despite the solid 4Q17 numbers, we expect neutral or weaker trading this morning (20 March) on the back of the FY18E guidance, which is below the current Bloomberg consensus range and our own marked-to-market forecasts. Despite the clear downward trend in power prices (down c.10% yoy on c.20% lower coal prices), the stock has been supported by the idea of splitting the company and by a solid current yield – assuming a 90% payout, a DPS of CZK 35, or a 6.9% yield. However, with yield support fa...
- Research Team
WOOD Morning (14 March)
HEADLINES: * Russian Equity Strategy: feedback from investor meetings * LPP: 4Q17 review and guidance update POSITIVE * Fourlis: 4Q17 results - 5% EBITDA beat on Intersport operations POSITIVE * OMV: act 2 - curtains up for more action * Motor Oil Hellas: strong 4Q, despite poor environment POSITIVE * Alpha Bank: sale of consumer NPLs to B2 Holdings POSITIVE * Tauron: reported 4Q figures in line with preliminaries NEUTRAL * Raiffeisen Int.: announces FY17 results; DPS ...
- 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
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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