reports
- Research Team
WOOD Daily: BELA GA; KOFOL CP; PGE PW; MAVI TI; PL Macro; CCC PW; PL B...
HEADLINES: • Jumbo: 1H20 results - strong vs. other Greek retailers • Kofola: 2Q20 results - weak, but solid dividend and raised 2020 EBITDA guidance are sweeteners POSITIVE • PGE: 2Q20 results in line with prelims NEUTRAL • Mavi: 2Q20 review and takeaways from the call POSITIVE • Poland macro: NBP holds rates unchanged • CCC: PLN 250m credit line with BGK guarantee POSITIVE • Polish banks: Supreme Court issues a ruling on a specific case - not much impact NEGATIVE • CEZ: launches tender for P...
- Research Team
The Rear-View Mirror – EME markets: Equities back in the red in EUR ...
EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index decline...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS 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
YNDX YANDEX NV CLASS A
CEZ CEZ AS
PETG PETROL D.D.
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
SFA SOPHARMA AD
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES 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.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
ICD ENERGA SA
HB HELLENIC BANK LTD.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
NVTK NOVATEK JSC SPONSORED GDR REGS
TRP TERAPLAST
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
OGZD GAZPROM (GDR)
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
DNP DINO POLSKA S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
19XX NEPI ROCKCASTLE PLC
KOFOL KOFOLA
DPEU DP EURASIA
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
EAT AMREST HOLDINGS SE
ENJSA ENERJISA ENERJI
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
GR6 GRADUS
FINT FINTEL ENERGIJA
- Research Team
The Rear-View Mirror – EME markets: Rebound continues, all indices i...
EME Equity Market – May 2020 Market performance – the rebound that started in April continued across the board, with the Romanian BET Index gaining the most in EUR terms (+8.9% mom). The MSCI EM Europe Index gained 6% in EUR terms and 7.5% in local currency; while the Romania BET Index grew 8.9% in EUR terms and 9.1% in RON terms, the best performer for the month. The MOEX Index added 7.5%, while the Polish WIG20 Index was up 6.6%. The Turkish benchmark, the ISE30 Index, added 4.5%, and the ...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
YNDX YANDEX NV CLASS A
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
PETG PETROL D.D.
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
STCK STOCK SPIRITS GROUP
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SBER SBERBANK RUSSIA PJSC
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.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
DOM DOM DEVELOPMENT SA
WXF WARIMPEX FINANZ UND BETEILIGUNG
AEGN AEGEAN AIRLINES SA
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
LTS GRUPA LOTOS S.A.
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
ICD ENERGA SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
PBK PATRIA BANK SA
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
PLZL POLYUS (GDR)
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
DIGI DIGI COMMUNICATIONS NV
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
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.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
KOFOL KOFOLA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
DPEU DP EURASIA
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
MPARK MLP SAGLIK HIZMETLERI AS
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
ARNT-R-A ARENATURIST D.D.
- Research Team
WOOD Daily: EAT PW; DNP PW; ROSN LI; MOEX RX; CE4 Macro; VAKBN TI; LWB...
HEADLINES: • AmRest: 1Q20 poor, as expected, covenants breach, followed by very short waiver NEGATIVE • Dino: 1Q20 beat on 20% lfl POSITIVE • Rosneft: 1Q20 - strong FCF and net debt reduction POSITIVE • Moscow Exchange: 5% beat on adjusted EBITDA, mainly on lower opex POSITIVE • CE4 macro: relative calm before the storm • Vakifbank: TWF to acquire 36% of the bank for TRY 4.98/share • Bogdanka: suspends 2019 dividend • Polish utilities: more comments on mining and power consol...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
ENA ENEA S.A.
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
TPE TAURON POLSKA ENERGIA S.A.
ICD ENERGA SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
TELEC O2 CZECH REPUBLIC A.S.
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
DNP DINO POLSKA S.A.
KOFOL KOFOLA
EAT AMREST HOLDINGS SE
- Research Team
WOOD Daily: BIMAS TI; 11B PW; M RO; SNG RO; TEL RO; GPW PW; TELEC CP; ...
HEADLINES: • BIM: major 1Q20 beat on sales, e-commerce on the horizon POSITIVE • 11 bit studios: 1Q20 results - strong beat from top to bottom POSITIVE • MedLife: 1Q20 earnings beat on margin expansion POSITIVE • Romgaz: posts strong 1Q results POSITIVE • Transelectrica: 1Q20 results above expectations POSITIVE • Warsaw Stock Exchange: 1Q20 EBITDA up 30% yoy and 10% above market's expectations POSITIVE • O2 Czech Republic: strong 1Q20 results, with EBITDA up 7% yoy, in line with ex...
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
BIMAS BIM BIRLESIK MAGAZALAR A.S.
ANY ALLAMI NYOMDA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TELEC O2 CZECH REPUBLIC A.S.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
KOFOL KOFOLA
M MED LIFE
PTKHY PETKIM PETROKIMYA HOLDING AS
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
NLBR NLB GROUP
- Research Team
WOOD Daily: CEE Banks; CEE Consumers; GPW PW; MNOD LI; MOL HB; OMV AV;...
HEADLINES: • CEE banks: there are no winners, just survivors (coverage universe update) • CEE consumers: #stayathome (coverage universe update) • Warsaw Stock Exchange: 4Q19 EBIT misses consensus by 8% on higher-than-expected opex NEGATIVE • Norilsk Nickel: declares final dividend in line with expectations, and nominates new Board NEUTRAL • MOL: update on business conditions, dividend suspended • OMV: 1Q20 trading update • OMV Petrom: 1Q20 trading update • LPP: CEO expects s...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
STCK STOCK SPIRITS GROUP
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
CCOLA COCA-COLA ICECEK A.S.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
GPW WARSAW STOCK EXCHANGE
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
BELA JUMBO S.A.
PODR-R-A PODRAVKA D.D.
MONET MONETA MONEY BANK AS
ATGR-R-A ATLANTIC GRUPA
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TABAK PHILIP MORRIS CR AS
RICHT RICHTER
KOFOL KOFOLA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
DPEU DP EURASIA
SFG SPHERA FRANCHISE GROUP SA
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
- Fani Tzioukalia
- Gabriela Burdach
- Jakub Mician
- Lukasz Wachelko
- CFA
- Stefan Lungu
- CFA
CEE Consumers: #stayathome (coverage universe update)
The development of the COVID-19 pandemic has changed the landscape for consumer names materially. While #stayathome is slowing down the contagion, it has infected the foundations of discretionary retailers severely. At the same time, the staples players have seen a sales boost, especially in the e-commerce space. Facing such a storm among the especially vulnerable players hurt by store lockdowns and carrying high leverage, we identify: AmRest, CCC, Kofola and Fourlis. On the other hand, FMCG dis...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
STCK STOCK SPIRITS GROUP
BIMAS BIM BIRLESIK MAGAZALAR A.S.
FOYRK FOURLIS HOLDINGS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
CCOLA COCA-COLA ICECEK A.S.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
CAR INTER CARS S.A.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
CCH COCA-COLA HBC AG
BELA JUMBO S.A.
PODR-R-A PODRAVKA D.D.
ATGR-R-A ATLANTIC GRUPA
5M71 MAGNIT PJSC SPONSORED GDR REGS
DNP DINO POLSKA S.A.
TABAK PHILIP MORRIS CR AS
KOFOL KOFOLA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
DPEU DP EURASIA
SFG SPHERA FRANCHISE GROUP SA
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
- Research Team
The Rear-View Mirror – EME markets: BET Index the best performer, de...
EME Equity Market – March 2020 Market performance – all stock indices in the region were down in March, with the BET the best performer in EUR terms (-16.7%). The MSCI Emerging Markets Europe Index lost 25.8% in EUR terms, while the Czech PX Index was down 24.8%. Other regional stock markets were not far behind, with the BUX Index losing 22.8% in EUR terms, followed by the ASE Index (-22.5% mom), the Russian MOEX (-22.4% mom), the Polish WIG20 (-18.5% mom) and the Turkish ISE30 (-19.8% mom)....
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
PETG PETROL D.D.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
FXPO FERREXPO PLC
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
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.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
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.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
TPEIR PIRAEUS BANK SA
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
ICD ENERGA SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TABAK PHILIP MORRIS CR AS
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
KOFOL KOFOLA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
DPEU DP EURASIA
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
904596 SURGUTNEFTEGAS (GDR)
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
MPARK MLP SAGLIK HIZMETLERI AS
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
- Research Team
WOOD Daily: EME Macro; CZ Macro; NLMK LI; CCH LN; TEL RO; KTY PW; Poli...
HEADLINES: • EME macro: policy measures so far • Czech Republic macro: MPC cuts to 1.00% and signals further easing • NLMK: cuts capex guidance and reiterates strong liquidity position POSITIVE • Coca-Cola HBC: withdraws 2020E guidance, still plans to propose a dividend NEUTRAL • Transelectrica: proposes lower than expected dividend NEGATIVE • Kety: 4Q19 results in line with the company's forecasts • Polish retail real estate: government has no plans to support landlords NEGATIV...
SPL SANTANDER BANK POLSKA SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MGROS MIGROS TICARET A.S
AFLT AEROFLOT RUSSIAN AIRLINES
GHG GEORGIA HEALTHCARE GROUP
TPEIR PIRAEUS BANK SA
OTP OTP BANK NYRT
ALRS ALROSA PJSC
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TEL C.N.T.E.E. TRANSELECTRICA
KOFOL KOFOLA
ALPHA ALPHA BANK
M MED LIFE
TEN TEN SQUARE GAMES
- Research Team
WOOD Daily: PL Banks; TLV RO; NLBR SV; CAI AV; 11B PW; KOFOL CP; ARCLK...
HEADLINES: • Polish banks: head of the PFSA advises banks and insurers to retain 2019 net profit NEGATIVE • Polish banks: auditors start to comment on how Polish banks should approach credit risk • Banca Transilvania: lower dividend payout from 2019 earnings • NLB Group: conference call takeaways • CA Immo: 4Q19 - strong quarter, low LTV, plentiful liquidity - well-positioned for the future POSITIVE • 11 bit studios: 4Q19 beat on lower royalties POSITIVE • Kofola: 4Q19 results ...
KER KERNEL HOLDING S.A.
PKO PKO BANK POLSKI S.A.
CAI CA IMMOBILIEN ANLAGEN AG
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
AFLT AEROFLOT RUSSIAN AIRLINES
ARCLK ARCELIK A.S.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TLV BANCA TRANSILVANIA S.A.
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
KOFOL KOFOLA
SFG SPHERA FRANCHISE GROUP SA
WINE PURCARI WINERIES
NLBR NLB GROUP
- Research Team
The Rear-View Mirror – EME markets: Consumer staples best performer ...
EME Equity Market – January 2020 Market performance – Hungarian BUX the weakest performer in January, by far. While the MSCI Emerging Markets Europe Index lost 0.6% in EUR terms and 2.3% in LCU terms in January, the Hungarian BUX was down 8.3% in EUR terms and 6.5% in HUF terms. The Polish WIG20 also fell quite substantially, -4.9% in EUR terms and -3.9% in PLN terms; followed by Prague’s PX Index, which dropped 3.1% in EUR terms and -3.9% in CZK terms. While the MOEX Index lost 0.8% in EU...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EBS ERSTE GROUP BANK AG
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB KOMERCNI BANKA A.S.
EVR EVRAZ PLC
SIF2 SIF MOLDOVA S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
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
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
AFLT AEROFLOT RUSSIAN AIRLINES
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
ICD ENERGA SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SIF3 SIF TRANSILVANIA S.A.
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
SIF1 SIF BANAT-CRISANA S.A.
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
PLZL POLYUS (GDR)
OGZD GAZPROM (GDR)
SIF5 SOCIETATEA DE INVESTITII FINANCIARE OLTENIA SA
MNOD NORILSK NICKEL
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SIF4 SIF MUNTENIA S.A.
KOFOL KOFOLA
DPEU DP EURASIA
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
NLBR NLB GROUP
- Research Team
The Rear-View Mirror – EME markets: Healthcare and materials end 201...
EME Equity Market – December 2019 Market performance – all markets in the black, with the BUX recording the highest increase. The MSCI EME rose by 4.0% in December, while the BUX index reported a very solid performance, up 6.6% mom, followed by the MOEX (+5.8% mom), Prague’s PX index (+3.8% mom), the Greek ASE (+1.7% mom), the Polish WIG20 (+1.0% mom), Romania’s BET (+0.8% mom), and the Turkish ISE30 (+0.2% mom) (all in EUR terms).
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
PETG PETROL D.D.
CDR CD PROJEKT S.A.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
STCK STOCK SPIRITS GROUP
WIZZ WIZZ AIR HOLDINGS PLC
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
CCC CCC SA
CIE CIECH S.A.
ANY ALLAMI NYOMDA
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
WXF WARIMPEX FINANZ UND BETEILIGUNG
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
AFLT AEROFLOT RUSSIAN AIRLINES
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
OGZD GAZPROM (GDR)
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
19XX NEPI ROCKCASTLE PLC
KOFOL KOFOLA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
IIA IMMOFINANZ AG
TEN TEN SQUARE GAMES
- Research Team
Focus: Cyfrowy Polsat bids to purchase a 21.95% stake in Asseco Poland...
HEADLINES: • Cyfrowy Polsat: bids to purchase a 21.95% stake in Asseco Poland for PLN 65/share NEUTRAL • QIWI: feedback from the conference call NEUTRAL • Kety: 4Q19 preliminary EBITDA 4% above our expectations POSITIVE • Kofola: sells its 50% stake in its Russian associate POSITIVE • Jeronimo Martins: up to PLN 500 wage hikes in the New Year NEUTRAL • mBank: press speculates more on mBank takeover details NEUTRAL • Alior Bank: wants to take advantage of PSD2 • Fourlis: agreemen...
- Research Team
Focus: initiating coverage of Ten Square Games with a BUY and a PLN 22...
HEADLINES: • Ten Square Games: turning players into payers (BUY - initiation of coverage) • Sberbank: analyst day takeaways - value and dividend story intact • Terna Energy: reassuring numbers in 9M19 results • Russian telecoms: Megafon, Rostelecom, MTS and Vimpelcom sign MoU to jointly develop 5G in Russia POSITIVE • Ciech: court waives Bydgoszcz tax office's decisions POSITIVE • Kofola: acquires two brands of mineral water for the Czech market POSITIVE • Magyar Telekom: annou...
- Research Team
The Rear-View Mirror – EME markets: Only Polish WIG20 in the red in ...
EME Equity Market – November 2019 Market performance – the weakest performance in November was recorded by the Polish WIG20 Index, in both EUR- and PLN-terms (-2.9% mom and -1.6% mom, respectively). While the MSCI Index lost 0.4% in local currency terms, it gained 0.8% in EUR terms. With the exception of Poland, all the other indices recorded a positive performance, with the Turkish ISE30 gaining 8.9% (EUR terms) over the month. The BET Index was the second-best performer, increasing by 3.2%...
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
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
FXPO FERREXPO PLC
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
EVR EVRAZ PLC
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SBER SBERBANK RUSSIA PJSC
KGH KGHM POLSKA MIEDZ S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
SPI S IMMO AG
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.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
GHG GEORGIA HEALTHCARE GROUP
TPEIR PIRAEUS BANK SA
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.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
ICD ENERGA SA
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLZL POLYUS (GDR)
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
DIGI DIGI COMMUNICATIONS NV
MNOD NORILSK NICKEL
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
KOFOL KOFOLA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
- Research Team
Focus: keeping our BUY on OPAP, with a higher EUR 13.2 PT; Play Commun...
HEADLINES: • OPAP: winner of the Derby (stays BUY) • Play Communications: strong 3Q19 results, with adjusted EBITDA up 16% yoy and FCF guidance lifted POSITIVE • Sphera Franchise Group: 3Q19 results above expectations on costs POSITIVE • Eurocash: 3Q19 results slightly above expectations on one-off and improving retail NEUTRAL • PGE: 3Q19 results in line with prelims, 2020E outlook provided NEUTRAL • Wizz Air: 2Q20 - broadly in line at first glance, net profit guidance revised up PO...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
CEZ CEZ AS
PKO PKO BANK POLSKI S.A.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
EUR EUROCASH S.A.
RTKM ROSTELECOM PJSC
PLY PLAY COMMUNICATIONS SA
KOFOL KOFOLA
SFG SPHERA FRANCHISE GROUP SA
NLBR NLB GROUP
- Research Team
Focus: CEZ – 3Q19 miss, upward restatement of 1H19 on revaluation of...
HEADLINES: • CEZ: 3Q19 miss, upward restatement of 1H19 on revaluation of derivatives NEGATIVE • Benefit Systems: 39% beat on EBIT and FY guidance raised POSITIVE • Kofola: 3Q19 - solid results, driven by Adriatic region POSITIVE • CCC: extends credit line with Bank Pekao POSITIVE • Polish utilities: updated long-term energy policy draft released & offshore wind regulation prepared NEUTRAL • Polish utilities: Energy Ministry to be scrapped • Polish telecoms: Polish-Russian agree...
- Research Team
Focus: downgrading Polyus to HOLD, with a higher USD 58.3/GDR PT; Vaki...
HEADLINES: • Polyus: low grade ore stockpiling to lower FCF (downgraded to HOLD) • Vakifbank: 3Q19 results review - 9M19 net income down 50% yoy • BIM: 3Q19 results - below expectations NEGATIVE • Aygaz: 3Q19 results review NEUTRAL • NIS: 3Q19 results NEUTRAL • Romanian politics: Presidential election results (first round) • Bucharest Stock Exchange: 3Q19 results review - strong NI on good cost control and financial income POSITIVE • AmRest: key takeaways from the 3Q conferenc...
CDR CD PROJEKT S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
FMF FAMUR SA
11B 11 BIT STUDIOS S.A.
CCH COCA-COLA HBC AG
TLV BANCA TRANSILVANIA S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
PLZL POLYUS (GDR)
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
DNP DINO POLSKA S.A.
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
KOFOL KOFOLA
EAT AMREST HOLDINGS SE
- Research Team
The Rear-View Mirror – EME markets: Soft performance across markets ...
EME Equity Market – August 2019 Market performance – pressure on all markets, only the BET flattish. The MSCI EME contracted by 4.9% mom in August, while the ASE index fell by 3.5% and Moscow’s index dropped by 3.8%. Bucharest’s BET index was the only one to rise, if only marginally, by 0.4% mom. The worst performer was Turkey’s ISE30, losing 10.8% mom, while the WIG20 index was down 8.3% mom, the BUX index dropped by 4.1% mom, and Prague’s PX index fell by 2.8% mom.
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
CEZ CEZ AS
PETG PETROL D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
FXPO FERREXPO PLC
BHW BANK HANDLOWY W WARSZAWIE S.A.
EVR EVRAZ PLC
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
WXF WARIMPEX FINANZ UND BETEILIGUNG
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
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.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
KAZ KAZ MINERALS PLC
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
ICD ENERGA SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
PLZL POLYUS (GDR)
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
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
KOFOL KOFOLA
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
MPARK MLP SAGLIK HIZMETLERI AS
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
ENJSA ENERJISA ENERJI
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
- Research Team
Focus: DIGI Communications – strong 2Q19 results, with EBITDA ex.IFR...
HEADLINES: • DIGI Communications: strong 2Q19 results, with EBITDA ex.IFRS 16 up 26% yoy POSITIVE • Romgaz: 2Q19 results review - revenue growth continues, despite gas price capping POSITIVE • Electrica: 2Q19 strong performance vs. our expectations, particularly in supply POSITIVE • Transelectrica: small loss in 2Q19, should be clawed back NEUTRAL • Banca Transilvania: 2Q19 results in line with our expectations NEUTRAL • Transgaz: weak 2Q19 results, in line with expectations NEUTRAL ...
11B 11 BIT STUDIOS S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
DIGI DIGI COMMUNICATIONS NV
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
KOFOL KOFOLA
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
EAT AMREST HOLDINGS SE
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