HEADLINES: • Wizz Air: despite setbacks, upside risks may prevail (stays BUY) • Mavi: strong set of results in 1Q25, share buyback programme initiated POSITIVE • Coca-Cola Içecek: investigations launched into the company NEGATIVE • CEZ: ANO proposes State subsidises power prices NEUTRAL • DO & CO: dividend proposal of EUR 2.00/share NEUTRAL • Richter: to voluntarily restrict price of one OTC drug NEUTRAL • Short News (CAR, MBR, SHO)
HEADLINES: • Wizz Air: 4Q FY25 – core numbers in line with our estimates, but weaker than the consensus • CEZ: KHNP, government and CEZ sign EDU II deal POSITIVE • Poland macro: NBP on hold • Jumbo: May sales growth picks up speed to a strong 12%; declares EUR 0.50/share dividend POSITIVE • Titan: signs MOA with Carbon Upcycling to develop low-carbon construction materials POSITIVE • PCF Group: decision to reduce project Bifrost development team • Mavi: 1Q25E earnings preview (due on 10 June)
EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR ...
HEADLINES: • Theon International: 1Q25 trading update – strong execution, rich options POSITIVE • Kruk: 1Q25 results, beat driven by Wonga, debt purchased segment in line, but slowing growth dynamics NEUTRAL • Siauliu Bankas: rather weak 1Q25, but maintained outlook should provide some support NEGATIVE • Medicover: 1Q25 beat on admin costs and other financial income POSITIVE • Otokar: 1Q25 results – continuing losses on the operating and bottom lines • Tofas: weak set of results in 1Q25, as anti...
Following the CMB’s approval on 18 April, Mavi’s earlier announced (board decision dated 14 January 2025) 100% bonus issue, increasing the number of outstanding shares from 397.3m to 794.5m, took place on 24 April. Therefore, we have adjusted our 12M price target (PT) of TRY 127/share, for Mavi’s shares, to TRY 63.5/share, effective as of today (29 April). There are no changes in our earnings estimates or valuation of the company.
HEADLINES: • Mavi: a mispriced story with solid fundamentals (BUY - reinitiation of coverage) • Turkish banks: weather vs. climate (reinitiating on Akbank, Garanti, Isbank and Yapi Kredi with HOLDs) • Warsaw Stock Exchange: just move on up (stays BUY) • Benefit Systems: March sports cards addition surprises positively, mostly in Poland POSITIVE • MOL: announces dividend proposal of HUF 275/share NEUTRAL • EU macro: cohesion funds can be deployed for defence, housing and energy investments • Dino...
We reinitiate coverage of Mavi with a BUY rating and a 12M price target (PT) of TRY 127. As the leading denim and casual lifestyle brand in Türkiye, we view the company as a solid growth play with strong brand management, a retail-focused strategy with a seamless omnichannel presence, and a best-in-class sourcing model. Despite the challenging conditions in the domestic market, we expect Mavi to navigate these tough times without seeing a major dent in its profitability, and look for better resu...
HEADLINES: • European oil and gas monthly: November 2024 – gas inventories down, prices up • Bank Handlowy: published its 2025-27E strategy on 6 December NEUTRAL • Metlen Energy & Metals: pushes EC to promote CRMs, as it preps EUR 300m investment to boost bauxite and alumina production, plus brand-new gallium production facility POSITIVE • Auto Partner: November sales growth slows down to 5% yoy, well below our expectations NEGATIVE • Turkish banks: BRSA announces financial services companies wi...
Mavi reported a better-than-expected set of results in 2Q23, which was followed by guidance upgrade by the management. However, despite these positive financial results, 2024 is expected to pose challenges for Turkish consumers and Mavi, due to potentially higher borrowing costs and economic slowdown. Nevertheless, Mavi is well-prepared to face these challenges, with our projections suggesting continued revenue growth and decent bottom-line in 2024, albeit with a slight EBITDA margin decline. Ba...
We initiate coverage of Mavi with a Buy rating and a target price of TL95.0/share, implying 38% upside potential. Mavi has been one of the main beneficiaries of pandemic-related re-openings. In addition, casualisation in workplaces and a shift in fashion preferences to loose-fitting jeans should also support growth momentum. Unlike many other competitors, Mavi is benefiting from the rise of e-commerce, which is a high- margin channel for the company. On the back of these trends, we see Mavi’s ne...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
EME Equity Market – September 2020 Market performance – most indices in the red in EUR terms, while ISE30 Index advanced 2.9%. In September, the MSCI EM Europe Index lost 5.8% in EUR terms and 7.5% in local currency terms. The ISE30 Index was the best performer, adding 2.9% in EUR terms and 6.0% in local currency terms. The Romanian BET Index lost 0.6% in USD terms, but remained largely flat (+0.1%) in RON term; while the Greek ASE Index lost 1.5% in EUR terms. The Russian MOEX Index declined 4....
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...
EME Equity Market – June 2020 Market performance – in June, Turkish equities performed the best (+7.7%), while Hungary was the weakest (-2.2%). Following its rebound in the past couple of months, the MSCI EM Europe Index declined in June, losing 1.8% in EUR terms and 0.6% in local currency terms. Turkish equities were the best performers, with the ISE30 Index +7.7%, followed by Prague’s PX Index (+3.5%), and the WIG20 (+2.3%). After its good run in May, the Romanian BET lost 0.3% in June, ...
HEADLINES: • Jumbo: self-fulfilling prophecy (upgraded to BUY) • Enea: 1Q20 preliminary results beat expectations POSITIVE • Mavi: 1Q20 - weak, as expected NEUTRAL • Energa: 1Q20 EBITDA in line with expectations • Polish banks: mulling over changes in credit holiday legislation • Play Communications: announces changes in mobile tariffs POSITIVE • PGNiG: to invest PLN 4bn in renewables • OPAP: 1Q20E preview - witnessing the effects of COVID-19 (due out today, after the close)
HEADLINES: • OTP Bank: survivor status priced in already (stays HOLD) • Aselsan: 1Q20 results - strong beat across the board POSITIVE • Wizz Air: 4Q20 - net profit at top range of guidance, outlook uncertain • Aeroflot: 1Q20 - revenue declines by less than traffic, non-cash FX result pushes net to a deep loss NEUTRAL • Public Power Corporation: 1Q20 revenues miss, but quarter confirms return to operating profitability NEUTRAL • Russia macro: a RUB 5trn stimulus plan, with ambitious...
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 ...
HEADLINES: • Sberbank: less compelling at peak P/E and 1x book (downgraded to HOLD) • Bank Pekao: results affected by COVID-19 and restructuring reserves, but solid otherwise • CEZ: 1Q20 beats trading gains, but FY20E guidance cut by CZK 1-2bn on COVID-19 NEGATIVE • Vakifbank: Turkey to boost state banks' capital by USD 3bn over pandemic NEGATIVE • Mavi: re-opening schedule for Turkey POSITIVE • S Immo: 1Q20 preliminaries - 5-8% yoy growth in underlying earnings, revaluation loss e...
HEADLINES: • Czech Republic macro: 2020 budget deficit increased to CZK 300bn • Czech banks: big drop in demand for lending in Czech Republic NEGATIVE • PKO BP: issues update on profit warning • PKN Orlen: reaches 66% threshold to take over Energa NEUTRAL • Famur: 4Q19 results broadly in line with preliminary figures NEUTRAL • Coca-Cola Icecek: cuts dividend due to government regulation NEUTRAL • Jeronimo Martins: intends to renegotiate rents POSITIVE • Benefit Systems: fitnes...
HEADLINES: • Romanian banks: riding out the crisis (Banca Transilvania stays BUY, BRD-GSG stays HOLD) • Polyus: relative safe haven (upgraded to BUY) • Santander Bank Polska: to lose PLN 380-450m of net interest income due to 100bps rate cut NEGATIVE • CCC: PLN 23m state aid approved, transferred partially already POSITIVE • EME Strategy: MSCI delays reclassification of Kuwait until November SAIR • Turkish Airlines: 63% load factor in March, RPK drops by 53% yoy NEUTRAL • Play C...
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