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
- Research Team
Focus: upgrading CME to BUY, with a new PT of USD 4.50/CZK 102.3/share...
HEADLINES: • CME: Successful deleveraging topped by dividends (upgrade to BUY) • MedLife: sharply lower capex guided for FY19E POSITIVE • Polish banks: strategic investors write to the EC complaining about the FX mortgage draft bill NEUTRAL • Polish gencos: government submits new draft proposal on power prices POSITIVE • Tauron: expects a PLN 378m impairment to net profit in 2018E NEGATIVE • Kernel: acquires the second-largest grain-hopper wagon fleet operator in Ukraine POSITIVE â€...
- Research Team
The Rear-View Mirror: EME Markets – Only Bucharest’s BET in the re...
EME Equity Market – January 2019 Market performance – only Bucharest in negative territory in January. In January, the Turkish ISE was the best performer (+17%); while the Russian MOEX was second (+12.8%); and the MSCI EME recorded double-digit growth of 11.3%; followed by Budapest, with the BUX up 6.1%; and Prague’s PX +5.7%, just above the WIG20, which gained 5.6% mom. The Greek ASE also saw a gain (+3.5%), while Bucharest’s BET was the only one in the red, falling by 7.5% mom.
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
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
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
STCK STOCK SPIRITS GROUP
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
EVR EVRAZ PLC
WIZZ WIZZ AIR HOLDINGS PLC
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
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
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
NOG NOSTRUM OIL & GAS PLC
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.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
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
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
PLY PLAY COMMUNICATIONS SA
MNOD NORILSK NICKEL
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
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.
RICHT RICHTER
DPEU DP EURASIA
LNTA LI LENTA
ATAD TATNEFT (GDR)
M MED LIFE
ELPE HELLENIC PETROLEUM
IIA IMMOFINANZ AG
EAT AMREST HOLDINGS SE
- Research Team
Focus: PKN Orlen’s 4Q18 results - in line overall, but retail segmen...
HEADLINES: • PKN Orlen: 4Q18 results - in line overall, but retail segment is the star • Lenta: 4Q18 trading update - flat traffic and lfl supported by inflation, new management announced NEUTRAL • Rostelecom: may buy the remaining stake in Tele2 NEUTRAL • Kety: launches a review of its strategic options NEUTRAL • Cyfrowy Polsat: 4Q18E results to be hurt by a PLN 162.6m income tax item NEGATIVE • O2 CR: 4Q18 results preview (due 29 January) • Short News (PL banks)
- 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: mBank – small miss on 3Q18 bottom line due to high admin cost...
HEADLINES: • mBank: small miss on 3Q18 bottom line due to high admin costs and one-offs in other income • Lenta: 3Q18 trading update - soft operationally, but GDR buyback supports our positive message POSITIVE • Nostrum Oil & Gas: releases 3Q18 operational update NEGATIVE • Lotos: 3Q18 review - results generally in line with preliminary numbers NEUTRAL • Dom Development: 3Q18 - results in line; doing well operationally; shares look cheap NEUTRAL • Emlak Konut: 3Q18 review - predict...
- Research Team
Focus: keeping our BUYs on X5 and Lenta, and our HOLD on Magnit; Turki...
HEADLINES: • Russian food retail: zero lfl is the new reality (X5 and Lenta stay BUY; Magnit (local and GDR) stays HOLD) • Turkish banks: wholesale funding - a wrap-up of recent developments • Aselsan: Defence Executive Committee Meeting (SSIK) today • Turkish Airlines: September traffic slows down due to capacity constraints at Ataturk NEUTRAL • Emlak Konut: sells 4,194 units in 9M18 NEUTRAL • Short News (PEO, GNB, TPE, PKN, OTP)
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
THYAO TURK HAVA YOLLARI A.O.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
5M71 MAGNIT PJSC SPONSORED GDR REGS
LNTA LI LENTA
- Jakub Mician
- Lukasz Wachelko
- CFA
Russian Food Retail: Zero lfl is the new reality (X5 and Lenta stay BU...
We maintain our positive views on X5 (BUY, price target (PT) USD 27.7/GDR) and Lenta (BUY, PT USD 5.2/GDR), and our neutral view on Magnit (HOLD, PT USD 14.4/GDR and RUB 4,060/lcl). Russian food retailers have seen an average share price dive of 46% this year, dragged down by the margin-diluting acceleration of the cut-throat promo competition, on top of the general market weakness. As a result, all the three names in this report are trading at 2018E EV/EBITDAs below 6x, not only 50% below the a...
- 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 Titan Cement, with a lower EUR 25.0 PT; PZU ...
HEADLINES: • Titan Cement: free upside optionality (stays BUY) • PZU: very solid 2Q18 results POSITIVE • Motor Oil Hellas: 2Q18 results beat expectations on bumper retail profits POSITIVE • Gazprom: 2Q18 - strong gas markets driving FCF higher • Lukoil: 2Q18 - stronger FCF, better capex dynamics • Aeroflot: 2Q18 results - stronger yields and lower ex-fuel cost, 20% EBITDAR beat POSITIVE • Lenta: 1H18 results in line with consensus, store openings and capex guidance revised down...
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
TITK TITAN CEMENT CO. SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
AFLT AEROFLOT RUSSIAN AIRLINES
TPEIR PIRAEUS BANK SA
11B 11 BIT STUDIOS S.A.
OTOEL AUTOHELLAS S.A.
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ALPHA ALPHA BANK
LNTA LI LENTA
IIA IMMOFINANZ
- Research Team
Focus: Turkey macro – central bank keeps rates on hold, but door sti...
HEADLINES: * Turkey macro: central bank keeps rates on hold, but door still open for future rate hikes * BZ WBK: solid 2Q18 results - volume growth shines the most POSITIVE * Orange Polska: strong 2Q18 results, with a 5% beat on EBITDA POSITIVE * Lenta: 2Q sales growth decelerates to 17% yoy on lfl erosion to 3.5%; opex pressure NEGATIVE * Turk Telekom: 2Q18 results - in line, some colour on new fiber protocol NEUTRAL * Wizz Air: 1Q FY19 review - 6% miss vs. our EBITDAR due to...
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
ARHOF AMREST HOLDING
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
DOC DO & CO AKTIENGESELLSCHAFT
AKBNK AKBANK TAS
CIE CIECH S.A.
HALKB TURKIYE HALK BANKASI ANONIM SIRKETI
TTKOM TURK TELEKOMUNIKASYON A.S.
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
OTP OTP BANK NYRT
THYAO TURK HAVA YOLLARI A.O.
PKP PKP CARGO
FTE FORTE
LNTA LI LENTA
MPARK MLP SAGLIK HIZMETLERI AS
- 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 (20 April)
HEADLINES: * Atrium: steady as she goes (stays HOLD) * AmRest: 1Q18 sales at EUR 348m, up 31% yoy (also 31% in LC), 14.5% growth excluding M&A POSITIVE * Lenta: 1Q sales up 20% yoy on 6.1% lfl (mainly on ticket growth) POSITIVE * X5: 1Q sales growth slows to 20% yoy on eroding lfl (only 0.6%, as traffic was negative) NEGATIVE * Sarantis: new guidance for 2018E reassuring POSITIVE * Hellenic Petroleum: to accept bid for DESFA POSITIVE * Immofinanz: starts bidding process fo...
- 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 (28 March)
HEADLINES: * Lenta: when two dogs are fighting over a bone... (BUY - initiation of coverage) * OPAP: 4Q below expectations on one-offs NEUTRAL * Prime Car Management: 4Q17 - weak quality underlying results; no dividend recommendation NEGATIVE * Sarantis: FY17 - weaker sales, better margins, even better cash position * BGEO: demerger details - a wrap-up of the process and our thoughts * EME Macro/Strategy: we have entered a soft patch * Aeroflot: traffic slowed down in F...
- Jakub Mician
- Lukasz Wachelko
- CFA
Lenta: When two dogs are fighting over a bone... (BUY - initiation of ...
In this report, we initiate coverage of Lenta, Russia’s third-largest food retailer, with a BUY rating and price targets (PTs) of USD 8.6/GDR / RUB 486/local share (lcl). We like the company for its attractive combination of: i) solid growth; ii) high-quality operations/ management; and iii) cheap valuation (a 2018E EV/EBITDA of 6.0x). In our view, Lenta’s growth prospects are underpinned by the recovering real income of Russian society, the relatively low penetration of modern formats, the ...
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