reports
- Research Team
The Rear-View Mirror – EME markets: Greek stocks in the lead
EME Equity Market – November 2023 Market performance – Greeks in the lead, in a month with only green across the region. The MSCI EM Europe Index added 5.6% mom in EUR terms and 8.7% mom in USD in November. The Greek ASE Index was the top performer in our region (+6.9% mom), followed by the Polish WIG20 (+5.5% mom) and the Hungarian BUX (+4.0% mom). The Czech PX Index saw the most muted performance, advancing 2.8% mom.
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
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.
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
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
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
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
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
PCO PEPCO GROUP NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: PEO PW; BIMAS TI; RICHT HB; PETKM TI; EUROB GA; ETE GA; AD...
HEADLINES: • Bank Pekao: 3Q23 results solid as a rock, 25%+ ROE remains, high dividend yield possible POSITIVE • BIM: strong set of results in 3Q23 financials, beating expectations POSITIVE • Richter: 3Q23 EBITDA in line; guidance raised on strong Vraylar POSITIVE • Petkim: 3Q23 results • Eurobank: 3Q23 results • National Bank: 3Q23 results • Addiko Bank: 3Q23 results - bottom-line beat POSITIVE • Transgaz: no approval from EC for EUR 500m grants for non-priority projects NEUTRAL • Auto Par...
PEO BANK POLSKA KASA OPIEKI SA
MOL MOL NYRT
BIMAS BIM BIRLESIK MAGAZALAR A.S.
ETEL TELECOM EGYPT
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
ADKO ADDIKO BANK
PINK PILULKA LEKARNY AS
- Research Team
The Rear-View Mirror – EME markets: stellar performance from Greece
EME Equity Market – May 2023 Market performance – in its election month and with talks of a return to investment grade starting to materialise, Greece outperformed, posting a stellar performance. The MSCI EM Europe Index gained 2.3% mom in EUR terms, but lost 1.4% mom in USD in May. The Greek ASE Index saw the biggest gains (+12.3% mom in EUR terms), followed by the Hungarian BUX Index (+6.2% mom in EUR terms) and the Turkish ISE 30 Index (+3.4% mom in EUR terms). The remaining geographies finis...
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
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.
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
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
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
ONE 4IG NYRT
GPP KAZMUNAYGAS NC JSC
KLKIM ONE UNITED PROPERTIES SA
ADNOCDRILL GRUPA PRACUJ DA
2381 KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
7202 ADNOC DRILLING CO
9526 ARABIAN DRILLING CO.
ELPE ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
JAHEZ INTERNATIONAL CO
HELLENIQ ENERGY
- Research Team
WOOD Daily: ALPHA GA; TTKOM TI; BIMAS TI; PETKM TI; CCC PW; APR PW; EL...
HEADLINES: • Alpha Bank: 1Q23 - a strong start to 2023 POSITIVE • Turk Telekom: 1Q23 results slightly below the consensus on EBITDA/NI • BIM: 1Q23 results - in line operationally, but bottom line misses expectations NEUTRAL • Petkim: 1Q results - net income beats forecasts • CCC: soft start to the year, with 1Q23 adjusted EBITDA down 36% yoy NEGATIVE • Auto Partner: April sales up by 36% yoy, 3ppts above our model assumption NEUTRAL • Electrica: 1Q23 operational indicators show 9% decline in ...
- Research Team
The Rear-View Mirror – EME markets: all geographies down in March
EME Equity Market – March 2023 Market performance – all geographies down in March. The MSCI EM Europe Index lost 7.6% mom in EUR terms and 5.7% mom in USD in March. Among a sea of red, Romania’s BET saw the smallest decline (-2.6% mom in EUR terms), followed by the Czech PX Index (-5.5% mom in EUR terms). The Greek ASE and the Hungarian BUX indices saw similar declines (-7.4% and -7.5% mom ,respectively, in EUR terms), while the worst performer for the month was the Turkish ISE30, down 10.5% mo...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
FOYRK FOURLIS HOLDINGS S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
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)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
PTKHY PETKIM PETROKIMYA HOLDING AS
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
4IG ALRO SLATINA
KCEL 4IG NYRT
CTPNV KCELL JSC
ONE CTP NV
KLKIM ONE UNITED PROPERTIES SA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 ADNOC DRILLING CO
9526 ARABIAN DRILLING CO.
SHO JAHEZ INTERNATIONAL CO
SHOPER SA
- Research Team
WOOD Daily: SNP RO; PEO PW; THYAO TI; HB CY; PETKM TI; 4IG HB; EAT PW;...
HEADLINES: • OMV Petrom: upside, even with the solidarity tax (stays BUY) • Bank Pekao: beat on headline 4Q22 net profit and books solid (and in line) recurrent earnings trends POSITIVE • Turkish Airlines: 4Q22 - yet another strong quarter, EBITDA 8% above the consensus POSITIVE • Hellenic Bank: FY22 results; FY23E guidance - profits could double • Petkim: 4Q22 results - weak EBITDA • 4iG: 4Q22 review - soft quarterly results, distorted by business transformation NEGATIVE • AmRest: key takea...
THYAO TURK HAVA YOLLARI A.O.
CPS CYFROWY POLSAT SA
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
PTKHY PETKIM PETROKIMYA HOLDING AS
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
HUGE HUUUGE
4IG 4IG NYRT
SHO SHOPER SA
- Research Team
The Rear-View Mirror – EME markets: Turkey still on top (resend)
EME Equity Market – November 2022 Market performance – Turkey does it again, breezing past everyone else, once more, in November. The MSCI EM Europe Index advanced 11.6% mom in EUR terms and 16.7% mom in USD. The ISE30 index, again, boasted the best performance among our coverage, adding 18.6% mom in EUR terms and 23.9% mom in local currency (lcl) terms. Positive performances were also recorded in the WIG (+14.0% EU /13.0% lcl mom), the BUX (+12.6% EUR/12.0% lcl mom), the BET (+8.4% EUR/8.6% lcl...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SFA SOPHARMA AD
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION 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.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BNET BITTNET SYSTEMS
SNP PETROM S.A.
HMX1R HANSAMATRIX AS
DIGI DIGI COMMUNICATIONS NV
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
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.
A4L ALLTERCO AD
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
PEN PHOTON ENERGY NV
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
IGN1L 4IG NYRT
SHO IGNITIS GRUPE
KCEL SHOPER
GPP KCELL JSC
TNB GRUPA PRACUJ DA
7202 NLB TUTUNSKA BANKA AD SKOPJE
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
HELLENIQ ENERGY
- Research Team
WOOD Daily: HU Macro; MBK PW; ISCTR TI; RICHT HB; PETKM TI; INPST NA; ...
HEADLINES: • Hungary macro: a deep downturn in the making for next year • mBank: 3Q22 - massive loss, as expected, but underlying earnings stronger than expected at the peak POSITIVE • Isbank: 3Q22 highlights - no surprises, cost control still a problem • Richter: strong 3Q on OCs, Russia/CIS and FX revaluation POSITIVE • Petkim: 3Q22 results - EBITDA weaker than expected • InPost: DHL announces launching parcel machines in Poland NEGATIVE • Erste Bank: announces planned purchase of Sberbank'...
EBS ERSTE GROUP BANK AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
WPL WIRTUALNA POLSKA HOLDING SA
COTE CONPET SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
INPST INPOST S.A.
- Research Team
WOOD Daily: WIZZ LN; ALK MS; TBCG LN; RO Macro; EU Oil and Gas Monthly...
HEADLINES: • Wizz Air: end-summer liquidity ahead of expectations (stays BUY) • Alkaloid AD Skopje: expansion and antibiotics drive strong earnings (stays HOLD) • TBC Bank: 3Q22 highlights - much better than expected with trading income • Romania macro: stronger than most, rates heading slightly higher than thought previously • European Oil and Gas Monthly: October 2022 • CEZ: WFT approved, price caps announced • Turkish Airlines: 3Q22 - can it get any better? POSITIVE • Erdemir: new pelle...
- Research Team
The Rear-View Mirror – EME markets: Turkey on top again, but muted thi...
EME Equity Market – September 2022 Market performance – in a rough month for the markets, Turkey emerges as the top-performing region, once again. The MSCI EM Europe Index declined 8.3% mom in EUR terms and 10.7% mom in USD in September; while the ISE index outperformed all the other indices once again, but with a muted performance this time, adding just 1.0% mom in EUR terms and 0.1% in local currency terms. All the other indices recorded negative performances, with the Czech PX Index losing 4....
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
CEZ CEZ AS
PETG PETROL D.D.
CDR CD PROJEKT S.A.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
COG COGNOR HOLDING SA
KOMB KOMERCNI BANKA A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
CCC CCC SA
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
ADPL-R-A AD PLASTIK D.D.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PLZL POLYUS (GDR)
COTE CONPET SA
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)
ALPHA ALPHA BANK
PTKHY PETKIM PETROKIMYA HOLDING AS
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
GR6 GRADUS
FINT FINTEL ENERGIJA
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
SHO SHOPER
GPP GRUPA PRACUJ DA
- Research Team
WOOD Daily: Turkish oil and gas (TUPRS stays BUY, PETKM downgraded to ...
HEADLINES: • Turkish oil and gas: margin calls (Tupras stays BUY, Petkim downgraded to HOLD) • Hungary macro: MPC raises the policy rate to 13.00% and signals a shift of focus • mBank: to book PLN 2.3bn in FX mortgage litigation risk provisions in 3Q22E NEUTRAL • Echo: 2Q22 results - strong margin on apartments handed over, low overheads, small revaluation loss POSITIVE • Grupa Pracuj: key takeaways from the 2Q22 earnings call POSITIVE • Kofola: key takeaways from the Seznam Zprav interview wi...
- Jonathan Lamb
- Ondrej Slama
Turkish Oil and Gas: margin calls (Tupras stays BUY, Petkim downgraded...
We have downgraded Petkim from a BUY to a HOLD, with an updated 12M price target (PT) of TRY 13.8 (from TRY 5.49), while we maintain our BUY recommendation on Tupras, with an updated 12M price target (PT) of TRY 380.3 (from TRY 191.9). Tupras is benefiting from high refining margins, and is reducing its debt levels and replenishing reserves, opening the way for a return of dividends in 2023E (from the 2022E earnings). Petkim, however, is seeing margins under pressure and is likely to pay the las...
- Research Team
The Rear-View Mirror – EME markets: Turkish stocks outperform in Augus...
EME Equity Market – August 2022 Market performance – Turkey the biggest winner, in a predominantly bad month. The MSCI EM Europe Index declined 1.2% mom in EUR and 2.8% mom in USD terms. Turkey’s ISE index outperformed all other indices, adding 24.9% mom in EUR terms and 25.1% in local currency terms. Hungary’s benchmark, the BUX Index, added 1.1% mom and 0.2% mom in EUR and HUF terms, respectively. Greece’s ASE Index had a muted performance and added only 0.6% mom. All the other indices across ...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
COG COGNOR HOLDING SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
AYGAZ AYGAZ A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
GSPARK GRAPHISOFT PARK SE
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
PBK PATRIA BANK SA
HMX1R HANSAMATRIX AS
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
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.
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ADKO ADDIKO BANK
PEN PHOTON ENERGY NV
FINT MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
ILRA-R-A FINTEL ENERGIJA
ALG ILIRIJA D.D.
DUNAHOUSE ALLEGRO.EU SA
TNB DUNA HOUSE
WINE NLB BANKA
4IG ALRO SLATINA
IGN1L PURCARI WINERIES PCL
ONE 4IG NYRT
KLKIM IGNITIS GRUPE
ONE UNITED PROPERTIES SA
KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
- Research Team
WOOD Daily: ILRA CZ; OTP HB; THYAO TI; PETKM TI; BRISA TI; AEFES TI; G...
HEADLINES: • Ilirija d.d.: stronger prices drive upgrade (upgraded to BUY) • OTP Bank: 2Q22 - quite solid and promising, if not for recession and credit risk outlook for 2022E NEUTRAL • Turkish Airlines: 2Q22 - strong results, high cargo yields remain a key driver, beat on pricing POSITIVE • Petkim: 2Q22 results - big net income beat • Brisa: 2Q22 - earnings miss on input cost pressure NEGATIVE • Anadolu Efes: strong beat in the 2Q22 results POSITIVE • GTC: buys a minority stake in a project ...
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
GTC GLOBE TRADE CENTRE S.A.
OTP OTP BANK NYRT
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DAT DATAWALK SA
PTKHY PETKIM PETROKIMYA HOLDING AS
ILRA-R-A ILIRIJA D.D.
GPP GRUPA PRACUJ DA
- Research Team
WOOD Daily: ZB CZ; TNB MS; ISCTR TI; CEZ CP; PKO PW; ALE PW; WPL PW; B...
HEADLINES: • Zagreb Stock Exchange: remains BUY, following the share price dip (stays BUY) • NLB Banka: solid performance ytd, but price remains high (stays SELL) • Isbank: 2Q22 highlights - good revenue performance, COR guidance more positive vs. peers • CEZ: 2Q22 results - large EBITDA miss, due to hedging revaluations, FY guidance hiked • PKO BP: may lose another CEO in less than two years, launches EMTN programme up to EUR 4bn NEGATIVE • Allegro: accusations of abuse of dominant position...
- Jonathan Lamb
- Ondrej Slama
European Oil and Gas Monthly: April 2022
In April, the gas market settled at a price of about EUR 105/MWh and showed much less volatility. The risk of cuts to Russian supply remains, but the market has absorbed this and is focusing on mitigation, in our view. Even Russia’s refusal to sell gas to Poland, was not enough to spark a big price increase. Inventory levels are helping to calm nerves, as April reached levels just 6% below the average for the month, after rising 9% in March. Demand for LNG in Asia is falling, as shown by lower J...
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
LTS GRUPA LOTOS S.A.
OTOEL AUTOHELLAS S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
- Research Team
WOOD Daily: KOFOL CP; KOMB CP; BRD RO; SHO PW; CCC PW; VESBE TI; EME M...
HEADLINES: • Kofola: a good drink, but for another time (HOLD - re-initiation of coverage) • Komercni Banka: solid 1Q22, strong ground for 2022E delivery NEUTRAL • BRD-GSG: 1Q22 - good start to 2022 • Shoper: preliminary 1Q22 sales up by a strong 67% yoy, but material margin dilution NEUTRAL • CCC: 1Q22 prelims ahead of expectations, but leverage remains excessive POSITIVE • Vestel Beyaz: 1Q22 results - better-than-expected bottom line POSITIVE • EME Macro/Strategy: US - Fed reinforces hawkish...
- Jonathan Lamb
- Ondrej Slama
European Oil and Gas Monthly: February 2022
Just when the gas market appeared to have settled down, the invasion of Ukraine brought with it the risk that the flows of gas may cease between the world’s second-largest gas producer and its second-largest market. Although the daily data on gas flows from Gazprom have disappeared in the past two weeks, anecdotally, we hear that the gas is still flowing. Worries that gas may stop flowing was enough to push gas prices to EUR 100/MWh by the end of the month, and a reversal of the declines that we...
- Research Team
The Rear-View Mirror – EME markets: stocks bleed amid Russian invasion...
EME Equity Market – February 2022 Market performance – Russia’s equities bled in February due to the country’s invasion of Ukraine. The MSCI EME Europe Index declined by 38.7% in EUR terms and 38.8% in USD terms. Russian stocks, represented by the MOEX Index, lost the most in February, declining by 34.6% in EUR terms and 30.0% in RUB terms. The Hungarian BUX Index lost 21.8% in EUR terms and 18.2% in HUF terms; while the Polish WIG20 Index declined by 11.7% in EUR and 9.5% in PLN. In Prague, the...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
ACP ASSECO POLAND SA
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
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
TTKOM TURK TELEKOMUNIKASYON A.S.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
SISE TURKIYE SISE VE CAM FABRIKALARI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
ALRS ALROSA PJSC
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
TRP TERAPLAST
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
PLZL POLYUS (GDR)
HMX1R HANSAMATRIX AS
OGZD GAZPROM (GDR)
COTE CONPET SA
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.
A4L ALLTERCO AD
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
GR6 GRADUS
ALG ALLEGRO.EU SA
KSPI KASPI KZ
OZON OZON HOLDINGS
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
SHO SHOPER
GDEV NEXTERS INC
PCO PEPCO GROUP NV
KCEL KCELL JSC
ONE ONE UNITED PROPERTIES SA
- Research Team
WOOD Daily: EME Macro/Strategy; EBS AV; LVC PW; EL RO; BNET RO; ADPL Z...
HEADLINES: • EME Macro/Strategy: forecasts guidance update • Erste Bank: very solid 4Q21, issues optimistic 2022E guidance and recommends 2021 DPS of EUR 1.6 • LiveChat Software: 3Q21-22 (calendar 4Q21) results - EBITDA up 15% yoy, 6% below the consensus NEGATIVE • Electrica: 4Q21 results review - deep losses reported NEGATIVE • Bittnet Systems: 4Q21 results review - 71% yoy EBITDA drop, 81% below our estimate NEGATIVE • AD Plastik: 4Q21 review - weaker than expected, and outlook uncertain NEG...
CDR CD PROJEKT S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
LVC LIVECHAT SOFTWARE SA
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
RICHT RICHTER
PTKHY PETKIM PETROKIMYA HOLDING AS
ONE ONE UNITED PROPERTIES SA
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