reports
- Research Team
WOOD Daily: SOLUTION AB; TBCG LN; ALARABIA AB; JAHEZ AB; CAR PW; ACAG ...
HEADLINES: • Solutions by STC: balance of risks to the upside (upgraded to BUY) • TBC Bank: 2Q25 results and conference call highlights • Al Arabia Outdoor Advertising: weak 2Q25 financial results NEGATIVE • Jahez: weak 2Q25 financial results, with significant pressure on the EBITDA margin NEGATIVE • Inter Cars: July sales growth accelerates marginally, to 11% yoy NEUTRAL • Austriacard: 1H25E earnings preview (due on 28 August)
- Can Demir
WOOD Flash – TBC Bank: 2Q25 results and conference call highlights
TBC has announced GEL 346m in net income (before minorities) for 2Q25, up 8% qoq and 5% yoy. This was 1% lower than our EUR 348m estimate and 3% lower than the GEL 358m consensus. The group-level results were in line, supported by an 8% beat in Georgia (GE), driven by a 40bps qoq NIM expansion and the NII coming in 8% above our estimate. That said, our overall bias on 2Q25 is negative, due to a significant 44% earnings miss in Uzbekistan (UZ) (our forecast at GEL 58m, vs. the GEL 32m actual UZ n...
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in July
EME Equity Market – July 2025 EME indices all in the green in July. The MSCI EM Europe Index advanced by 6.0% mom in EUR terms and 3.0% in USD terms. The Turkish ISE30 was, once again, the top performer, adding 7.9% mom in EUR terms, followed very closely by the Romanian BET, advancing 7.8% mom in EUR terms. The Greek ASE added 6.8% mom in EUR terms, while the Czech PX added 4.5% mom in EUR terms. The Hungarian BUX and Polish WIG20 added 3.6% and 3.0% mom, respectively, in EUR terms.
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
INPST INPOST S.A.
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV CTP NV
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
BOROUGE BOROUGE
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
- Can Demir
WOOD Flash - Halyk Savings Bank: acquires 49% of Uzbekistan’s Click
Halyk is acquiring a 49% stake in Click, Uzbekistan’s largest payments platform, with over 20m users, for USD 176m. In parallel, Click shareholders will take a 49% stake in Halyk’s Tenge Bank for USD 61m. We believe this is a positive deal, as Click can give Halyk the momentum and distribution channel it needs to grow in Uzbekistan’s vibrant retail banking market, in our view. The deal also has little EPS dilution and capital impact, according to our calculations. In addition, Click has aligned ...
- Research Team
WOOD Daily: AEGN GA; HSBK LI; MONET CP; WIZZ LN; PEO PW; GTC PW; CTPNV...
HEADLINES: • Aegean Airlines: after a strong 1Q, earnings momentum may slow (downgrade to HOLD) • Halyk Savings Bank: acquires 49% of Uzbekistan’s Click POSITIVE • MONETA: 2Q25 results in line - guidance offers CZK 300-400m of upside risk to the bank's 2025E net profit forecast NEUTRAL • Wizz Air: 1QF26 results - EBITDA 5% below our estimate, 14% below consensus NEGATIVE • Bank Pekao: Polish FinMin is drafting a bill to ban the sale of the State-owned shares of the bank NEUTRAL • GTC: Fitch down...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
WIZZ WIZZ AIR HOLDINGS PLC
DOC DO & CO AKTIENGESELLSCHAFT
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
CTPNV CTP NV
- Research Team
WOOD Daily: TBCG LN; KRKG SV; GEKTERNA GA; DOC AV; HTO GA
HEADLINES: • TBC Bank: good run, approaching fair value (downgraded to HOLD) • Krka: preliminary 2Q25 numbers – a mixed bag NEUTRAL • GEK Terna: 50/50 JV with Motor Oil Hellas over their electricity supply and gas-fired power generation activities POSITIVE • DO & CO: EUR 2.00/share dividend approved, in line with our estimate NEUTRAL • OTE: 2Q25E results preview – 2% yoy adjusted EBITDA growth expected (due on 6 August)
- Can Demir
- Miguel Dias
TBC Bank: good run, approaching fair value (downgraded to HOLD)
We have downgraded TBC to HOLD (from Buy). Our valuation indicates 9% upside and 2025E target multiples of 7.5x P/E and 1.9x P/TBV from these levels (vs. the 6.9x and 1.7x market multiples). Our new price target (PT) is GBP 53.1 (from GBP 38.0). TBC’s stock has returned 93% in the past 12 months in USD terms, including reinvested dividends (and 682% in the past five years). A year ago, the bank was trading at 3.9x P/E and 1.1x P/TBV on our 2025E numbers, vs. 6.9x P/E and 1.7x P/TBV today. This p...
Lion Finance Group: 1 director
A director at Lion Finance Group bought 1,400 shares at 6,810p and the significance rating of the trade was 61/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the green in...
EME Equity Market – May 2025 EME indices mostly in the green in May, apart from Türkiye. The MSCI EM Europe Index added 3.6% mom in EUR and USD terms. The Greek ASE index (+7.8% mom) was the best performer, followed by the Czech PX (+6.6% mom) and Romanian BET indices (+5.0% mom), the Hungarian BUX (+4.0% mom) and the Polish WIG20 (+2.0% mom; all in EUR terms). The Turkish ISE30 Index was, again, the worst performer, with a more modest decline (-1.4% mom in EUR terms) this time.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
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
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCOLA COCA-COLA ICECEK 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
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI 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.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
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
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: BDX PW (upgraded to BUY); HSBK LI; TEN PW; GEV CP; TITC GA...
HEADLINES • Budimex: growth acceleration on the horizon (upgraded to BUY) • Halyk Bank: 1Q25 results highlights before the call POSITIVE • Ten Square Games: 1Q25 adjusted EBITDA 15% above our forecast, but April sales disappoint NEGATIVE • GEVORKYAN: strong 1Q25 - EBITDA 15% above our expectations; 2025E conservative guidance POSITIVE • Titan Cement: completes divestment of its 75% stake in Adocim in Eastern Türkiye NEUTRAL • Al Arabia Outdoor Advertising: key takeaways from our call with the CF...
- Research Team
WOOD Daily: BIMAS TI; MOL HB; OTP HB; EAT PW; NLBR SV; ETE GA; EUROB G...
HEADLINES: • BIM: weak results in 1Q25 NEGATIVE • MOL: 1Q25 results – strong EBITDA, big net income beat POSITIVE • OTP Bank: neutral 1Q25 results, but supported strongly by Russian operations NEUTRAL • AmRest: 1Q25 below expectations, due to EUR 5m negative one-off NEUTRAL • NLB Group: small bottom-line miss in 1Q25, but guidance maintained NEUTRAL • National Bank of Greece: 1Q25 highlights POSITIVE • Eurobank Ergasias Services: 1Q25 highlights NEUTRAL • Alpha Services and Holdings: 1Q25 highli...
MOL MOL NYRT
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
TITK TITAN CEMENT CO. SA
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
TBCB TBC BANK JOINT STOCK CO
ALPHA ALPHA BANK AE
OTP OTP BANK NYRT
11B 11 BIT STUDIOS S.A.
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
7203 ELM CO
- Can Demir
WOOD Flash – TBC Bank: 1Q25 results and conference call
TBC has reported 1Q25 net income of GEL 318m, falling 14% short of our estimate (GEL 372m) and 10% below the consensus forecast of GEL 352m. Total revenues missed our estimate by 5%. There was a small GEL 11m NII miss that was mitigated by a GEL 8m beat in fees. Trading and other income was 25% below expectations; however, this line is typically volatile. The more material and complex deviation was in provisions, which came in at GEL 118m vs. our GEL 83m expectation. The miss was related to a GE...
- Research Team
WOOD Daily: ING PW; JMT PL; BHW PW; BDX PW; MGROS TI; TBCG LN; CGEO LN...
HEADLINES: • ING BSK: 1Q25 results in line with expectations and our annual 2025E expectations NEUTRAL • Jeronimo Martins: beat in 1Q25; Biedronka margin stabilised, despite adverse calendar effect; FY25E guidance maintained POSITIVE • Bank Handlowy: dull 1Q25 results; dividend recommendation due later in May; uncertainty over impact of sale of retail operations persisting NEUTRAL • Budimex: 1Q25 EBITDA misses forecast slightly, backlog down marginally qoq, but rising amount of pending contracts...
MOL MOL NYRT
BHW BANK HANDLOWY W WARSZAWIE S.A.
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
CAR INTER CARS S.A.
BELA JUMBO S.A.
CGEO GEORGIA CAPITAL
ALG ALLEGRO.EU SA
CTPNV CTP NV
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ADNOCDRILL ADNOC DRILLING CO
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: BRISA TI; AIRA LI; VGO PW; DSPW CP; PCF PW; CIMSA TI; AKCN...
HEADLINES: • Brisa: reports weak 1Q25 numbers, as expected NEGATIVE • Air Astana Group: 1Q25 – first take broadly in line • VIGO Photonics: full 4Q24 results – miss on adjusted EBITDA, slight beat on net profit NEUTRAL • Doosan Skoda Power: 2024 P&L numbers fully in line with the preliminaries NEUTRAL • PCF Group: post-4Q24 earnings call takeaways NEUTRAL • Cimsa: 1Q25 conference call takeaways • Akcansa: 1Q25 conference call takeaways • Solutions by STC: 1Q25 conference call takeaways • CEZ: to...
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
VGO VIGO SYSTEM SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
EAT AMREST HOLDINGS SE
KSPI KASPI KZ
PCF PCF GROUP SA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
AIRA AIR ASTANA JSC
DSPW DOOSAN SKODA POWER A.S.
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the red in A...
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 ...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK 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.
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.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
BOROUGE BOROUGE
7203 ELM CO
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: HSBK LI; DIA PW; KTY PW; KTY PW; CEZ CP; PL Macro; GR Macr...
HEADLINES: • Halyk Bank: efficient frontier (stays BUY) • Diagnostyka: 4Q24 prelims and DPS proposal ahead of expectations POSITIVE • Kety: 1Q25 results in line with the preliminaries, PLN 48.78 DPS proposed NEUTRAL • Kety: new strategy assumes PLN 1.35bn in EBITDA in 2029E, close to our forecast NEUTRAL • CEZ: said to be nearing sale of nuclear SPV to the State POSITIVE • Poland macro: mixed results in March • Greece macro: 2024 budget surplus triggers one-off fiscal easing this year • Kazatomp...
- Can Demir
- Miguel Dias
Halyk Bank: efficient frontier (stays BUY)
We have revised our estimates, raised our price target (PT) for Halyk Bank’s GDRs to USD 28.8 and maintained our BUY on the stock. Halyk remains undervalued and trades at 2.7x P/E and 0.8x P/TBV on our 2025E estimates (3.9x P/E and 1.2x P/TBV at target), with top-notch earnings power (ROTEs of 30-33% in our explicit forecast horizon) and efficiency (a 17% C/I), and ample capital (assets over equity at only 6x in 4Q24). We expect the dividend yield to remain in a range of 18-23% for 2025-27E. Bet...
- Research Team
The Rear-View Mirror – EME markets: Türkiye in the red, again
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
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.
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.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
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.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
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.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
M MED LIFE
R22 R22
SOKM SOK MARKETLER TICARET AS
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
BCG GRUPA PRACUJ DA
KLKIM BALTIC CLASSIFIEDS GROUP PLC
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS GAMING INNOVATION GROUP
9526 AROBS TRANSILVANIA SOFTWARE SA
SHO JAHEZ INTERNATIONAL CO
7203 SHOPER SA
AQ ELM CO
AIRA AQUILA PART PROD COM
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
O`KEY GROUP REPORTS NET PROFIT OF RUB 2.0 BN AND 20.3% EBITDA GROWTH ...
O'KEY Group S.A. O`KEY GROUP REPORTS NET PROFIT OF RUB 2.0 BN AND 20.3% EBITDA GROWTH IN FY 2024 01-Apr-2025 / 08:30 CET/CEST The issuer is solely responsible for the content of this announcement. Press release 1 April 2025 O`KEY GROUP REPORTS NET PROFIT OF RUB 2.0 BN AND 20.3% EBITDA GROWTH IN FY 2024 O`KEY Group S.A. (AIX, MOEX: OKEY, the “Group”), one of Russia’s leading food retailers, has announced its financial results for the full year of 2024 based on its audited consolidated financial statements. All materials published by the Group are available on its web...
- Research Team
WOOD Daily: PL Banks; ACP PW; INPST NA; KTY PW; HSBK LI; TITC GA; GPP ...
HEADLINES: • Polish banks: pricing and believing (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • Asseco Poland: 4Q24 review – net profit up 9% yoy, 9% above the consensus POSITIVE • InPost: 4Q24 in line with expectations; FY25E EBITDA growth guidance in the mid-20%s, but a slow start to the year POSITIVE • Kety: solid full 4Q24 results, with EBITDA 12% above preliminaries POSITIVE • Halyk Bank: 4Q24 review and 2025E guidance highlights • Titan Cem...
PEO BANK POLSKA KASA OPIEKI SA
ACP ASSECO POLAND SA
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
ALR ALIOR BANK SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
KSPI KASPI KZ
INPST INPOST S.A.
GPP GRUPA PRACUJ DA
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