reports
- Piotr Zybała
- Piotr Zybała
- 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
WOOD Morning (3 July)
HEADLINES: * MLP Care: premium healthcare at a discount valuation (BUY - initiation of coverage) * LPP: 2Q beat, EBIT up 49% yoy, 9% above consensus POSITIVE * CCC: June sales up only 8% yoy to PLN 405m NEGATIVE * Energa: to reverse PLN 116.6m of windfarm impairments NEUTRAL * Immofinanz: sells CAI stake to Starwood for EUR 29.5/share, raising EUR 508m of net equity proceeds NEUTRAL * Piraeus Bank: sale of consumer NPLs to APS * Moneta Money Bank: management to support an...
- Research Team
The Rear-View Mirror – EME markets: Almost all EME markets in negati...
EME Equity Market – June 2018 Market performance – only Greek ASE in positive territory, while Turkish ISE30 the worst performer. The MSCI EME lost 1.5% mom in June in EUR terms, continuing the negative trend after May’s 2% contraction. The Greek ASE was the best performer in June, with a barely positive figure (+0.2%). Bucharest’s BET also stayed fairly flat (-0.1%). All the other indices were in negative territory: the Turkish ISE realised the largest drop (-5.7%); the Warsaw WIG20 fel...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
EVR EVRAZ PLC
ARHOF AMREST HOLDING
SIF2 SIF MOLDOVA S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
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.
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
SPI S IMMO AG
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.
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
GNB GETIN NOBLE BANK SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
PCM PRIME CAR MANAGEMENT
TPEIR PIRAEUS BANK SA
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.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH 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
PKP PKP CARGO
ICD ENERGA SA
HB HELLENIC BANK LTD.
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
NVTK NOVATEK JSC SPONSORED GDR REGS
PODR-R-A PODRAVKA D.D.
TELEC O2 CZECH REPUBLIC A.S.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
ATGR-R-A ATLANTIC GRUPA
SIF3 SIF TRANSILVANIA S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
SIF1 SIF BANAT-CRISANA S.A.
PLY PLAY COMMUNICATIONS SA
PFL PFLEIDERER GROUP SA
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
SIF5 SOCIETATEA DE INVESTITII FINANCIARE OLTENIA SA
MNOD NORILSK NICKEL
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TEL C.N.T.E.E. TRANSELECTRICA
TABAK PHILIP MORRIS CR AS
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SIF4 SIF MUNTENIA S.A.
RICHT RICHTER
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
904596 SURGUTNEFTEGAS (GDR)
M MED LIFE
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ
- Research Team
WOOD Morning (27 June)
HEADLINES: * Immofinanz / S Immo: it's complicated (IIA stays HOLD; initiating on SPI with a HOLD) * MedLife: fined RON 865k by antitrust office over stem cell pricing NEGATIVE * PGNiG: signs two long-term agreements for the purchase of LNG from projects in the US NEUTRAL * Warsaw Stock Exchange: CEO comments on updated strategy NEUTRAL * BZ WBK: Santander could join the race for Eurobank NEUTRAL * Kety: 2Q18E preliminaries - 6% beat vs. our forecasts on EBITDA (final results...
- Jakub Caithaml
- Ondrej Slama
Immofinanz / S Immo: It’s complicated (IIA stays HOLD; initiating on...
In this report, we have updated our forecasts for Immofinanz (IIA), and initiate coverage of S Immo (SPI), a real estate owner and developer listed in Vienna (a EUR 1.1bn market cap). The merger with CA Immo (CAI) seems to be off the table now, with IIA potentially opting to combine with SPI instead. Presently, we do not see a straightforward way to trade this situation. Trading at around 5.2% (IIA) and 5.6% (SPI) 2019E FFO yields, both companies rank at the more expensive end of the European co...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.