reports
- Ece Mandaci
MLP Care
MLP Care has successfully optimized its hospital portfolio over the past five years by divesting low-margin facilities, integrating high-performing hospitals, and restructuring operations. These factors have strengthened operational efficiency per hospital and per bed since 2022. Additionally, through effective cash flow management and a strategic shift away from FX-denominated debt, MLP Care has lowered its net debt/EBITDA ratio from 2.7x in 2019 to 0.4x in 9M24. While the company has not yet d...
- Ece Mandaci
MLP Care
MLP Care has effectively restructured its hospital portfolio over the past four years and implemented cost optimization measures, resulting in a 10% EBITDA CAGR in USD terms from 2019 to 2023. As private health insurance and foreign medical tourism revenues continued to recover, the proportion of revenue exposed to the social security system decreased to 14% by 2023. Concurrently, net debt decreased from USD348m in 2019 to USD110m in 2023, with 70% attributed to lease liabilities. Anticipating a...
- Duygun Kutucu
- Ece Mandaci
- Koray Pamir
Model Portfolio Update
Including Turkiye Sigorta and MLP Care to our model portfolio, while removing Alarko Holding: We are including Turkiye Sigorta and MLP Care to our model portfolio while removing Alarko Holding. Turkiye Sigorta: Turkiye Sigorta is a beneficiary from the rise in deposit rates. The company has TL21bn AUM as of Mar’23 and 41% of this was TL bank deposits. On the other hand, FX long position (excl. technical reserves) was TL3.4bn (USD176m) in 1Q23 and we estimate the company to book a significant FX...
- Ece Mandaci
MLP Care
We include new macro forecasts, revise our target price up to TL116 (previously TL105), and maintain our BUY rating. We believe MLP Care has successfully executed a period of deleveraging and will be able to withstand a volatile inflation and interest rate environment. The addition of new hospitals and effective cost management should help to secure growth in real terms. MLP Care trades at a 2023E P/E of 10.8x, with a 4/% discount to its international peers. MLP Care continues with buybacks. It ...
- Erol Danis
Top Picks Portfolio
Excluding MLP Care from our model portfolio: MLP Care has outperformed BIST-100 by 25% and returned 47% in absolute terms since its inclusion to our model portfolio on Sep 6, 2022. Following the strong outperformance, we remove the stock from our model portfolio, while we continue to favor growth momentum and deleveraging strategy of MLP Care and maintain our BUY rating, MLP Care has effectively reduced financial leverage, thanks to low capex and asset light model strategy and divestiture of l...
- Rahul Shah
- Rohit Kumar
The UAE Salik IPO – priced to go? 12 things investors should know
Dubai toll road operator Salik’s forthcoming listing is attracting significant investor attention, given the firm’s high local profile, its enviable profitability metrics and its commitment to distributing 100% of profits to shareholders. The AED2.00 fixed subscription price gives clarity and positions the shares directly at yield-seeking investors. We take a look at the firm’s business model, growth potential and risks to the investment case, via 12 key points of interest for potential inves...
- Ece Mandaci
MLP Care
We revise our estimates upwards to reflect inflationary trends in Turkey, the better-than-expected foreign medical tourism (FMT) revenues, the company’s lower leverage thanks to improved FCF generation and the divestiture of four hospitals. We also lift our target price to TL63.3 (from TL39.5 previously) and maintain our BUY rating. We see the potential addition of value-accretive hospitals outside Turkey and a sustained improvement in working capital as the key catalysts. While the company has ...
- Erol Danis
Top Pick Portfolio
Including MLP Care to our model portfolio: We are including MLP Care to our model portfolio. MLP Care has underperformed BIST-100 by 28% in the 12M period. We revise our estimates upwards to reflect inflationary trends in Turkey, the better-than-expected foreign medical tourism (FMT) revenues, the company’s lower leverage thanks to improved FCF generation and the divestiture of four hospitals. We also lift our target price to TL63.3 (from TL39.5 previously) and maintain our BUY rating. We see th...
- Research Team
WOOD Flash – Coverage discontinued (ATGRRA ZA, DOC AV, DPEU LN, ENG PW...
We are discontinuing our coverage of the stocks listed below, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks. Atlantic Grupa DO&CO DP Eurasia Energa Medicalgorithmics MLP Care NIS Nostrum Oil & Gas Podravka SIF 1 Banat-Crisana SIF 2 Moldova SIF 3 Transilvania SIF 4 Muntenia SIF 5 Oltenia Sphera Stock Spirits
MLP SAGLIK HIZMETLERI sees an upgrade to Positive due to a better fund...
The general evaluation of MLP SAGLIK HIZMETLERI (TR), a company active in the Health Care Providers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date December 24, 2021, the closing price was T...
- Research Team
WOOD Daily: PL Banks; PZU PW; CAR PW; RO Macro; EL RO; RICHT HB; Postc...
HEADLINES: • Polish banks: can pay out up to 100% of 2021E net profit as dividends • PZU: insurance sector can pay up to 100% of 2020 net profit and up to 50% of 2021E net profit NEUTRAL • Inter Cars: all-time high sales (again) - PLN 1.2bn (+39% yoy) in November POSITIVE • Romania macro: finance minister says 2022 budget will not include new taxes • Electrica: shareholders reject acquisition of 29MW PV plant NEGATIVE • Richter: licenses denosumab biosimilar to Hikma for US market POSITIVE WO...
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
KRKG KRKA D.D.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
AFKS SISTEMA PJSFC
LVC LIVECHAT SOFTWARE SA
OTP OTP BANK NYRT
CAR INTER CARS S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
FMF FAMUR SA
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
COTE CONPET SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
RICHT RICHTER
MPARK MLP SAGLIK HIZMETLERI AS
CGEO GEORGIA CAPITAL
- Research Team
The Rear-View Mirror – EME markets: Markets down in November, as MSCI ...
EME Equity Market – November 2021 Market performance – most markets down, with Czech PX Index (+3.0%) the exception. The MSCI EM Europe Index lost 8.9% in EUR terms and 10.7% in USD in November. Prague’s PX Index added 3.0% in EUR terms and 2.3% in local currency, followed by the Romanian BET Index, which declined 3.2% in both EUR and RON terms. Greece’s ASE Index declined by 3.4% in EUR terms, while Hungary’s BUX Index declined by 6.2% in EUR and 5.0% in HUF. The Russian MOEX Index declined 8.6...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
KER KERNEL HOLDING 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
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
PETG PETROL D.D.
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.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO 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
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
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
SBER SBERBANK RUSSIA PJSC
SFA SOPHARMA AD
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
SPI S IMMO AG
AKBNK AKBANK TAS
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENKAI ENKA INSAAT VE SANAYI A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CIE CIECH S.A.
AST ASTARTA HOLDING
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.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFKS SISTEMA PJSFC
LVC LIVECHAT SOFTWARE 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.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
SISE TURKIYE SISE VE CAM FABRIKALARI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
ICD ENERGA SA
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
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
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
MPARK MLP SAGLIK HIZMETLERI AS
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
TNB MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
OZON NLB BANKA
HUGE OZON HOLDINGS
4IG HUUUGE
IGN1L ALRO SLATINA
SHO 4IG NYRT
GDEV IGNITIS GRUPE
HHR SHOPER
NEXTERS INC
HEADHUNTER GROUP PLC
- Research Team
WOOD Daily: KMB MS; TNB MS; PKO PW; OTP HB; DNP PW; MOL HB; TCELL TI; ...
HEADLINES: • Komercijalna Banka: too expensive now (downgraded to SELL) • NLB Banka: good story, unattractive price (downgraded to SELL) • PKO BP: delivers solid 3Q21 and marks 12% ROE, even without positive impact of rising interest rates POSITIVE • OTP Bank: 3Q21 results solid, but not exceeding high expectations NEUTRAL • Dino: single-digit miss in 3Q21 NEGATIVE • MOL: 3Q21 results - strong result, beating expectations mildly • Turkcell: 3Q21 results - 9% NI beat, minor guidance upgrade P...
MOL MOL NYRT
PKO PKO BANK POLSKI S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
OTP OTP BANK NYRT
AYGAZ AYGAZ A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
GPW WARSAW STOCK EXCHANGE
DNP DINO POLSKA S.A.
PTKHY PETKIM PETROKIMYA HOLDING AS
MPARK MLP SAGLIK HIZMETLERI AS
SOKM SOK MARKETLER TICARET AS
NLBR NLB GROUP
HHR HEADHUNTER
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
TNB NLB BANKA
- Research Team
The Rear-View Mirror – EME markets: Indices end the month in the black...
EME Equity Market – August 2021 Market performance - The Hungarian BUX Index gained 9.8% in EUR terms. The MSCI EM Europe Index rose 5.1% in EUR terms and 4.6% in USD terms. The best-performing equity index was the BUX, which added 9.8% in EUR terms and 6.9% in the local currency (LCU). The ISE30 Index advanced 7.7% in EUR terms and 5.8% in LCU, while Prague’s PX Index gained 6.5% in EUR terms and 6.2% in LCU. The Polish benchmark WIG20 Index added 6.1% in EUR terms and 5.1% in LCU, followed by ...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
YNDX YANDEX NV CLASS A
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
PETG PETROL D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
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.
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
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
SFA SOPHARMA AD
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CIE CIECH S.A.
ANY ALLAMI NYOMDA
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
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.
AFLT AEROFLOT RUSSIAN AIRLINES
AFKS SISTEMA PJSFC
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
OTP OTP BANK NYRT
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
ICD ENERGA SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TELEC O2 CZECH REPUBLIC A.S.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
PBK PATRIA BANK SA
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
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
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
904596 SURGUTNEFTEGAS (GDR)
M MED LIFE
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
MPARK MLP SAGLIK HIZMETLERI AS
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HHR HEADHUNTER
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
FINT FINTEL ENERGIJA
ALG ALLEGRO.EU SA
OZON OZON HOLDINGS
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
IGN1L 4IG NYRT
SHO IGNITIS GRUPE
SHOPER
- Research Team
WOOD Morning (13 August 2021)
HEADLINES: • Tekfen Holding: 2Q21 results - guidance upgraded, despite 19% NI miss POSITIVE • Turkcell: 2Q21 results - broadly in line, FY21E guidance upgrade unlikely to move the consensus • BIM: 2Q21 a notch below expectations against tough comps NEUTRAL • X5: 2Q21 in line with expectations; EBITDA margin hike NEUTRAL • MLP Care: net profit beat on deferred tax gain NEUTRAL • O2 Czech Republic: reports solid 2Q21 results, with EBITDA up 6% yoy, 2% above the consensus NEUTRAL • Romgaz: 2Q21 re...
BIMAS BIM BIRLESIK MAGAZALAR A.S.
AST ASTARTA HOLDING
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
TKFEN TEKFEN HOLDING
TELEC O2 CZECH REPUBLIC A.S.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
MPARK MLP SAGLIK HIZMETLERI AS
NLBR NLB GROUP
IGN1L IGNITIS GRUPE
- Research Team
WOOD Daily: THYAO TI; ISCTR TI; ENJSA TI; MTELEKOM HB; ASELS TI; ADKO ...
HEADLINES: • Turkish Airlines: 2Q21 - strong cargo pricing the key driver of revenues, beat on EBIT and EBITDA POSITIVE • Isbank: 2Q21 highlights - quality disappoints • Enerjisa Enerji: 2Q21 results review - another strong quarter, 2021E guidance hiked POSITIVE • Magyar Telekom: strong 2Q21 results, with EBITDA up 6% yoy; 2021E EBITDAaL guidance upgrade POSITIVE • Aselsan: 2Q21 results - strong beat, driven by peaking EBITDA margins POSITIVE • Addiko Bank: 2Q21 results review - lower on Other...
OMV OMV AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCC CCC SA
MGROS MIGROS TICARET A.S
THYAO TURK HAVA YOLLARI A.O.
GSPARK GRAPHISOFT PARK SE
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
MPARK MLP SAGLIK HIZMETLERI AS
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
ENJSA ENERJISA ENERJI
ADKO ADDIKO BANK
OZON OZON HOLDINGS
ALR ALRO SLATINA
- Research Team
WOOD Daily: AST PW; ISCTR TI; RICHT HB; THYAO TI; KTY PW; MPARK TI; RU...
HEADLINES: • Astarta Holding: sweet rebirth at the peak of the cycle (HOLD - initiation of coverage) • Isbank: 1Q21 results review - beats consensus, but reports weakest comprehensive income among peers • Richter: 1Q21 misses consensus on CIS and rebounding opex • Turkish Airlines: UK and France add Turkey to travel red list NEGATIVE • Kety: 1Q21 conference call takeaways POSITIVE • MLP Care: takeaways from the 1Q20 earnings call NEUTRAL • Russia macro: inflation declines to 5.5% yoy in April...
- Research Team
WOOD Daily: KTY PW; OTP HB; RBI AV; LOGO TI; SOKM TI; MPARK TI; ULKER ...
HEADLINES: • Kety: strong stuff (40%+)... but we want more (stays BUY) • OTP Bank: strong start to the year, as 1Q21 results beat on provision charges POSITIVE • Raiffeisen Int: solid 1Q21 on low provision charges, but FY21E outlook sees much higher COR NEUTRAL • Logo Yazilim: 1Q21 results - strong execution, with a 15% EBITDA/NI beat POSITIVE • SOK Marketler Ticaret: 1Q21 beat, on strong sales POSITIVE • MLP Care: 1Q21 - net profit beats on operating FX gains POSITIVE • Ulker: 1Q21 results ...
CEZ CEZ AS
RBI RAIFFEISEN BANK INTERNATIONAL AG
PKO PKO BANK POLSKI S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
KTY GRUPA KETY SA
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
OTP OTP BANK NYRT
ULKER ULKER BISKUVI SANAYI A.S.
FMF FAMUR SA
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
DNP DINO POLSKA S.A.
RICHT RICHTER
MPARK MLP SAGLIK HIZMETLERI AS
SOKM SOK MARKETLER TICARET AS
- Research Team
The Rear-View Mirror – EME markets: Strong performance in Greece and R...
EME Equity Market – March 2021 Market performance – Greek, Romanian and Russian equities performed the best in March. The MSCI EM Europe Index gained 4.5% in EUR terms and 1.6% in USD terms. The best-performing index was the Greek ASE (+9.2%), followed by the Romanian BET, which gained 8.7% in EUR terms and 9.7% in RON. The MOEX followed, advancing 7.6% in EUR terms and 5.8% in RUB. The PX Index, the Czech benchmark, gained 3.4% in EUR terms and 3.1% in CZK; while the Hungarian BUX Index gained ...
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
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
PETG PETROL D.D.
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
PKO PKO BANK POLSKI S.A.
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
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
FOYRK FOURLIS HOLDINGS S.A.
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
SFA SOPHARMA AD
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
SPI S IMMO AG
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CIE CIECH S.A.
ANY ALLAMI NYOMDA
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
TPEIR PIRAEUS BANK SA
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.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
TPE TAURON POLSKA ENERGIA S.A.
2ET ETALON GROUP (GDR)
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
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)
TABAK PHILIP MORRIS CR AS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
PTKHY PETKIM PETROKIMYA HOLDING AS
MPARK MLP SAGLIK HIZMETLERI AS
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
WINE PURCARI WINERIES
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HHR HEADHUNTER
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
TNB NLB BANKA
- Research Team
WOOD Daily: PL Banks; TRP RO; SNN RO; CAR PW; BIMAS TI; RTKM RX; MPARK...
HEADLINES: • Polish banks: ZBP publishes slightly different estimates for CHF mortgage portfolio conversion costs • TeraPlast: proposes RON 0.13 special dividend, 24% dividend yield on 8 March closing price • Nuclearelectrica: strategy for continuing Units 3 and 4 project • Inter Cars: February sales +22% yoy - both foreign and domestic markets strong again POSITIVE • BIM: takeaways from the 4Q call NEUTRAL • Rostelecom: key takeaways from the 4Q20 earnings call NEUTRAL • MLP Care: conference...
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.