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Research Team
  • Research Team
MOL MOL NYRT
CEZ CEZ AS ... (+16)

WOOD Daily: ARCLK TI; XTB PW; CCC PW; OPL PW; HUG PW; TEN PW; RBW PW; ...

HEADLINES: • Arcelik (BUY, PT TRY 207.5): 4Q25 results – in line operationally NEUTRAL • XTB S.A.: 4Q25 net profit materially ahead of expectations • CCC: acquisition of controlling stake in MKRI NEUTRAL • Orange Polska: fined PLN 34m by Poland's antitrust regulator NEUTRAL • Huuuge Games: January 2026 Sensor Tower bookings estimate down 1% mom NEUTRAL • Ten Square Games: January 2026 Sensor Tower bookings estimate flat mom NEUTRAL • Rainbow Tours: 4Q25E preview – EBITDA marginally above zero in...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: all indices in the green in Januar...

EME Equity Market – January 2026 All regions in the green in January, with the Turkish ISE the best performer. The MSCI EM Europe Index added 11.1% mom in EUR terms and 13.2% mom in USD terms in January. The Turkish ISE was the top performer (+20.8% mom), followed by the Hungarian BUX (+17.5% mom); the Romanian BET (+11.1% mom); the Greek ASE (+9.2% mom); the Polish WIG 20 (+5.9% mom); and the Czech PX (+2.4% mom; all in EUR terms).

Research Team
  • Research Team

WOOD Daily: PKN PW; Romania macro

HEADLINES: • Orlen: what a year that was (downgraded to HOLD) • Romania macro: revisiting the implied credit risk • Short News (KTY, AQ)

Grupa Kęty S.A.: 1 director

A director at Grupa Kęty S.A. sold 2,000 shares at 1,006.500PLN and the significance rating of the trade was 87/100. 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 clear...

Research Team
  • Research Team

WOOD Daily: KRU PW; SPL PW; EBS AV; CAR PW; DHS HB; CCOLA TI; EME Macr...

HEADLINES: • Kruk: 4Q25 trading update – miss on annual investments, but recoveries strong NEUTRAL • Santander Bank Polska/Erste Bank: shift of shareholdings finalised as of 9 January NEUTRAL • Inter Cars: December sales increased by 13.6% yoy NEUTRAL • Duna House: strong 4Q KPIs; Czexit; Italy stake raised to 95% POSITIVE • Coca-Cola Icecek: 4Q25 trading update and 2026E volume guidance NEUTRAL • EME Macro/Strategy: macro all-in-one (1-8 January)

Research Team
  • Research Team

WOOD Daily: DOM PW; MIL PW; PL Banks; TITC GA; OPAP GA; BELA GA; THYAO...

HEADLINES: • Dom Development: sells 4.4k apartments in 2025, an all-time high POSITIVE • Bank Millennium: to add PLN 487m of FX mortgage saga costs in 4Q25E NEUTRAL • Polish banks: Puls Biznesu on M&A in the Polish banking sector • Titan: Titan America enters agreement to acquire Keystone Cement Company POSITIVE • OPAP: Allwyn merger passes EGM; focus shifts to 9 February exit-right deadline NEUTRAL • Jumbo: 2025 sales +7%, to EUR 1.23bn, as expected; declares EUR 0.50 special DPS NEUTRAL • Turk...

Jakub Bronicki ... (+2)
  • Jakub Bronicki
  • Marek Szymański

Kety: still fuel in the tank (stays BUY)

We maintain our BUY on Kety, with a new 12M price target (PT) of PLN 1,099/share, implying 19% upside potential. In our view, the key near-term catalyst is the still-idle capacity in Extruded Products: Kety ended 2025 with 125kt capacity and

Research Team
  • Research Team

The Rear-View Mirror – EME markets: Czech PX in the lead in December

EME Equity Market – December 2025 Czech PX the best performer in December; no market in the red. The MSCI EM Europe Index added 3.4% mom in EUR terms and 4.6% mom in USD terms in December. The Czech PX was the top performer, adding 7.6% mom; followed by the Romanian BET (+7.1% mom); the Polish WIG 20 (+6.4% mom); the Greek ASE (+1.8% mom), the Turkish ISE 30 (+0.4% mom) and the Hungarian BUX (+0.2% mom; all in EUR terms).

Astarta Holding N.V.: 1 director

A director at Astarta Holding N.V. bought 84,306 shares at 55.500PLN and the significance rating of the trade was 67/100. 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 ...

Research Team
  • Research Team

WOOD Daily: LAMDA GA; KTY PW; PKN PW; PGE PW; PGE PW; Czech Republic m...

HEADLINES: • Lamda Development: 3Q25 - malls and marinas steady, bond and land sale to boost liquidity • Kety: 4Q25 results and 2026E guidance conference call NEUTRAL • Orlen: to acquire butadiene plant at Plock, Poland, from Synthos NEGATIVE • PGE: to acquire a 350MW offshore project from RWE POSITIVE • Polish utilities: offshore auction results - minimum price at PLN 477/MWh POSITIVE • Czech Republic macro: CNB extends the pause

Research Team
  • Research Team

WOOD Daily: Polish utilities; KTY PW; KTY PW; RBW PW; SPL PW; Polish u...

HEADLINES: • Polish utilities: 2026E distribution bills to increase 7.6% yoy on average, implying a smaller-than-expected reduction in WACC POSITIVE • Kety: 4Q25 preliminary results in line with expectations; FY25 guidance met NEUTRAL • Kety: conservative management guidance for 2026E NEUTRAL • Rainbow Tours: summer 2026E season pre-sales +6.1% yoy NEUTRAL • Santander BP: PFSA agrees the sale of a 49% stake to Erste • Polish utilities: retail electricity price for 2026E set at PLN 495/MWh; utili...

Research Team
  • Research Team

WOOD Daily: CCC PW; JMT PL; ALE PW; INPST NA; MBR PW; KTY PW; PCO PW; ...

HEADLINES: • CCC: shareholders ask for 2m share buyback POSITIVE • Jeronimo Martins: court approves PLN 160m fine from Antimonopoly Office NEGATIVE • Allegro/InPost: EU to introduce EUR 3 payment for all packages coming from outside the community NEUTRAL • Mo-BRUK: PLN 19m 2017 waste-fee case closed NEUTRAL • Kety: 4Q25E preliminary results preview – flat yoy EBITDA in a tough environment (due on 17 December) • Pepco Group: 2H25E preview – EBITDA decline of 5% yoy expected (due on 17 December) N...

Sevgi Onur
  • Sevgi Onur

Turkish Banking Sector - Initial glance into 2026: Funding mix to driv...

Macro outlook: The CBT has reduced the policy rate by 950bps to 38% in YE25. For the subsequent cycle, we expect the policy rate to decline to 30% by 2026E, with a more gradual, rather than steep, trajectory of quarterly margin improvements throughout 2026. Inflation is projected to ease to 31% in FY25 and 23.2% in FY26, down from 44.4% in 2024. For the valuation of CPI-linked securities, we use an Oct–Oct inflation assumption of 24%. Turkish banks are transitioning from CPI-driven to spread-d...

Research Team
  • Research Team

WOOD Daily: RO Macro; CAR PW; PGE PW; PL Utilities; BELA GA; OPTIMA GA...

HEADLINES: • Romania macro: Bucharest vote supports government • Inter Cars: November sales growth decelerates to 2.6% yoy NEGATIVE • PGE: CEO and COO dismissed; former Tauron CEO appointed as acting CEO NEUTRAL • Polish utilities: ready for lower distribution WACC NEGATIVE • Jumbo: sales up 6% in November and 8% in 11M25, as expected NEUTRAL • Optima Bank SA: 4m shares block trades at 1.9% discount NEUTRAL • Pegasus Airlines: signs an agreement to acquire Czech Airlines for EUR 154m POSITIVE • ...

Research Team
  • Research Team

WOOD Daily: PGSUS TI; APR PW; BDX PW; EME Macro/Strategy; DNP PW; ENA ...

HEADLINES: • Pegasus Airlines: signs an agreement to acquire Czech Airlines for EUR 154m • Auto Partner: November sales growth decelerates to 2.6% yoy NEGATIVE • Budimex: PLN 1.1bn offer selected by PKP PLK POSITIVE • EME Macro/Strategy: macro all-in-one (28 November-4 December) • Postcards from Prague • Dino • Enea • Warsaw Stock Exchange • CEZ • Banca Transilvania • BRD-GSG • Cimsa • Akcansa • Artea Bankas • Ignitis • NLB Group • Mavi: 3Q25E earnings preview (due out 10 December)

Research Team
  • Research Team

WOOD Daily: PL Macro; WPL PW; ALE PW; ACP PW; BFT PW; BDX PW; CCC PW; ...

HEADLINES: • Poland macro: NBP cuts again, with inflation back at target • Wirtualna Polska: sells Invia Flights Germany at EUR 42.3m EV, 9.0x 2024 EV/EBITDA POSITIVE • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • Allegro • Asseco Poland • Benefit Systems • Budimex • CCC • Kety • PGE • Tauron • Primoco UAV • Aquila Part Prod Com S.A. • MedLife • Mavi • Georgia Capital • GEVORKYAN • Krka • Medicover

Erol Danis ... (+2)
  • Erol Danis
  • Mehmet Yigit Yorulmaz

Turkish Aviation - Cloudier Skies

Passenger traffic momentum has weakened in 2025, and we do not expect it to improve significantly in 2026. Turkey’s aviation traffic trends showed 6.6% y/y growth in 10M25 (international +7%; domestic +6%), marking a slowdown from previous years (2023: +18%; 2024: +8% y/y) as the tourism sector faces headwinds from TL appreciation and geopolitics. Foreign tourist arrivals stayed flattish y/y in 10M25, marking the slowest y/y performance since the Covid rebound. Looking ahead to 2026, continued T...

Research Team
  • Research Team

The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in Novem...

EME Equity Market – November 2025 Czech PX leads in November, Türkiye the only loser. The MSCI EM Europe Index added 1.5% mom in EUR terms and 2.1% mom in USD terms in November. The Czech PX was the top performer, adding 4.7% mom in EUR terms, followed by the Greek ASE and the Hungarian BUX (+4.4% and +3.7% mom, respectively, in EUR terms). The Romanian BET and Polish WIG 20 were also in the green (+1.3% and +1.0% mom in EUR terms). The only loser was the Turkish ISE 30 (-2.0% mom in EUR terms).

OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
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.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
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.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
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
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE 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.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
DVL DEVELIA SA
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.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
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
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
ACAG ARABIAN CONTRACTING SERVICES CO
H2O AUSTRIACARD HOLDINGS AG
7203 HIDROELECTRICA S.A.
OPTIMAr ELM CO
MUR2 OPTIMA BANK S.A.
AQ MURAPOL SA
TRESTATES AQUILA PART PROD COM
THEON TRADE ESTATES REIC SA
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
PRIUA GEVORKYAN A.S.
BOCHGR PRIMOCO UAV SE
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
PE RO DIAGNOSTYKA SA
PREMIER ENERGY
Alessio Chiesa ... (+2)
  • Alessio Chiesa
  • Raffaella Tenconi

EME Macro/Strategy: dividends in EMEA – yield hunting after markets ha...

The macro backdrop entering 2026E remains broadly supportive for high-dividend strategies across Emerging Europe and the frontier markets, but the opportunity set has clearly narrowed. After a year of sharp repricing across the WOOD universe, the high dividend conditions of 2024-25 have largely disappeared, as a result of many sectors rerating materially. As a result, high-dividend exposure is no longer a broad regional trade: the most compelling opportunities are now concentrated. However, the ...

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