reports
Raiffeisen Research Institutional Equity Daily 29.04.2021
AT: AMAG - Q1 earnings negatively impacted by delayed aluminium shipments, on comparable basis EBITDA slightly ahead of forecasts, FY 21 EBITDA guidance of EUR 125-140 mn reflects current consensus range (positive) AT: Andritz - Q1 21 order intake and earnings easily sail past highest consensus forecast, FY guidance confirmed as expected (positive) AT: OMV - 1Q clean earnings in line with consensus, 2021 outlook unchanged (neutral) FR: Verallia - Q1 EBITDA kept stable despite lower top l...
OMV OMV AG
PKO PKO BANK POLSKI S.A.
SPL SANTANDER BANK POLSKA SA
OLG ST. GOBAIN OBERLAND AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
OKEY O KEY GROUP
TATN TATNEFT PJSC
ANDR ANDRITZ AG
ALR ALIOR BANK SA
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
COTE CONPET SA
AMAG AMAG AUSTRIA METALL AG
EL SOCIETATEA COMERCIALA DE DISTRIBUTIE SI FURNIZARE A ENERGIEI ELECTRICE ELECTRICA
FP S.C. FONDUL PROPRIETATEA S.A.
WINE PURCARI WINERIES
Raiffeisen Research Institutional Equity Daily 06.04.2021
AT: CA Immo - Starwood receives merger clearance from takeover comission (neutral) AT: Frequentis - CFO Bardach to retire to supervisory board in April, Peter Skerlan to succeed as CFO (neutral) AT: IMMOFINANZ - Confusion regarding conclusion of Pecik's stake sale, Pecik remains CEO (negative) AT: Lenzing - Lenzing transfers shareholding in Hygiene Austria to Palmers (neutral) EU: Utilities/ESG - Preliminary CO2 data shows 14.4% drop yoy in EU ETS-covered emissions (neutral) HU/AT: W...
LNZ LENZING AG
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
NVTK NOVATEK JSC
GAZP GAZPROM PJSC
SNGS SURGUTNEFTEGAS PJSC
DNP DINO POLSKA S.A.
IIA IMMOFINANZ AG
WINE PURCARI WINERIES
FQT FREQUENTIS AG WIENER
DNORD D/S NORDEN
- Research Team
WOOD Daily: LVC PW, ATAD LI, TEN PW, EUR PW, DNP PW, WPL/CPS PW, GPW P...
HEADLINES: • LiveChat Software: 4Q20-21 (calendar 1Q21) prelims - USD 12.7m sales (up 40% yoy, 4% qoq) NEUTRAL • Tatneft: 4Q20 results and conference call takeaways • Ten Square Games: USD 9m bookings in March 2021 vs. USD 8m in February 2021 NEUTRAL • Eurocash: strategic options review NEGATIVE • Dino: 59 stores added in 1Q21 NEUTRAL • Wirtualna Polska/Cyfrowy Polsat: WP TV audience share at 0.56%, while CPS at 24.59% in March 2021 NEUTRAL • Warsaw Stock Exchange: March trading update - volum...
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
WPL WIRTUALNA POLSKA HOLDING SA
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
A4L ALLTERCO AD
ATAD TATNEFT (GDR)
WINE PURCARI WINERIES
TEN TEN SQUARE GAMES
- 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
Raiffeisen Research Institutional Equity Daily 04.03.2021
CECE index review - Add: Avast, CIG Pannonia, Kofola; Del: BIF, Graphisoft Park, Lotos, Santander Bank Polska, Stock Spirits Group AT: Atrium - Valuation effects drive loss, recurring earnings broadly in-line (negative) AT: BAWAG Group - EUR 0.45 dividend approved (neutral) AT: Flughafen Wien - Q4 20 broadly in line with expectations, guidance for FY 21 was reiterated as already first time announced in January (neutral) AT: Lenzing - Hygiene Austria confirmed having ordered masks from ...
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
ALE ALLETE INC.
PKO PKO BANK POLSKI S.A.
STCK STOCK SPIRITS GROUP
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
LNZ LENZING AG
LTS GRUPA LOTOS S.A.
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
FLU FLUGHAFEN WIEN AG
EONR UNIPRO
BG BAWAG GROUP AG
WINE PURCARI WINERIES
AVST AVAST SOFTWARE BV
- Research Team
WOOD Daily: CDR PW; NRP NA; ATRS AV; ALE PW; JMT PL; SAR GA; TL Macro;...
HEADLINES: • CD Projekt: beginning of the path to recovery (BUY - transfer of coverage) • NEPI Rockcastle: still best in class, but fairly valued after rally (downgraded to HOLD) • Atrium: 4Q20 - 7% revaluation loss for the year, dividend maintained at EUR 0.27/share POSITIVE • Allegro: 4Q20 beat, FY21E EBITDA guidance below expectations, diluted by logistics capex NEUTRAL • Jeronimo Martins: 4Q spot on our expectations; 2.2% dividend yield from the FY20 profits NEUTRAL • Sarantis: FY20 tradin...
Raiffeisen Research Institutional Equity Daily 03.03.2021
ATX indices review - ATX: add: EVN; del: Telekom Austria; ATX five: add: voestalpine; del: Raiffeisen Bank Intl.; NoS changes in Marinomed Biotech AT: Andritz - Q4 eanings beat, long-term margin goal upgrades, 2021 guidance in line on sales, better on adj. EBITA (positive) AT: Banks - ING quits retail operations in Austria (neutral) AT: Lenzing - Mask joint venture offices raided by police on illicit labour and re-labeling allegations (negative) AT: S IMMO - Bruno Ettenauer to become C...
PEO BANK POLSKA KASA OPIEKI SA
TKA TELEKOM AUSTRIA AG
EBS ERSTE GROUP BANK AG
EVN EVN AG
RBI RAIFFEISEN BANK INTERNATIONAL AG
PKO PKO BANK POLSKI S.A.
VOE VOESTALPINE AG
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
LNZ LENZING AG
SPI S IMMO AG
ANDR ANDRITZ AG
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
WINE PURCARI WINERIES
- Research Team
The Rear-View Mirror – EME markets: Greek and Russian benchmarks – sol...
EME Equity Market – February 2021 Market performance – MSCI EM Europe Index rebounds slightly from its January decline, up 1.7% in EUR terms and 1.3% in local currencies. The best performing index was the Greek ASE, advancing 5.7%, followed by the Russian MOEX, which gained 4.1% in EUR terms and 2.1% in the local RUB. The PX Index, the Czech benchmark, was up 3.4% in EUR terms and 4% in the local currency. The Hungarian BUX declined 0.8% in EUR terms, but grew 0.6% in HUF terms. Romania’s BET In...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
CEZ CEZ AS
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.
STCK STOCK SPIRITS GROUP
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KGH KGHM POLSKA MIEDZ S.A.
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.
AKBNK AKBANK TAS
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.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
AFKS SISTEMA PJSFC
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
PPC PUBLIC POWER CORPORATION S.A.
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
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.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
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.
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.
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
HMX1R HANSAMATRIX AS
DIGI DIGI COMMUNICATIONS NV
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
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
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
MPARK MLP SAGLIK HIZMETLERI AS
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
WINE PURCARI WINERIES
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
GR6 GRADUS
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
- Research Team
WOOD Morning (26 February 2021)
HEADLINES: • Alior Bank: posts solid set of 4Q20 results, giving hope for a further recovery POSITIVE • Tekfen Holding: 4Q20 - big miss, promising FY21E guidance NEGATIVE • Magyar Telekom: strong 4Q20 results, as expected, with 9% yoy EBITDA growth NEUTRAL • Anadolu Efes: 4Q20 results - beat on EBITDA, Beer Group to underperform CCI in 2021E POSITIVE • Erste Bank: 4Q20 results and 2021E guidance largely in line with our forecasts NEUTRAL • AmRest: 4Q20 results review - recurring EBITDA halved an...
KER KERNEL HOLDING S.A.
EBS ERSTE GROUP BANK AG
ALK ALKALOID AD SKOPJE
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
AUG1L AGROWILL GROUP AB
LVC LIVECHAT SOFTWARE SA
TKFEN TEKFEN HOLDING
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
ELPE HELLENIC PETROLEUM
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
ARNT-R-A ARENATURIST D.D.
Raiffeisen Research Institutional Equity Daily 26.02.2021
MSCI February Index Review - Standard indices (STD) changes: ADD: TCS Group Holding AT: Erste Group - Q4 net profit in line with consensus / better fees offset by higher taxation / 2021 guidance rather a bit conservative vs. current expectations (neutral) AT: EVN - Q1 20/21 net result slightly ahead of RBIe, Walsum 10 fully impaired, guidance confirmed (positive) AT: Palfinger - FCF generation stands out in FY 20 while EBIT matched EUR 100 mn target, DPS of EUR 0.44 bang in line with RBI...
PEO BANK POLSKA KASA OPIEKI SA
EBS ERSTE GROUP BANK AG
EVN EVN AG
PKO PKO BANK POLSKI S.A.
ARHOF AMREST HOLDING
WIZZ WIZZ AIR HOLDINGS PLC
POS PORR AG
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PAL PALFINGER AG
RICHTER CHEMICAL WORKS OF GEDEON RICHTER PLC
NVTK NOVATEK JSC
ALR ALIOR BANK SA
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
TLV BANCA TRANSILVANIA S.A.
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
WINE PURCARI WINERIES
- Research Team
WOOD Daily: MTELEKOM HB; ROSN LI; CZG CP; AYGAZ TI; TEL RO; RU Macro; ...
HEADLINES: • Magyar Telekom: high quality for a low price (upgraded to BUY) • Rosneft: 4Q20 results • Ceska zbrojovka Group: Colt M&A truly transformational, but risky • Aygaz: highlights from the 4Q20 earnings call • Transelectrica: 4Q net loss as salaries more than double yoy • Russia macro: the end of the easing cycle, for now • Turkey macro: current account close to the trough • Polish retail: ECJ reported to be making its final ruling on the Polish retail tax on 16 March NEUTRAL • ...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
CIE CIECH S.A.
AYGAZ AYGAZ A.S.
ULKER ULKER BISKUVI SANAYI A.S.
TKFEN TEKFEN HOLDING
RTKM ROSTELECOM PJSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
TEL C.N.T.E.E. TRANSELECTRICA
SOKM SOK MARKETLER TICARET AS
WINE PURCARI WINERIES
KOFOL KOFOLA CESKOSLOVENSKO A.S.
CZG CESKA ZBROJOVKA GROUP
- Research Team
The Rear-View Mirror – EME markets: Equity markets in the black across...
EME Equity Market – December 2020 Market performance – December saw the MSCI EM Europe Index continue to perform well, amid a return of 7.8% in EUR terms. The best-performing index was the Turkish ISE30 Index (+18.3% in EUR terms and +15.0% in TRY terms) in December; followed by the Greek ASE Index (+9.8%); the Hungarian BUX Index (+6.8% in EUR terms and +8.6% in HUF terms); the PX Index, the Czech benchmark (+6.4% in EUR terms and +6.3% in local currency terms); the Polish WIG20 Index (+6.1% in...
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
YNDX YANDEX NV CLASS A
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
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
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
STCK STOCK SPIRITS GROUP
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
FMF FAMUR SA
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
ICD ENERGA SA
HB HELLENIC BANK LTD.
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
TRP TERAPLAST
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BNET BITTNET SYSTEMS
SNP PETROM S.A.
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
HMX1R HANSAMATRIX AS
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
NLBR NLB GROUP
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
TNB NLB BANKA
Raiffeisen RESEARCH Institutional Equity Daily 11.12.2020
AT: Andritz - Andritz and Mercedes-Benz-Energy start co-operation agreement on battery storage for hydropower (positive) AT: PORR - Resignation of COO Stiegler (neutral) EU: Banks - ECB has no dividend guidance yet out / FMA calls for cautious stance (neutral) EU: Utilities - Climate deal 55% CO2 emissions reduction agreed (positive) FR: Verallia - Company will rejoin the SBF 120 Index as of December 21 (neutral) PL: Retail, Real Estate - Shopping center footfalls in Poland 25-30% l...
- Research Team
WOOD Daily: EU Macro; EU Airlines; CDR PW; CIE PW; PL Utilities; TCS L...
HEADLINES: • Europe macro: Recovery Fund and budget to begin as scheduled • Europe macro: ECB - recalibration of tools • European airlines:EU publishes plans to maintain temporary basic air connectivity in case of no deal NEUTRAL • CD Projekt: C2077 pre-orders above internal expectations, majority of glitches should be solvable NEUTRAL • Ciech: CO2 allowance allocation for 2021-25 more favourable than expected POSITIVE • Polish utilities: URE approves small power tariff hike • TCS Group Hold...
- Research Team
WOOD Daily: STCK LN; PPC GA; MOEX RX; RICHT HB; MAIL LI; PL Macro; EU ...
HEADLINES: • Stock Spirits Group: 2H FY19/20 - deceleration on pandemic impact, but share gains in Poland POSITIVE • Public Power Corporation: takeaways from the Investor Day NEUTRAL • Moscow Exchange: November volumes very strong, migration of volumes continuing POSITIVE • Richter: acquires ex-US Janssen contraceptive patch assets for USD 264m NEUTRAL • Mail.ru: top mobile games revenue up 5%, downloads drop 18% in November vs. October • Poland macro: NBP's interest rate decision • European r...
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
QIWI QIWI PLC SPONSORED ADR CLASS B
STCK STOCK SPIRITS GROUP
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
11B 11 BIT STUDIOS S.A.
ADPL-R-A AD PLASTIK D.D.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
OGZD GAZPROM (GDR)
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
RICHT RICHTER
DPEU DP EURASIA
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
MPARK MLP SAGLIK HIZMETLERI AS
CGEO GEORGIA CAPITAL
WINE PURCARI WINERIES
KOFOL KOFOLA CESKOSLOVENSKO A.S.
Raiffeisen Centrobank Equity Daily 16.11.2020
◾ AT: Austria - Austria to enter hard lockdown on Tuesday ◾AT: UNIQA - Complaint for damages resulting from Infinus investor claims filed against UNIQA (negative) ◾PL: Banks - PL banks should expect further dividend payment constraints acc. to KNF (neutral) ◾PL: CCC - Austrian lockdown to affect CCC stores (negative) ◾RO: Purcari Wineries - Net profit dropped by 18% yoy in 3Q 20 on the back of slowly recovery in Moldova (neutral) ◾RU: Rosneft - 2021e capex might reach RUB 1 trln, though the fina...
Purcari Wineries confirmed at BUY, TP RON 32 - Toughing it out
The Covid-19 crisis gave Purcari Wineries a couple of headaches, but also two pleasant surprises. We were not surprised by a hefty drop in demand from China, but the main problem was the overexposure to Horeca and duty-free shops in the Republic of Moldova. Moreover, Purcari did not enter into price war started at the beginning of the lockdown, which was particularly intense in Moldova. However, sales in Romania continue to grow robustly in double-digits, as the main distribution channel remains...
- Ildar Davletshin
- CFA
- Stefan Lungu
- CFA
WOOD Flash – Frontier Investor Days Conference: feedback and highlig...
On 3-4 September, we hosted our 2020 Frontier Investor Days Conference, with 44 companies from Romania, Kazakhstan and the rest of the Frontier markets in our region participating. Here, we highlight the key takeaways from our meetings with the corporates, as well as some country-level highlights for Romania and Kazakhstan. The outlook is improving overall, even for some of the worst-hit industries, such as restaurants and airports, but the main unknown in every forward-looking conversation is t...
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
TBCB TBC BANK JOINT STOCK CO
POSR POZAVAROVALNICA SAVA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
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
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
WINE PURCARI WINERIES
NLBR NLB GROUP
ARNT-R-A ARENATURIST D.D.
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE30 still weak, down 9...
EME Equity Market – August 2020 Market performance – most indices end August in the black, but the ISE30 Index decline continues, down 9.6%. In August, the MSCI EM Europe Index declined by 1.2% in EUR terms, but stayed mostly flat (+0.1%) in local currency terms. Romania’s BET Index performed the best, up 7.2%; followed by the Greek ASE Index (+2.7%); the Czech Republic’s PX Index (+2.4%); Poland’s WIG20 Index (+2.3%); and the MOEX Index (+0.5%). The Hungarian BUX Index declined by 2.6...
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
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
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL 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
BSK ING BANK SLASKI S.A.
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
SPI S IMMO AG
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.
ENKAI ENKA INSAAT VE SANAYI A.S.
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
DOM DOM DEVELOPMENT SA
WXF WARIMPEX FINANZ UND BETEILIGUNG
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
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
OTP OTP BANK NYRT
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
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
KAZ KAZ MINERALS PLC
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.
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
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
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
MPARK MLP SAGLIK HIZMETLERI AS
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
WINE PURCARI WINERIES
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
GR6 GRADUS
FINT FINTEL ENERGIJA
Raiffeisen Centrobank Equity Daily 24.08.2020
 FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group;  AT: voestalpine - Restart of small BF at Linz plant in early September (neutral)  CH: Aluflexpack - 1H results live up to RCBe, FY 20 guidance of sales of EUR 220-230 mn and adj. EBITDA of EUR 32-35 mn confirmed (neutral)  PL: Lotos -...
EBS ERSTE GROUP BANK AG
MMK MAYR-MELNHOF KARTON AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
VOE VOESTALPINE AG
POG PETROPAVLOVSK PLC
KTCG KAPSCH TRAFFICCOM
IRAO INTER RAO UES PJSC
GNB GETIN NOBLE BANK SA
LTS GRUPA LOTOS S.A.
TLV BANCA TRANSILVANIA S.A.
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RNFT RUSSNEFT
WINE PURCARI WINERIES
AFP ALUFLEXPACK
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