EME Equity Market – March 2024 Market performance – mixed performances in March, with the Romanian BET outperforming. The MSCI EM Europe Index declined by 0.3% mom in EUR terms and 0.4% mom in USD in March. The Romanian BET reported the strongest performance, adding 7.1% mom in EUR terms, followed by the Czech PX and the Polish WIG20 (+4.1% and 1.0% mom, in EUR terms, respectively). Greece saw a relatively muted performance (-0.2% mom in EUR terms), while Hungary (-1.1% mom in EUR terms) and Tür...
HEADLINES: • InPost: 4Q23 strong, as expected; neutral FY24E guidance; volume acceleration in 1Q24 NEUTRAL • Asseco Poland: 4Q23 review – net profit up 10% yoy, in line with preliminaries; strong 2024 backlog recorded POSITIVE • Echo Investment: 4Q23 – residential good, offices bad NEUTRAL • Athens Exchange Group: 4Q23 results NEUTRAL • LPP: key takeaways from the conference call on the exit from Russia, 2.0 POSITIVE • Kruk: 2023 net profit DPS proposal of PLN 18, in line with our expectations N...
HEADLINES: • WOOD's Winter Wonderland EME Conference 2023: postcards from Prague • CEZ: postcard from Prague • Colt CZ Group SE: postcard from Prague • Eurowag: postcard from Prague • Pilulka Lekarny: postcard from Prague • Athens Exchange Group: postcard from Prague • Elbit Systems: postcard from Prague • Siauliu Bankas: postcard from Prague • Budimex: postcard from Prague • CD Projekt: postcard from Prague • Cyber_folks: postcard from Prague • Cyfrowy Polsat: postcard from Prague ...
EME Equity Market – November 2023 Market performance – Greeks in the lead, in a month with only green across the region. The MSCI EM Europe Index added 5.6% mom in EUR terms and 8.7% mom in USD in November. The Greek ASE Index was the top performer in our region (+6.9% mom), followed by the Polish WIG20 (+5.5% mom) and the Hungarian BUX (+4.0% mom). The Czech PX Index saw the most muted performance, advancing 2.8% mom.
HEADLINES: • Akcansa: a resilient business model that is hard to ignore (BUY - initiation of coverage) • Wirtualna Polska: 3Q23 results review - adjusted EBITDA up 56% yoy, 4% above the consensus POSITIVE • Auto Partner: 3Q23 EBITDA 7-9% above expectations on a better gross margin POSITIVE • Ten Square Games: 3Q23 adjusted EBITDA marginally above expectations, weak October for Hunting Clash NEUTRAL • Ten Square Games: share buyback of up to PLN 115m to be voted on at the EGM POSITIVE • Ten Squa...
A director at Hellenic Exchanges Holdings bought 5,000 shares at 4.783EUR and the significance rating of the trade was 52/100. 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 y...
EME Equity Market – August 2023 Market performance – Turkey the top performer in August, once again. The MSCI EM Europe Index lost 0.7% mom in EUR terms and 2.2% mom in USD in August. Turkey, yet again, outperformed its peers, with the ISE30 gaining 9.4% mom in EUR terms. The Hungarian BUX index saw a solid performance in August, adding 6.1% mom in EUR terms, while the Romanian BET had a lacklustre month, barely making any gains (0.1% mom in EUR terms). Elsewhere, the index performances were neg...
HEADLINES: • Raiffeisen Bank International: 2Q23 - slight miss, some upside risk for our adjusted 2023E earnings • Tupras: 2Q23 results - reported EBITDA well above forecasts, CCS EBITDA not so special • Arabian Drilling: better than we Fracking expected POSITIVE • Athens Exchange Group: strong 2Q23 results, propelled by high trading volumes • Eurobank: 2Q23 highlights • Piraeus Bank: 2Q23 highlights • Siauliu Bankas: margin expansion provides for strong 2Q23 • Czech Republic macro: GDP d...
Market activity and outlook remain strong – Trading activity has been strong ytd, with ADV +14% yoy at c€108m, further propelled by a re-pricing of Greek stocks with the average market cap at €74bn (+13% vs the same period last year). Despite a temporary setback in March due to concerns over global financial stability, investor confidence has further strengthened, especially in the aftermath of the election results in May. Besides the stable political landscape – which is likely to be cemented a...
Market activity and outlook remain strong – Trading activity has been strong ytd, with ADV +14% yoy at c€108m, further propelled by a re-pricing of Greek stocks with the average market cap at €74bn (+13% vs the same period last year). Despite a temporary setback in March due to concerns over global financial stability, investor confidence has further strengthened, especially in the aftermath of the election results in May. Besides the stable political landscape – which is likely to be cemented a...
EME Equity Market – May 2023 Market performance – in its election month and with talks of a return to investment grade starting to materialise, Greece outperformed, posting a stellar performance. The MSCI EM Europe Index gained 2.3% mom in EUR terms, but lost 1.4% mom in USD in May. The Greek ASE Index saw the biggest gains (+12.3% mom in EUR terms), followed by the Hungarian BUX Index (+6.2% mom in EUR terms) and the Turkish ISE 30 Index (+3.4% mom in EUR terms). The remaining geographies finis...
EME Equity Market – March 2023 Market performance – all geographies down in March. The MSCI EM Europe Index lost 7.6% mom in EUR terms and 5.7% mom in USD in March. Among a sea of red, Romania’s BET saw the smallest decline (-2.6% mom in EUR terms), followed by the Czech PX Index (-5.5% mom in EUR terms). The Greek ASE and the Hungarian BUX indices saw similar declines (-7.4% and -7.5% mom ,respectively, in EUR terms), while the worst performer for the month was the Turkish ISE30, down 10.5% mo...
HEADLINES: • Hellenic Bank: an accretive asset (stays BUY) • Eurocash: 13% EBITDA beat in 4Q; effective tax rate below 30% POSITIVE • Huuuge Games: FY22 adjusted EBITDA in line with preliminary guidance NEUTRAL • Athens Exchange Group: soft 4Q22, but a strong start to 2023 • Alro: takeaways from the 4Q22 earnings call • OMV Petrom: potential amendments to solidarity tax legislation NEUTRAL • Polish banks: Polish newswires on works on legislative solution for FX mortgage saga • Short News (E...
HEADLINES: • Global macro: latest data • Transelectrica: takeaways from the 4Q22 earnings call • Electrica: disappointing 2023E budget • Alro: 2023 budget shows a significant decline in profitability • PKO BP: reshuffling in the Supervisory Board NEGATIVE • Telecom Egypt: management revises the proposed 2022 dividend to EGP 1.25/share NEUTRAL • Colt CZ Group: thoughts on the 4Q22 earnings beat and FY23 guidance • Turkey chartbook: all eyes on the elections as imbalances grow • Athens Exch...
2022: The comeback – Greek equities staged an impressive comeback in 2022, outpacing most international markets with a 7% total return vs a 2-digit drop suffered by other European indices (and the S&P in EUR terms). Underpinning the ASE was certainly the better macroeconomic backdrop, with the Greek economy expanding by >5% in 2022 compared with c3% for the EU. Light positioning, healthy corporate profitability and more attractive yield gaps than in other regions were additional supporting facto...
2022: The comeback – Greek equities staged an impressive comeback in 2022, outpacing most international markets with a 7% total return vs a 2-digit drop suffered by other European indices (and the S&P in EUR terms). Underpinning the ASE was certainly the better macroeconomic backdrop, with the Greek economy expanding by >5% in 2022 compared with c3% for the EU. Light positioning, healthy corporate profitability and more attractive yield gaps than in other regions were additional supporting facto...
EME Equity Market – November 2022 Market performance – Turkey does it again, breezing past everyone else, once more, in November. The MSCI EM Europe Index advanced 11.6% mom in EUR terms and 16.7% mom in USD. The ISE30 index, again, boasted the best performance among our coverage, adding 18.6% mom in EUR terms and 23.9% mom in local currency (lcl) terms. Positive performances were also recorded in the WIG (+14.0% EU /13.0% lcl mom), the BUX (+12.6% EUR/12.0% lcl mom), the BET (+8.4% EUR/8.6% lcl...
HEADLINES: • Wirtualna Polska: strong 3Q22, with adjusted EBITDA up 30% yoy, 8% above our estimate POSITIVE • Ten Square Games: 3Q22 adjusted EBITDA 4-6% above our and the market's expectations, a mixed October NEUTRAL • Athens Exchange Group: 3Q22 - weak quarter on low ADTV • DataWalk: actual 3Q22 numbers fully in line with the preliminaries NEUTRAL • Sava RE: 3Q22 results review - increase in net profit to EUR18m and annualised ROE to 13.9% • Tupras: subsidiary Entek applies for 1 GW of rene...
HEADLINES: • Greek banks: earnings upgrades cycle (Alpha Bank, Eurobank, NBG and Piraeus Bank stay BUY) • Dom Development: 3Q22 - en route to another year of record profit POSITIVE • KGHM: 3Q22 results review - net income beat, but operating cash flow remains weak • Alro: takeaways from the 3Q22 earnings call POSITIVE • Purcari Wineries: takeaways from the 3Q22 earnings call NEUTRAL • Romgaz: takeaways from the 3Q22 earnings call NEUTRAL • Polish banks: PLN mortgage loan agreements subject t...
EME Equity Market – August 2022 Market performance – Turkey the biggest winner, in a predominantly bad month. The MSCI EM Europe Index declined 1.2% mom in EUR and 2.8% mom in USD terms. Turkey’s ISE index outperformed all other indices, adding 24.9% mom in EUR terms and 25.1% in local currency terms. Hungary’s benchmark, the BUX Index, added 1.1% mom and 0.2% mom in EUR and HUF terms, respectively. Greece’s ASE Index had a muted performance and added only 0.6% mom. All the other indices across ...
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