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Research Team
  • Research Team
ATRS Atrium European... (Basic Resources)
ATS AT&S Austria Te... (Industrial Goods & Services) ... (+5)

Raiffeisen Research Institutional Equity Daily 18.10.2021

 AT: AT&S - AT&S raises capex plan for Leoben plant and R&D to EUR 500 mn (neutral)  AT: Atrium - Signed merger agreement with Gazit, increased offer price to EUR 3.63 per share (positive)  DE: Encavis - Encavis Asset Management buys 65.5 MW of PV for Encavis Infrastructure Fund III in France (neutral)  HU: OTP Bank - Deputy CEO flagges the interest in Home Credit in Russia (neutral)  RO: Medlife - Dent Estet (part of Medlife) acquired 60% of Stomestet (positive)  RU: ALROSA - Q3 operating...

ATRS ATRIUM EUROPEAN REAL ESTATE (Basic Resources)
ATS AT&S AUSTRIA TECHNOLOGIE UND SYSTEMTECHNIK AG (Industrial Goods & Services)
ALRS ALROSA AO (Health Care)
M MED LIFE (Real Estate)
CAP ENCAVIS AG
Research Team
  • Research Team

Turkey Wake-up call: Macro, Political and Equity News, 18th October

BIST slipped 0.16% on Friday in its fourth consecutive day of small-scale changes, but managed to close the week with a cumulative gain of 0.83%. BIST100 index tested the 1,421 level in early trades, but reversed its gains after 10:30AM. Afternoon trading saw more selling pressure but the gains in some key non-banks helped cushion the weakness. Banks visibly underperformed with the 2.31% drop in their sector index as bellwether GARAN was the worst hit. TUPRS, aviation stocks, steelmakers, DO...

Research Team
  • Research Team
PKO Powszechna Kasa... (Oil & Gas)
EVR EVRAZ (Basic Resources) ... (+7)

Raiffeisen Research Institutional Equity Daily 15.10.2021

 AT: Andritz - Andritz received order for two acid recovery systems (neutral)  AT: PORR - Details of capital increase  PL: PKO BP/Alior Bank - The CEO of PKO resigned / replacement by Iwona Duda current CEO of Alior Bank (neutral/negative)  RO: Country credit rating - No rating action expected today  RU: EVRAZ - Sustainability linked loan  RU: Gazprom Neft - 2022e production may be raised by 10% yoy (neutral)  RU: Inter RAO - Increases electricity export to the Baltic countries (positive...

PKO POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI S.A. (Oil & Gas)
EVR EVRAZ (Basic Resources)
POS PORR AG (Construction & Materials)
IRAO INTER RAO UES (Industrial Goods & Services)
ANDR ANDRITZ AG (Utilities)
SIBN GAZPROM NEFT (Banks)
ALR ALIOR BANK SA
Research Team
  • Research Team

Turkey Wake-up call: Macro, Political and Equity News, 15th October

BIST slipped 0.13% after riding some ups and downs yesterday in the third consecutive day of small-scale index changes. Banks fared in line with the broader market with an average loss of 0.16% while VAKBN was the sole exception as it apparently got a boost from its sizable buyback purchases. TUPRS, DOHOL, ASELS, ENJSA, LOGO, TURSG, and PGSUS topped the non-bank gainers while FROTO, BIMAS, CCOLA, OTKAR, TTRAK, MPARK, and ODAS were some of the weak spots. Coming to this morning, our local macr...

Egor Makeev
  • Egor Makeev
DSKY DETSKY MIR (Retail)

Detskiy Mir Company News - Revenue grew by 14% yoy despite normalising...

-Revenue grew by 14.0% yoy, GMV increased by 16.4% yoy -Private labels and direct imports accounted for 53% of the total sales in Russia -We consider the results to be slightly positive

Bernd Maurer
  • Bernd Maurer
AGR Agrana Beteilig... (Food & Beverage)

AGRANA Q2 21/22 - Good Q2 results but input cost pressure gets challen...

-Solid Q2 21/21 results, EBIT 13% above RBI est. -Outperformance driven by Starch segment (volume and price effect) -FY guidance confirmed -Headwinds from high raw material and energy prices -We rate todays event as neutral for the investment case

AGR AGRANA BETEILIGUNGS AG (Food & Beverage)
Research Team
  • Research Team

Turkey Wake-up call: Macro, Political and Equity News, 14th October

BIST retreated 0.23% yesterday as the afternoon selling erased earlier gains and put an end to the 4-day winning streak. Benchmark BIST100 index tested the 1,432 peak at around midday before turning south, especially after the U.S. inflation data. Banks underperformed the broader market with the 1.21% loss in their sector index. Automotive stocks led by FROTO, MAVI, BRISA, TAVHL, ARCLK, and THYAO were among the fewer gainers in the BIST100 space while TUPRS, DOAS, AYGAZ, TRGYO, CCOLA, and AKSEN ...

Research Team
  • Research Team
RBI Raiffeisen Bank... (Oil & Gas)
OMV OMV AG (Basic Resources) ... (+8)

Raiffeisen Research Institutional Equity Daily 14.10.2021

 AT: AGRANA - Robust Q2 21/22, guidance confimred but high energy prices seen as a burden (neutral)  AT: OMV - Redemption of EUR 750 mn hybrid notes (neutral)  AT: RBI - General Meeting on 10 November 2021 / Proposed dividend of EUR 0.75 per share  CZ: CTP - Expecting yield compression in excess of 50 bps for year-end 2021 (positive)  PL: CCC - Q2 21/22 EBIT of PLN 79.6 mn vs, prelim. PLN 112 mn (negative)  RU: LUKoil - Board proposed interim 2021 DPS of RUB 340 (neutral)  RU: MMK - Q3 2...

Research Team
  • Research Team
BRE MBANK S.A. (Oil & Gas)
PEO BANK PEKAO S.A. (Construction & Materials) ... (+17)

Raiffeisen Research Institutional Equity Daily 13.10.2021

 EU: Utilities - EU Commission to present measures against increasing energy prices today (neutral)  AT: AT&S - Apple rumoured to cut iPhone 13 production target by 10 mn on supply chain shortage (negative)  AT: BAWAG Group - Pre earnings Q3 call with the management (neutral)  AT: Flughafen Wien - September passenger numbers at 53% of 2019 levels (positive)  AT: Frequentis - Frequentis and Airbus selected for phase III of the European Broadway interoperable broadband PPDR communication syst...

Research Team
  • Research Team

Turkey Wake-up call: Macro, Political and Equity News, 13th October

BIST eked out a 0.04% gain after rebounding quickly from its morning slump and extended its winning streak to the fourth day, shrugging off the weakness in lira. Banks slightly outperformed with the 0.31% gain for their index as VAKBN and GARAN took the lead. ASELS, KOZAL, EKGYO, TRGYO, LOGO, and DEVA topped the non-bank gainers while KCHOL, OTKAR, TAVHL, THYAO, MPARK, and CIMSA were some of the weaker names. Today, our local macro agenda involves TurkStat's residential sales data for Septemb...

Markus Remis
  • Markus Remis
ZAG Zumtobel Group ... (Construction & Materials)

Zumtobel Company News - Ambitious growth outlook presented at the CMD

Zumtobel presented ambitious sales growth and margin targets, both much better than what has been achieved in the last decade Top line CAGR of 4-5% and EBIT margin of 6-8% targeted by FY 24/25 - RBIe stands at 3% and 6%, respectively Capital allocation: M&A angle, capex containment and dividend policy Overall, it became apparent that Zumtobel emerges into a growth-oriented phase

ZAG ZUMTOBEL GROUP AG (Construction & Materials)
Research Team
  • Research Team
EVN EVN AG (Oil & Gas)
OTP OTP BANK RT. (Basic Resources) ... (+7)

Raiffeisen Research Institutional Equity Daily 12.10.2021

 AT: EVN - Local investments of EUR 360 mn until 2030 mn announced, part of annual capex of EUR 450 mn (neutral)  AT: FACC - Expanding business jet services (positive)  AT: Zumtobel - CMD starts today at 1 pm (neutral)  HU: OTP - OTP mulls buying Home Credit in Russia from Czech PPF (neutral)  RU: ALROSA - September sales result in line with the pre-Covid average (neutral)  RU: Novatek - 9M 2021 shows higher than expected production growth of both gas and liquids (positive)  RU: OGK-2 - ...

EVN EVN AG (Oil & Gas)
OTP OTP BANK RT. (Basic Resources)
ZAG ZUMTOBEL GROUP AG (Construction & Materials)
OGKB OGK-2 (Industrial Goods & Services)
NVTK NOVATEK (Utilities)
ALRS ALROSA AO (Utilities)
FACC FACC (Banks)
Research Team
  • Research Team

Turkey Wake-up call: Macro, Political and Equity News, 12th October

BIST climbed 1.31% yesterday in its third consecutive day of gains thanks to institutional buyers in a bunch of industrial heavyweights. Banks gained 1.27% on average with YKBNK and HALKB leading peers. Steelmakers, FROTO, DEVA, OTKAR, KOZAL, ODAS, TRGYO, and AYGAZ topped the non-bank gainers while ISGYO, CCOLA, DOAS, MPARK, TTKOM, and KORDS were some of the few decliners in the BIST100 space. Today, our local macro agenda showcases August'21 Industrial Production numbers due at 10AM local ti...

Markus Remis
  • Markus Remis
MMK Mayr-Melnhof Ka... (Industrial Goods & Services)

Mayr-Melnhof confirmed at BUY, TP EUR 194 - Working through a transiti...

We maintain the BUY recommendation for Mayr-Melnhof but lower the target price to EUR 194 from EUR 210 as we have factored in the earnings pressure arising from input prices We deem FY 21 a transition year, shaped by input cost inflation, restructuring and the beginning M&A integration MM Group should be able to restore earnings and thus also dividend growth as of next year Investments in new capacities should allow tangible volume growth going forward. A stabilisation of major cost items (forem...

MMK MAYR-MELNHOF KARTON AG (Industrial Goods & Services)
Research Team
  • Research Team
KCHOL KOC Holding A.S... (Oil & Gas)
AGHOL ANADOLU GRUBU A (Industrial Goods & Services) ... (+3)

Turkey - Conglomerates - Net Asset Value Discounts

According to the last closing on October 8th, 2021 • KCHOL NAV discount has been 28%, 18 ppt below its 5Y median discount of 10%. KCHOL share trades at 22% discounted to its listed assets. • SAHOL NAV discount has been 51%, 7 ppt below its 5Y median discount of 44%. SAHOL share trades at 38% discount to its listed assets. • AGHOL NAV discount has been 15%, 22 ppt above its 3Y median discount of 37%. AGHOL share trades at 37% discount to its listed assets.

KCHOL KOC HOLDING A.S. (Oil & Gas)
AGHOL ANADOLU GRUBU A (Industrial Goods & Services)
SAHOL HACI OMER SABANCI HOLDINGS AS (Financial Services)
Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread decreased by 14% WoW to USD475.2/ton on October 8st, mainly due to 4% increase in naphtha prices and %4 decrease in ethylene prices. • In 3Q21, the spread averaged at USD545.3/ton. vs USD646.2/ton in 2Q21 and USD320.9/ton in 3Q20. Looking at the operational outlook, an improvement was observed in August and September, after a weak July. Accordingly, there may be an annual growth in 3Q21, but stronger results may not be seen compared to the previous quarter.

Research Team
  • Research Team

Turkey - REIC - Emlak Konut (EKGYO) and Torunlar (TRGYO) Net Asset Val...

According to the last closing on October 8th, 2021; • EKGYO NAV discount has been 56%, and for TRGYO it has been 60% vs. the sector average of 16%. • EKGYO’s and TRGYO’s historic NAV discount median stand at 49% and 61% respectively.

Research Team
  • Research Team

Turkey Wake-up call: Macro, Political and Equity News, 11th October

BIST edged up 0.08% on Friday after a day mostly spent in the positive territory, trimming its weekly losses to 0.25%. Banks fell behind with the 0.56% loss in their sector index amid pressure on GARAN and YKBNK. OTKAR, AKCNS, MAVI, SASA, CIMSA, ISMDR, and ASELS were among the top gainers while GUBRF, PETKM, YATAS, KORDS, TTRAK, and MGROS topped the non-bank decliners in the BIST100 universe. Coming to the start of the new week, our local macro agenda involves the unemployment statistics for Aug...

Research Team
  • Research Team
WIE WIENERBERGER AG (Basic Resources)
ZAG Zumtobel Group ... (Oil & Gas) ... (+4)

Raiffeisen Research Institutional Equity Daily 11.10.2021

 AT: Politics - Chancellor Kurz resigned, foreign minister Schallenberg taking over  AT: Wienerberger - Acquisition of Meridian closed (neutral)  AT: Zumtobel - Mandate of CEO Felder extended until 31 July 2025 (neutral)  CZ: Politics - Surprising results of the general elections but likely no majority of the ruling ANO party of Andrej Babis (neutral)  RU: Gazprom - Export price guidance increased to USD 295 - 330 kcm (neutral)  RU: Polyus - Expert RA raised credit rating from ruAA+ to ru...

WIE WIENERBERGER AG (Basic Resources)
ZAG ZUMTOBEL GROUP AG (Oil & Gas)
GAZP GAZPROM (Construction & Materials)
PLZL POLYUS (GDR)
Research Team
  • Research Team

Turkey Wake-up call: Macro, Political and Equity News, 8th October

BIST jumped 1.84% yesterday as foreign institutional investors seemed to have returned to the scene as buyers amid the positive mood in international markets. After a slightly higher open that marked the lowest point of the day, BIST100 index continued its ascent almost uninterruptedly until the close. Banks fell a bit behind with the 1.47% gain for their sector index. EREGL, KRDMD, ASELS, TUPRS, KOZAL, THYAO, and AKSA topped the non-bank gainers while TTKOM, AKSEN, MAVI, TRILC, and BIOEN we...

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