LHV Institutional Baltic Insight, 23 October 2023

Record high net profit with steady loan quality

LHV Institutional Baltic Insight, 31 August 2023

LHV Institutional Baltic Insight, 29 August 2023

LHV Institutional "Tallink Group Valuation Update, August 21st, 2023"

* Considering the current global developments, clearly, the major near-term risk for TAL relates to somewhat depressed economic environment and uncertainty connected to Russia-Ukraine war potential implications. This also have an impact on PAX flow recovery in the Baltic Sea region. Currently, the Group has been profiting from efficient chartering operations which has allowed to optimize its capacities, further supporting its profitability. However, we are skeptical that TAL can find such profit...

LHV Institutional Baltic Insight

Please find attached today's edition of the Baltic Insight. * DelfinGroup (DGR1R LR) Q2 2023 Results Review: Net portfolio exceeds 2023 target already in H1 * AS VIRSI (VIRSI LR) H1 2023 Results Review: Outgrows the market by quite substantial margin

LHV Institutional Baltic Insight

Please find attached today's edition of the Baltic Insight. * Merko Ehitus (MRK1T ET) Q2 2023 Results Review: Excellent all-round performance * Nordecon (NCN1T ET) Q2 2023 Results Review: Mixed performance

Apranga Group Monthly Turnover Update

LHV Institutional Baltic Insight, 31 July 2023

LHV Institutional Weekly Review, July 20th, 2023

Retains strong profitability but cost of financing pressure increases

Tallinna Kaubamaja Group Results Review Q2 2023

LHV Institutional "Apranga Group Valuation Update"

* Considering the post-pandemic recovery and resilience in the stagflation environment, we have decided to update our estimates for Apranga. Despite estimated setback in earnings in 2023 our long-term outlook is positive. We believe that Apranga´s competitive advantage comes from a combination of physical and online sales channels and selection of well recognized fashion brands. Thus, we believe that by successfully utilizing its strengths, the Group will be able to generate strong profits in lo...

LHV Institutional Weekly Review, March 3rd, 2023

* Apranga (APG1L LH) Q4 Results Review: Resilience maintained, results in line with estimates * AUGA Group (AUG1L LH) Q4 Results Update: Solid y-o-y recovery * CrossChem (CCLAT067524FA) Q4 and 12M Results Review: Despite lower sales, profitability improved significantly * DelfinGroup AS (DGR1R LR) Q4 and 12M Results Review: Solid revenues but high credit losses and cost inflation limit profitability * Enefit Green (EGR1T ET) Q4 2022 Review: Decent numbers despite lower electricity production...

LHV Institutional Baltic Insight

Please find attached today's edition of the Baltic Insight. * Linas Agro Group (LNA1L LH) Q2 FY 22/23 Results Review: Strong growth in revenues along with improvement in profitability * Please also refer to the tables in the attachment.

LHV Institutional Baltic Insight

Please find attached today's edition of the Baltic Insight. * Apranga Group (APG1L LH) Q4 2022 Review: Resilience maintained, results in line with estimates * Enefit Green (EGR1T ET) Q4 2022 Review: Decent numbers despite lower electricity production * Klaipedos Nafta (KNF1L LH) Q4 2022 Review: Solid recovery with an improvement in underlying profitability * Madara Cosmetics (MDARA LR) H2 2022 Review: Profitability takes a hit * Siauliu Bankas (SAB1L LH) Q4 2022 Review: A solid quarter, bro...

LHV Institutional Weekly Review, February 23rd, 2023

* HansaMatrix (HMX1R LR) News Update: The voluntary buyback price is expected to be EUR 8.5 per share * Harju Elekter (HAE1T ET) Q4 2022: Results Review Record-high revenues but profitability deteriorated due to one-off items * Tallink (TAL1T ET) Q4 2022 Review: Strong charter income; profits beat estimates * Key metrics for stocks covered.

LHV Institutional Baltic Insight, February 22nd, 2023

In our view, considering the market’s sentiment towards HMX, BaltCap sees an opportunity to acquire a large share in HMX at discount. BaltCap’s set target of 75% and Ilmars Osmanis comment indicates that there is an agreement from SIA Macro Riga to subscribe for voluntary share buyback and we believe that other main shareholders have expressed their willingness to subscribe too. It is quite a difficult situation for retail investors considering the illiquidity of shares if HMX is delisted. Altho...

LHV Institutional Baltic Insight

Please find attached today's edition of the Baltic Insight. * Hepsor (HPR1T ET) Q4 2022 Review: Results broadly in line, 2023-2024 financial guidance remains intact As predicted, Hepsor's Q4 2022 sales and profit numbers were mostly determined by the sale of apartments from the Strelnieku 4b project in Riga and the Paevälja Courtyard Houses project in Tallinn. In Q4 2022, Hepsor reported total revenues of nearly EUR 7.3m, down 9.6% y-o-y. Supported by the financial income under the equity meth...

LHV Institutional Baltic Insight

* HansaMatrix (HMX1R LR) Q4 Results Review: Record turnover accompanied by a recovery in profitability * TextMagic (MAGIC ET) H2 and FY 2022 Results Review: Profits in line with estimates, outlook positive * Please also refer to the tables in the attachment.

LHV Institutional Baltic Insight

Please find attached today's edition of the Baltic Insight. * Coop Pank (CPA1T ET) January 2023 Review: Strong profitability, but the volume growth decelerated CPA recorded a slowing growth of loan and deposit volumes, partly due to seasonal factors, while the monthly deposit growth is primarily attributable to the international deposit platforms. Driven by the rapidly growing net interest income and continuously stable asset quality, CPA managed to further improve its profitability and posted...

LHV Institutional Weekly Review

Please find attached this week's edition of the Baltic Review * Coop Pank (CPA1T ET) Q4 2022 Results Review: Results in line with estimates, loan quality steady so far * Merko Ehitus (MRK1T ET) Q4 2022 Results Review: Strong growth in revenues * Nordecon (NCN1T ET) Q4 2022 Results Review: Decent growth in revenues along with an improvement in profitability * Key metrics for stocks covered