Tofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: BOCH CY;...
HEADLINES: • Bank of Cyprus: strong uplift in NII, upside risk for our forecasts POSITIVE • Ukraine macro: our takeaways from the sixth Ukrainian investment roadshow in London • Turkish automotive:...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Morning (23...
HEADLINES: • PZU: strong 3Q22 results - boding well for future earnings outlook POSITIVE • STS Group: 3Q22 results above expectations; strong start to 4Q POSITIVE • Motor Oil Hellas: 3Q results -...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: PKO PW; KGH...
HEADLINES: • PKO BP: 2025E strategic targets sensible and quite conservative, but too little to inspire the marke • KGHM: signs option on potential acquisition of 50% stake in Kukamas project NEUTRAL •...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: TEL RO; KAP...
HEADLINES: • Transelectrica: 2022 net profit high but in line, low profit budgeted for 2023E NEGATIVE • Kazatomprom: 4Q operating update - good quarterly data, but weaker guidance NEUTRAL • Motor Oil...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: MONET CP;...
HEADLINES: • MONETA Money Bank: strong 2022 results and DPS recommendation (10% yield), neutral guidance POSITIVE • Yapi Kredi: 4Q22 highlights - spreads seem to have held up better, familiar targets...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: VESBE TI;...
HEADLINES: • Vestel Beyaz: worse-than-expected results in 4Q22 NEGATIVE • Tofas: proposes distribution of DPS of TRY 6.00 NEUTRAL • ADNOC Distribution: proposes AED 0.2057/share dividend • 11 bit...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: SNP RO; PEO...
HEADLINES: • OMV Petrom: upside, even with the solidarity tax (stays BUY) • Bank Pekao: beat on headline 4Q22 net profit and books solid (and in line) recurrent earnings trends POSITIVE • Turkish...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... The Rear-View Mirror –...
EME Equity Market – February 2023 Market performance – Greece and Czechia continue with good momentum; Turkey resumes rally. The MSCI EM Europe Index gained 4.9% mom in EUR terms and 2.4% mom in USD in...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) Tofas: evolving into a...
In this report, we have revised our model to account for the potential effects of the Stellantis agreement, as well as our new operating and macro assumptions. We believe that the agreement with...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: TLV RO;...
HEADLINES: • Banca Transilvania: bad news in the price, time to re-rate (upgraded to BUY) • Tofas: evolving into a multi-year growth story (stays BUY) • CEZ: 4Q22 results review - strong P&L...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... The Rear-View Mirror –...
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...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: ALR PW; OPL...
HEADLINES: • Alior Bank: reports beat in 1Q23 delivery and trading cheap POSITIVE • Orange Polska: 1Q23 results - EBITDAaL up 6% yoy, 2% above the consensus POSITIVE • TeraPlast: weaker-than-expected...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: MBK PW; EBS...
HEADLINES: • mBank: bottom-line miss due to costs, but opportunity to BUY NEGATIVE • Erste Bank: books strong 1Q23 results, ahead of expectations, tweaks up FY23E guidance POSITIVE • Bank Millennium:...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... The Rear-View Mirror –...
EME Equity Market – April 2023 Market performance – in the black across all geographies, except for Turkey. The MSCI EM Europe Index gained 3.4% mom in EUR terms and 4.9% mom in USD in April. The...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: ARCLK TI;...
HEADLINES: • Arcelik: 2Q23 results - in line operationally, but bottom line misses expectations NEUTRAL • EME Macro/Strategy: macro all-in-one (17-23 July) • Kruk: buys another portfolio in Spain...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: SNP RO;...
HEADLINES: • OMV Petrom: awaiting the special dividend (stays BUY) • OMV Petrom: Executive Board proposes RON 0.045 special dividend • MONETA Money Bank: posts solid 2Q23 results and tweaks guidance...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: EBS AV; EME...
HEADLINES: • Erste Bank: beats 2Q23 expectations materially, upgrades 2023E guidance, generous 2023E DPS POSITIVE • EME Macro/Strategy: macro all-in-one (24-30 July) • Solutions by STC: 2Q23 financial...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... The Rear-View Mirror –...
EME Equity Market – July 2023 Market performance – gains keep on rolling in all geographies, with special mention of Turkey’s stellar performance. The MSCI EM Europe Index gained 8.6% mom in EUR terms...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: EME...
HEADLINES: • EME Macro/Strategy: macro all-in-one (16-22 October) • Kalekim: 3Q23 - strong set of results, but failed to meet expectations NEGATIVE • Arcelik: 3Q23 results - in line NEUTRAL • Enea:...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: ALR PW;...
HEADLINES: • Alior Bank: strong beat on headline profit as LLPs keep giving low readings POSITIVE • MONETA Money Bank: strong 3Q23 results, but medium-term outlook broadly unchanged NEUTRAL • Tupras:...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... The Rear-View Mirror –...
EME Equity Market – October 2023 Market performance – election results prompt stellar market reaction in Poland; sell-off in Turkey. The MSCI EM Europe Index added 1.7% mom in EUR terms and 2.0% mom in...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: CIMSA TI;...
HEADLINES: • Cimsa: announces the completion of the 10.1% SBS shares transfer POSITIVE • InPost: PPF executes only part of the option, at this stage NEUTRAL • Inter Cars: 2024E revenue growth target at...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: BHW PW,...
• Bank Handlowy: 2023 results imply a generous dividend yield, but reveal a weak growth profile • Isbank: 4Q23 highlights and guidance • Tofas: strong beat in the 4Q23 results • Romania macro: MPC on...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... WOOD Daily: OMV AV;...
HEADLINES: • OMV: Chemical Brothers (stays BUY) • Pegasus Airlines: 4Q23 – decent end to another stellar year NEUTRAL • Tupras: FY23 results, using inflation accounting POSITIVE • AROBS Transilvania...
View ArticleTofas Turk Otomobil Fabrikasi A.S. (US9001104044) ... The Rear-View Mirror –...
EME Equity Market – February 2024 Market performance – a positive February, with the Polish WIG20 outperforming. The MSCI EM Europe Index added 4.2% mom in EUR terms and 3.7% mom in USD in February....
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