$AYGAZ #Aygaz A.S. ... The Rear-View Mirror – EME markets: Greek and Russian...
| EME Equity Market – February 2021 Market performance – MSCI EM Europe Index rebounds slightly from its January decline, up 1.7% in EUR terms and 1.3% in local currencies. The best performing index...
View Article$AYGAZ #Aygaz A.S. ... WOOD Daily: PEO PW; ING PW; KOMB CP; TTKOM TI; AEFES...
| HEADLINES: • Bank Pekao: 1Q21 - strong bottom line beats market\'s expectations on risk charges front POSITIVE • ING BSK: 1Q21 - solid beat vs. market\'s expectations, on lower provision charges...
View Article$AYGAZ #Aygaz A.S. ... The Rear-View Mirror – EME markets: Polish WIG20 and...
| EME Equity Market – May 2021 Market performance – Polish equities continued to outperform in May. The MSCI EM Europe Index gained 6.9% in EUR terms and 8.7% in USD terms; while the WIG20 continued...
View Article$AYGAZ #Aygaz A.S. ... WOOD Daily: TL Macro; PEO PW; ALR PW; EAT PW; RICHT...
| HEADLINES: • Turkey macro: headline inflation accelerates, eroding positive real policy rate • Bank Pekao: solid 2Q21 - material beat vs. expectations, suggesting upside risk for 2021E earnings...
View Article$AYGAZ #Aygaz A.S. ... WOOD Daily: COTE RO; YKBNK TI; OTKAR TI; TNB MS; KCEL...
| HEADLINES: • Conpet: no growth in sight (SELL - transfer of coverage) • Yapi Kredi: 2Q21 highlights - business continuing • Otokar: 2Q21 results - strong beat, led by an improved sales mix and...
View Article$AYGAZ #Aygaz A.S. ... Monthly LMI Update Independent Investment Research
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR...
View Article$AYGAZ #Aygaz A.S. ... WOOD Daily: OTP HB; PKO PW; LOGO TI; TUPRS TI; AYGAZ...
| HEADLINES: • OTP Bank: strong set of 2Q21 results; 2021E adjusted ROE guidance of 18-20% looks achievable • PKO BP: 2Q21 results review - strong set of numbers, delivering a double-digit ROE • Logo...
View Article$AYGAZ #Aygaz A.S. ... The Rear-View Mirror – EME markets: Indices end the...
EME Equity Market – August 2021 Market performance - The Hungarian BUX Index gained 9.8% in EUR terms. The MSCI EM Europe Index rose 5.1% in EUR terms and 4.6% in USD terms. The best-performing equity...
View Article$AYGAZ #Aygaz A.S. ... The Rear-View Mirror – EME markets: Most markets end...
| EME Equity Market – October 2021 Market performance – most markets end October in the black, WIG20 +4.1%. The MSCI EM Europe Index added 3.6% in EUR terms and 3.4% in USD. Poland was the...
View Article$AYGAZ #Aygaz A.S. ... WOOD Daily: KMB MS; TNB MS; PKO PW; OTP HB; DNP PW;...
| HEADLINES: • Komercijalna Banka: too expensive now (downgraded to SELL) • NLB Banka: good story, unattractive price (downgraded to SELL) • PKO BP: delivers solid 3Q21 and marks 12% ROE, even without...
View Article$AYGAZ #Aygaz A.S. ... The Rear-View Mirror – EME markets: Markets down in...
| EME Equity Market – November 2021 Market performance – most markets down, with Czech PX Index (+3.0%) the exception. The MSCI EM Europe Index lost 8.9% in EUR terms and 10.7% in USD in November....
View Article$AYGAZ #Aygaz A.S. ... WOOD Daily: CAR PW; BHW PW; OPL PW; AYGAZ TI; NVTK LI;...
| HEADLINES: • Inter Cars: value and growth (stays BUY) • Bank Handlowy: NII recovery delivered as the bank rebuilds its bond portfolio POSITIVE • Orange Polska: 4Q21 results - adjusted EBITDAaL up 8%...
View Article$AYGAZ #Aygaz A.S. ... The Rear-View Mirror – EME markets: stocks bleed amid...
| EME Equity Market – February 2022 Market performance – Russia’s equities bled in February due to the country’s invasion of Ukraine. The MSCI EME Europe Index declined by 38.7% in EUR terms and 38.8%...
View Article$AYGAZ #Aygaz A.S. ... WOOD Daily: BGEO LN; TBCG LN; BHW PW; CCOLA TI; TLV...
| HEADLINES: • Georgian banks: game on - banks are cheap (Bank of Georgia upgraded to BUY, TBC Bank Group stays BUY) • Bank Handlowy: posts huge turnaround in profitability in 1Q22 POSITIVE • Coca-Cola...
View Article$AYGAZ #Aygaz A.S. ... The Rear-View Mirror – EME markets: Hungarian equities...
| EME Equity Market – May 2022 Market performance – markets down mostly, as MSCI EM Europe Index declines 3.6%. The MSCI EM Europe Index fell 3.6% mom and 2.0% mom in EUR and USD terms, respectively,...
View Article$AYGAZ #Aygaz A.S. ... Tupras / Aygaz
Event Summary: On April 26 Tupras announced that it would acquire 99.24% of Entek Elektrik Uretim (an electricity generation company with an installed capacity of 436MW), corresponding to 942.7m...
View Article$AYGAZ #Aygaz A.S. ... WOOD Daily: TUPRS TI; AYGAZ TI; TGN RO; EL RO
| HEADLINES: • Tupras: 2Q22 results - best-ever EBITDA • Aygaz: 2Q22 results review - large net income beat, thanks to Tupras POSITIVE • Transgaz: projects submitted to EIB for financing • Electrica:...
View Article$AYGAZ #Aygaz A.S. ... The Rear-View Mirror – EME markets: Turkish stocks...
| 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...
View Article$AYGAZ #Aygaz A.S. ... WOOD Daily: SGH BU; ILRA CZ; US Macro; RBI AV; PEO PW;...
| HEADLINES: • Sirma Group Holding: healthy leverage position, amidst slowdown in IT (BUY - transfer of coverage) • Ilirija d.d.: summer season yields solid, yet uneven, results (downgraded to HOLD) •...
View Article$AYGAZ #Aygaz A.S. ... The Rear-View Mirror – EME markets: Turkey still on...
| 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%...
View Article$AYGAZ #Aygaz A.S. ... WOOD Daily: OMV AV; IS Macro; MBK PW; FROTO TI; AYGAZ...
| HEADLINES: • OMV: turning oil fields into yields (upgraded to BUY) • Iceland macro: MPC resumes its tightening cycle • mBank: solid 4Q22, very strong underlying profitability, pending further FX...
View Article$AYGAZ #Aygaz A.S. ... The Rear-View Mirror – EME markets: all indices gain...
| 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...
View Article$AYGAZ #Aygaz A.S. Aygaz
| 2Q results review – Better than expected: Aygaz announced TL724m net income in 2Q23 (down 34% y/y and up 5% q/q) above the consensus estimate of TL543m (Ünlü:TL596m). Net sales increased by 2% y/y...
View Article$AYGAZ #Aygaz A.S. ... Coverage discontinued (AEFES TI, AYGAZ TI, ENJSA TI,...
| Due to a change in analyst responsibilities, we are discontinuing our coverage of Anadolu Efes, Aygaz, Enerjisa Enerji, Erdemir, Tekfen Holding and Vestel Beyaz with immediate effect. We caution...
View Article$AYGAZ #Aygaz A.S. Aygaz
We have updated our underlying assumptions for Aygaz and raised our 12-month TP up by 21%, to TL175/share, implying 44% upside potential. Accordingly, we upgrade our rating to Buy from Hold. Our key...
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