WOOD's Winter in Prague
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WOOD's Winter in Prague
emerging europe conference WOOD’s Winter in Prague Tuesday 5 December to Friday 8 December 2017 Please join us for our flagship event - now in its6th year - spanning 4 jam-packed days. We expect to host over 160 companies representing more than 15 countries. Click here & For more information please contact your WOOD sales representative: Tuesday: Energy, Industrials and Materials Register Warsaw +48 222 22 1530 Wednesday: TMT and Utilities Now! Prague +420 222 096 453 Thursday: Consumer, Healthcare and Real Estate London +44 20 3530 7685 Friday: Diversified and Financials [email protected] Invited Companies by country Bolded confirmed Austria Hungary Kruk LUKOIL Aygaz AT & S ANY LPP Luxoft BIM Atrium Budapest Stock Exchange Mabion M.video Bizim Toptan BUWOG Gedeon Richter mBank Magnit Brisa DO&CO Graphisoft Park Medicalgorithmics MMK Cimsa Erste Group Bank MOL Group Orange Polska Moscow Exchange Coca-Cola Icecek Immofinanz OTP Bank Pfleiderer Group Mostotrest Dogus Otomotiv OMV Waberer’s PGE MTS Erdemir PORR Wizz Air PGNiG NLMK Garanti Raiffeisen Bank Iraq PKN Orlen Norilsk Nickel Halkbank Strabag DNO PKO BP NovaTek Is REIT Telekom Austria Genel Energy PKP Cargo O’KEY Isbank Uniqa Kazakhstan PLAY PIK Kardemir Vienna Insurance Group KMG EP Prime Car Management Polymetal International Koc Holding Warimpex Nostrum Oil & Gas PZU Polyus Lokman Hekim Croatia Steppe Cement Synthos Raven Russia Migros Ticaret Podravka Lithuania Tauron Rosneft Otokar Czech Republic Siauliu Bankas Warsaw Stock Exchange Rostelecom Pegasus Airlines CEZ Poland -
Turkish Airlines Aviation
GENEL-PUBLIC March 8, 2018 Equity Research Turkish Airlines Aviation Company update Europeans are back Strong demand continue to support industry. Turkish Airlines recorded 15.5% YoY O&D pax growth, resulting in overall 8.4% BUY YoY international pax growth in 2017. In the same year, although foreign arrivals to Turkey recovered much by 27.8% YoY almost in Share price: TL17.37 all regions, European arrivals stayed flattish in 2017. Our conversations with Association of Turkish Travel Agencies claimed Target price: TL21.60 that summer bookings from Western Europe has jumped much by 60% YoY for 2018. Furthermore, summer bookings from domestic Expected Events tourist figures jumped to 6 million versus 5 million in previous year. We now estimate Turkish Airlines will carry 42.2 mn international March THY February-18 traffic passenger and 33.1 mn domestic passenger, overall resulting to April, 9th Market traffic results (March) 9.7% YoY passenger growth and improvement of 2.9 ppt in load factor to 82.1% in 2018E vs 79.1% in 2017. Although we revised up our revenue estimate of 2018E much by 6.7%, we cut down EBITDA margin estimate by 1ppt on the back of upward revision in our oil estimates and ex-fuel CASK by 5.9% after 4Q17 results Key Data performing worse than our estimates. Accordingly, we project THY to generate 13.2% revenue and 9.9% EBITDA CAGR over our Ticker THYAO forecast period (2017-2019E). Share price (TL) 17.37 There is still room for improvement on our assumptions. The 52W high (TL) 19.57 shares have gained 10.7% so far this year outperforming the 52W low (TL) 5.38 benchmark BIST 100 index by 9.4 percentage points. -
Market Watch Monday, March 01, 2021 Agenda
Market Watch Monday, March 01, 2021 www.sekeryatirim.com.tr Agenda 01 M onday 02 Tuesday 03 Wednesday 04 Thursday 05 Friday Turkstat, 4Q20 GDP Growth Germany, January TurkStat, February inflation CBRT, February Germany, Janu- retail sales inflation assess- ary factory orders China, February Caixin non-mfg. China, February Caixin mfg. PMI ment Germany, February PMI U.S., February Germany and Eurozone, Febru- unemployment data U.S., jobless non-farm payrolls ary Markit mfg. PMI Germany and Eurozone, Febru- ary Markit non-mfg. PMI claims and unemploy- Eurozone, February ment rate Germany, February CPI CPI Eurozone, February PPI U.S., January factory orders U.S., February U.S., February Markit mfg. PMI U.S., February ADP employment average hourly change earnings U.S., February ISM manufactur- ing index U.S., February Markit non-mfg. PMI U.S., January construction U.S., February ISM non- spending manufacturing index Outlook Major global stock markets closed lower on Friday, amid the rise in US Treasury yields, which has increased concerns over rising inflation and the Fed derailing its currently accommodative policy. Global risk appetite has Volume (mn TRY) BIST 100 relatively weakened, despite Fed Chair Powell’s statements suggesting that inflation was likely to remain below the targeted value, and that the 1.551 major central bank would maintain its current policy. Having moved in 1.518 1.488 parallel to the course of major international stock markets, the BIST100 48.000 1.483 1.471 1.600 also shed 1.13% to close at 1,471.39 on Friday, after a volatile day in 40.000 1.500 trading. -
³Privatisation, Employment and Employees´ Nikiforos Manolas
&RQIHUHQFHRQ ³3ULYDWLVDWLRQ(PSOR\PHQWDQG(PSOR\HHV´ 1LNLIRURV0DQRODV (FRQRPLVW 0LQLVWU\RI(FRQRP\DQG)LQDQFH *UHHFH 5HJXODWRU\ 5HIRUPV 6WUXFWXUDO &KDQJHV DQG 3ULYDWLVDWLRQ LQ *UHHFH GXULQJ V 3DSHU VXEPLWWHG EXW QRW SUHVHQWHG ± 2FWREHU $WDN|\ ,VWDQEXO 7XUNH\ 5HJXODWRU\5HIRUPV6WUXFWXUDO&KDQJHVDQG3ULYDWLVDWLRQLQ*UHHFHGXULQJV ,%DFNJURXQG During 90s, for the fist time in post-war history, Greek strategies for economic development shifted markedly reliance on market forces rather than on state-managed growth. In the pre-1974 period Greece’s state-led development strategy based on import substitution and credit allocation produced strong growth (7% with manufacturing on the average at 11.4% annually), combined with low inflation (4%) and small balance of payments deficits (2.1% of GDP) until 1974. From 1974 until 1995 the economy showed a completely different picture. GDP annual growth rate averaged 2%, manufacturing growth slowed to almost zero, annual inflation averaged 18%, and the average external deficit, as a share of GDP, doubled. This performance was much worse than that of its neighbors and the other countries of the European Union (EU). The economic slowdown can be attributed almost completely to two major factors, namely the decline in the share of total investments in GDP, and the decline in the productivity of new investments. In an environment which had led to a downward spiral in economic performance, ultimately resulting in crisis (of slowing growth) and many large private firms that had grown rapidly in -
Market Watch Tuesday, August 08, 2017 Agenda
Market Watch Tuesday, August 08, 2017 www.sekeryatirim.com.tr Agenda 07 Monday 08 Tuesday 09 Wednesday 10 Thursday 11 Friday Germany, June industrial TurkStat, June industrial U.S., June wholesale U.S., jobless claims CBRT, June balance of production production inventories U.S., July PPI payments U.S., July CPI Outlook: Major stock markets have advanced to new highs, and the BIST100 has Volume (mn TRY) BIST 100 also tested new record-highs, closing up 1.1% at 109,781 on Monday. Total trading volume in the market was at TRY 6.6bn. Today, market participants 109.781 will follow TurkStat’s June industrial production release; there are no other 10.000 110.000 108.545 major data announcements. Asian markets have seen mixed trading this 8.000 morning, and the European stock markets are expected to open slightly 107.154 108.000 106.525 down. We expect the BIST to maintain its uptrend in parallel to rising global 6.000 106.147 risk appetite, although we caution that the likelihood of profit taking rises 106.000 after swift upsurges. We expect the BIST to open positively today, refresh- 4.000 4.912 4.958 ing its new record highs. RESISTANCE: 110,000 /111,200 SUP- 5.418 104.000 4.667 2.000 4.667 PORT: 109,100/108,600. 0 102.000 1-Aug 2-Aug 3-Aug 4-Aug 7-Aug Money Market: The Lira was positive yesterday, gaining 0.14% against the USD to close at 3.5295. Additionally, the currency depreciated by 0.07% against the basket composed of $0.50 and €0.50. -
Premailer Middle East 2021
Bonds, Loans Shangri-La Bosphorus, Istanbul & Sukuk Turkey 2021 Turkey’s largest capital markets event www.bondsloansturkey.com 93% 50+ 20% 250+ DIRECTOR LEVEL OR ABOVE REGIONAL & INTERNATIONAL SOVEREIGN, CORPORATE & INDUSTRY EXPERT SPEAKERS BANKS ATTENDED FI BORROWERS Bonds, Loans & Sukuk Turkey has become the meeting point of all important players in finance through the correct mix of its participants, and its reliability with continuity of successful organisations in the last consecutive years Selahattin BİLGEN, IGA Airport PLATINUM SPONSOR GOLD SPONSOR BRONZE SPONSORS WELCOME TO THE ANNUAL MEETING PLACE FOR TURKEY’S FINANCE PROFESSIONALS Bonds, Loans & Sukuk Turkey is the country’s largest capital markets event. It is the only event to combine discussions across the Bond, Loans and Sukuk markets, making it a “must attend” event for the country’s leading CEOs, CFOs and Treasurers. With over 65% of the audience representing issuers and borrowers and over 93% being director level or above, it is the place where live deals are discussed and mandates are won each year. As a speaker, I had a dynamic discussion which was a great experience. Overall, the organisation was great and attracted an invaluable list of attendees. Orhan Kaya, ICBC Turkey SAVE YOURSELF SHOWCASE YOUR INCREASE TIME AND MONEY EXPERTISE IN THE REGION AWARENESS get the attendee list 2 weeks by presenting a case study by taking an exhibition space before the event so you can to a room full of potential and demonstrating your pre-arrange meetings. clients. products and services. WIN MORE INCREASE YOUR BUSINESS BRANDS PRESENCE packages include a number through the numerous of staff passes so you can branding opportunities cover more clients. -
Constantinos Lambadarios
Constantinos Lambadarios Constantinos Lambadarios is one of the leading transactional lawyers in Greece. He is the firm’s managing partner and head of the M&A, Real Estate and Competition/Antitrust practice groups. Under his bold and progressive leadership, Lambadarios has grown to become a modern, internationally minded firm and is increasingly recognized as one of the legal powerhouses in Athens. Constantinos himself is a dynamic and highly experienced corporate lawyer and is ranked and listed in the major legal directories. He has played a leading role in many landmark transactions, supporting domestic and international clients in realizing their strategic goals, and has a reputation for being relentless in his pursuit of practical solutions to even the most complex challenges. He is recognized by clients and directories alike as a thoroughly modern lawyer, combining acute commercial awareness and strategic thinking with deep technical expertise and outstanding communication, team and leadership skills. As well as advising on sophisticated financial arrangements and corporate transactions, Constantinos is also a highly skilled arbitrator and accredited mediator. He has also been instrumental in establishing the firm’s Epaminondas Lambadarios Scholarship, a scholarship set up in partnership with The Geneva LL.M. in International Dispute Settlement (MIDS) for aspiring Greek lawyers interested in pursuing a career in international dispute management. M&A As head of the firm’s M&A practice, Constantinos is an experienced and astute legal adviser and dealmaker. He has supported domestic and international clients from many sectors on a wide range of complex corporate transactions, from privatizations, domestic and cross-border mergers and acquisitions and restructurings to spin offs and disposals, joint ventures and share-purchase agreements. -
Turkey's Largest Capital Markets Event
Book your place before 5th September to SAVE £200 enter code DM1 at www.BondsLoansTurkey.com Turkey’s largest capital markets event Platinum Sponsors Gold Sponsors Lunch Sponsor Silver Sponsor Bronze Sponsors WELCOME TO Bonds, Loans & Sukuk Turkey 2018 REASONS TO ATTEND 1 Hear global investors’ analysis of the opportunities in the market from: BlueBay, Barings, Manulife 2 Gain an economist’s assessment of Turkey’s macroeconomic fundamentals: Find out which external factors are likely to impact Turkey over the next 2 years 520+ 3 Discover how issuers are hedging against FX volatility, attendees and what companies are doing with existing hard 95% currency debt Director level 4 Uncover which markets offer borrowers and issuers or above the best options, hear from: Medical Park, Vakıf Emeklilik, Bank ABC, HSBC and Emirates NBD 5 Network with 520+ senior stakeholders from the Turkish Capital Markets: 95% are Director level or above 63% Corporate & Bonds, Loans & Sukuk Turkey is a fantastic event where I can see many financial institutions and colleagues from all over the world. It also FI Issuers and provides a useful market update, covering the latest developments in the Borrowers, Turkish Capital Markets. 70+ Muzaffer Aksoy, Bank ABC Investors and speakers 2 Government Senior Level Speakers include Semih Ergür, Naz Masraff, Timothy Ash, Murat Ucer, Chief Executive Officer, Director of Europe, Senior EM Sovereign Strategist, Economist, IC Holding Eurasia Group BlueBay Asset Management GlobalSource Partners Burcu Ozturk, Burcu Geris Richard -
PEGASUS AIRLINES Underperform (Prev
EARNINGS REVIEW Equity TURKEY / AVIATION Research 9 November 2015 PEGASUS AIRLINES Underperform (prev. Underperform) Lower CASK was not enough to offset hedge losses Stock Data 09 November 2015 Net income came in lower than expectations. Pegasus Airlines announced TRY 234mn net profit in its 3Q15 financials, lower than Current price TRY19.5 the consensus’ of TRY 256mn and our estimate of TRY 293mn. Target price TRY18.2 DPS TRY0.0 Enjoyed better than expected margin expansion. Top-line of TRY 1,320mn in 3Q15 is broadly in line with the market consensus Total return -7% of TRY 1,333mn but c.5% lower than our estimate of TRY 1,381mn. Current Mcap TRY1,994 mn/US$683mn There is a slowdown in the pace of contraction in passenger revenue Bloomberg Ticker PGSUS TI yields in EUR terms but not enough to prevent the company from Number of outstanding shares (mn) 102 registering 4% y/y lower RASK. The company lowered its CASK by High / Low Price Range (12M) 34.95/17.10 8% in EUR terms driven mainly by lower fuel cost as ex-fuel CASK 3-m Average Daily Turnover ($ mn) 13.0 was up 6% y/y in 3Q15. .Since CASK drops higher than RASK, the company experienced a 432bps y/y EBITDAR margin expansion. Price Performance (%) 1M 3M 6M YtD Return 1.3 -17.1 -22.8 -41.2 Higher financial expenses. Although the company’s headline Relative to BIST100 -2.0 -21.6 -19.5 -38.5 operating margins came in better than expectations, sizeable hedge losses amounting to TRY 87mn below the EBIT line resulted in less 60.00 than expected bottom-line reading. -
Business Review 2007
BUSINESS REVIEW 2007 40 STADIOU, GR-102 52 ATHENS BUSINESS REVIEW 2007 Alpha Bank owns one of the most complete collections of ancient Greek coins with more than 10,000 items from the entire ancient Greek world. In 2007, the Bank organised, for the first time since its foundation, the exhibition “Hellenic Coinage: the Alpha Bank Collection” at the Benaki Museum. In the exhibition, which was viewed by more than 11,000 visitors, 500 ancient coins were shown, minted in regions ranging from the current Great Britain to India and from Ukraine to Africa, among which many unique ones. For this reason, it was decided to illustrate the Business Review of the Bank, for the year 2007, with some of the masterpieces and the rarities of the Alpha Bank Numismatic Collection. Aegina. Silver stater, 479-456 BC O: Turtle. R: Incuse square, divided into five compartments (skew pattern). The first city-state in Greece to struck its own coins was Aegina around 560 BC. The iconographic type distinctive of the staters of Aegina, from the beginning to the end of its coinage is the turtle. On the reverse of the early Aeginetan coins is an irregular incuse square, which as time passed acquired a definite shape, divided by cross-arms into quadrants. The schematic reverse type of these first coins in Greece has been the Alpha Bank logo since 1972. Table of Contents TABLE OF CONTENTS page. BRIEF HISTORY ........................................................................................................................... 5 KEY INDICATORS........................................................................................................................ -
PİYASALARDA BUGÜN Piyasalar Türkiye Varlıkları Pozitif Ayrışmaya Devam Eder Mi? Sakin Fed Toplantısı Sonrası Çift Yönlü Oynak Bir Piyasa Görüyoruz
02/08/2021 PİYASALARDA BUGÜN Piyasalar Türkiye varlıkları pozitif ayrışmaya devam eder mi? Sakin Fed toplantısı sonrası çift yönlü oynak bir piyasa görüyoruz. Güçlü şirket karları, vaka sayılarındaki azalma, Çin’in piyasaları sakinleştirme çabası, doların zayıflaması piyasaları desteklerken, ABD borsalarında işlem gören Çin şirketleri hakkında soruşturma açılacağı endişesi piyasaları baskılıyor. Türkiye varlıkları dünyayı yenmeye devam ediyor. MSCI Türkiye Temmuz ayında %6 yükselerek gelişmekte olan piyasaları %13 yendi. Devletin şirketlere müdahalesi nedeniyle %14 değer kaybeden Çin hisseleri hariç tutulduğunda Türkiye gelişmekte olan piyasaları %9 yendi. Ucuz değerlemesi dışında Temmuz ayında Türkiye hisselerini destekleyen dört temel dinamik sayılabilir: i. Avrupa’daki toparlanma ve turizmin canlanması sayesinde ekonomide dışa dönük dengelenme. ii. Sınırlı ekonomik ilişkisi ve düşük korelasyonu (%30 civarı) sayesinde Çin dalgasından etkilenmemesi. iii. ABD tahvil faizlerinin gerilediği ve doların zayıfladığı bir ortamda Merkez Bankası’nın Türk lirasını destekleyen sıkı para politikasının sürdürüleceği mesajı. iv. Çin, Güney Afrika, Brezilya, Rusya, Peru, Şile gibi büyük gelişmekte olan piyasaların jeopolitik, politik ve salgın kaynaklı riskler nedeniyle gerilemesi. Temmuz ayındaki başarılı performans Ağustos ayında sürdürebilir mi? Bu sorunun cevabı, salgına karşı sağlanan başarının sürdürülmesine, küresel risk iştahının seyrine ve Ankara’nın izleyeceği ekonomi politika ve dış politikalara bağlı. Son dönemde vaka sayısındaki artışa rağmen Türkiye salgına karşı gelişmekte olan ülkelerle karşılaştırıldığında başarılı bir mücadele veriyor. Mevcut tempo sürdürülebilirse Ekim sonu, Kasım başı gibi %75’lik çift doz aşılanma seviyesine ulaşılabilir. Dolayısıyla salgının yeniden hızlanacağı kış dönemine aşı kalkanıyla girebiliriz. ABD vadelileri ve Asya borsaları Borsa İstanbul’da pozitif bir açılışa işaret ediyor. Endeks için destek ve direnç olarak 1.375 ve 1.410 seviyeleri öne çıkıyor. -
Motor Oil (Hellas) Not Planning to Invest in Sulfur Reduction Of
In The MarkeTs Motor Oil (Hellas) Not Planning to Invest in Sulfur Reduction of Refinery Streams For the time being Motor Oil (Hellas) has ucts of 1.5 million cm, of which fuel oil elected not to invest in units designed to reduce accounts for 440 kcm. At its truck loading ter- the sulfur content of refinery streams. As such, minal, MOH has storage capacity of 31 kcm of MOH will continue to produce high sulfur which 3 kcm is for fuel oil. RMG (or heavier) type material as well as 0.1%S In 2014, Motor Oil (Hellas) imported a gasoil for bunker fuel and inland burning in the total of 2.1 million mt of fuel oil. Of that Mediterranean basin, according to an analysis amount, 150 kt was HSFO, 350 kmt SRFO, of Motor Oil (Hellas)’s Relina Kontoyiannis at and 1.6 million mt LSFO. MOH’s local sales World Fuel Oil Summit VIII in Athens on May amounted to 1.25 million mt, including 520 21-23, 2015. World Fuel Oil Summit VIII was kmt for bunkers, 690 kmt for the Public Power hosted by the Public Power Corporation of Corporation, and 40 kmt for the civil sector. In Greece and organized by Axelrod Energy 2014, MOH produced 3 million mt and Projects. The 200 kb/d MOH refinery is locat- exported 2.7 million mt of fuel oil. With ed near the city of Corinth, Greece, 80 km respect to the destination of MOH’s fuel oil southwest of Athens. Depending on runs and exports (HS RMG) in 2014, Saudi Arabia crude slate, the plant has the capacity to pro- accounted for 31 percent and Singapore 24 duce up to 8,200 mt per day and 3.00 million percent.