| POLIMEX-MOSTOSTAL (PXM PW / MOSD.WA) – RISKY EXPOSURE TO THE STEEL PRODUCTION SEGMENT – HOLD |
10/14/2008 |
Polimex-Mostostal S.A. is one of the leading and most diversified players in the Polish construction market. Polimex operates in four segments, which include power engineering, general construction, chemical and steel production sectors.
|
| NEW WORLD RESOURCES (NWRS.WA / NWR LN) – STRONG LEVERAGE ON QUALITY COAL AND COKE – BUY |
9/19/2008 |
| New World Resources is a Czech coal mining company (four established mines) and coke producer (two coking plants) with 419 mn tons of proved and probable saleable reserves |
| MULTIMEDIA POLSKA (MMPA.PW) – TRIPLE PLAY IN POLAND WITH GROWING SALE OF BUNDLED SERVICES – BUY |
9/10/2008 |
Multimedia Polska (MMP.PW) is the third largest cable TV operator in Poland and the prime company participating in the consolidation of the dispersed Polish cable television market.
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| TELEKOMUNIKACJA POLSKA – CASH COW STRUGGLING AGAINST THE WATCHDOG AND COMPETITORS – HOLD |
9/2/2008 |
| Initiate coverage of Telekomunikacja Polska with a HOLD rating and a share target price of PLN22.77, giving an 1% downside potential to the current market price. |
| AMREST N.V. (AMMR.WA) – SLIGHT UNDERPERFORMANCE ON 2QFY08 FIGURES BUT A LARGE ACQUISITION AHEAD – BU |
9/2/2008 |
| In 1HFY08 AmRest posted 39.2% YOY increase in revenues mainly caused by the addition of new restaurants (Russian division) and like-for-like improvement (mainly due to Polish restaurants). Also in 2QFY08, revenues grew by 41.4% YOY for the same reasons they did in 1HFY08. |
| AMREST HOLDING N.V. – LEADING DINING OPERATOR IN CEE WITH GROWTH POTENTIAL – BUY |
7/14/2008 |
| AMREST HOLDING N.V. – LEADING DINING OPERATOR IN CEE WITH GROWTH POTENTIAL – BUY |
| CERSANIT (CST PW) – SOLID CERAMIC GROUND – BUY |
6/10/2008 |
| CERSANIT (CST PW) – SOLID CERAMIC GROUND – BUY |
| POLISH ENERGY PARTNERS (PEP.PW) – DEVELOPMENT WITH THE WIND – BUY |
5/30/2008 |
| POLISH ENERGY PARTNERS (PEP.PW) – DEVELOPMENT WITH THE WIND – BUY |
| AGORA (AGO.PW) – GROWING APPETITE FOR NEW MEDIA, BUT NOT AT ANY PRICE – HOLD |
5/21/2008 |
| AGORA (AGO.PW) – GROWING APPETITE FOR NEW MEDIA, BUT NOT AT ANY PRICE – HOLD |
| AGORA (AGO.PW) – GROWING APPETITE FOR NEW MEDIA – BUY |
5/12/2008 |
| AGORA (AGO.PW) – GROWING APPETITE FOR NEW MEDIA – BUY |
| KERNEL (KER.PW) – HOT NEWS FROM UKRAINIAN AGROBUSINESS |
4/30/2008 |
| KERNEL (KER.PW) – HOT NEWS FROM UKRAINIAN AGROBUSINESS |
| POLIMEX-MOSTOSTAL (PXM.PW) – ON THE EVE OF VAST INFRASTRUCTURAL INVESTMENTS – BUY |
4/25/2008 |
| POLIMEX-MOSTOSTAL (PXM.PW) – ON THE EVE OF VAST INFRASTRUCTURAL INVESTMENTS – BUY |
| KERNEL (KER.PW) – UKRAINIAN BOTTLED OIL PRODUCER AND GRAIN EXPORTER WORTH PURCHASING – BUY |
4/23/2008 |
| KERNEL (KER.PW) – UKRAINIAN BOTTLED OIL PRODUCER AND GRAIN EXPORTER WORTH PURCHASING – BUY |
| GLOBE TRADE CENTER (GTC.WA) – GROWING AND WELL DIVERSIFIED CEE DEVELOPER – BUY |
3/27/2008 |
| GLOBE TRADE CENTER (GTC.WA) – GROWING AND WELL DIVERSIFIED CEE DEVELOPER – BUY |
| NOBLE BANK (NBLA.WA) – PRIVATE BANKING ANDFINANCIAL INTERMEDIATION AS SOLID GROWTH PILLARS – BUY |
3/24/2008 |
| NOBLE BANK (NBLA.WA) – PRIVATE BANKING ANDFINANCIAL INTERMEDIATION AS SOLID GROWTH PILLARS – BUY |
| DUDA (DUD.PW) – POOR 4QFY07 RESULTS, STILL WAITING FOR THE TURN IN THE PIG CYCLE – BUY |
3/14/2008 |
| DUDA (DUD.PW) – POOR 4QFY07 RESULTS, STILL WAITING FOR THE TURN IN THE PIG CYCLE – BUY |
| MULTIMEDIA POLSKA (MMP.PW) – THE TRIPLE PLAY IN POLAND WITH GROWING SALE OF BUNDLED SERVICES – BUY |
3/12/2008 |
| MULTIMEDIA POLSKA (MMP.PW) – THE TRIPLE PLAY IN POLAND WITH GROWING SALE OF BUNDLED SERVICES – BUY |
| ORBIS (ORB.PW) – VALUATION CAPPED BY COSTLY CAPITAL EXPENDITURES – SELL |
2/15/2008 |
| ORBIS (ORB.PW) – VALUATION CAPPED BY COSTLY CAPITAL EXPENDITURES – SELL |
| Top Ideas for Poland Jan08: AMREST HOLDING NV – OUR EXPECTATIONS MATERIALIZED, FURTHER EXPANSION IN. |
1/29/2008 |
| Top Ideas for Poland Jan08: AMREST HOLDING NV – OUR EXPECTATIONS MATERIALIZED, FURTHER EXPANSION IN CEE AS THE MAIN VALUE DRIVER – BUY |
| Top Ideas for Poland Jan08: GLOBE TRADE CENTER (GTC) – REVISION OF CAPITALIZATION YIELDS... |
1/29/2008 |
| Top Ideas for Poland Jan08: GLOBE TRADE CENTER (GTC) – REVISION OF CAPITALIZATION YIELDS ASSUMPTIONS SUPPORTS OUR VALUATION – BUY |
| Top Ideas for Poland Jan08: BIOTON (BIO) – INSULIN REGISTRATION IN CHINA ALMOST COMPLETE – BUY |
1/29/2008 |
| Top Ideas for Poland Jan08: BIOTON (BIO) – INSULIN REGISTRATION IN CHINA ALMOST COMPLETE – BUY |
| ZM DUDA – FEEDING AT THE TROUGH – BUY |
1/9/2008 |
| ZM DUDA – FEEDING AT THE TROUGH – BUY |
| TVN – INTERNET AND TELESHOPPING; PREVAILING VALUE DRIVERS AGAINST FIERCE COMPETITION WHICH PULLS... - Archived |
12/20/2007 |
| TVN – INTERNET AND TELESHOPPING; PREVAILING VALUE DRIVERS AGAINST FIERCE COMPETITION WHICH PULLS DOWN TV AUDIENCE SHARE – BUY |
| TVS MOTORS (TVSL IN) – FEEBLE SALES RUN CONTINUED IN
SEPTEMBER 2007 – BUY - Archived |
12/20/2007 |
| TVS MOTORS (TVSL IN) – FEEBLE SALES RUN CONTINUED IN
SEPTEMBER 2007 – BUY |
| J.W.CONSTRUCTION – LARGE AND DIVERSIFIED RESIDENTIAL PLAYER; NOT A BARGAIN YET – HOLD - Archived |
12/20/2007 |
| J.W.CONSTRUCTION – LARGE AND DIVERSIFIED RESIDENTIAL PLAYER; NOT A BARGAIN YET – HOLD |
| BIOTON (BIO) – RISKY, PROMISING AND OVERSOLD; TARGET PRICE CHANGE BUT RECOMMENDATION MAINTAINED –... - Archived |
12/20/2007 |
| BIOTON (BIO) – RISKY, PROMISING AND OVERSOLD; TARGET PRICE CHANGE BUT RECOMMENDATION MAINTAINED – BUY |
| DOM DEVELOPMENT – RECENT STOCK UNDERPERFORMANCE
UNJUSTIFIED – BUY - Archived |
12/20/2007 |
| DOM DEVELOPMENT – RECENT STOCK UNDERPERFORMANCE
UNJUSTIFIED – BUY |
| BIOTON – A GLOBAL BIOTECH PLAYER OF THE FUTURE – BUY - Archived |
12/20/2007 |
| BIOTON – A GLOBAL BIOTECH PLAYER OF THE FUTURE – BUY |
| GLOBE TRADE CENTER (GTC) – SIGNIFICANT PRICE FALL AND NEW PROJECTS IN THE PIPELINE = RECOMMENDATION. - Archived |
12/20/2007 |
| GLOBE TRADE CENTER (GTC) – SIGNIFICANT PRICE FALL AND NEW PROJECTS IN THE PIPELINE = RECOMMENDATION CHANGE – BUY |
| AMREST HOLDING NV – A FINE BUSINESS MIX ON THE CEE
DINING MARKET – BUY - Archived |
12/20/2007 |
| AMREST HOLDING NV – A FINE BUSINESS MIX ON THE CEE
DINING MARKET – BUY |
| AGORA – ANOTHER POSSIBLE BATTLE NOT YET DISCOUNTED; GOOD CHANCE TO TAKE PROFITS – SELL - Archived |
12/20/2007 |
| AGORA – ANOTHER POSSIBLE BATTLE NOT YET DISCOUNTED; GOOD CHANCE TO TAKE PROFITS – SELL |
| AMREST HOLDING NV – OUR EXPECTATIONS ARE MET, FURTHER EXPANSION IN CEE AS THE MAIN VALUE DRIVER –... - Archived |
12/20/2007 |
| AMREST HOLDING NV – OUR EXPECTATIONS ARE MET, FURTHER EXPANSION IN CEE AS THE MAIN VALUE DRIVER – BUY |
| AMREST HOLDING NV – A FINE BUSINESS MIX ON THE CEE
DINING MARKET – BUY - Archived |
12/20/2007 |
| AMREST HOLDING NV – A FINE BUSINESS MIX ON THE CEE
DINING MARKET – BUY |
| AGORA – NEW COMPETITOR ON THE MARKET – SELL - Archived |
12/20/2007 |
| AGORA – NEW COMPETITOR ON THE MARKET – SELL |
| TVN – MANAGEMENT FORECAST UPLIFT ALREADY DISCOUNTED IN OUR TARGET PRICE – HOLD - Archived |
12/20/2007 |
| TVN – MANAGEMENT FORECAST UPLIFT ALREADY DISCOUNTED IN OUR TARGET PRICE – HOLD |
| SFINKS – FLASH NOTE: 3QFY07 RESULTS – POOR, BUT IN LINE WITH OUR FORECASTS - Archived |
12/20/2007 |
| SFINKS – FLASH NOTE: 3QFY07 RESULTS – POOR, BUT IN LINE WITH OUR FORECASTS |
| TVN – LEADING MEDIA GROUP EXPANDING IN INTERNET – BUY - Archived |
12/19/2007 |
| TVN – LEADING MEDIA GROUP EXPANDING IN INTERNET – BUY |
| BANK PEKAO/BANK BPH – THE MERGER ON STAND-BY? - Archived |
12/19/2007 |
| BANK PEKAO/BANK BPH – THE MERGER ON STAND-BY? |
| BANK BPH – FIRST SPLIT-UP IN POLISH BANKING - Archived |
12/19/2007 |
| BANK BPH – FIRST SPLIT-UP IN POLISH BANKING |
| GLOBE TRADE CENTER (GTC) – INCREASED TARGET PRICE CLOSE TO CURRENT VALUATION; RECOMMENDATION CHANGE. - Archived |
12/19/2007 |
| GLOBE TRADE CENTER (GTC) – INCREASED TARGET PRICE CLOSE TO CURRENT VALUATION; RECOMMENDATION CHANGE FROM BUY TO HOLD – HOLD |
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