Vladimír Urbánek (Kurzy.cz)
Czech markets  |  October 01, 2010 13:26:36

CS - monthly strategy for SPAD


AAA Auto - Free reports and a stronger share price movements. It is interesting dynamics in the EU car sales by 3% lower than
2009 for the month January to August, mainly thanks to the scrapping premium offered in the 2009th The German market fell by 29% and best-selling car was the VW (1 million cars). Samořejmě more new cars, the more bids used.

CME - The company replaced the head of the Slovak branch mainly because of unsatisfactory results of the Slovak market. On the other hand, it must be said that the Slovak market is still stronger signs of recovery, as we have seen in other Central European markets. The weakening dollar should help the company's results for the 3rd quarter.

CEZ
- CEZ withdraws from the Cernavoda project in Romania, he wants to concentrate on less risky projects. Given the small share of 9.15% is not significant retreat of CEZ and the company can save a few billion on a fully-controlled projects. Futures on electricity renew a slight decline, the main reason behind was the "only" USD weakening against the euro, model manufacturing margins remain stable.

- ECM will be 3 and 7 October to hold general meetings of holders of debentures, which will present its restructuring plan. Proposals can be expected to convert their bonds or partial write-off. That is a serious situation confirms the sale of ECM facility this month. This company does have low margins, but have value in terms of human resources.

KIT Digital- Digital Kit continues its expansion. The recently announced acquisition of Digital Media BRICKBOX for approximately 10.1 million USD. Purchase this company should bring additional synergy effects even though in the short term will have a negative impact on company results due to restructuring costs.

KB - KB's share price continues to move around 4 thousand. CZK and can give new impetus is likely to results in the 3rd kv. Third of November. CNB continues to leaves rates at 0.75%, so net interest margins still remain lower. Regarding the percentage nezplácených loans and wait until the end of the peak. Continue to remain neutral on the KB.

NWR- The company would be in October to announce prices on the 4th quarter. The company sells on a quarterly basis 20% of coking coal and coke 100%. Given that quarterly contract prices in Asia fell by 7%, do not exclude a decrease of around 10% even at NWR. During the summer, traditionally q / q steel production declined in August but it was still in the region +7.1% y / y NWR launched a slightly positive reports on the quality of the project Debiensko reserves.

Orco - Still no news about permits for the project zloty, the Polish authorities who throws like a hot potato. We released a new report with recommendations to accumulate - the Orco's bond restructuring in significantly better shape, though still not completely out of the problems. Discount to NAV is interesting.

Pegasus Nonw. - Pegasus slightly shifted the dates for the dividend. Last trading with entitlement to a dividend will be 19th October and payment will begin on 29 October. As expected, the firm pays € 0.95 / share (dividend yield 5.2%).

PMCR - At the end of September, the festival was opening a new line in Kutna Hora, which increased the capacity from 30 to 40 billion cigarettes a year. The new capacity is intended solely for export, but the management says that so far no orders from the mother PMI. In Q1 half of 2010 the production of almost 14 billion pieces, waiting for 2010 30mld. and 35mld. at the 2011th

HC2 - The company have released a new report with a target price of 425 CZK recommendation and retained shares HC2 CR hold. The main reason to reduce the target price is the lack of growth catalysts in the coming years.The company's shares after the closing date of entitlement to a dividend last year responded to a sharp decline below the level of CZK 400.

Unipetrol - We released a new report on the company Unipetrol with a target price of CZK 191. However, we leave the recommendation Reduce, given the likely reduction results in the 2nd half of 2010 and a relatively weak outlook for the 2011th Unipetrol also announced a new minority shareholder with a 5% share (Levos). Recently announced his resignation to the post of Chief Financial Officer Mr. Ostrowski, which is not a good signal.

VIG - Management of companies are looking with optimism to next year, although next year will be much more difficult for the company than the one this year, which is in line with our estimates, which allow pre-tax profit growth this year by 16.1% and next year 14 , 6%.VIG continues regional expansion - recently won a license to write life insurance in Montenegro and also increased interest in Turkish Ray Sigorta.

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