Czech Republic
TABAK (POSITIVE) Proposes dividend per share CZK 1,560 vs. 1000-1500 expected by Patria (CZK 1500 pre-covid) CZK 91 will be distributed from previous years retained earnings leading to 106% NI payout rate.
Dividend record date is May-18. GM will take place May-25 to June 30per rollam (correspondence voting).
MONET (POSITIVE) Net income declined 12.7% y/y to CZK 837mn, beating expectations of CZK 731mn vs. 582mn (Patria: 358mn) thanks to strong operating performance despite IFRS9 portfolio adjustments larger than expected.
The bank booked total 684mn loan loss provisions, from which CZK 479mn were IFRS9 related. This is slightly higher than 553mn exp. by cons. (and under our own 856mn exp.), nonetheless the important figure will the one for the whole year, we reckon. CoR jumped from zero to 1.73%.
¨ MONET expects total operating income of CZK 11.6bn in 2020, which is significantly lower than its earlier “>12.5bn” guidance.
¨ CoR is expected at 1.70-1.85% (Patria: 2%) and OPEX 5.4bn (Patria: 5.7bn; new 300mn cuts + 170mn investment budget restriction will be implemented).
Two scenarios for 2020 are considered: a moderate one (roughly -2% GDP drop and unemployment rise to 3.2%) and a severe one (-4-5% GDP, 7.9% unemployment rate). MONET’s guidance is based on the moderate scenario.
Poland
LPP (!) Posted preliminary loss of PLN 265mn EBIT loss in fiscal Q1, revenues down 35% to PLN 1.19bn.
¨ Online sales in April alone surged 270% y/y.
ALR (NEUTRAL) Secured regulatory approval of an issue prospectus for up to PLN 1.5bn.
¨ Alior will issue bonds as part of a PLN 5 bn program, KNF said.
PKN (!) Will take a hit on Q1 group EBITDA from ca. PLN 2.5bn in impairment charges, 2bn of those will be impairments on inventories largely due to falling oil price.
TPE (!) Now expects to launch the delayed 910 MW block in Jaworzno by November 15.
JSW (NEUTRAL) Will reduce 2020 capex vs. the record 2019 level of PLN 2.4bn, CEO Wlodzimierz says. Company is currently extracting some 23% less coal than assumed in the plan, but realization of the annual output plan is not threatened CEO says.
PLW (!) Games developer Playway may hike its dividend payout to PLN 9.22 per share, 3.7x the last year's offer, as the firm continues to pay out 100% of profits.