(55 PLN, 2,88%) (8 EUR, 0,85%): Boost of consumer and mortgage loans sale during July and August
According to an interview in PAP with Robert Dzialak, Bank deputy CEO, Bank sold mortgage loans for PLN 3.27 bn (up 83% y/y) and consumer loans for PLN 1.05 bn (25% y/y) during July-August 2007. According to the interview, deputy CEO expects further increase thanks to the new consumer loan products.
We believe that is benefiting from the fast growing mortgage market and a good economic situation in Poland. Therefore, we find the news as neutral waiting for the final 3Q07 net loans figures.
(122 PLN, 3,29%): Negative court ruling on dividend
The District Court in Legnica has cancelled the dividend from 2006 earnings from , on the grounds that that the correction of the amount of dividend from PLN 16.98 to 16.97 per share, done by EGM on 9 July, has been a material change in company’s profit distribution, decided by improper shareholder representation (EGM, not AGM).
Our view: We do not expect any major negative impact of the news. Although the local court ruling puts in question the already paid out part of the dividend, its justification looks so odd, that it is unlikely to be upheld in the higher instance. Therefore those who held stock at the record date are still entitled to the entire dividend. Moreover, in case of further delay in the payment of the second instalment (PLN 8.48 per share) of the dividend, apparently underpinned by local particularisms, the shareholders could decide on alternative ways of distributing company’s profit, such as payment of extraordinary dividend or a share buyback.
(23 PLN, 1,57%): Excellent results of TVN’s fresh programming
The new series of the leading entertainment show starring Szymon Majewski has beaten rival programming coming first among four main TV channels and improved its audience share ratings from last year, at 26.3% vs. 23.8% last year. Other programming, such as new edition of ‘Strictly Come Dancing’ seems to be doing well as well.
Our view: We expect a positive market impact from the news for , which looks oversold lately, as the success of new releases of locally programming seems to be a key driver behind TV station’s audience share results in the upcoming Autumn / Winter season.
(136 PLN, 0,29%), Comp: Asseco-Prokom transaction may influence Prokom-Comp deal
Krzysztof Krol, a spokesman of (69 EUR, 1,16%), quoted by the daily Dziennik, stated that the priority at the moment is the merger with (76 PLN, 5,19%) and did not want to comment on the next steps towards Comp. However, he said that several options are possible. The CEO of Comp, Jacek Papaj, stated that regardless of the merger he expects his 10% stake in Comp to be acquired by Prokom/Asseco, in line with the signed agreement.
Our view: We believe that this could have some negative trading impact on Comp. has obligations to purchase stake in Comp from Jacek Papaj and make Comp its subsidiary, which is expected after the merger of Comp and CSS is finalised. It cannot be exlcluded that Prokom/Asseco would be willing to renegotiate the agreement given the necessity to finance acquisition of shares from Ryszard Krauze. However, we believe it is not very likely, given good and long lasting relations between Adam Goral and Jacek Papaj.