Contents
Executive summary 3
Earnings under pressure ...........................................................................................4
Funds flows ...............................................................................................................5
GEM fund flows steal the show.................................................................................7
Currency is cheap .....................................................................................................8
Sector and stock selections 10
Banks 16
BPH.........................................................................................................................21
BRE.........................................................................................................................23
BZ WBK...................................................................................................................25
Getin........................................................................................................................27
Handlowy.................................................................................................................29
Millennium ...............................................................................................................31
Pekao ......................................................................................................................33
PKO BP...................................................................................................................35
Automotive 37
Inter Cars.................................................................................................................38
Construction 41
Budimex ..................................................................................................................42
Cersanit ...................................................................................................................44
Kety .........................................................................................................................46
Mostostal Warszawa ...............................................................................................48
PBG.........................................................................................................................50
Polimex....................................................................................................................52
Food & beverage 55
Alma ........................................................................................................................56
AmRest....................................................................................................................58
Astarta .....................................................................................................................60
Bomi ........................................................................................................................62
CEDC ......................................................................................................................64
Elstar .......................................................................................................................66
Emperia ...................................................................................................................68
Eurocash .................................................................................................................70
Kernel ......................................................................................................................72
General retailers 75
EM&F ......................................................................................................................76
LPP..........................................................................................................................78
NG2.........................................................................................................................80
Vistula Group...........................................................................................................82
IT 85
Asbis........................................................................................................................86
Asseco Poland ........................................................................................................88
Asseco Slovakia ......................................................................................................90
Asseco Business Solutions .....................................................................................92
ComArch .................................................................................................................94
Comp Safe Support.................................................................................................96
Sygnity.....................................................................................................................98
Mining & metals 101
KGHM....................................................................................................................102
Stalprodukt ............................................................................................................104
Oil & gas 107
Lotos Group...........................................................................................................108
PGNIG...................................................................................................................110
PKN Orlen .............................................................................................................112
Real estate 115
Dom Development.................................................................................................116
GTC.......................................................................................................................118
Media & telecom 121
Agora.....................................................................................................................122
Cinema City International (CCI) ............................................................................124
Netia ......................................................................................................................126
TPSA.....................................................................................................................128
TVN .......................................................................................................................130
Chemicals 133
Ciech .....................................................................................................................134
Disclosures Appendix 136