11 Bit Studios S.A.

11 BIT STUDIOS SA is a Poland-based company engaged in the game development industry. Its product portfolio includes four games: Anomaly Korea, Sleepwalker's Journey, Funky Smugglers and Anomaly Warzone Earth. The Company produces video games for different devices, such as video consoles, personal computers (PC), and Apple products (iPhone, iPad), among others.
  • Ticker11B
  • ISINPL11BTS00015
  • ExchangeWarsaw Stock Exchange
  • SectorLeisure Goods
  • CountryPoland

Analysts

Research Team

The Rear-View Mirror – EME markets: Turkish market stands out in September

EME Equity Market – September 2019 Market performance – all markets in the black, with Turkey standing out. In September, the MSCI EME index expanded by 3.8% mom. The Turkish ISE30 stood out among its peers, rising by 14.1% mom, vs. losing 10.8% in August. Moscow’s index was the second-best performer, up 4.0% mom, recovering from the 3.8% loss seen in the previous month. Bucharest’s BET index ended September with a gain of 3.3%, while Warsaw’s WIG20 rose by 2.0%, vs. its 8.3% loss in August. The BUX index gained 1% in September, while Prague’s PX was up 1.1%. The ASE remained flat in September...

Research Team

Focus: Public Power Corporation’s 1H19 – strong beat on EBITDA from continuing operations; PGE’s 2Q19 results fully in line with preliminary numbers, FY19E guidance revised up; Orange Polska increases unlimited pre-paid tariff prices

HEADLINES: • Public Power Corporation: 1H19 - strong beat on EBITDA from continuing operations POSITIVE • PGE: 2Q19 results fully in line with preliminary numbers, FY19E guidance revised up POSITIVE • Orange Polska: increases unlimited pre-paid tariff prices POSITIVE • Polish banks: Financial Ombudsman urges banks to strike settlements with CHF mortgagors • MONETA Money Bank: executes Tier 2 capital increase, as expected NEUTRAL • Wirtualna Polska: Neckermann Polska ceases sales of tours NEGATIVE • Polish IT: IP Box tax relief interpretation gives direction, but not a final answer NEUTRAL • ...

Research Team

Focus: upgrading S Immo to HOLD, with higher EUR 21.3 PT; Ciech’s 2Q19 adjusted EBITDA broadly in line with our and the market's expectations; CEZ – substandard parts in EDF nuclear fleet might trigger supply squeeze

HEADLINES: • S Immo: immediate threat removed, operations sound (upgraded to HOLD) • Ciech: 2Q19 adjusted EBITDA broadly in line with our and the market's expectations NEUTRAL • CEZ: substandard parts in EDF nuclear fleet might trigger supply squeeze POSITIVE • Polish retail: tax saga - Ministry of Finance expects suspension until 2021 • MedLife: acquires its first laboratory for pathological anatomy NEUTRAL • Polish telecoms: Poland will not specify 5G network suppliers in rules for auction NEUTRAL • Rostelecom: sells Central Telegraph space to O1 for RUB 3.5bn POSITIVE • Atrium: update fro...

Research Team

Focus: Kruk – weak 2Q19 – negative debt revaluation in foreign operations; Russia macro – inflation update; 11 bit studios – Children of Morta sales report; Ciech considering expanding production capacity in gel coats business

HEADLINES: • Kruk: weak 2Q19 - negative debt revaluation in foreign operations NEGATIVE • Russia macro: inflation update • 11 bit studios: Children of Morta sales report POSITIVE • Ciech: considering expanding production capacity in gel coats business NEUTRAL • Polish media: ad market up 2% yoy in 2Q19 (vs. -0.5% yoy in 1Q19) NEUTRAL

Research Team

The Rear-View Mirror – EME markets: Soft performance across markets and sectors in August

EME Equity Market – August 2019 Market performance – pressure on all markets, only the BET flattish. The MSCI EME contracted by 4.9% mom in August, while the ASE index fell by 3.5% and Moscow’s index dropped by 3.8%. Bucharest’s BET index was the only one to rise, if only marginally, by 0.4% mom. The worst performer was Turkey’s ISE30, losing 10.8% mom, while the WIG20 index was down 8.3% mom, the BUX index dropped by 4.1% mom, and Prague’s PX index fell by 2.8% mom.

Research Team

The Rear-View Mirror – EME markets: Turkish market stands out in September

EME Equity Market – September 2019 Market performance – all markets in the black, with Turkey standing out. In September, the MSCI EME index expanded by 3.8% mom. The Turkish ISE30 stood out among its peers, rising by 14.1% mom, vs. losing 10.8% in August. Moscow’s index was the second-best performer, up 4.0% mom, recovering from the 3.8% loss seen in the previous month. Bucharest’s BET index ended September with a gain of 3.3%, while Warsaw’s WIG20 rose by 2.0%, vs. its 8.3% loss in August. The BUX index gained 1% in September, while Prague’s PX was up 1.1%. The ASE remained flat in September...

Research Team

The Rear-View Mirror – EME markets: Soft performance across markets and sectors in August

EME Equity Market – August 2019 Market performance – pressure on all markets, only the BET flattish. The MSCI EME contracted by 4.9% mom in August, while the ASE index fell by 3.5% and Moscow’s index dropped by 3.8%. Bucharest’s BET index was the only one to rise, if only marginally, by 0.4% mom. The worst performer was Turkey’s ISE30, losing 10.8% mom, while the WIG20 index was down 8.3% mom, the BUX index dropped by 4.1% mom, and Prague’s PX index fell by 2.8% mom.

Dariusz Dziubinski ...
  • Grzegorz Kujawski
  • Kacper Kopron
  • Katarzyna Kosiorek
  • Lukasz Rudnik
  • Maciej Marcinowski
  • Michał Kozak
  • Zbigniew Porczyk

Quarterly review: Update of recommendations and 2Q19 results forecast

It is worth paying attention to... BANKS + PKO: Another quarter of very good results. Only for PKO, our annual forecast deviates positively from the consensus. The Bank will probably pay out realistically 90% dividend starting next year. Moreover, CHF-denominated loans pose less risk than indexed loans. (Maciej Marcinowski, p. 36) + BHW: We find a 6% DY in a temporarily weak year in terms of results (write-offs for Kania) attractive, especially following recent drops in bond yields. The absence of the Company in the MSCI index means that in the next two revisions, the Company will be no longe...

Research Team

The Rear-View Mirror – EME markets: Strong month for telecoms, up 11.5% overall in June

EME Equity Market – June 2019 Market performance – ISE30 index the best performer in June, gaining 6.7% in LCU. Other markets were generally stronger in June than in May, with the MSCI EME gaining 6.3% mom in local currency (vs. 0.9% mom in May). Turkey’s ISE30 index gained 6.7% mom, while the ASE increased by 4.6% mom. Bucharest’s BET and Moscow’s MOEX indices gained 3.8% mom each in June, while the Polish WIG20 increased by 3.9% mom. On the other hand, the Czech Republic PX fell 0.2% mom, while Hungary’s BUX dropped 1.5% mom. (All in local currencies.)

Research Team

The Rear-View Mirror – EME markets: Another strong month for ASE index, up 7.4% mom

EME Equity Market – May 2019 Market performance – ASE index the best performer, up 7.4% mom in May. In May, the MSCI EME improved by 0.9% mom. The ASE index rose by 7.4% in May, following a mom rise of 7.2% in April; while Moscow’s index gained 4.1%; and Bucharest’s BET index was up 0.6% mom. On the other hand, the worst performer was Turkey’s ISE30, down 4.8% mom; while the WIG20 index saw mom losses of 4.1%; the BUX index fell 3.8% in May; and Prague’s PX index dropped 2.3% mom.

3 directors sold

Three Directors at 11 Bit Studios Sa sold 10,000 shares at 445.000PLN. The significance rating of the trade was 82/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The na...

Research Team

Focus: Public Power Corporation’s 1H19 – strong beat on EBITDA from continuing operations; PGE’s 2Q19 results fully in line with preliminary numbers, FY19E guidance revised up; Orange Polska increases unlimited pre-paid tariff prices

HEADLINES: • Public Power Corporation: 1H19 - strong beat on EBITDA from continuing operations POSITIVE • PGE: 2Q19 results fully in line with preliminary numbers, FY19E guidance revised up POSITIVE • Orange Polska: increases unlimited pre-paid tariff prices POSITIVE • Polish banks: Financial Ombudsman urges banks to strike settlements with CHF mortgagors • MONETA Money Bank: executes Tier 2 capital increase, as expected NEUTRAL • Wirtualna Polska: Neckermann Polska ceases sales of tours NEGATIVE • Polish IT: IP Box tax relief interpretation gives direction, but not a final answer NEUTRAL • ...

Research Team

Focus: upgrading S Immo to HOLD, with higher EUR 21.3 PT; Ciech’s 2Q19 adjusted EBITDA broadly in line with our and the market's expectations; CEZ – substandard parts in EDF nuclear fleet might trigger supply squeeze

HEADLINES: • S Immo: immediate threat removed, operations sound (upgraded to HOLD) • Ciech: 2Q19 adjusted EBITDA broadly in line with our and the market's expectations NEUTRAL • CEZ: substandard parts in EDF nuclear fleet might trigger supply squeeze POSITIVE • Polish retail: tax saga - Ministry of Finance expects suspension until 2021 • MedLife: acquires its first laboratory for pathological anatomy NEUTRAL • Polish telecoms: Poland will not specify 5G network suppliers in rules for auction NEUTRAL • Rostelecom: sells Central Telegraph space to O1 for RUB 3.5bn POSITIVE • Atrium: update fro...

Research Team

Focus: Kruk – weak 2Q19 – negative debt revaluation in foreign operations; Russia macro – inflation update; 11 bit studios – Children of Morta sales report; Ciech considering expanding production capacity in gel coats business

HEADLINES: • Kruk: weak 2Q19 - negative debt revaluation in foreign operations NEGATIVE • Russia macro: inflation update • 11 bit studios: Children of Morta sales report POSITIVE • Ciech: considering expanding production capacity in gel coats business NEUTRAL • Polish media: ad market up 2% yoy in 2Q19 (vs. -0.5% yoy in 1Q19) NEUTRAL

Research Team

Focus: Kazatomprom’s 1H19 results – good cost control, conservative market outlook; Eurocash’s 2Q19 results in line with expectations; Warimpex’s 2Q19 – significant progress achieved on number of key operating milestones

HEADLINES: • Kazatomprom: 1H19 results - good cost control, conservative market outlook • Eurocash: 2Q19 results in line with expectations NEUTRAL • Warimpex: 2Q19 - significant progress achieved on number of key operating milestones POSITIVE • 11 bit studios: 2Q19 beat on EBIT (higher revenue) and miss on NI (tax rate) NEUTRAL • Bank of Cyprus: mixed 2Q19 results • Play Communications: key takeaways from 2Q19 earnings call NEUTRAL • Wirtualna Polska: key takeaways from meeting with management NEUTRAL • Polish telecoms: 5G frequencies to be distributed in an auction instead of a tender NEUT...

Research Team

Focus: keeping our BUY on KAZ Minerals, with lower GBp 509 PT; ANY PLC’s 2Q19 beats our expectations, but still in line with our full-year target; Gazprom may buy out drilling contractor; Purcari Wineries – 2Q19 results call takeaways

HEADLINES: • KAZ Minerals: stretching the balance sheet (stays BUY) • ANY PLC: 2Q19 beats our expectations, but still in line with our full-year target • Gazprom: may buy out drilling contractor • Purcari Wineries: 2Q19 results call takeaways • 11 bit studios: 2Q19E preview (due on 27 August) • CD Projekt: 2Q19E preview (due on 29 August) • Short News (IDA)

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

BANGLADESH BANKS: Proposed bank classification system

Bank classification system to favour those with strong balance sheets… ie BRAC, EBL: A recent news report suggests the central bank plans to make it easier for depositors to identify risky banks by forcing deposit-taking institutions to report 35 key operating metrics publicly. In our view, this could raise funding costs for riskier banks and potentially open the door to more stringent regulation for such entities. Banks with strong balance sheets (eg BRAC, EBL) should benefit.

Independent Research

Allegiance Coal (ASX:AHQ)

Full Report can be accessed on Subsequent to our March 2018 update, Allegiance Coal (“Allegiance” or “the Company”) has made major progress on key fronts on its Tenas Coking Coal Project (“Tenas” or “the Project”), located just 375km by rail from the under-utilised Ridley Island Coal Terminal (“RICT”) in northwestern British Columbia, Canada. To reiterate, Tenas has the potential to produce mid-volatile, semi-soft coking (“SSCC”) or PCI coal at FOB costs in the lower 5% of the global sea-borne trade with resultant robust returns from the Project. This is by virtue of the low strip ratio and ...

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