Bullish Developments Continue; MSCI ACWI Ex-US 1-Yr Breakout; Buys in Energy, Materials, Financials
We remain bullish on global equities as long as $ACWI remains above $93, targeting $110; Bullish developments continue: $DXY below $101.50, small...
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Polish Banks: Latest Fundamental Trends and Valuations Instil Caution
The financial sector in Poland has had a tailwind from pretty favourable macroeconomic conditions. GDP growth of >3.5% today is underpinned by...
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MBank: Trends Continue to Erode - Profitability Is the Key
mBank SA (MBK PW) has its merits and qualities, especially its robust cheap deposit base and a coherent digital strategy, but we note a continuing...
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PKO Bank Polski: Qualitative Signals Are Strong
Pko Bank Polski Sa (PKO PW) is an improving fundamental narrative of robust interest and non-interest income, wider margins, strong liquidity,...
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MBank: Any Takers for the CHF Portfolio?
We believe that well-capitalised, liquid, mBank SA (MBK PW) is in a sweet spot of higher margin revenue growth and gradual cost efficiencies within...
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