The Budapest Stock Exchange’s leading index, the BUX, closed the week down, losing nearly 1.5% of its value. Most leading stocks weakened, with Richter and Mol performing particularly poorly. Meanwhile, flash reports from several large companies and a revision of OTP’s target price also moved the market, the business site penzcentrum.hu quotes MTI’s summary.
Amid rising trading volume, the Budapest Stock Exchange (BSE) stock index, the BUX, fell this week, closing at 129,728.50 points on Friday, down 1.49%, or 1,967.68 points, from the previous week’s closing value. Weekly trading volume on the stock market was HUF 135.5 billion, up from HUF 114 billion the previous week, with leading stocks weakening, with the exception of Magyar Telekom.
Zoltán Varga, senior analyst at Equilor Investment Ltd., noted in his weekly summary that a minor target price cut was issued for OTP. Goldman Sachs lowered OTP’s 12-month target price from HUF 53,100 to HUF 52,500, with the recommendation remaining at “buy.”
Magyar Telekom bought back its own shares; during Wednesday’s trading, the company purchased 2,734,392 of its own shares on the BSE through block trades, with an average price of HUF 2,629.45.
Regarding the week’s events, the analyst noted that State Printing House had published a report. The company’s first-quarter consolidated net revenue was HUF 17.2 billion, representing a 27% decline compared to the same period last year, when the base period was significantly inflated by one-time revenue related to the implementation of Angola’s biometric passport issuance system.
Duna House reported the strongest first-quarter results. Consolidated revenue grew by 29% to HUF 12.9 billion, EBITDA rose by 23% to HUF 1.6 billion, and net income jumped by 55% to HUF 919 million compared to the same period last year. Revenue in the financial intermediation segment rose by 27% to HUF 11.5 billion, while EBITDA increased by 44% to HUF 1.6 billion.
AutoWallis achieved consolidated revenue of HUF 104.8 billion in the first quarter, representing a 2.3% decline compared to the same period last year; however, EBITDA increased by 13.2% to HUF 3.7 billion, and the EBITDA margin improved from 3.0% to 3.5%, driven by an increase in gross margin from 18.6% to 20.1% and a stable cost base.
The analyst also noted that MBH’s net income declined. The Hungarian bank reported adjusted, consolidated net income of HUF 54.1 billion in the first quarter, representing a 6.1% year-over-year decline, while accounting (unadjusted) net income was a loss of HUF 19.4 billion, driven primarily by the one-time increased extra-profit tax (HUF 52.6 billion) and bank tax (HUF 20.8 billion) recognized in a single installment.
Among the leading stocks this week, Richter’s share price fell the most, dropping 4.69% to HUF 12,000, with weekly trading volume reaching HUF 14.4 billion.
Mol closed at HUF 3,828 on Friday, down 4.11%, with weekly trading volume exceeding HUF 12.8 billion.
OTP’s share price fell 3.16% compared to last Friday’s close, ending the week at HUF 39,800, with trading volume of HUF 78 billion.
Magyar Telekom’s share price rose by 4.46% to HUF 2,622, with weekly trading volume exceeding HUF 26.9 billion. The BUMIX index of small- and mid-cap stocks fell by 1.25%, closing the week at 9,174.90 points.
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