The Point for CEEMEA

研报英文原文证据摘录

The Point for CEEMEA

Polish Banks Big Picture - Rising lending and earnings, stable deposit growth

May was the next solid month in terms of volume growth, both on the loan and

deposit side, and the best this year in terms of profitability but we maintain our

view that these positives are already priced-in while the balance of risk is skewed

to the downside (see Poland Diversified Banks - A chapter is closing – Turning

Neutral on Polish banks). We prefer non-bank financial stocks, which trade at a

discount to banks and to their own history, namely Kruk (LINK) and PZU (LINK).

Andrzej Powierza

European Auto Parts & Equipment - EU Tyres: EC announces anti-dumping

tariffs on Chinese imports averaging 24.4%, 45.3% at the high end. Helpful for

sentiment

We expect a positive sentiment boost to Tier 1 tyre companies Michelin, Goodyear,

Continental and Pirelli on today's announcement from the European Commission

to impose definitive anti-dumping duties on imports of passenger car and light CV

tyres from China, following a year-long investigation into allegedly dumped

imports deemed to have caused material injury to EU producers. The measures

cover new pneumatic rubber tyres used on passenger cars, buses and light

commercial vehicles and are intended to offset unfair pricing by Chinese exporters.

The Commission found significant dumping/injury, particularly in the lower-priced

“tier 3” segment of the market, where Chinese imports gained substantial market

share at prices that undercut EU manufacturers. The duties apply in addition to

the EU’s normal customs tariff and take effect from today, covering Chinese-

passenger car tyres sold into the bloc averaging 24.4% for cooperating companies,

45.3% for other players and a lower 4.3% for Hankook entities.