Investment Banks Lose Interest in the Czech Stock Market

10:22 43 Comments

 Research ‘Coverage’ Halves
A study by AKRO investiční společnost, a.s., a Prague based investment firm, shows that since the end of the financial crisis there has been a steep decline in the number of investment banks publishing up-to-date forecasts for companies on the Prague Stock Exchange.
Using Bloomberg Data, the analysis studied the level of research ‘coverage’ for companies included in the Prague Stock Exchange (PX) Index. The term research ‘coverage’ refers to the number analysts’ published financial forecasts for a given listed company. These forecasts are provided mainly by investment banks but occasionally also by independent research firms. For consistency, only forecasts included in the Bloomberg ‘consensus’ were included, thereby ensuring out-of-date forecasts were excluded.


For companies in the PX index, coverage peaked in 2009, with a total of 148 separate EPS (Earnings per Share) forecasts for companies in the index (Chart 1). As at June, 2017 there were a total of only 68 forecasts, a decline of about half (-54%). By way of comparison, in 2009, there were 11,407 EPS forecasts for constituents of the Pan-European STOXX600 Index (Chart 2). By June, 2017, there were 9,856 forecasts, a decline of just -14%.
The implication is clear, as investment banks have pared back their research coverage of European stocks, the Czech stock market has been marginalized.
Chart 1: Total Number of Analyst Forecasts for Constituents of the Prague Stock Exchange (PX) Index




Methodology: The analysis utilized Bloomberg data for the ‘standard consensus’ of sales, net income and eps.*With the exception of 2017 (data as at 30th June), all data is yearend data for the index constituents at that date. There is a variation in the total number of estimates for each data item (eps, sales net income) due to the fact Bloomberg excludes forecasts not done on a basis consistent with other forecasters.

Chart 2: Total Number of Analyst Forecasts for Constituents of the Pan-European STOXX600 Index

While the number of constituents in the PX index can vary year to year, rather helpfully both, at December, 2009, and June, 2017 there were 13 stocks in the index. Therefore, the decline in coverage hasn’t been a consequence of fewer companies in the index. Instead, it is a result of a broad based loss of interest by investment banks in following Czech companies. Table 1 looks in more detail at the number of forecasts for the individual constituents of the PX Index. Once again, ‘out of date’ forecasts have been excluded from the analysis.
Of the 13 index constituents in 2009, 9 still remained in the index, as at June, 2017. All experienced declines in research coverage. Czech ‘blue chip’ CEZ saw the number of published EPS forecasts for its stock drop from 22 in 2009, to 8 as at June, 2017. Similarly, Komercni Banka saw the number of forecasts decline from 18 to 10. Among the remaining companies in the index, with the possible exceptions of the dual listed Austrian titles (Erste Bank and Vienna Insurance Group), the figures look no better: CETV (from 10 to 3), Pegas (4 to 1), Erste Bank (24 to 18), Philip Morris CR (6 to 3), O2 CR (17 to 3), Unipetrol (8 to 2) and Vienna Insurance Group (11 to 8).
 Table 1: Number of Sales, Net Income & EPS Forecasts for Constituents of the PX Index

Source:BloombergData/ AKRO investiční společnost, a.s.                                                                                                               
Author’s note: Only forecasts considered as up-to-date, and therefore included in the Bloomberg ‘Consensus’, have been included.
Why Have Investment Banks Curtailed Their Coverage of Czech Stocks?
The halving of Czech research coverage needs to be seen in the context of generalized pressure on the research departments of investment banks operating in Europe. The painful restructuring of the European Banking sector, and the move to low cost passive (index) investing, has led to the overall decline in published research; as already noted earlier.
The particularly steep decline in the coverage of Czech stocks by investment banks isn’t hard to explain either. It’s the combination of the following:
·       Very poor performance of the Czech stock market.  Between Dec, 2009 and June, 2017, while the Pan-European STOXX600 index rose +49%, the Czech PX Index fell -12% (Chart 3). ECM, AAA Auto, Orco and NWR delisted during the period, meanwhile VIG fell -12%, CEZ fell -54%, and CETV a whopping -86%.


Chart 3: The Prague PX Index has Performed Poorly Compared to the STOXX600 Index

·       Lack of an appealing investment thesis. For many investment banks, covering companies in non-mainstream markets only makes sense if a positive investment case can be made. Perceived poor governance at State controlled utility CEZ and the potential negative implications for minority shareholders of any future restructuring of the company make CEZ a difficult company for investment banks to recommend. Similarly, the entire Czech banking sector remains under the cloud of a possible discriminatory tax.
·       Thin volumes. The Prague stock market has long-suffered from small ‘free floats’ (the number of a company’s shares freely tradable) and low trading volumes (Chart 4). During the period, the government lengthened the period (to 3 years from 6 months) in which capital gains became payable. This action merely incentivized Czech investors to trade even less. Recently, both Pegas Nonwovens and Fortuna have seen their free floats decline.
Chart 4: PSE Annual Equity Trading Volume (CZKbn)

Source: PSE/World Bank. Nb. Four equity issues account for approximately 95% of equity trading

‘Neglect’: Does it matter?
The lack of interest in the Czech stock market matters a great deal. As a recent World Bank report[i] noted, the Czech capital market already suffers from being too ‘bank-centric’. While bank finance is important, equity finance is generally a more suitable form of finance for the development of young entrepreneurial companies.
Negligible research coverage by analysts will undoubtedly inhibit the development of the Czech equity market. ‘Neglect’ by analysts is often associated with low equity valuations (implying an unnecessarily high cost of equity finance), low trading volumes, and increased scope for price manipulation and the mispricing of securities. In 2009, only one stock (AAA) was so ‘neglected’ that it had coverage by less than 3 analysts. By 2017, the number of neglected stocks had risen to 4 (Fortuna, Kofola, Pegas Nonwovens and Unipetrol). A further 4 stocks (CETV, Stock, Philip Morris CR and O2) were, as at June 2017, followed by just 3 analysts and therefore may be viewed as on the cusp of ‘neglect’.
MiFidII – From Bad to Worse
Next year sees the implementation of the MiFidII Directive, a monolithic document with reputedly some 1½ m paragraphs. A key aspect of this new regulation is the ‘unbundling’ of research services from dealing commissions[ii]. The separate charging for research services will undoubtedly put further pressure on the research departments of investment banks. If researching companies on the Czech stock market is of somewhat marginal importance for investment banks now, it will be even less so post MiFidII. In terms of research coverage, the Czech stock market is likely to be a major loser from the implementation of MiFidII.
The Prague Stock Exchange – In Terminal decline?
The slump in research coverage is just the latest symptom of that the Czech equity market is in crisis. What regular research there is, is now mainly undertaken by Czech brokers or banks which are based in the region. Otherwise, research into Czech stocks would appear somewhat ad-hoc and sporadic[iii]. This situation is unlikely to change in the near term. As discussed, the introduction of MiFidII will add further pressure on research coverage. Furthermore, the recent share purchases by strategic investors in Pegas Nonwovens and Fortuna means the tradable ‘free-floats ‘of these stocks is now minimal. This means there will be little incentive for investment banks to research these two stocks. The future delisting of both stocks is a distinct possibility. The ‘Czech’ stock market will look increasingly like a market in name only, ‘cobbled together’ by the inclusion of some dual listed stocks[iv].
  Time to Act
To reverse the waning interest in Czech equities, the development of the Czech equity market needs to be made a priority. In this context, the World Bank’s recent Capital Market Assessment /Market Development Options - Czech Republic is a timely and welcome contribution. The study contains numerous specific proposals. These proposals should be given serious consideration by the new Czech government.
More generally, however, there needs to be a change of mindset. As the World Bank report noted, efforts need to be made to build investor trust and confidence in the market. Investors’ property rights must be better protected than has hitherto been the case and much more effort must be made to promote Prague as a financial centre. In these respects, actions will speak louder than words.
Jeremy Monk
Investment Director,
AKRO investiční společnost, a.s.
Prague
27th October, 2017

To read this article in Czech, please click here.

The author would like to acknowledge the help and advice of Sayo Ando, Ami Yao, and Ponprom Rojanakiratikan at Bloomberg in compiling the ‘coverage’ data that went into this article.




[i] Capital Market Assessment /Market Development Options Czech Republic. World Bank Group. September, 2017
[ii] AKRO investiční společnost, a.s. has long had a policy of relying on proprietary, internally generated, research. External research and other services, where required, are paid for separately by the investment company as an expense and not ‘bundled’ into trading commissions, or ‘softing’ arrangements, where the costs are borne by client funds. AKRO investiční společnost, a.s. trades only through low cost, execution only, brokerage services.
[iii] As at writing, 26/10/17, of the 21 sets of forecasts for CEZ, only 11 are up-to-date.
[iv] 6 out of the 13 stocks in the Prague PX Index are incorporated outside of the Czech Republic (Erste Group-Austria, Vienna Insurance Group-Austria, Stock Spirits-Britain, Central European Media-Bermuda, Pegas Nonwovens-Luxembourg, Fortuna-Netherlands).

43 comments:

  1. Very Informative and useful... Keep it up the great work. Banking & Finance

    ReplyDelete
    Replies
    1. Recovery expert referral.
      HOW TO RECOVER LOST BTC I lost my bitcoin to fake blockchain.com impostors on Facebook, they contacted me as blockchain official support and I fell stupidly for their mischievous act, this made them gain access into my blockchain wallet account, whereby  7.0938 btc  was stolen from my wallet in total .I was almost in a comma and dumbfounded because this was all my savings I banked up on , waiting for bitcoin rate to improve . Then  my niece recommended me to an expert, I researched online and found the recovery expert , with the contact address- QUADHACKED@GMAIL.COM .I wrote directly to the specialist explaining my loss. Hence, he  helped me recover my bitcoin  just after 2 days. He helped me launch the recovery program , and the culprits were identified as well , all thanks to his expertise . I hope I have been able to help someone as well . Reach out to the recovery specialist to recover your lost funds from any form of online scam  .


      quadhackedtech.com

      Delete
  2. dwgamezgta5 for best pc software you can get here

    ReplyDelete
  3. Most of the time I don’t make comments on websites, but I'd like to say that this article really forced me to do so. Really nice post!
    Investferry 

    ReplyDelete
  4. HOW I GOT MY LOAN FROM THIS GREAT COMPANY

    Hello my dear people, I am Linda McDonald, currently living in Austin Texas, USA. I am a widow at the moment with three kids and i was stuck in a financial situation in April 2020 and i needed to refinance and pay my bills. I tried seeking loans from various loan firms both private and corporate but never with success, and most banks declined my credit ,do not full prey to those hoodlums at there that call them self-money lender they are all scam , all they want is your money and you will not hear from them again they have done it to me twice before I met Mr. David Wilson the most interesting part of it is that my loan was transfer to me within 74hours so I will advise you to contact Mr. David if you are interested in getting loan and you are sure you can pay him back on time you can contact him via email……… (davidwilsonloancompany4@gmail.com) No credit check, no cosigner with just 2% interest rate and better repayment plans and schedule if you must contact any firm with reference to securing a loan without collateral then contact Mr. David Wilson today for your loan.

    They offer all kind of categories of loan .
    Short term loan (5_10years)
    Long term loan (20_40)
    Media term loan (10_20)
    They offer loan like
    Home loan............., Business loan........ Debt loan.......
    Student loan.........., Business startup loan
    Business loan......., Company loan.............. etc
    Email..........( davidwilsonloancompany4@gmail.com)
    When it comes to financial crisis and loan then David Wilson loan financial is the place to go please just tell him I Mrs. Linda McDonald direct you Good Luck.......................

    ReplyDelete
    Replies
    1. I was taken advantage of during my investment into cryptocurrency as I fell into the wrong hands and $40,000 was stolen from me in bitcoin. I almost gave up as I was told it was not not traceable neither is it possible to recover then I saw an article about a technology guru named Dennis Walker .. I contacted him and worked with him and to my surprise he was able to recover $32,580 I was so happy I decided to share this for anyone who might be in need of such assistance please write him on DENNISDFIXER at gm ail. com

      Delete
  5. My name is Mrs Aisha Mohamed, am a Citizen Of Qatar.Have you been looking for a loan?Do you need an urgent personal loan or business loan?contact Dr James Eric Finance Home he help me with a loan of $42,000 some days ago after been scammed of $2,800 from a woman claiming to been a loan lender but i thank God today that i got my loan worth $42,000.Feel free to contact the company for a genuine financial service. Email:(financialserviceoffer876@gmail.com) call/whats-App Contact Number +918929509036

    ReplyDelete
  6. By the time people are getting aware of business so the investment banks are losing interest.

    Missed Credit Card Payment

    ReplyDelete
  7. My name is Silvia Scali, and I am a caregiver. I note that at the moment I am like the happiest. I come in testimony of a loan between individuals that I have just received. I received my loan thanks to the service of Mr. Pierre Michel. I started the procedures with her on last Friday and on Tuesday 10:45 am since the banks do not work on Saturdays, then I received confirmation that the transfer of the amount of my request of 70.000€ was sent to me on my account and having consulted my bank account very early, to my great surprise the transfer was successful. Here is his email: combaluzierp443@gmail.com

    E-mail: combaluzierp443@gmail.com

    ReplyDelete
  8. My name is Silvia Scali, and I am a caregiver. I note that at the moment I am like the happiest. I come in testimony of a loan between individuals that I have just received. I received my loan thanks to the service of Mr. Pierre Michel. I started the procedures with her on last Friday and on Tuesday 10:45 am since the banks do not work on Saturdays, then I received confirmation that the transfer of the amount of my request of 70.000€ was sent to me on my account and having consulted my bank account very early, to my great surprise the transfer was successful. Here is his email: combaluzierp443@gmail.com

    E-mail: combaluzierp443@gmail.com


    ReplyDelete
  9. I will always advice, that when you want to trade, you should seek the assistance of a well trained personnel. I've been trading with Richard Smith and it would be selfish of me, if i don't recommend them. With their well guarded signals and forever active(master class) strategies i have been able to make over 11,200usd weekly, he offers services to both experience and inexperience trader and also make recovery of lost funds So feel free reach out to him on email: richardsmith2488@gmail.com
    WhatsApp: +1 225-277-1646

    ReplyDelete
  10. Le «Romance Scam», expression utilisée par la police pour désigner les escroqueries sentimentales en ligne,prend des proportions alarmantes en Europe, selon le SonntagsBlick en suisse. En 2020, le nombre de cas a doublé dans les trois cantons les plus peuplés de Suisse alémanique, à savoir Argovie, Berne et Zurich.La police zurichoise précise au magazine que les chiffres réels sont encore plus élevés, un sentiment de honte empêchant souvent les victimes ruinées de déclarer l’arnaque à la police. D’après l’hebdomadaire dominical,ce sont les personnes âgées qui sont le plus souvent victimes de ce type d’escroquerie.Les femmes de plus de 50 ans sont également particulièrement touchées.Si vous avez été victime d'une des différentes plateformes d'arnaque, n'hésitez pas à déposer votre plainte en ligne à l’adresse suivante :

    sauvonsvictimesarnaque@gmail.com / sauvonsvictimesarnaque@gmail.com

    Nous allons dans un premier temps, étudier et échanger sur votre dossier, ensuite mettre en place une procédure juridique afin de mettre la main sur ces arnaqueurs afin que vous soyez remboursez.

    ReplyDelete
  11. Are you in need of finance? we give out guarantee cash at 3% interest rate. Contact us on any kind of finance now: financialserviceoffer876@gmail.com whatsapp Number +918929509036 Dr James Eric Finance Pvt Ltd

    ReplyDelete
  12. Il est parfois difficile de savoir si on est victime, ou si d'autres personnes vivent des situations similaires à la nôtre. L'engagement quotidien de la BRIGADE SIGNAL ARNAQUE est de permettre à toutes les personnes victimes d’arnaque de connaitre leurs droits et de les faire valoir en déposant une plainte avec des preuves pouvant permettre aux Officiers de Police Judiciaire de mener des enquêtes qui aboutiront à l’arrestation des cybercriminels. Ces victimes seront ensuite soutenues dans toutes les démarches administratives alors si vous êtes victimes d’une quelconque arnaque, veuillez contacter :
    brigade_signal_arnaque@europamel.net / brigadesignalarnaque@mail.com

    ReplyDelete
  13. Après une étude des différentes  plaintes enregistrées au niveau des  brigades de chaque département, nous avons constaté une recrudescence des plaintes liées à la cybercriminalité. Ces différentes plaintes sont restées sans suite pour des raisons multiples.  Nous sommes également convaincus que plusieurs d’autres victimes  n'osent pas déposer de plainte parce qu’ils sont menacées ou   reçoivent  diverses  intimidations. Pour faciliter la tâche à toutes personnes victimes d’une quelconque arnaque, une vaste opération de lutte  contre la cybercriminalité est lancée. Il suffit juste de déposer UNE PLAINTE EN LIGNE. N’hésitez pas à nous contacter afin que nous puissions, dans un premier temps, étudier et échanger avec vous sur votre dossier. Après cette étape  votre plainte sera immédiatement prise en compte par nos services compétents qui seront en contact avec vous. Ils  vous tiendront informé à chaque étape de la procédure et travaillerons en collaboration avec vous jusqu’à l’arrestation de vos escrocs afin que vous soyez remboursés et dédommagés.
     
    PLAINTE EN LIGNE : brigade_anti_fraude@europamel.net /  brigade.anti.fraude.interpol@gmail.com

    NB : Nos services et interventions sont entièrement gratuits

    ReplyDelete
  14. TRUSTED LOAN COMPANY OFFER THE BEST LOAN

    Do you need a quick long or short term loan with a relatively low interest rate
    as low as 3%? We offer business loan, personal loan, home loan, auto loan,
    student loan, debt consolidation loan e.t.c. no matter your credit score.
    We are guaranteed in giving out financial services to our numerous clients
    all over the r world. With our flexible lending packages, loans can be
    processed and transferred to the borrower within the shortest time possible,
    contact our specialist for advice and finance planning.
    If you need a quick loan to contact
    us at email: globalfinancegroup445@gmail.com
    call or add us on what's app +447417518795

    Please, do provide us with the Following information If interested
    1) Full Name:.........
    2) Gender:.........
    3) Loan Amount Needed:.........
    4) Loan Duration:.........
    5) Country:.........
    6) Home Address:.........
    7) Mobile Number:.........
    8)Monthly Income:.....................
    9)Occupation:...........................
    )Which site did you here about us.....................
    Thanks and Best Regards.
    us at email: globalfinancegroup445@gmail.com
    call or add us on what's app +447417518795

    ReplyDelete
  15. Pour remédier aux préjudices financiers subis sur internet, l'Organisme International de Répression Contre la Cybercriminalité et la Brigade d'enquêtes sur les fraudes aux technologies de l’information créés par les pouvoirs publics et en collaboration par Interpol mondial sont à la disposition de toute personne victime de toutes formes d'escroquerie sur internet. Contactez-nous directement à l'adresse suivante:

    interpol.victimearnaque@gmail.com / interpol.victimearnaque@gmail.com

    Votre plainte sera immédiatement prise en compte par nos experts et une procédure sera mise en œuvre de l'arrestation jusqu'au remboursement de la somme arnaquée y compris le dédommagement dans certains cas.

    ReplyDelete
  16. Après une étude des différentes  plaintes enregistrées au niveau des  brigades de chaque département, nous avons constaté une recrudescence des plaintes liées à la cybercriminalité. Ces différentes plaintes sont restées sans suite pour des raisons multiples.  Nous sommes également convaincus que plusieurs d’autres victimes  n'osent pas déposer de plainte parce qu’ils sont menacées ou   reçoivent  diverses  intimidations. Pour faciliter la tâche à toutes personnes victimes d’une quelconque arnaque, une vaste opération de lutte  contre la cybercriminalité est lancée. Il suffit juste de déposer UNE PLAINTE EN LIGNE. N’hésitez pas à nous contacter afin que nous puissions, dans un premier temps, étudier et échanger avec vous sur votre dossier. Après cette étape  votre plainte sera immédiatement prise en compte par nos services compétents qui seront en contact avec vous. Ils  vous tiendront informé à chaque étape de la procédure et travaillerons en collaboration avec vous jusqu’à l’arrestation de vos escrocs afin que vous soyez remboursés et dédommagés.
     
    PLAINTE EN LIGNE : brigade_anti_fraude@europamel.net /  brigade.anti.fraude.interpol@gmail.com

    NB : Nos services et interventions sont entièrement gratuits

    ReplyDelete
  17. 2020 was really a tough year for me,my wife and my family . I have never been the type to believe in online platforms to make money, I have always believed in rendering services and adding apparent values to anything and then making money from it. But when COVID struck,my business had to shut down,then I was left with no choice but to think of other legit ways to make money . I was presented a lucrative offer in ‘BINARY OPTIONS ‘and  ‘FOREX TRADING & INVESTMENT’ since it was the only thing that was making sense as at the time I wanted to invest. unfortunately for me,the people I got in contact with knew I was an amateur in bitcoin and forex investments which made them take advantage of me,I never knew they were rippers and scammers,I lost the sum of 6.40138BTC to them in total, I nearly lost my sanity, almost 80% of my business liquid capital was what I used to invest,imagine losing during COVID and having no hope after COVID? I was left depressed for months. All thanks to GLOBALFINANCIALRECOVERYTECH@GMAIL.COM, I cannot thank them enough,one of my business associates referred me to them when he heard of my situation after reaching out to loan some money from him ,I contacted them via their email,and related necessary information and requirements as requested by the specialist who asked for all the necessary details  and in less than a week ,they were able to retrieve all I lost to this fake investors,It seemed like a dream to me because I had lost all hope. I told them I will tell the whole world about what they did for me,they literally restored me to life. If you’re seeking funds/Cryptocurrency from online scammers , contact them rightly away;- at GLOBALFINANCIALRECOVERYTECH@GMAIL.COM .

    ReplyDelete
  18. Bonjour,
    Je suis une citoyenne française qui octroie des crédits à toutes personnes en besoin de financement avec des conditions très simples. J’offre des crédits à court, moyen et long terme avec une durée de remboursement très abordable plus une période de grâce en cas de besoin. Mon offre est entre 1000 € et 500.000 € avec un taux d’intérêt de 1,5% . L'usage du crédit est propre à votre besoin et mes transferts de fonds sont assurés par une banque pour la sécurité et la traçabilité des transactions. Voici les domaines dans lesquels je peux vous aider :
    Prêt immobilier,
     Prêt à l’investissement (tous projets),
     Prêt automobile,
    Dette de consolidation,
    Marge de crédit,
    Rachat de crédit,
    Prêt Épargne Logement
    Prêt Complémentaire
    Prêt personnel
    Vous êtes interdits aux crédits bancaires  ou vous avez un projet et vous avez besoin de financement urgent, ou encore vous avez besoin d'argent pour payer des factures, investir dans un domaine précis. Alors  plus de souci à vous faire n'hésitez pas à me contacter par E-mail pour en savoir plus sur mes conditions bien favorables.
    Adresse : pidery.danielle@financier.com
    Personnes pas sérieuses s'abstenir

    ReplyDelete
  19. Do you need Guarantee and affordable Loan? We give out personal loans business loan If yes Apply With Us and get fast approval today. Business and personal Loan no collateral apply now low interest rate of 2% no matter your location. If you are interested in getting a loan from us please email me back only this email: (Whats App) number: +919394133968 patialalegitimate515@gmail.com Mr Jeffery

    ReplyDelete
  20. Pour remédier aux préjudices financiers subis sur internet, l'Organisme International de Répression Contre la Cybercriminalité et la Brigade d'enquêtes sur les fraudes aux technologies de l’information créés par les pouvoirs publics et en collaboration par Interpol mondial sont à la disposition de toute personne victime de toutes formes d'escroquerie sur internet. Contactez-nous directement à l'adresse suivante:

    interpol.victimearnaque@gmail.com / interpol.victimearnaque@gmail.com

    Votre plainte sera immédiatement prise en compte par nos experts et une procédure sera mise en œuvre de l'arrestation jusqu'au remboursement de la somme arnaquée y compris le dédommagement dans certains cas.

    ReplyDelete
  21. Thanks for the nice blog. It was very useful for me. Keep sharing such ideas in the future as well. This was actually what I was looking for, and I am glad to came here! Thanks for sharing the such information with us.Share Market Tips| Stock Market Tips

    ReplyDelete
  22. "I went to France on vacation with my best friend. Three days, my boyfriend started texting me saying that I was probably cheating on him with every European guy I met. He would ask what I was doing the entire time and all he would do was accuse me of cheating on him when I was actually really busy sightseeing.

    One day I got sick of it and said to him: 'You're nagging so much about this, and I probably don't like it in a relationship he denies it and I share the issues with my mother who told me that when a similar incident happens between him and my step-father she hired a Cyber Hacker to hack and Cloned my step-father phone so she can have full proof of it, so my mother shares the contact of wizardphili1fundrecoverysoftware (AT)programmer (DOT) net who I hired him to an investigation, my boyfriend .... with all I see and witness it was him who was cheating on me. with another girl and keep funding the girl account with my money so both of them can run out to another country that was the worst thing that will ever happen to me. I want everyone to be aware and contact this great hacker Wizard Philip for a good job he did for me I know the truth now ( Wizardphili1fundrecoverysoftware@programmer.net ) WhatsApp contact(+1- /807-23 ) 4-0428 ;)

    ReplyDelete
  23. Are you desperately in need of a hacker in any area of your life??? then you can contact; ( www.WIZARD BRIXTON services like; -hack into your cheating partner's phone(whatsapp,bbm.gmail,icloud,facebook, twitter, snap chat and others) -Sales of Blank ATM cards. -hack into email accounts and trace email location -all social media accounts, -school database to clear or change grades, -Retrieval of lost file/documents -DUIs -company records and systems, -Bank accounts, PayPal accounts -Credit cards hacker -Credit score hack -Monitor any phone and email address -Websites hacking, pretesting. -IP addresses and people tracking. -Hacking courses and classes CONTACT : wizardbrixton@gmail.com CONTACT : WhatsApp :+18072340428 their services are the best on the market and 100% security and discreet work is guarantee

    ReplyDelete

  24. We first of all study the scammer brought to us by hacking the person device(phone or computer) to get information of
    How, Where this person keeps the money he/she has defrauded from people ( so many of these scammers don’t actually save
    their money in banks, they mostly stack the money in a Bitcoin wallet, that way it is safe and untraceable to authorities)
    and we work on a strategy to get back the money and give it back to those they have defrauded. Contacting us is
    simple,just give us a message through the email below.wizardwilliammitnickquickrecovery@inbox.lv.net or text him on
    WhatsApp +1 (559)851-5537 he is very

    ReplyDelete
  25. I am a veteran with the world trade organization humanitarian delivery agency, an ancillary of the UN..
    Mrs. Bernice Clark 69 died of covid-19 related virus. Before her death she left manifold amounts with a security & finance firm in Europe for preservation. she disclosed that the trust-funds should not be left unclaimed. You are to stand as the stipendiary to  late Bernice Clark.
    Get back to us with your interestedness at (wldtrdeorgnztionhumangcy@gmail.com). and contact data for all other formalities which are certifiable.
    Hoping to have an opulence pact with you on communal trust.

    ReplyDelete
  26. E-mail : office.cyberdefense@internet.ru

    De nombreux escrocs tentent quotidiennement, par des moyens connus ou encore inconnus, de soustraire des sommes à des particuliers et des entreprises. On constate notamment que les cas de fraude se sont multipliés sur Internet de nos jours. Il devient par conséquent de plus en plus important de se protéger des escroqueries en adoptant un comportement adéquat. L'Office de Répression contre la cybercriminalité fournit une vue d'ensemble des principaux secteurs menacés et donne des conseils permettant d'éviter les pièges et apporte une assistance particulière jusqu’au remboursement du montant aux personnes déjà victimes des différents types d'arnaques. Si vous en êtes victime, la seule solution est de porter plainte à notre adresse :

    E-mail : office.cyberdefense@internet.ru

    ReplyDelete
  27. DES SIGNALEMENTS ESSENTIELS D'ARNAQUE SUR INTERNET,TÉLÉPHONE,TEXTO OU EN PERSONNE.


    Tout acte d'arnaque doit être signalé au service du centre antifraude.Rappelons que l'arnaque est un acte criminel qui à des conséquences dévastatrices sur les victimes et leurs familles.Qu’elle soit commise sur Internet, par téléphone, par texto ou en personne, elle doit être signalée le plus tôt possible au Centre antifraude par e-mail:

    centr.anti.fraude@gmail.com / centr.anti.fraude@gmail.com

    Le Centre antifraude n’estime recevoir qu’un faible pourcentage de plaintes de victimes de fraudes au Canada.Ce bas taux de dénonciation pourrait s’expliquer notamment par l’embarras ou la honte des victimes.Les fraudeurs tirent profit de ce sentiment pour poursuivre leurs activités en toute impunité.Afin d'éradiquer ce fléau qui ruine les canadiens, toute personne victime d'arnaque de quelque type que ce soit est prié de nous contacter au plus vite car plus l'arnaque est récente plus nous avons la possibilité de leur mettre la main avec le butin.

    Bon mois de la prévention de la fraude 2021!

    ReplyDelete
  28. Pour remédier aux préjudices financiers subis sur internet, l'Organisme International de Répression Contre la Cybercriminalité et la Brigade d'enquêtes sur les fraudes aux technologies de l’information créés par les pouvoirs publics et en collaboration par Interpol mondial sont à la disposition de toute personne victime de toutes formes d'escroquerie sur internet. Contactez-nous directement à l'adresse suivante:

    interpol.victimearnaque@gmail.com / interpol.victimearnaque@gmail.com

    Votre plainte sera immédiatement prise en compte par nos experts et une procédure sera mise en œuvre de l'arrestation jusqu'au remboursement de la somme arnaquée y compris le dédommagement dans certains cas.

    ReplyDelete
  29. HAVE YOU LOST YOUR MONEY TO BINARY OPTION SCAM OR ANY ONLINE SCAM WHATSOEVER?.DO YOUR DESIRE CREDIT REPAIR[EQUIFAX, EXPERIAN, TRANSUNION? WELL, YOU HAVE FOUND REDEMPTION.


    ⚠️ BEWARE OF FRAUDSTARS looking to hoax.
    if you have been a VICTIM, contact
    :Email:creditcards.creditscoreupgrade@gmail.com
    :whatsapp:+1785 279 3047 for directives.
    Here, it's always a win for you.

    ��OUR SERVICES��
    ➡️Binary Option funds recovery
    ➡️Social media hack
    ➡️Recovery of loan scam
    ➡️Credit repair (Equifax,Experian,Transunion)
    ➡️E mail hack
    ➡️College score upgrade
    ➡️Android & iPhone Hack
    ➡️Website design
    ➡️Website hack
    And lots more.

    CONTACT INFO:
    Email:creditcards.creditscoreupgrade@gmail.com
    whatsapp:+1785 279 3047
    Copyright ©️ 2022.

    ReplyDelete
  30. asistencia financiera de préstamo
    Soy un individuo y quiero ayudar a todas las personas que lo necesitan a salir adelante.
    Para más información póngase en contacto conmigo lo antes posible. correo electrónico:liane.walzack@aol.de. WhatsApp:+33755495684

    ReplyDelete
  31. Need quick solution
    Cash in your pocket in 72 hours at a rate of 2%. For more information: e-mail: caillouxlucie@gmail.com . WhatsApp:+33755495684

    ReplyDelete
  32. Veuillez contacter L'Organisme Internationale de Lutte Contre la Cybercriminalité en abrégé O.I.L.C.C pour toutes plaintes d'arnaque sur internet.Communiquez avec un Enquêteur Spécialisé en Criminalité Informatique qui vous aidera volontier dans un premier temps, étudier et échanger sur votre dossier, ensuite mettre en place une procédure juridique afin de
    mettre la main sur ces arnaqueurs afin que vous soyez remboursé.

    Pour un service aux victimes d'arnaque rapide :
    https://oilcc-unit.com
    Pour contacter un Enquêteur Spécialisé en Criminalité Informatique :
    denisallano@oilcc-unit.com
    Pour communiquer par courriel :
    contact.denisallano@gmail.com

    ReplyDelete
  33. You need fast financing to buy a house, a car or financing for various activities or projects!. Email us. The application is processed quickly and the money is transferred to your bank account after 24 hours.

    Email: xelpi500@gmail.com

    ReplyDelete
  34. Hi
    My name is Robert Masoni, I received a € 18,000 loan for my real estate project in 60 months from a creditor, Mrs. Veronika Hake, who offers loan offers to everyone in need. So if you are interested or have someone who needs a loan, contact them for more information:

    veronicahakeova@gmail.com

    Regards RM

    ReplyDelete
  35. Offrire supporto alla persona bisognosa di denaro: caravellamariepierre@gmail.com

    Salve, Abbiamo fatto offerte di prestito che vanno da 2.000 euro a 950.000.000 di euro con il 2% di interesse. Il termine di rimborso è da 1 a 25 anni. Se sei interessato contattaci per maggiori informazioni. Grazie
    WhatsApp: +34683787149
    E-mail: caravellamariepierre@gmail.com

    ReplyDelete