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Analytics and Market news

Tuesday, 10 April 2018

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed stocks enjoyed a notable increase last week, with the approaching 3-day Easter weekend in Ukraine and local market closure on Monday (Apr 9) making short bets more risky. Market players took it as a positive sign that Ukraine remains on Washington’s radar after US Republican Senator Robert Portman promised Javelin anti-tank missile systems and additional military support during his visit to Kyiv, although it remains unclear how much Ukraine will have to pay for this hardware. 

The UX index gained 3.0% for the week to close at 1732 points. Motor sich (MSICH) remained the growth driver for the gauge, gaining a solid 3.1% to UAH 5300 amid persistent demand from an unidentified large buyer. CentrEnergo (CEEN) picked up 4.1% to UAH 19.90 as investors are now waiting for an announcement of the ex-rights date for the stock’s UAH 3.84 per share dividend. Raiffeisen Bank Aval (BAVL) added 3.5% to 34.70 kopecks with the stock still showcasing a rather attractive P/E multiple of 4.9x. UkrNafta (UNAF) edged up 3.6% after a statement that the company managed to repay UAH 300mn out of its enormous UAH 11.9bn tax debt in 1Q18. The stock closed at UAH 110 per share.  

London-listed Regal Petroleum (RPT) shot up by 12% to GBp 24.00 after the company reported its FY17 financials showing a 50% YoY rise in EBITDA to USD 17mn. Ferrexpo (FXPO) continued to suffer from the worsening iron ore price outlook after the US threatened trade restrictions against Chinese steel. The stock fell 9.7% last week to GBp 220.

In Warsaw trading, Astarta (AST) slipped 0.6% to PLN 47.70 despite the company obtaining new support from international lender IFC, which provided a USD 30mn long term loan. Kernel (KER) inched up by 0.2% to PLN 50.10.

The hryvnia strengthened by 1.0% to 26.00 UAH/USD after news that the country’s foreign reserves remained above USD 18mn level despite a moderate decline of 1.2% in March after the government’s semi-annual Eurobond coupon payouts. The National Bank said it was able to purchase USD 510mn on the interbank market last month from sellers of foreign currencies. The reserves potentially cover around 3.4 months of the country’s imports.

POLITICS AND ECONOMICS

- Ukraine’s Top 2 Anti-Corruption Officials at War with Each Other

STOCKS IN THE NEWS

-Regal Petroleum Lifts Full-Year EBITDA by 51% YoY to USD 17mn

-Ferrexpo’s Pellet Output Down 1.5% YoY in 1Q18


full report

Eavex Capital welcomes any questions or comments you may have regarding our research products.
Please contact our office in Kyiv at 380-44-590-5454, or by email:

Alexander Klymchuk, Head of Sales, a.klymchuk@eavex.com.ua
Dmitry Churin, Head of Research, d.churin@eavex.com.ua

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