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Analytics and Market news

Monday, 1 April 2019

Ukraine Weekly Market Monitor

Eavex Capital

The Ukrainian equity universe remained in a turbulent mode amid political uncertainty due to the unpredictable presidential election in the country; voting on Sunday (Mar 31) showed that President Poroshenko will advance to the Apr 21 runoff round as an underdog against Eastern Ukrainian entertainment mogul Vladimir Zelenskiy. The PFTS index, which tracks seven Kyiv-listed stocks, advanced by 3.6% to 573 points, thanks to a gain of 32% in UkrNafta (UNAF). The stock surged to UAH 192 after the company unveiled a preliminary net profit of UAH 122 per share for FY18 and proposed a dividend payout of 50%. On the downside, Raiffeisen Bank Aval (BAVL) shed 3.0% to 36.70 kopecks after the bank proposed a 70% dividend payout from FY18 profit, well short of the bank’s recent history of 95% payouts. Still, the proposed dividend of 5.79 kopecks per share implies a hefty dividend yield of 16%. In the utility sector, DonbasEnergo (DOEN) declined by 3.3% to UAH 28.00 per share and CentrEnergo (CEEN) was little changed at UAH 12.00.

In London trading, JKX Oil&Gas (JKX) advanced by 6.3% to GBp 55.00 after the company reported its first full-year net profit since 2013. JKX earned a solid USD 13mn in net profit in 2H18 bringing the full-year net profit to USD 15mn after a net loss of USD 18mn back in FY17. Iron ore producer Ferrexpo (FXPO) closed flat at GBp 247. After peaking in February, the stock was in a local downward move for almost the entire month of March.

On the Warsaw Stock Exchange, Kernel (KER) once again dipped below PLN 50 line, losing 4.5% to close at PLN 49.20, and Astarta (AST) dropped by 4.6% to PLN 27.20 after several news outlets reported incidents of mismanagement inside one of the company’s farming divisions.

POLITICS AND ECONOMICS

- Poroshenko Beats Tymoshenko, Faces Uphill Battle Against Zelenskiy on Apr 21

- Industrial Output Falls 1.8% YoY in February with Chemical Sector Leads Decline

STOCKS IN THE NEWS

UkrNafta Proposes UAH 61 Dividend from FY18 Profit of UAH 122/Share

Raiffeisen Aval Proposes 5.79-Kopeck Dividend for FY18

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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