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Analytics and Market news

Monday, 15 April 2019

Ukraine Weekly Market Monitor

Eavex Capital

Ukraine’s domestic equity index was lower last week, dragged down by UkrNafta’s reversal of its previous generous dividend announcement. The PFTS index slid 5.1% to 537 points. UkrNafta (UNAF) was again in the spotlight after the company decided not to pay out UAH 65 per share, and instead pay no dividend at all from its FY18 net profit of UAH 6.6bn. As a state-owned company, UkrNafta will still be obligated to pay at least 30% of its net profit for the last year to the national budget directly. This situation raises the obvious point that such an uneven profit distribution between the controlling and minority shareholders grossly violates international corporate standards. The UNAF stock fell 12.4% after the announcement to UAH 162 per share. Some support for the stock came from the report that the company managed to increase its crude oil production by 6.4% YoY to 128,000 tonnes in March (900,000 barrels).

On the upside, Raiffeisen Bank Aval (BAVL) rebounded after a two-week correction, adding 6.3% to 35.60 kopecks per share.

In the electricity generation sector, CentrEnergo (CEEN) posted a relatively modest rise after news that the State Property Fund could announce a tender to sell the state’s 78.2% stake in the company on May 16. A previous tender to privatize CentrEnergo in December 2018 was cancelled after the only two bidders failed to qualify for the auction. The CEEN stock gained 4.2% to close at UAH 12.40 last week. The other electricity blue chip DonbasEnergo (DOEN) dropped by 8.5% to UAH 26.25.

On the London Stock Exchange, Ferrexpo (FXPO) remained strong, climbing 6.5% to GBp 295 per share as benchmark iron ore prices rose further, while sporadically-traded poultry major MHP (MHPC) lost 2.3% to USD 10.55.

In Warsaw trading, Kernel (KER) approached its 12-month high, advancing by 1.9% to PLN 53.80. The stock’s maximum during the last year is PLN 55.00. Sugar producer Astarta (AST) tumbled by 9.2% to PLN 23.70 after the company posted a net loss of EUR 21mn for FY18. The company’s net debt to EBITDA ratio spiked from 1.1x for FY17 to 5.2x for FY18.

On the currency market, the hryvnia declined by a moderate 0.4% to 26.80 UAH/USD last week ahead of next weekend’s presidential election.


- Zelenskiy Fails to Appear at Stadium Debate with Poroshenko

- Ukraine’s Headline Inflation at 8.6% YoY after March Data


Astarta Posts Net Loss of EUR 21mn for FY18 On Sales Drop of 19% YoY

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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