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Analytics and Market news

Thursday, 2 May 2019

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian equities reacted positively last week to fresh macroeconomic data showing a firm recovery in the country’s industrial production data. The PFTS index added 5.0% to close at 560 points. An additional driver for stock price growth came from the National Bank’s decision to lower its key refinancing rate from 18.00% to 17.50%, which is the first rate cut in two years. 

In individual stocks, DonbasEnergo (DOEN) advanced by 7.2% to UAH 29.70 after the company approved a UAH 1.32 per share dividend from its FY18 net profit. The company also confirmed its strategic plan to modernize one of its power units at the Slavyansk plant by 2022. CentrEnergo (CEEN) gained 4.1% to UAH 12.60, following the general upward momentum on the market. Meanwhile, quotes for UkrNafta (UNAF) remained in a wide bid/ask range of UAH 140-167 per share after the government majority shareholder blocked a proposal to distribute a portion of the impressive FY18 net profit of UAH 119 per share (UAH 6.4bn) at a meeting on Apr 25. In second tier names, Krukiv Wagon (KVBZ) jumped by 14.3% to UAH 12.00 per share.    

On the London Stock Exchange, Ferrexpo (FXPO) got hammered, slumping 25% to GBp 213 after the company disappointed with a 15% YoY decline in net profit to USD 335mn in FY18 and its Western auditor, Deloitte, quit the account. The company’s revenue grew by only 6.4% to USD 1.27bn in the period despite rising iron ore prices. Poultry major MHP (MHPC) remained at USD 11.25 after the company reported a final acquisition price for Slovenia-based Perutnina Ptuj, at EUR 221mn for a 90.7% stake. MHP noted that it might increase its stake to 100% by the year-end. Perutnina Ptuj has production assets in four Balkan countries: Slovenia, Croatia, Serbia, and Bosnia; owns distribution companies in Austria, Macedonia, and Romania; and supply products to 15 countries in Europe. Perutnina Ptuj produced around 90,000 tonnes of poultry products in 2018.

In Warsaw trading, Kernel (KER) edged down by 0.7% to PLN 53.40 and Astarta (AST) corrected by 3.3% to PLN 26.50.

On the currency front, the hryvnia was on the rise, strengthening by 1.6% to 26.42 UAH/USD despite the National Bank stating that it intends to purchase foreign currency on the interbank market at a pace of USD 20mn per day.


- Trump Team Trying to Use Ukraine to Damage Biden, Democrats

- Ukraine Industrial Output Shows Recovery, Rising 2.1% YoY in March


UkrNafta Avoiding Decision on Dividend from FY18 Net Profit

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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