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Analytics and Market news

Tuesday, 27 August 2019

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed stocks finished mixed last week, but the PFTS index saw a notable decline of 1.5% to 527 points as it was weighed down by a drop in UkrNafta shares. Quotes for the oil producer fell by almost 12% to UAH 140 after the State Fiscal Service (SFS) filed a lawsuit aiming to strip UAH 547mn from the companys bank account. The SFS claimed that UkrNaftas overall tax debt has increased from UAH 14.6bn to UAH 15.8bn (USD 630mn) this year despite the company reporting that it had paid UAH 7.6bn in taxes in 7M19.

On the upside, CentrEnergo (CEEN) added 1.1% to UAH 10.82 after a Kyiv court closed the 15-year old case related to the companys possible bankruptcy. The court decision was long-awaited and should help to make CentrEnergo more attractive for privatization. Banking blue chip Raiffeisen Bank Aval (BAVL) remained unchanged at 30 kopecks on the nose.

In London trading, Ferrexpo (FXPO) extended its local downward move amid ongoing corporate governance concerns, falling 3.8% to GBp 204 per share. MHP (MHPC) also ended in the red, edging down by 0.6% to USD 9.78.

In Warsaw, Kernel (KER) slumped by 8.7% to PLN 44.70, the stocks lowest level since September 2015. We assume that Kernels recent slide from its last local peak of PLN 54.00 reached in April has nothing to do with the companys fundamentals, which look solid. Astarta (AST) shed 2.6% to PLN 22.40, ignoring the companys surprisingly high net profit of PLN 5.39 per share for 1H19.

On the interbank currency market, the hryvnia gained 0.2% against the dollar to close at 25.12 UAH/USD.

POLITICS AND ECONOMICS

- Trump Administration Pushing Zelenskiy to Open Political Investigations

- Ukraines Current Account Deficit Improves to 0.3% of GDP in 1H19

STOCKS IN THE NEWS

Astartas 1H Profit Declines by 19% YoY Despite 30% Rise in Revenue

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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