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Analytics and Market news

Monday, 4 November 2019

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed stocks ended mostly lower last week as the corporate earnings reports for the third quarter released thus far have not provided investors with any fresh inspiration. Blue chip CentrEnergo (CEEN) was the biggest disappointment, as the state-owned electricity generation company posted a net loss of UAH 291mn for 3Q19, extending its overall year-to-date (9M19) net loss to UAH 1.49bn. The CEEN stock fell 4.2% to UAH 9.50. Raiffeisen Bank Aval (BAVL) reported a net profit of 1.82 kopecks per share, which also missed the market’s expectations. However, the stock declined by only 0.6% to 30.80 kopecks. UkrNafta (UNAF), which has not published its 3Q19 financial results yet, traded at UAH 144 last week.  

The PFTS index remained virtually unchanged for the third week in a row, sitting at 522 points.

London-listed Ferrexpo (FXPO) shed 0.8% to GBp 130 after plunging to as low as GBp 120 per share in mid-week trading on continued concerns about Ukrainian criminal charges facing majority owner Constantine Zhevago. The company is now valued at less than 3.0x P/E. The FXPO stock traded above GBp 200 level as recently as September.

In London, MHP (MHPC) was once again under pressure, losing 1.2% to close at USD 8.44 per share. Meanwhile, natural gas producer JKX Oil&Gas (JKX) extended its winning streak, gaining 2.8% to GBp 29.50 after the company won a court case against Ukraine’s government regarding USD 2.3mn in unpaid production taxes.    

Two Warsaw-listed Ukrainian agro stocks demonstrated strong gains, with sporadically-traded Agroton (AGT) jumping by 47% to PLN 3.83 and beaten-down Astarta (AST) rebounding by 5.1% to PLN 17.60. However, top liquid name Kernel (KER) was sluggish, edging down by 0.4% to PLN 42.50.

On the interbank currency market, the hryvnia added 1.2% to 24.83 UAH/USD. 

STOCKS IN THE NEWS

CentrEnergo Posts 3Q Loss of UAH 291mn Amid Low Electricity Tariff

Raiffeisen Aval Reports 3Q EPS of 1.82 Kopecks, Missing Expectations

TurboAtom’s 9M19 Profit Down 34% YoY to UAH 377mn

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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