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Analytics and Market news

Monday, 17 February 2020

Ukraine Weekly Market Monitor

Eavex Capital

Ukraine’s domestic PFTS equity index was on the rise for a third straight week, advancing by 2.2% to 528 points. Raiffeisen Bank Aval (BAVL) continued to be the best performing blue chip so far this year, adding 2.7% to 38.00 kopecks after news that the bank earned UAH 4.45bn in net profit last year, which translates into EPS of 7.72 kopecks. The market expects that Raiffeisen Aval will pay a 5.40 kopecks dividend, implying a dividend yield of 14%.

Low liquidity index member DonbasEnergo (DOEN) gained 6.2% to UAH 25.90 while CentrEnergo (CEEN) remained at UAH 8.53, with no reaction to news that the Kyiv commercial court has unblocked the process of privatizing the company. Controversial Ukrainian company UkrDonInvest had tried to block CentrEnergo’s privatization in the courts after a failed privatization tender which took place in October 2018. The State Property Fund called off the auction, at which the 78% state stake in CentrEnergo was offered for USD 220mn; UkrDonInvest was one of two bidders at the event.

UkrNafta (UNAF) corrected by 4.4% to UAH 158 per share after a 12% surge over the preceding week.

On the London Stock Exchange, MHP (MHPC) continue to decline, losing 3.2% to USD 8.00 despite the company’s majority owner and CEO Yuriy Kosyuk repeating his plans to expand MHP’s business in the EU. Mr. Kosyuk noted that the company’s Slovenian asset Perutnina Ptuj had grown by 30% YoY last year in terms of output. Meanwhile, top liquid issue Ferrexpo (FXPO) added 1.9% to GBp 148.

In Warsaw trading, Kernel (KER) edged up by 0.4% to PLN 47.60, and beaten-down Astarta (AST) jumped by 12% to PLN 18.00 after a report that CEO Victor Ivanchyk acquired additional shares at an average price of PLN 17.20. Mr. Ivanchyk is the company’s largest shareholder with a 38.7% reported stake.

On the currency front, the hryvnia added 0.2% against the dollar to close at 24.46 UAH/USD. The National Bank reported that it continued to purchase hard currencies to add to its forex reserves last week.

POLITICS AND ECONOMICS

- Bogdan Forced Out of Zelenskiy Administration After Only 9 Months

- Zelenskiy Takes Star Turn in Munich, Calls for Donbass Elections

- Headline Inflation Slows to 3.2% after January Data

STOCKS IN THE NEWS

- Raiffeisen Aval Posts 4Q19 EPS of 2.02 Kopecks, Beating Expectations

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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