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Analytics and Market news

Monday, 24 February 2020

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed stocks finished notably higher last week amid generally positive sentiments regarding the performance of Ukrainian economy. Although the country’s GDP growth slowed down to 1.5% YoY in 4Q19, there are expectations of faster growth this year due to a stimulative monetary policy and an improving business climate.

Quotes for oil&gas extractor UkrNafta (UNAF) rose 2.7% to UAH 162 per share after the company’s state-owned parent group NaftoGaz provided UAH 2.5bn to help UkrNafta to pay taxes on some 2bn cubic meters of natural gas which it regained possession of after a decade-long court fight with the Ukrainian government. The payment from Naftogaz de-facto increases the probability that UkrNafta will effectively receive an above-market price on the sale of this gas, which should translate into high profits in 1Q20.

Raiffeisen Bank Aval (BAVL) remained unstoppable in its recent upward move, adding 1.3% to 38.50 kopecks, and low liquidity index member DonbasEnergo (DOEN) advanced by 3.7% to UAH 26.90 after China-based DEIC confirmed its readiness to invest USD 600mn in construction of a new unit at DOEN’s Slavyansk thermal power plant. The investment agreement between Dongfang Electric International Corporation (DEIC) and DonbasEnergo for the joint implementation of the project was signed in December 2018. However, the construction work has not yet started, as the Chinese side is insisting on state guarantees. TurboAtom (TATM) gained 4.9% to UAH 11.10 per share on hopes the company will retain its policy of a high dividend payout this year.

London-listed MHP (MHPC) recovered by 2.5% to USD 8.20 after the EU lifted its Ukraine poultry meat import suspension on Feb 14. JKX Oil&Gas (JKX) added 4.1% to GBp 28.20 after the company reported that it became debt free with the final redemption of USD 5.8mn on its bonds issued back in 2013.

In Warsaw trading, Kernel (KER) climbed 1.9% to PLN 48.50 while Astarta (AST) was down by 2.8% to PLN 17.55.

The hryvnia was little-changed against the dollar over the week, closing at 24.48 UAH/USD. The national currency’s volatility decreased amid a weaker inflow of hard currencies from investors into UAH-denominated bonds, likely in response to falling yields on the instruments as the NBU continues to slash rates.

POLITICS AND ECONOMICS

- Kremlin Trying to Assist Bernie Sanders Campaign, US Intelligence Says

- Ukraine’s GDP Growth Slows to 1.5% YoY in 4Q19

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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