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Analytics and Market news

Monday, 30 March 2020

Ukraine Weekly Market Monitor

Eavex Capital

Locally-listed Ukrainian stocks were generally lower for the third week in a row, as the Zelenskiy administration admitted that even under an optimistic scenario of a low infection rate of the COVID-19 disease that Ukrainian economy will contract by 5% this year. The government has restricted most business activity by imposing a nationwide state of emergency because of the COVID situation until Apr 24, although currently fewer than 500 cases of the virus have been registered nation-wide.

In individual blue chips, Raiffaisen Bank Aval (B AVL) fell 6.1% to 31.00 kopecks and CentrEnergo (CEEN) dropped by 3.3% to UAH 7.25 per share. Shares of UkrNafta (UNAF) rebounded by 7.7% to UAH 140 after the company asked the government for a temporary reduction in the tax rates for oil and condensate extraction from the current 31% down to only 6%. The government has not yet responded to the proposal.

Quotes for Krukiv Wagon (KVBZ) had no reaction to the company’s earnings report for 2019 and its announcement that no dividend distribution from the FY19 profit is planned. The low-liquidity KVBZ stock has an indicative (non-traded) price of UAH 15.60, which is looks quite low taking into account the company’s net profit of UAH 6.89 per share in FY19.

London-listed Ferrexpo (FXPO) failed to extend its rebound, falling back by 12% to GBp 112 per share, while MHP (MHPC) demonstrated a firm recovery of 12% to USD 6.38. In Warsaw trading, Kernel (KER) saw a minor 1.0% rebound to close at PLN 34.55 while beaten-down Astarta (AST) was more robust, rising 9.4% to PLN 11.60 amid broad recovery momentum on European bourses.

On the currency market, the hryvnia weakened by 2.1% to 28.08 UAH/USD. The National Bank remained active with interventions on the market to prevent a sharper hryvnia devaluation.

POLITICS AND ECONOMICS

- Umanskiy Removed as Finance Minister after Only 25 Days; Ukrainian Sovereigns Rebound as COVID Quarantine Extended to Apr 24

- Ukraine’s Industrial Output Down 1.5% YoY in February Despite Extra Day; Retail Sales Rocket Higher by 16% YoY Ahead of Quarantine Crash

STOCKS IN THE NEWS

-Krukiv Wagon’s FY19 Net Profit Up 60% YoY to UAH 790mn; No Dividend Expected

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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