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Analytics and Market news

Wednesday, 22 April 2020

Ukraine Weekly Market Monitor

Eavex Capital

Trading in Kyiv-listed stocks was inactive last week ahead of the Orthodox Easter holiday, as the local market observed the unfortunate 2-year anniversary of the suspension of trading in former top liquid name Motor Sich. Blue-chip names demonstrated a mixed performance and the PFTS index edged down by 0.3% to 501 points. In economic news, the IMF presented a forecast that Ukraine’s GDP will fall by 7.7% in 2020 and rebound by 3.6% in 2021. A decline in the EU’s GDP is expected at 6.6% this year, after 1.6% growth in 2019. In 2021, the European economy should return to growth and increase by 4.5% of GDP, the IMF’s analysts said.

Ukraine’s flagship oil producer UkrNafta (UNAF) slipped by 4.4% to UAH 129 per share amid a new worsening of the global oil price outlook. Raiffeisen Bank Aval (BAVL) shed 2.9% to 33.00 kopecks and TurboAtom (TATM) lost 12% to UAH 9.00 on fears that the company might postpone its dividend distribution. We previously forecasted that the company’s shareholders will approve a DPS of 37 kopecks at the annual shareholder meeting on Apr 23. On the upside, CentrEnergo (CEEN) gained 3.4% to close at UAH 7.50.

In London trading, MHP (MHPC) declined by 4.7% to USD 6.10 after the company’s announced dividend of 28 cents per share was far below the prior expectation of 75 cents. Ferrexpo (FXPO) fell 5.0% to GBp 136.

Warsaw-listed sugar producer Astarta (AST) gained 6.9% to PLN 12.45 after the company reported mixed financial results for FY19. The company managed to raise its EBITDA by 15% YoY to EUR 78mn, but its net profit was just marginal at EUR 1.7mn for the year. Kernel (KER) shot up by 6.7% to PLN 43.50 amid optimism about an eventual recovery from the COVID economic shutdown.

Ukraine’s currency market saw a relatively quiet week, with the hryvnia remaining essentially unchanged at 27.10 UAH/USD. The National Bank said it was able to purchase hard currencies into its reserves at an equivalent rate of 27.07 UAH/USD.


POLITICS AND ECONOMICS

- Ukraine’s Quarantine Plans Beyond May 12 Remain Unclear

STOCKS IN THE NEWS

- MHP Slashes Dividend After Disappointing USD 60mn 4Q19 Net Loss

- Astarta Posts Marginal Net Profit of EUR 1.7mn for FY19

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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