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Analytics and Market news

Tuesday, 5 May 2020

Ukraine Weekly Market Monitor

Eavex Capital
Kyiv-listed equities finished mixed last week, with corporate events determining the direction of quotes. UkrNafta (UNAF) jumped by 12% to UAH 135 after the company received a UAH 800mn debt repayment from its minority shareholder Privat Group for oil delivered back in 2015. Total debt under those deals with Privat nonetheless still stands near UAH 7bn, and UkrNafta believes that the debt will be paid out in installments within 3 or 6 years. The company had to go to court to force Privat’s entities to agree to the settlements in compliance with current legislation.

On the downside, Raiffeisen Bank Aval (BAVL) slumped by 8.8% to 30.10 kopecks and DonbasEnergo (DOEN) dropped by 3.1% to UAH 19.60 per share.

Motor Sich (MSICH), whose shares have been frozen from trading since April 2018, reported mixed financial results for 1Q20. The company had an operating profit of UAH 267mn in 1Q20 compared to an operating loss of UAH 125mn in 1Q19. However, on the bottom line the company’s net loss increased by 36% YoY to UAH 220mn as a result of unexpected ‘other non-operating losses’ of UAH 498mn. Separately, the company said that it was unable to conduct a general shareholders meeting due to the unavailability of its shareholder register.

In London trading, MHP (MHPC) moved up by 4.7% to USD 6.18 while Ferrexpo (FXPO) weakened by 3.6% to GBp 137. Warsaw-listed Kernel (KER) edged down by 1.3% to PLN 40.30 while Astarta (AST) picked up 5.9% to close at PLN 12.50, remaining in a volatile trading mode.

On the currency front, the hryvnia strengthened by 0.6% against the dollar to close at 26.97 UAH/USD. The National Bank remained active in taking advantage of the shortage of hryvnia liquidity due to the COVID-19 shutdown, buying up hard currencies and replenishing its foreign reserves.

POLITICS AND ECONOMICS

- Ukraine Pushes Quarantine to May 22 Despite Few COVID Cases Nationally

- Ukraine’s Public Debt at USD 80bn, Implying 54% Debt/GDP Ratio

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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