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Analytics and Market news

Wednesday, 27 May 2020

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian stocks listed in Kyiv were broadly lower last week, continuing to suffer from low liquidity and expectedly poor macroeconomic statistics amid the ongoing COVID economic shutdown. It was announced that industrial production in the country dropped by 16% YoY in April. On the upside, the government finally reached a staff-level agreement with the IMF on a new 18-month assistance program of USD 5.0bn, but this news had already been previously priced in by traders. The agreement is subject to approval by the IMF Executive Board. Board consideration is expected within two weeks.

Thermal electricity producer CentrEnergo (CEEN) plunged by 20% to UAH 6.00 after media reports that the company could report a full-year 2019 bottom line loss of as much as UAH 2.5bn (USD 97mn). Raiffeisen Bank Aval (BAVL) also had a rough week, sliding below the 30-kopeck support line on a 6.5% loss to 29 kopecks.

State-owned TurboAtom (TATM) gained 10% to UAH 9.90 after the government approved the company’s financial plan that foresees a net profit of UAH 522mn for this year (implying EPS of UAH 1.24). TurboAtom’s net sales are expected to reach UAH 2.83bn in full-year 2020.

In London trading, Ferrexpo (FXPO) shot up by 17% to GBp 161 per share on rising optimism regarding the global iron ore price outlook. Poultry producer MHP (MHPC) edged up by 1.7% to USD 5.90, with the stock remaining at a depressed level amid its year-to-date decline of 35%.

In Warsaw, sugar refiner Astarta (AST) gained 14% to PLN 15.70 after the company reported an impressive 72% increase in EBITDA to EUR 28mn in 1Q20. It was also important that the company’s Net Debt/EBITDA ratio improved to 2.5x. Kernel (KER) climbed back above the PLN 40 line, adding a solid 7% for the week.

In interbank currency trading, the hryvnia gave up 1.0% against the dollar to close at 26.90 UAH/USD.


- Zelenskiy Support Firm Amid COVID Bump After 1st Year in Office

- Ukraine’s Industrial Output Sinks 16% YoY in April Amid COVID-19

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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