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Analytics and Market news

Monday, 1 June 2020

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed equities were generally higher last week with overall bullish momentum on the main global stock markets helping to prop up quotes. Among Ukraine-related positive news, the Agro Ministry said that spring planting was nearly completed, with the countrys main crops having been sowed on an area of 15mn hectares. Substantial rainfall in May provides a basis to expect a grain harvest of at least 65mn tonnes in the country this year, the Ministry said.

In individual local blue chips, CentrEnergo (CEEN) rebounded by 8.3% to UAH 6.50 after State Property Fund chief Dmytro Sennychenko said the troubled state company has finally received new management. CentrEnergos previous management, appointed about one year ago, has been accused of siphoning money from the company through non-transparent coal purchase schemes. UkrNafta (UNAF), also a state-owned company with even more serious problems with management, was supposed to get new CEO, but the companys board called off the competition for the post amid ongoing behind-the-scenes machinations. The UNAF stock was unchanged over the week at UAH 130. Raiffeisen Bank Aval (BAVL) recovered part of the preceding weeks decline, rising 3.4% to 30 kopecks.

In London trading, Ferrexpo (FXPO) extended its impressive winning streak, advancing by 8.7% to GBp 175 on strengthening iron ore prices amid supply problems from Brazil, where there has been a surge in the number of COVID cases in the countrys key mining region. MHP (MHPC) gained 3.4% to USD 6.10 ahead of the companys earnings report for 1Q which is set to be published on Tuesday (Jun 2). Meanwhile, Regal Petroleum (RPT), a natural gas producer with assets in Ukraine, has officially changed its name and its ticker to Enwell Energy (ENW), an appropriate move in our view since petroleum has never been the companys main business line. The ENW stock added 2.6% to GBp 15.90 per share.

Warsaw-listed Kernel (KER) had no immediate reaction to the companys mixed financial results for Jan-Mar quarter. The KER stock finished the week virtually unchanged at PLN 41.20. Sugar refiner Astarta (AST) climbed 1.7% to PLN 16.00 despite the latest industry forecast pointing to a decrease of sugar production in Ukraine by 15% to 1.25mn tonnes this year.

On the currency market, the hryvnia had a quiet week, inching up by 0.1% against the dollar to 26.86 UAH/USD.

POLITICS AND ECONOMICS

- Conflict Between GPU and SAP Renews Under Zelenskiy Presidency

STOCKS IN THE NEWS

- Kernels Jan-Mar EBITDA Nearly Doubles YoY to USD 104mn

- Ferrexpos Pellet Output Moves Up 5% YoY in 4M20

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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