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Analytics and Market news

Monday, 10 August 2020

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian equities listed in Kyiv were little-changed last week. Motor Sich (MSICH), which has been frozen for trading since May 2018, was back in the headlines after Kharkiv-based oligarch Oleksandr Yaroslavskiy announced intention to enter a deal with Chinese investors in a partnership to take over and develop the company. No details are available on the deal, although the parties have submitted a letter to the Anti-Monopoly Committee asking for permission to go forward. Motor Sich reported a net profit of UAH 593mn (USD 23mn at the average exchange rate) in 1H20 compared to a net loss of UAH 426mn a year ago. The net profit for the reported period implies earnings per share of UAH 285. Raiffeisen Bank Aval (BAVL) traded at bid/ask of 35.20/36.00 kopecks per share after the bank reported a solid net profit of UAH 1.0bn for 2Q20, which implied EPS of 1.68 kopecks. The bank’s EPS was 3.36 kopecks for 1H20, declining by 13% YoY. UkrNafta (UNAF) was flat at UAH 122 per share after reporting a massive net loss of UAH 1.74bn for 2Q, while CentrEnergo (CEEN) dropped by 15% to UAH 5.07 on poor 2Q financials, leading to the UX index’s decline of 3.9% to 1266 points.

In London trading, Ferrexpo (FXPO) enjoyed a 7.9% gain to GBp 192 due to both rising iron ore prices and the company’s fairly good interim financial results. Ferrexpo posted a net profit of USD 250mn (-7.6% YoY) for 1H20 and declared a dividend of 6.6 US cents per share, in addition to an interim dividend of 6.6 US cents per share declared in June 2020. Meanwhile, MHP (MHPC) fell 6.7% to USD 5.82.  On the Warsaw Stock Exchange, Astarta (AST) added 0.6% to PLN 16.70 while Kernel (KER) edged down 0.3% to PLN 39.25.

The hryvnia strengthened moderately by 0.4% to 27.62 UAH/USD for the week after the National Bank said the country had a record-setting USD 4.3bn current account surplus in the April-June quarter. Ukraine’s exports showed greater resilience to the effects of the COVID crisis than imports, among other things due to relatively stable external demand for agriculture products. In contrast, imports of goods and services plunged as domestic demand narrowed, energy prices fell further, and tourism halted.

POLITICS AND ECONOMICS

- Ukraine’s Derkach Takes Center Stage in US Election Interference Reports

- US Moves Against Kolomoyskiy with USD 70mn Asset Seizure

STOCKS IN THE NEWS

- UkrNafta Posts Massive 2Q Loss of UAH 1.7bn After Dumping Oil at Market Bottom

- CentrEnergo Remains In the Red in 2Q, Posting UAH 330mn Net Loss

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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