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Analytics and Market news

Monday, 17 August 2020

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed equities ended mixed last week, with the most significant movement seen in quotes for Raiffeisen Bank Aval (BAVL), which soared by 16% to 41.00 kopecks after the bank announced its intention to pay out a 6.95 kopeck dividend from 2019 profit. The bank’s annual shareholders meeting was delayed this year due to the COVID quarantine, but has been rescheduled for Sept 11 in a “virtual” format. The agenda contains a vote to approve a UAH 4.3bn dividend distribution from FY19 net profit of UAH 4.7bn. The proposed dividend payout of 90% exceeded the 70% payout expected by the market. Around 68% of the shares in the bank are held by majority owner Raiffeisen International. In other UX index components, low-liquidity DonbasEnergo (DOEN) gained 9.7% to UAH 20.00 per share, while UkrNafta (UNAF) was unchanged at UAH 122 despite the company announcing that it managed to recover some UAH 1bn in bad debts from Privat Group-affiliated entities for unpaid crude oil. On the downside, CentrEnergo (CEEN) tumbled by 11% to UAH 4.50 as there is still no indication about whether the company can lower its elevated coal costs. The UX index climbed by 0.9% for the week to close at 1278 points on Friday (Aug 14).

In regulatory news, President Zelenskiy signed a law on amendments to the country’s law governing financial derivatives. In terms of financial infrastructure, the document regulates the creation of a trade database for the full functioning of derivatives markets and the introduction of a central counterparty for transaction settlements.

In London trading, Ferrexpo (FXPO) picked up 3.0% to GBp 198, swinging above and below the psychological line of GBp 200 per share. Natural gas producer JKX Oil&Gas (JKX) slumped by 14% to GBp 18.10 after the company said its achieved gas pricing in Ukraine plummeted from USD 247 per 1,000 cubic meters in 1H19 to USD 131 in 1H20. The company’s net profit for the first half of this year was USD 1.5mn. MHP (MHPC) declined by 1.7% to USD 5.72.

On the Warsaw Stock Exchange, Astarta (AST) climbed by 0.6% to PLN 16.80 and Kernel (KER) added 1.0% to PLN 39.60.

On the interbank market, the hryvnia gained 1.0% to 27.34 UAH/USD amid a broad weakness of the dollar against major currencies. The National Bank intervened on the market with the hard currency purchases to prevent further short-term hryvnia appreciation.

POLITICS AND ECONOMICS

- Zelenskiy Denies Demanding Repeat Belarus Vote, Criticizes Lukashenko’s Release of Russian Mercenaries

- Ukraine Sees Deflation of 0.6% MoM in July; Headline CPI Stays at 2.4%

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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