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Analytics and Market news

Monday, 22 February 2021

Ukraine Weekly Market Monitor

Eavex Capital

The UX index continued its 2021 rally last week, gaining 4.1% to 1862 points. UkrNafta (UNAF) remained the primary contributor to the gauge’s growth. The UNAF stock advanced by 8.0% to UAH 242 as local traders now believe that the company in on the way to a positive transformation after it settled its production tax debt dispute with the government. Raiffeisen Bank Aval (BAVL) rose 8.5% to 51.00 kopecks after the bank surprised with an impressive net profit of UAH 764mn for January alone, which implies EPS of 1.24 kopecks. On the other hand, we do not think that Raiffeisen Aval can generate the same profit every month, as its net profit in December was UAH 80mn and UAH 347mn in November. Quotes for CentrEnergo (CEEN) edged down by 1.1% to UAH 8.70 per share.

On the macroeconomic front, UkrStat reported that Ukraine’s population decreased by about 314,000 people to 41.6mn in 2020. A total number of 293,457 births were recorded in Ukraine last year, compared to 308,817 in 2019.

London-listed poultry producer MHP (MHPC) inched down by 0.3% to USD 5.92 while Ferrexpo (FXPO) surged by 9.4% to GBp 350 on expectations that the company will post solid financial results for FY20. Publication of the results is due on Mar 17.

In Warsaw trading, most Ukrainian agro stocks saw a correction as traders took some profits after the firm rise since the start of the year. Astarta (AST) dropped by 7.3% to PLN 43.30 on clear profit taking, and Kernel (KER) declined by 1.8% to PLN 55.00. Small-cap name Agroton (AGT) fell 4.4% to PLN 6.98 per share.

On the interbank currency market, the hryvnia was stable over the week, closing virtually unchanged at 27.87 UAH/USD.

POLITICS AND ECONOMICS

- Zelenskiy, RNBO Hit Medvedchuk with Asset Freezes

- Ukraine’s GDP Down 0.7% YoY in 4Q, Implying 4.2% Full-Year Drop

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:

Dmitry Churin, Head of Research, d.churin@eavex.com.ua

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