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Analytics and Market news

Monday, 29 March 2021

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed stocks finished mixed for the second week in a row as corporate news flow continued to dominate on the market. Quotes for Raiffeisen Bank Aval (BAVL) dropped by 6.2% to 45.00 kopecks after the bank’s proposed dividend payout was far lower than initially expected. The bank is going to pay a 3.31 kopeck dividend per share from FY20 net profit of 6.63 kopecks per share. CentrEnergo (CEEN) fell 4.4% to UAH 8.60. On the upside, UkrNafta (UNAF) jumped by 17% to UAH 259 ahead of the company’s earnings result for 4Q20. It is expected that the company will show an enormous on-paper profit in December from the one-off large natural gas deal with its state-owned parent group NaftoGaz.

In Ukraine’s relationship with the IMF, there was an announcement of new negotiations for the first review of the Stand-By loan. The agenda for the next few months is to continue discussions on a well-focused set of reforms needed to ensure fiscal sustainability for the country, IMF press liaison Gerry Rice said at a traditional briefing in Washington. In our view, Kyiv has a chance to complete the program review with the IMF by the end of May.

On the London Stock Exchange, Ferrexpo (FXPO) corrected by 3.8% to GBp 375 after its surge of 10% over the preceding week. Information regarding a possible increase in the iron ore production tax in Ukraine had a negative impact on the FXPO stock. Poultry maker MHP (MHPC) declined by 1.4% to USD 5.54 despite the company’s somewhat better financial results for 4Q20. Moreover, the company declared a 28 US cents dividend per share which is set to be paid in late April.

Warsaw-listed Agroton (AGT) shed 1.6% to PLN 6.02 per share while top liquid name Kernel (KER) sat unchanged at PLN 55.90.

The hryvnia saw its first substantial decline in two months on the interbank market, giving up 1.0% against the dollar to close at 28.01 UAH/USD.

POLITICS AND ECONOMICS

- Zelenskiy Tries to Oust Top KCU Judge by Decree

- Ukraine’s Daily Industrial Output Climbs 0.3% MoM in February as Solid Growth Resumes in Retail Sales

STOCKS IN THE NEWS

- MHP’s Debt Leverage Worsens to 3.7x EBITDA in 2020, Dividend Still Expected

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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