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Analytics and Market news

Tuesday, 6 April 2021

Ukraine Weekly Market Monitor

Eavex Capital

The major stocks listed in Kyiv were on the rise last week after the National Bank reported that its business sentiment index improved according to the latest survey conducted at the end of March. The most optimistic view was expressed by representatives of the trade sector, while sentiments in the construction sector remained subdued.

The Ukrainian Exchange index, which consists of five stocks including the long-frozen Motor Sich (MSICH), increased by 1.1% last week to 1899 points. The gauge has advanced by 17% since the start of the year mainly due to the 45% surge in UkrNafta (UNAF) to UAH 278. The country’s largest oil company is undergoing a complicated process of asset valuation before an expected split of the business between its two largest shareholders. Surprisingly, there was no correction in the UNAF stock following a decision by Ukraine’s Anti-Monopoly Committee to fine UkrNafta UAH 2.36bn (USD 85mn) for pricing manipulation on the retail petroleum market. The company said it will fight the penalty in court.

In other local blue-chip names, CentrEnergo (CEEN) rose 4.7% last week to UAH 9.00 after the company proposed to pay out a large additional dividend of 54 kopecks per share from its FY18 profit. CentrEnergo’s annual shareholders meeting is scheduled for Apr 30, with the dividend from FY20 net profit expected at 8.3 kopecks per share. TurboAtom (TATM), like CentrEnergo a state-owned company, also decided to increase its dividend from FY18 profit by paying out an additional 72 kopecks per share, as well as 37 kopecks per share from FY19 and a regular dividend from FY20 profit of 27 kopecks. The TATM stock is traded at a bid of UAH 8.20 and an ask price of UAH 9.00. Raiffeisen Bank Aval (BAVL) increased by 4.4% to 47.00 kopecks, recovering part of its drop seen a week earlier.

London-listed JKX Oil&Gas (JKX), a natural gas producer with major fields in Ukraine, lost 12% to end at GBp 23.00 after the company posted worse than expected earnings for FY20. Ferrexpo (FXPO) extended its correction to a second straight week, falling 5.3% to GBp 355 per share. MHP (MHPC) shed 2.5% to USD 5.40.

In Warsaw trading, top liquid name Kernel (KER) edged down by 1.6% to PLN 55.00.

On the interbank currency exchange, the hryvnia adhered tightly to the 28 UAH/USD resistance level, inching lower by 3 kopecks (0.1%) over the week to close at 28.04 UAH/USD.

POLITICS AND ECONOMICS

- Biden, Zelenskiy Hold 1st Call Amid Flurry of High-Level Contacts

STOCKS IN THE NEWS

- CentrEnergo Posts FY20 Profit of UAH 61mn, Implying 1% Dividend Yield

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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