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Analytics and Market news

Monday, 9 August 2021

Ukraine Weekly Market Monitor

Eavex Capital

The earnings season for Ukrainian equities listed in Kyiv was mixed. Quotes for UkrNafta (UNAF) had little reaction to the company’s 2Q net profit as news regarding a penalty from the Anti-Monopoly Committee sent the stock 5% down to UAH 270. UkrNafta posted an EPS of UAH 29.22 for 1H21, implying a forward looking P/E of 5.3x. CentrEnergo (CEEN) reported somewhat better than expected profit for 2Q21, but it is still unclear whether the company will manage to end the year in the black. The CEEN stock closed at UAH 9.60, while the ask price increased by 3.0% to UAH 10.30 per share. TurboAtom (TATM) dropped by 6.7% to UAH 7.00 after the company unveiled a marginal net profit of UAH 2.19mn (EPS of UAH 0.005) for 1H21 compared to a net profit of UAH 192mn (EPS of UAH 0.45) in 1H20. TurboAtom’s top line revenue fell almost 30% YoY to UAH 625mn in 1H21. Meanwhile, Raiffeisen Bank Aval (BAVL) beat expectations, posting an EPS of 2.0 kopecks for 2Q21 compared to our forecast of the EPS of 1.1 kopecks. The bank’s EPS for 1H21 was 3.8 kopecks. We project that Raiffeisen Aval will earn an EPS of 5.9 kopecks for the full-year and will pay a dividend of 2.9 kopecks per share, implying a dividend yield of 6.5% taking into account the stock’s current price of 45 kopecks.

The record high natural gas prices in Europe spurred quotes for London-listed Ukrainian gas producers Enwell Energy (former Regal) and JKX Oil&Gas (JKX) which gained 3.8% and 2.7% respectively. The ENW stock closed at GBp 27.60, a rise of 30% since the start of the year. Iron ore miner Ferrexpo (FXPO) slid 11% to GBp 435 as the benchmark iron ore price has corrected back to USD 172 per tonne after trading above the USD 200 level in July.

On the Warsaw Stock Exchange, Kernel (KER) edged lower by 0.2% to PLN 53.80 while Astarta (AST) advanced by 5.3% to PLN 50.70.

The hryvnia strengthened to 26.83 UAH/USD amid a solid foreign currency inflow from agro exports.

POLITICS AND ECONOMICS

- Zelenskiy Silent on Lukashenko after Belarus Activist Found Dead in Kyiv

STOCKS IN THE NEWS

- UkrNafta Meets Expectations with UAH 525mn 2Q Profit

- CentrEnergo Earns 2Q Profit of UAH 204mn Despite 44% Slump in Revenue

full report

Eavex Capital welcomes any questions or comments you may have regarding our research products.
Please contact us by email:

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

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