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Analytics and Market news

Monday, 30 August 2021

Ukraine Weekly Market Monitor

Eavex Capital

There was limited action on the Ukrainian Exchange last week amid the Independence Day holiday period in the country. The UX index slipped by 0.6% to 1860 points in mixed trading in the major Kyiv-listed stocks. Quotes for Raiffeisen Bank Aval (BAVL) once again returned to 45 kopecks, rising by 4.4% over the week as traders are hoping that the BAVL stock will deliver a solid dividend yield of at least 7% in the next 12 months. So far this year the bank’s net profit exceeds our forecast, reaching 3.79 kopecks per share in 1H21. TurboAtom (TATM), also a possible dividend stock, bounced back by 9.5% to UAH 8.10, but we remain skeptical about the company’s return to a large dividend distribution, as it was barely profitable in 1H21. On the red side of the UX index, UkrNafta (UNAF) dropped by 5.3% to UAH 251 without an obvious driver. CentrEnergo (CEEN) decreased by 2.6% to UAH 9.50, remaining under pressure due to the current chaotic situation in the Ukrainian electricity sector. In second tier stocks, Krukiv Wagon (KVBZ) fell 7.3% to UAH 18.55 after the company unveiled a net loss of UAH 164mn for 1H21 compared to its net profit of UAH 51mn a year ago.

In London trading, Ferrexpo (FXPO) gained back 9.3% to GBp 387 after two weeks of double-digit declines. Natural gas producers with assets in Ukraine were on the rise, with Enwell (former Regal) adding 4.4% to GBp 29.40 and JKX Oil&Gas (JKX) advancing by 12.7% to GBp 29.30.

Warsaw-listed Astarta (AST) corrected by 3.5% to PLN 52.50 while Agroton (AGT) picked up 2.5% to close at PLN 8.18.

The hryvnia declined by 0.9% to 26.93 UAH/USD over the week. The National Bank intervened on the interbank market with the sale of the hard currency at 26.94 UAH/USD to prevent a further hryvnia decline heading into September, which historically has been a weak month for Ukraine’s national currency.

POLITICS AND ECONOMICS

- Zelenskiy’s White House Visit Pushed Back to Sept 1 at Biden’s Request

- Ukraine Industrial Output Shows Anemic Growth of 0.2% YoY in July

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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