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Analytics and Market news

Monday, 21 March 2022

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian stocks listed on London and Warsaw bourses experienced a certain rebound after touching depressed levels as a result of the Russian military invasion of Ukraine. Quotes for Kernel (KER) leapt 70% last week to PLN 35.40 after touching a bottom at PLN 18.80 on Mar 7. The current stock price implies an estimated trailing P/E of just 1.6x. The KER shares fell by 40% since the start of the year. Agroton (AGT) also grew from the bottom of PLN 3.96 to PLN 5.30. The AGT stock dropped by 22% YTD.  

In London trading Ukrainian iron ore miner Ferrexpo (FXPO) advanced by 12% last week to GBp 168 per share (-44% YTD). Meanwhile, Ferrexpo reported that it suspended iron ore deliveries through its key Pivdeny Black Sea Port. Poultry maker MHP (MHPC) lost 0.8% to close at USD 3.50 (-48% YTD). The company missed the USD 11mn coupon payment on its Eurobonds on Mar 19. MHP said its working capital facilities that typically finance the sowing campaign cant be accessed due to liquidity constraints in Ukraines banking system. The company experienced disruptions to production and sales as a result of the war, but its production facilities havent suffered damage.

Kyiv-listed UkrNafta (UNAF) and CentrEnergo (CEEN) have not published any new operational update on how the companies tackling the war crisis.

Among macroeconomic data, UkrStat published an inflation figure for February saying that consumer prices grew by 1.6% MoM while on the yearly comparison they rose by 10.7%. We think that UkrStats methodology has not reflected the sharp price increase for food in the country after Russia started the war.  

On the currency front, the official hryvnia exchange rate remained frozen at 29.25 UAH/USD. An indicative exchange rate on the cash market stands at 32.50 UAH/USD, an increase of 19% YTD.

POLITICS AND ECONOMICS

- Zelenskiy Rejects Russian Demands on Crimea/Donbass, Calls for Talks

full report


The National Bank of Ukraine has opened a special fundraising account to support the Armed Forces of Ukraine. Please find more at the National Banks official website under the link below:

www.bank.gov.ua/en/news/all/natsionalniybankvidkrivspetsrahunokdlyazborukoshtivnapotrebiarmiyi

The National Bank also opened a fundraising account for Humanitarian Assistance to Ukrainians. Please see details under the link below:

www.bank.gov.ua/en/news/all/natsionalniybankvidkrivrahunokdlyagumanitarnoyidopomogiukrayintsyampostrajdalimvidrosiyskoyiagresiyi



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