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Analytics and Market news

Monday, 27 February 2023

Ukraine Weekly Market Monitor

Eavex Capital

Group of Seven finance ministers once again condemned russias war in Ukraine on the eve of its one-year mark and pledged to increase financial support for Ukraine. G-7 finance ministers increased their budget to USD 39bn and reaffirmed their unwavering support for Ukraine, calling russias aggression illegal, unjustifiable and unprovoked in a statement issued last week. The increase in funding will enable Ukraine to continue the delivery of basic services and carry out critical repairs of damaged infrastructure apart from stabilizing the economy.  According to DTEK estimates, the countrys energy industry suffered USD 6.8bn in losses during the year of the full-scale war. Since February 24, 2022, the power system has survived 14 massive missile attacks, 17 massive drone attacks, and 255 strikes on facilities. The company emphasized that the russians were unable to disable Ukraines energy industry with their attacks.

Despite certain positive signals from international partners regarding the reconstruction of Ukraine, quotes for CentrEnergo (CEEN) and DonbasEnergo (DOEN) continued to decrease due to the risks of uncontrolled bankruptcy of these companies. The CEEN stock plunged by 25% last week to UAH 2.40 while from the beginning of the year, the drop reached 40%.

Raiffeisen Bank (BAVL) was unchanged at 27 kopecks. In a recent interview, Raiffeisen Bank Ukraine CEO Oleksandr Pisaruk noted that the bank has formed UAH 9.5bn in reserves for credit risks. The banks total corporate loan portfolio stands at UAH 65bn, therefore, in our opinion, the bank will be forced to continue forming reserves to cover non-performing loans. The banks retail loan portfolio amounted to UAH 6.8bn, and a reserve of UAH 2.3bn has already been formed for the retail loan portfolio.

In Warsaw trading, Kernel (KER) gained by 5.6% to PLN 20.00 and Astarta (AST) rose by 4.5% to PLN 23.45.

POLITICS AND ECONOMICS

- China a Big Question as War Enters 2nd Year; Zelenskiy Hopes to Meet Xi

STOCKS IN THE NEWS

- Metinvest Reports 69% YoY Drop in Steel Output to 2.9mn tonnes in 2022

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


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, [email protected]



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