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Analytics and Market news

Monday, 19 February 2024

Ukraine Weekly Market Monitor

Eavex Capital

On the Ukrainian Exchange, there was a decrease in the quotes of Raiffeisen Bank (BAVL) by 3.4% to 28 kopecks (MCap of USD 453 mn). Since the beginning of the year, Raiffeisen Bank shares have already lost 12.5%. The bank’s financial report for 2023 was worse than expected. The net profit of the bank was UAH 4.8bn (USD 126mn), which turned out to be lower than the preliminary profit data at the level of UAH 5.2bn. Thus, the net profit per share amounted to 7.8 kopecks, resulting in an actual price-to-earnings (P/E) ratio of 3.6x. The estimated price-to-book (P/B) ratio is 0.8x. Considering that the bank is currently restricted in dividend payments, Raiffeisen Bank shares have modest growth potential due to the presence of risks of declining profitability of the bank’s operations in the next two years.

In the currency area, the hryvnia devaluated by 0.9% on the cash market to 38.40 UAH/USD. On the interbank market, the hryvnia currently trades at 38.27 UAH/USD.

Quotations of shares of Ukrainian companies listed on foreign exchanges mainly had a negative trend last week. Ferrexpo shares fell by 8.1% to GBp 80.6 (MCap of USD 607mn). Shares of Astarta (AST) saw a decrease of 3.5% to PLN 29.2 (MCap of USD 178mn).

US equities took a certain pause after a period of sharp growth since the end of October. The S&P 500 broad market index corrected by 0.4%. Shares of Apple and Microsoft experienced declines of 3.7% and 3.8%, respectively. At the same time, securities of electricity producers, traditionally considered a defensive asset, began to rise. In particular, the quotations of American Electric Power increased by 6.1% during the week.

POLITICS AND ECONOMICS

- Ukrainian Banks’ Assets Increase by 25% YoY to USD 77bn in 2023. The Capital Adequacy Ratio Deteriorates to 21%.

The National Bank of Ukraine has opened a special fundraising account to support the Armed Forces of Ukraine. Please find more at the National Bank’s 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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