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Analytics and Market news

Monday, 25 March 2024

Ukraine Weekly Market Monitor

Eavex Capital

On the Ukrainian Exchange, there was again a negative trend for Raiffeisen Bank (BAVL) shares, which lost 2.0% over the week, trading at 25 kopecks per share (MCap of USD 391mn). Since the beginning of the year, Raiffeisen Bank shares have fallen by 22%. An announcement was made regarding the bank’s shareholders’ meeting, where one of the agenda items will be the distribution of a profit of UAH 4.8bn (USD 122mn) for 2023. The draft resolution proposes allocating 50% of the profit to the reserve fund. The remaining part of the profit will remain undistributed, theoretically enabling the bank to pay dividends from this undistributed profit in the future, when permitted by the regulator. Thus, based on our calculations, future dividends (if paid) could amount to 3.9 kopecks per share, providing a dividend yield of 15% at the current share price.

Among Ukrainian companies listed abroad, there was a clear downward move that we attribute to renewed large-scale russian missile attacks on the Ukrainian civil and energy infrastructure. Iron ore miner Ferrexpo (FXPO) slipped by 14% to GBp 43.2 per share over the week, Enwell Energy (former Regal) fell by 9.3% to GBp 13.4, and MHP (MHPC) declined by 2.7% to USD 3.30.

The hryvnia showed some weakness on the cash market as the ask price for the dollar moved up by 1.2% to 39.35 UAH/USD. The interbank market opened today at 39.20 UAH/USD.

Optimism among investors prevails in the global stock market, pushing stock indices to new historical highs. The S&P 500 index gained 2.3% for the week and 9.8% since the beginning of the year. There are concerns that a correction of 10% might occur in the US stock market in May.

POLITICS AND ECONOMICS

- Wheat Prices Show Early Signs of Rebound Rising by 5% Last Week

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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