INTERCITY BROKER JSC WEEKLY REPORT BROKER DEALER COMPANY Member of Belgrade Stock Exchange th st Member of Central Securities Depository and Clearing house April 18 - 21 , 2 0 1 1 52 Maksima Gorkog St., Belgrade, Serbia +381 (11) 3083-100, 3087-862; Fax: +381 (11) 3083-150 e-mail: [email protected] ; www.icbbg.rs
AIK bank to issue dividend shares The previous week on BSE we have seen total weekly turnover of around EUR 2.7 mil, which has been recorded in four trading days. Belex15 Index, the benchmark encompassing the most liquid shares of the BSE, made significant decrease of 1.81%, while the Belexline recorded decrease of 1.22% comparing to the week before. Shares:
As expected, the Petroleum Industry of Serbia NIS (NIIS) has been the most traded issue from real sector on the BSE last week. Its realisation totalled EUR 341,000 and the price was decreased for 2.69% comparing to the week before. At the moment, price dropped to the level of RSD 493, but trading turnover was mostly realized in RSD 500 to RSD 510 price level. Portfolio investors expect quartarely reports and Business Plan for H1, 2011, in order to make further investment decisions. The Friday’s close of price was RSD 505. At the end of 2010, EBITDA for NIIS was around EUR 300 mil, while current Market cap is about EUR 807 mil. The majority owner Gasprom Neft posess 56.15% of NIIS. Issues of Airport Nikola Tesla, Belgrade (AERO) made light trading turnover of about EUR 167,000 on the weekly level. The price fluctuated from RSD 494 to RSD 512. The Friday’s close of price was RSD 504, and it slide d by 0.98% on week over week level. Investors expect better Q1 financial results, mostly because increasing flights of low cost airplane companies (Fly Niki , Wizz Air). According to the statement of the company’s management, Airport plans to expand capacity by investing in the reconstruction of existing (about 9,500 square meters) and construction of new terminals (about 9,500 square meters). It is important to know that Net profit of AERO for 2010 is EUR 22.5 mil, while the current Market capitalisation is around EUR 169.5 mil. Becej headquartered soybean Sojaprotein (SJPT) processor recorded gain of around 1.70% on week over week level. The price fluctuated in wide channel from RSD 981 to RSD 1,025, and the Friday’s close of price was RSD 1,016. According to the words of the company’s management, Sojaprotein recorded Profit of about EUR 4 mil, in the Q1 of 2011, and the plan for the whole 2011 is to make Profit of about EUR 10 mil. It is important to say that Net profit for 2010 was around EUR 8 mil, and that current Market capitalisation is about EUR 98 mil. The shares price of Serbian construction giant JSC Energoprojekt holding, Belgrade (ENHL) fluctuated from RSD 911 to RSD 950. General manager of ENHL, Mr. Vladimir Milovanovic announced that Consolidated Revenues for 2010, was around EUR 228 mil, while EBIT was around EUR 13.5 mil, and that ENHL posess about EUR 350 mil signed contracts. He also said he expects this contracts value to be higher. In addition, Mr. Milovanovic said several companies are willing to take over Energoprojekt holding, and that Canadian construction Company SNC Lavalin is still interested to buy ENHL. Besides, ENHL announced Business plan for H1, 2011, which means Consolidated Revenues of EUR 114.6 mil and Consolidated EBIT around EUR 3.1 mil. Investors are waiting for Sharesholder Meeting on April, 30th and decisions regarding to Dividend for 2010, as well as Business plan for the period 2011 2015. It is significant to say that the Dividend day is May, 22. The Friday’s close of price was RSD 944, and the current Market capitalisation is about EUR 86.7 mil. In banking sector as well as on the whole BSE, issues of AIK banka, Nis (AIKB) were the most traded with total weekly realisation of around EUR 440,000. The price soared to the level of RSD 3,662 and this is the lowest level since January 13th, 2011. The main reason for this decrease was the Decision of Sharesholders Meeting to issue new shares (around 4.5%) as Dividend for 2010. AIK banka is one of the most profitable bank in Serbia and it recorded EBT around EUR 61 mil for 2010. The current Market capitalisation is around EUR 300 mil.
Treasury Bills and Treasury Notes:
Two auctions of treasuries and Government bonds took place last week. 53 weeks T bills sold out at the weighted average rate of return (money market yield) of 13.25% with total turnover around EUR 28.15mil, while 6 month T bills sold out at the money market yield of 13.20% with total turnover about EUR 19.6 mil. Most Active Stocks of the Week CONTINUOUS TRADING METHOD (without block transactions) Top Gainers/Losers of the Week
Traded Value Change Change Issuer Symbol Issuer Issuer (in EUR) (%) (%) JSC Velefarm, JSC AIK banka, Niš AIKB 442,006 JSC Vital, Vrbas +32.23% 14.06% Beograd
JSC Informatika, JSC Politika, JSC NIS, Novi Sad NIIS 344,657 +11.68% 10.67% Beograd Beograd
JSC Philip Morris JSC Privredna JSC Vital, Vrbas VITL 274,318 +7.47% 7.38% Operations banka, Beograd
JSC Aerodrom Nikola JSC Univerzal AERO 168,323 JSC Simpo, Vranje +3.85% 6.30% Tesla, Beograd banka, Beograd
JSC Metalac, Gornji JSC Alfa plam, MTLC 144,858 JSC Metalac +2.35% 5.86% Milanovac Vranje Business News of the Week News from the Belgrade Stock Exchange (BSE) ► The Day of Listed Companies Austrians buy Telekom, Germans get VIP network http://www.belex.rs/eng/trgovanje/vesti/32842
Telecom Austria is ready to pay Serbia for a 31 percent ► Statement on six month business plan for H1 2011. Energoprojekt stake in Telekom Srbija and to give VIP in exchange for holding a.d. , Beograd (ENHL) OTE's 20 percent stake in the national http://www.belex.rs/data/2011/04/00067309_E.pdf telecommunications company of our country. The ► GA Meeting scheduled on 30.6.2011. On agenda important decision: deadline extensions have been requested because of profit distribution, capital increase Energoprojekt holding a.d. , the position of the EU, which finds it unacceptable that Beograd (ENHL) http://www.belex.rs/data/2011/04/00067307_E.pdf Telekom Austria holds 70 percent of the market. Telecom Austria is offering a new, much more Foreign Investors Participation in Total Turnover complicated solution in the negotiations on the acquisition of Telekom Srbija. Blic daily newspaper learns from unofficial sources that the idea of Telecom 100% Austria is to buy 31 percent of shares from the Serbian government and to give VIP Mobile to Deutche Telekom 80% (the owner of OTE) in exchange for OTE's 20 percent stake in Telekom Srbija. Blic's source in the Government 60% of Serbia claims that it would be a "win win" combination the state would get the requested EUR 840 million for 40% its 31 percent stake, Telecom Austria would take over 51 percent of the company without putting additional efforts 20% into increasing its offer to EUR 1.4 billion, while Deutsche Telekom would finally enter the market of 0% Serbia through VIP Mobile. ( E kapija ) 18 Apr 19 Apr 20 Apr 21 Apr Total FIS b-FIS s-FIS FIB FIT Dr.Oetker takes over Centroproizvod's divisions for confectionery and powder products Source: Belgrade Stock Exchange Analysis: Intercity broker
The company Dr.Oetker, European leader in the Foreign investor’s participation in turnover of shares ( FIS ) on the buy production of additives for cakes, desserts, puddings, side ( b-FIS ) hit the highest point on April 19 (80.96%). On weekly level, frozen food and many other products, has acquired the foreign investors participated in total b-FIS 69.73% and in total s-FIS divisions of Centroproizvod for confectionery and powder 27.00%. products. We are satisfied with the expansion of operations in Serbia. We feel welcomed here and Republic of Serbia Bonds (Weekly Change & Yield) believe in the potential offered by the market of Serbia said Dr.Oetker Executive Vice President for the countries of Central and East Europe and HR and % Series 15 April 21 April Yield Logistics Manager Ralf Blomeier. Signing of this change significant agreement with one of the leading companies in Serbia's food industry makes it possible for Dr.Oetker A2011 98.81 99.12 0.31% 8.40% to apply its knowledge and experience and to continue A2012 94.00 94.35 0.37% 5.37% to conduct the policy of the highest quality in all markets worldwide, including Serbia. We are confident that this is A2013 88.37 88.58 0.23% 5.91% an extension of our successful operations in Serbia said Zoran Mitic, CEO of Dr.Oetker in Serbia. (E kapija ) A2014 83.40 84.48 1.29% 5.57% A2015 79.28 80.30 1.28% 5.48% Agreement on four-year arrangement reached with A2016 74.80 75.15 0.46% 5.74% the World Bank - USD 200 million loan every year Source: Belgrade Stock Exchange
Serbian Prime Minister Mirko Cvetkovic and World Bank Managing Director Ngozi Okonjo Iweala reached an Government euro denominated zero coupon bonds had light trading agreement on April 16 on a four year arrangement value of around EUR 157,100. The most traded issue was a series of envisaging a possibility that Serbia draws a $200 million A2014 with turnover about EUR 48,990 and yield the return of 5.57% at loan each year during this period. Following the meeting, annual basis. Cvetkovic explained that the $800 million loan was the smallest possible and that Serbia would be able to draw Middle Exchange Rate E U R / R S D additional funds from the World Bank if necessary. This is the minimum sum and it can be significantly (RSD) increased, which depends on how successfully we draw 106,0 the funds the Prime Minister added. They accepted my proposal to earmark 50 percent of the funds for 105,0 covering the budgetary deficit and the remaining 50 percent for projects he explained, adding that there 104,0 would be a smaller number of larger projects in order to 103,0 ensure the efficient use of funds. The World Bank funds are the cheapest loans that can be granted by an 102,0 international finance institution Cvetkovic observed, underlining that the previously agreed sum of around 101,0 $400 million for road infrastructure was still at Serbia’s 100,0 disposal. ( E kapija ) 21.03.2011 25.03.2011 31.03.2011 06.04.2011. 12.04.2011. 18.04.2011. Source: National Bank of Serbia DISCLAIMER: The information and any opinions, estimates and forecasts have been obtained from sources believed by Intercity broker to be reliable but without representation or warranty express or implied is made by us as to their accuracy or completeness. This report is provided only for information purposes. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security. The information, opinions, estimates and forecasts may well be affected by subsequent changes in market conditions. This document may not be reproduced in whole or in part or published for any purpose.