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th th SERBIAN EQUITIES WEEKLY January 8 – 11 , 2013

BELEX 15 Friday Closing Value 535.69 Market Comment: Weekly Change 0.40% Change 30 days 5.54% Serbian equities remained above par last week, although Change YTD 2.25% only just (BELEX15 at +0.40%, BELEXline at +0.03%). History High 3,335.20 Nevertheless, this was enough to maintain the green streak for the ninth consecutive week. BSE indices are up History Low 347.46 2.25% and 1.21% YTD, respectively.

600 Equity turnover was boosted by a €96m block trade of 550 BELEX 15 Frikom (FRKM) shares (internal reshuffling within a 500 group, no actual owner change). On the other hand, bonds liquidity remained modest. 450

400 (KMBN) was the most popular stock for the week, followed by NIS (NIIS), Aerodrom Nikola Tesla (AERO), AIK Banka (AIKB) and Messer Tehnogas

(TGAS).

BELEX line Friday Closing Value 1,017.69 Weekly Change 0.03% We expect the recurring liquidity on the Serbian market to Change 30 days 5.87% improve this week, as the holiday season came to an end. Change YTD 1.21% History High 5,007.34

History Low 841.99

1200

1100 BELEX line 1000

900

800

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th th SERBIAN EQUITIES WEEKLY January 8 – 11 , 2013

Current Week Previous Week Change Total Traded Value in EUR 97,677,227 4,390,839 2124.57% Traded Value Shares in EUR 97,642,367 4,327,657 2156.24% Traded Value Bonds in EUR 34,860 63,182 -44.83%

PARTICIPATION OF SHARES AND BONDS IN LAST WEEK’S TRADING Bonds: 0.04%

FOREIGN INVESTMENTS Shares: 99.96% Current Week Previous Week FIT 99.52% 50.77% FIS 99.55% 51.14% FIB 29.39% 25.43%

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th th SERBIAN EQUITIES WEEKLY January 8 – 11 , 2013

Last Week’s Trading of the Most Liquid BSE Companies

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th th SERBIAN EQUITIES WEEKLY January 8 – 11 , 2013

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th th SERBIAN EQUITIES WEEKLY January 8 – 11 , 2013

Company News

Energoprojekt Holding (ENHL): One of the holding members sanctioned by the World Bank Energoprojekt Niskogradnja, one of the members of , has been announced a debarment by the World Bank, for a period of two and a half years, due to the company’s misconduct in its operations in . The decision affects the potential future projects that will be financed by the World Bank, not those that have already been signed. (Source: World Bank, B92, Company) It is important to stress that Niskogradnja is one of nine holding members, so the operations of the entire Energoprojekt system should not be heavily jeopardized. However, news like this can not do well for the company’s reputation. ENHL currently trades at a P/S12e of 0.3 and a P/E12e of 7.1.

Aerodrom Nikola Tesla (AERO): Number of serves passengers up 8% YoY AERO released its statistics for the whole year 2012, according to which the number of served passengers amounted to 3.36m, up 7.6% YoY. The achieved result is below the management expectations of some 3.5m, due to the growth slowdown seen in the last quarter of the year. The aircraft movements (landings and takeoffs) remained almost flat compared to the year 2011 (at 44,990, vs. 44.923). (Source: Company) AERO currently trades at a P/S12e of 2.6 and a P/E12e of 11.0.

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Eurobank Brokerage www.eurobank.rs Head of Brokerage Ivan Radovic [email protected] +381 11 30 27 533 Research Nanuk Madjer [email protected] +381 11 30 27 535 Dejan Milicevic [email protected] +381 11 30 27 535 Trading Vojislav Nevenic [email protected] +381 11 30 27 539 Marija Andric [email protected] +381 11 30 27 537 Central Address: Vuka Karadzica 10, 11000 Belgrade, Fax no: +381 11 26 24 933

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