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Market Comment Monday, February 25, 2013 th nd SERBIAN EQUITIES WEEKLY February 18 – 22 , 2013 BELEX 15 Friday Closing Value 557.73 Market Comment: Weekly Change 0.77% Change 30 days -0.11% BSE indices remained in green last week, albeit again Change YTD 6.46% with modest gains (BELEX15 at +0.77%, BELEXline at History High 3,335.20 +0.56%). They are up 6.46% and 4.30% YTD, History Low 347.46 respectively. 600 Equity turnover stood at €2.3m, two thirds of the previous week’s result. Bonds liquidity tripled WoW, but still 550 BELEX 15 remained pretty insignificant (at €123k). 500 450 NIS (NIIS) was by far the most popular stock for the 400 week, having generated more than half of the total traded volume. Following on the “top traded stocks” list were Sojaprotein (SJPT), Komercijalna Banka (KMBN), Imlek (IMLK) and Aerodrom Nikola Tesla (AERO). BELEX line Friday Closing Value 1,048.79 We do not expect to see any major shakeups on the Weekly Change 0.56% Serbian market this week. Change 30 days 0.25% Change YTD 4.30% History High 5,007.34 History Low 841.99 1,200 1,100 BELEX line 1,000 900 800 1 Monday, February 25, 2013 th nd SERBIAN EQUITIES WEEKLY February 18 – 22 , 2013 Current Week Previous Week Change Total Traded Value in EUR 2,414,935 3,506,199 -31.12% Traded Value Shares in EUR 2,291,803 3,465,062 -33.86% Traded Value Bonds in EUR 123,132 41,137 199.32% PARTICIPATION OF SHARES AND BONDS IN LAST WEEK’S TRADING Bonds: 5.1% FOREIGN INVESTMENTS Shares: Current Week Previous Week 94.9% FIT 60.88% 49.82% FIS 63.25% 50.28% FIB 16.73% 10.97% 2 Monday, February 25, 2013 th nd SERBIAN EQUITIES WEEKLY February 18 – 22 , 2013 Last Week’s Trading of the Most Liquid BSE Companies 3 Monday, February 25, 2013 th nd SERBIAN EQUITIES WEEKLY February 18 – 22 , 2013 4 Monday, February 25, 2013 th nd SERBIAN EQUITIES WEEKLY February 18 – 22 , 2013 Economy and Business News Economy: State 7-year Eur-bonds sold at 5.15% At the auction held last some 10 days ago, $1.5bn worth of Serbia’s Eur-bonds was successfully sold, with an oversubscription of around 200%. The securities mature in 2020, while the achieved interest rate of 5.15% stands well beneath the 7.50% recorded during Serbia’s first Eur-bond auction held in September 2011. Part of the received funds will be used to repay some of the county’s less favourable loans. (Source: Ministry of Finance) Company News NIS (NIIS): FY 2012 results – NP at RSD49.5bn, up 22% YoY Oil Industry of Serbia (NIS) posted its FY 2012 financials, according to which the Company booked the highest bottom line ever; NP came in at RSD49.5bn, up 21.8% YoY (these are non- consolidated results with possible difference below 1%). Sales went up by 21.0% YoY, stopping at RSD226.2bn. At the same time, EBITDA increased by 34.1% YoY, at RSD64.8bn, on a 2.8pp improved margin (28.7% vs. previous 25.9%). Regarding segment results, Exploration and Production increased the oil and gas production by 11% YoY, to 1.69m toe, thus participating in the overall bottom line with some RSD80.3bn. Furthermore, it is important to notice that the refining segment managed to reduce its constant negative result to -RSD9.7bn, vs. -RSD17.5bn at the end of 2011. As for BS development, total debt to banks amounted to $418m at the end of 2012, down 9.1% YoY. However, due to the local currency weakening seen during the most of the reporting period, NIS booked FX related losses in the amount of RSD6.8bn, vs. RSD0.5bn in 2011. (Source: Company) NIIS currently trades at a P/S13e of 0.6 and a P/E13e of 2.4. As a reminder, the SPA stipulates dividend payout in the amount of at least 15% of NP. Therefore, shareholders can expect a yield of some 5% (at current prices). 5 Monday, February 25, 2013 th nd SERBIAN EQUITIES WEEKLY February 18 – 22 , 2013 Tigar (TIGR): Managers accused of fraud Several top managers of rubber product manufacturer Tigar have come under questioning in what seems to be another case of corruption in Serbia. From the media reports it is unclear whether the managers are already indicted or if investigations are under way. Media speculates that the managers, including the ex-CEO and directors of daughter companies, are accused of funnelling some €4.5m over a ten year span. The alleged wrongdoings was actually a very simple scam: a no-name consulting firm from Belgrade charged Tigar some €500k per year for advisory services, while a bulk of this money was paid back to managers’ private accounts. This may have very easily been an internal scheme of indirectly paying bonuses to top managers. The Ministry of Finance (state) lent Tigar €2m just a few weeks ago to help their struggling liquidity. This seems to have been a trigger for inquiries into the finances of the company which is still 33% owned by the state of Serbia. (Source: B92, Tanjug) TIGR currently trades at a P/S13e of 0.1. We consider the news not necessarily negative, as they may shake up things in the struggling company. Tigar has invested circa €40m in new facilities in the past few years and is generally able to market its products in the EU, but had grossly mismanaged its finances lately. The firm has a mcap of €3m at the moment. 6 Monday, February 25, 2013 th nd SERBIAN EQUITIES WEEKLY February 18 – 22 , 2013 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 Belgrade Central Address: Vuka Karadzica 10, 11000 Belgrade, Serbia Fax no: +381 11 26 24 933 Disclaimer Eurobank AD Beograd and its third party suppliers ("Information Providers") furnish the information available in this Document without responsibility for accuracy and you agree that errors contained in such information shall not be made the basis for any claim, demand or cause of action against Eurobank or any Information Provider. Eurobank believes its data and text services to be reliable, but accuracy is not warranted or guaranteed. The Document includes facts, views, opinions and recommendations of individuals and organizations deemed of interest. Neither Eurobank nor Information Providers guarantees the accuracy, completeness or timeliness of, or otherwise endorses these views, opinions or recommendations, gives investment advice, or advocates the purchase or sale of any security or investment. You agree not to reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate or commercially exploit the information available in this Document in any manner without the express written consent of Eurobank, nor to use the information available in this Document for any unlawful purpose. Eurobank may point to other documents that may be of interest to you but for which Eurobank has no responsibility. Eurobank and information providers expressly disclaim all warranties of any kind, express or implied, including without limitation any warranty of merchantability, fitness for a particular purpose or non-infringement. Neither Eurobank nor any of its information providers, parents, members, subsidiaries, affiliates, service providers, licensors, officers, directors or employees shall be liable for any direct, indirect, incidental, special or consequential damages arising out of or relating to this agreement or resulting from the use or the inability to use the document, including but not limited to damages for loss of profits, use, data or other intangible damages, even if such party has been advised of the possibility of such damages. 7 .
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