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Weekly Report INTERCITY BROKER JSC WEEKLY REPORT BROKER-DEALER COMPANY Member of Belgrade Stock Exchange s t t h Member of Central Securities Depository and Clearing house S e pt emb er 21 – S ep t embe r 25 , 2 009 52 Maksima Gorkog St., Belgrade, Serbia Tel: +381 (11) 3083-100, 3087-862; Fax: +381 (11) 3083-150 e-mail: [email protected]; www.icbbg.rs Volumes Up, Fortnight Rally Stopped On Friday BSE indices fell on Friday, after 15 days of continuous growth, following the world stock markets reduction caused by the G20 Fluctuation of Stock Exchange Indices Summit. Nevertheless, the week behind us was very good for the (%) in the Region (1-m Change) BSE – the indices went up and the overall turnover increased by 20 55% mainly due to transactions of AIK Bank, which was by far the most traded security. The blue chip index Belex15 increased 3.43% and broader Belexline 2.57%. The penetration of foreign 16 institutional investors is evident as well as significantly larger activity of the “old” foreign investors on the buy side. 12 Serbian central bank (NBS) expects 6.0% inflation next year with a variation band of 2% on either side. Key repo rate stays at 12%. 8 Serbia's retail market is expected to start picking up in the spring of 2010 while supply of office space in Belgrade will further exceed demand levels by the end of 2009 while rent rates are expected to 4 decrease, Colliers International said in a recent market overview. Public company Transnafta signed the Letter of intent with US 0 company Comico Oil which wants to build a new oil refinery in Smederevo. The first Oil Forum of the Energy Community of 26-Aug 1-Sep 7-Sep 13-Sep 19-Sep 25-Sep Southeast Europe was held on September 24 and 25 in Belgrade. -4 Russian businessman Oleg Deripaska has bought distributing company "Futura plus", which has over 1,150 retail facilities in BELEX 15 CROBEX SBI 20 Serbia and controls 22% of the press distribution market. The BIRS NEX 20 small capital markets of Balkan neighbors Serbia, Bosnia and Montenegro promise to gain more ground until the end of 2009 as optimistic foreign investors look back at the emerging stock Source: Official Websites markets seeking bigger returns, market watchers said. Belex15 870 Belexline 850 1,620 830 1,570 810 1,520 790 1,470 770 1,420 750 730 1,370 710 1,320 690 1,270 670 1,220 26-Aug 1-Sep 7-Sep 13-Sep 19-Sep 25-Sep 26-Aug 1-Sep 7-Sep 13-Sep 19-Sep 25-Sep C O N T I N U O U S T R A D I N G M E T H O D Most Active Stocks of the Week Top Gainers/Losers of the Week Traded Value Change Change Issuer Symbol Issuer Issuer (in RSD) (%) (%) Credy banka AIK banka a.d. Niš AIKB 423,195,546 Metals banka +42.37% a.d. -14.86% a.d. Novi Sad Kragujevac Komercijalna banka a.d. Velefarm a.d. Jubmes banka KMBN 62,250,585 +24.08% -11.21% Beograd Beograd a.d. Beograd Energoprojekt holding Politika a.d. Agrocoop a.d. ENHL 37,397,436 +20.00% -8.94% a.d. Beograd Beograd Novi Sad Dunav Putevi a.d. osiguranje a.d. Agrobanka a.d. Beograd AGBN 27,459,097 Užice +18.49% -6.64% Beograd Messer BIP a.d. Tehnogas a.d. Dunav Re a.d. Beograd DNREM 18,564,000 +17.14% Beograd -5.00% Beograd Business News of the Week News from the Belgrade Stock Exchange (BSE) EIB Grants Loan To SME ► Impol Seval a.d. Sevojno (IMPL) – Statement On The 6-Month Business Plan For H2 2009 The European Investment Bank (EIB) is going to extend a EUR 250 million credit line for Serbian SME in October. The NBS governor ► Fabrika maziva FAM a.d. Kruševac (FAMK) – Offer For Acquisition Of Radovan Jelasic says EIB is even ready to approve additional funds. Proprietary Shares Money from the EIB credit line can be used by entrepreneurs and leasing companies as well. SME in Serbia have so far used two EIB ► Mlekoprodukt a.d. Zrenjanin MLKP (MLKP) – Decision On loans amounting to EUR 65 million, owing to which 1,602 new jobs Termination Of Temporary Suspension And Decision On Exclusion Of were created. (Source: Beta) Shares Of The Issuer EBRD Lends EUR 150m For Pan-European Transport Corridor X ► Informatika a.d. Beograd (INFM) – Management Board Decision On V Ordinary Shares Issuance The loan for the construction of the Nis-Dimitrovgrad motorway section will be provided under favorable conditions, with a repayment ► Energoprojekt holding a.d. Beograd (ENHL) – Statement On The 6- period of 15 years, a grace period of 4 years and a 1% interest rate. Month Business Plan For H2 2009 The Finance Minister specified that almost EUR 1.2 billion have been Foreign Investors Participation in Total Turnover provided for motorway sections from Belgrade to the Hungarian border, from Belgrade to the Bulgarian border via Nis and from Nis to Macedonia and Greece. Head of the Corridor 10 Managing Board 100% Nemanja Ivanisevic announced that the EIB's Managing Board is expected to approve the provision of another loan, for the 80% construction of the Prosek-Crvena Reka section. The construction of the 90 km long Nis-Dimitrovgrad motorway section will cost €795 million, he said, adding that it will help secure Serbia's role as a 60% transit country. (Source: Serbian Government) 40% Danish Pump Manufacturer Grundfos Builds Factory in Indjija Danish company Grundfos, one of the world's leading pump 20% manufacturers, will build a EUR 70 million worth factory in Indjija, Vojvodina Investment Promotion Agency (VIP) stated. The lease contract for the land and the construction of a factory was signed and 0% it will be one of the biggest Greenfield investments in Vojvodina. The 21-Sep 22-Sep 23-Sep 24-Sep 25-Sep factory will employ 500 workers. (Source: Pregled) Several Foreign Companies Interested In Construction Of HPP Djerdap 3 - Investment Worth EUR 4 - 6 Billion Total FIS b-FIS s-FIS FIB Several large companies from China, Germany and Austria are Source: Belgrade Stock Exchange interested in construction of hydroelectric power plant Djerdap 3, said the Minister of Energy and Mining Petar Škundrić. The power Foreign investor’s participation in turnover of shares (FIS) on the buy-side plant would have the power of 4x600 MW, it would cost between (b-FIS) hit the highest point on September 23 (77.18%) and trading in EUR 4 - 6 billion and would be producing about 7.6 billion kWh of government bonds (FIB) on September 24 (8.56%). On weekly level, electric power per year, mainly during the night. Based on estimates, foreign investors participated in total b-FIS 62.19% and in total s-FIS it could have 850m kWh of electric energy in reserves, which would 41.83%. make it possible for Serbia to become dominant at the regional market. (Source: Danas) Republic of Serbia Bonds (Yield) Italy's BredaMenarinibus Offers To Lease Idled Bus Maker Ikarbus, Mulls Take-over Option Series 18-Sep-09 25-Sep-09 % change A2010 96.28 96.64 +0.37% Bus maker BredaMenarinibus, part of Italian defense, aerospace and transportation group Finmeccanica, is offering to lease its state- A2011 91.13 91.12 -0.01% owned peer Ikarbus for a period of 2 years, not ruling out a possible A2012 86.16 86.27 +0.13% take-over at a later stage. The Italian company is proposing to A2013 81.40 81.72 +0.39% manufacture 400 buses at Ikarbus over the lease period as well as provide the necessary working capital so that Ikarbus could host the A2014 79.96 77.47 -3.11% entire manufacturing process from the chassis to the bus electronics. A2015 74.06 73.18 -1.19% Representatives of the Bologna-based company and top officials Source: Belgrade Stock Exchange from Ministry of Economy have agreed to set up a meeting over the next 15 days to work out the details of the lease. (Source: Blic) Middle Exchange Rate E U R / R S D Republic of Serbia T-Bills (RSD) There was no auction of 3-month T-Bills this week. 94.0 At the auction of 6-month T-Bills held on September 24, 2009 the entire 93.5 issuance worth RSD 2bln (EUR 21.5m) was sold at the interest rate of 12.03% p.a. 93.0 At the auction of 12-month T-Bills held on September 23, 2009 the entire 92.5 issuance worth RSD 1bln (EUR 10.7m) was sold at the interest rate of 12.4% p.a. 92.0 26-Aug 1-Sep 7-Sep 13-Sep 19-Sep 25-Sep The next auctions of three-month, twelve-month and six-month T-bills will be held on September 29, September 30 and October 1, respectively. Source: National Bank of Serbia DISCLAIMER: The information and any opinions, estimates and forecasts have been obtained from sources believed by City 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.
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