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Possibilities of Applying Markowitz Portfolio Theory on the Croatian Capital Market
POSSIBILITIES OF APPLYING MARKOWITZ PORTFOLIO THEORY ON THE CROATIAN CAPITAL MARKET Dubravka Pekanov Starčević, Ph.D. J. J. Strossmayer University of Osijek, Faculty of Economics in Osijek E-mail: [email protected] Ana ZRNIć, Ph.D. Student, J. J. Strossmayer University of Osijek, Faculty of Economics in Osijek E-mail: [email protected] Tamara Jakšić, BEcon, student J. J. Strossmayer University of Osijek, Faculty of Economics in Osijek E-mail: [email protected] POSSIBILITIES OF APPLYING MARKOWITZ PORTFOLIO THEORY ON THE CROATIAN CAPITAL... MARKOWITZ PORTFOLIO THEORY ON THE CROATIAN POSSIBILITIES OF APPLYING Abstract In order to achieve the maximum possible profit by taking the lowest possible risk, investors build a stock portfolio consisting of a specific number of stocks which, according to the principle of diversification, significantly reduce the risk of loss. To build a portfolio, in developed capital markets investors have used the Markowitz portfolio optimization model for many years that enables us to find an optimal risk-return trade-off by selecting certain stock combinations. Despite the development of the Zagreb Stock Exchange, i.e., the central trading venue in the Republic of Croatia, the Croatian capital market is still under- developed. It is characterized by numerous shortcomings such as low liquidity, lack of transparency, high stock price volatility and insufficient traffic. Accord- ingly, the aim of this paper is to provide an insight into the functioning of the Dubravka Pekanov Starčević • Ana Zrnić • Tamara Jakšić: Dubravka Pekanov Starčević • Ana Zrnić Tamara 520 Croatian capital market and to examine the possibility of building an optimal stock portfolio by using the Markowitz model. -
FIMA Daily Insight
FIMA Daily Insight IN FOCUS - ZAGREB STOCK EXCHANGE January 8, 2013 Stocks on ZSE traded higher today. CROBEX increased 0.24% to ZSE STOCK MARKET 1,808.40 pts while blue chip CROBEX10 gained 0.21% to 1,010.86 pts. CROBEX Last 1.808,4 Regular stock turnover amounted to HRK 14.4 million. % daily 0,24% Integrated telecom HT (HTRA CZ) topped the liquidity board collecting % YTD 3,91% HRK 4.3 million in turnover. The price increased 0.9% to HRK 210.70. CROBEX10 last 1010,9 Fertilizers producer Petrokemija (PTKMRA CZ) also came to focus again % daily 0,21% with HRK 1.5 million in turnover while price gained 5.5% to HRK 240.0. % YTD 4,05% Petrokemija was in investors’ focus few months ago, after speculations on Government selling its share of 1.7 million shares (50.6% of capital). Stock Turnov er (HRK m) 14,37 A few days ago Mladen Pejnović, head of the State Office for State Total MCAP (HRK bn) 194,39 Property Management confirmed government’s plans to privatize Source: w w w .zse.hr Petrokemija. Auto-parts producer AD Plastik (ADPLRA CZ) came to focus trading in -4,0% -2,0% 0,0% 2,0% 4,0% 6,0% blocks. The price advanced 1% to HRK 115.99 on HRK 1.3 million in PTKM-R-A ATPL-R-A turnover. AD Plastik currently trades at P/E=7.7, P/S=0.7 and DDJH-R-A P/Bv=0.7. VPIK-R-A LKPC-R-A Tobacco and tourism Adris group preferred share (ADRSPA CZ) was VIRO-R-A KORF-R-A also in investors’ focus with HRK 0.7 million in turnover while price KNZM-R-A slipped 1.3% to HRK 262.20. -
Expat Capital – the Etf Provider for Cee Countries
Market data as of 21 May 2020 EXPAT CAPITAL – THE ETF PROVIDER FOR CEE COUNTRIES Expat Asset Management has created a family of exchange traded funds (ETFs) covering the equity markets in 11 countries in Central and Eastern Europe (CEE). Expat’s ETF products are unique market propositions providing country-specific exposure in the CEE region to international investors. Chart 1. Expat’s 11 ETFs on the Map of Europe Source: Expat Asset Management Table 1. The List of All ETFs Managed by Expat Asset Management CURRENCY No. COUNTRY FUND NAME INDEX EXPOSURE 1 Poland Expat Poland WIG20 UCITS ETF WIG20 PLN 2 Czech Republic Expat Czech PX UCITS ETF PX CZK 3 Slovakia Expat Slovakia SAX UCITS ETF SAX EUR 4 Hungary Expat Hungary BUX UCITS ETF BUX HUF 5 Slovenia Expat Slovenia SBI TOP UCITS ETF SBI TOP EUR 6 Croatia Expat Croatia CROBEX UCITS ETF CROBEX HRK 7 Serbia Expat Serbia BELEX15 UCITS ETF BELEX15 RSD 8 North Macedonia Expat Macedonia MBI10 UCITS ETF MBI10 MKD 9 Romania Expat Romania BET UCITS ETF BET RON 10 Bulgaria Expat Bulgaria SOFIX UCITS ETF SOFIX BGN 11 Greece Expat Greece ASE UCITS ETF ATHEX Composite EUR Source: Expat Asset Management Expat Capital Bulgaria, Sofia 1000, 96A G. S. Rakovski Str.; +359 2 980 1881; [email protected]; www.expat.bg 1 Market data as of 21 May 2020 Expat’s ETF products are designed to be major highways for capital flows to and from the equity markets of the CEE countries. They link the stock exchanges of those countries with the financial centres of London and Frankfurt, making it easy and cost-effective for international investors to take and liquidate an exposure to the specific countries in the region. -
Raiffeisen Weekly Report, Nr. 38/2017
Raiffeisen Weekly Report Number 38 October 16th, 2017 Leaning on exports, the economy is growing Number of overnights stays On Tuesday the national statistical office delivered tourism figures for August (Jan – Aug) which showed expected growth of tourist arrivals and overnight stays (6.1%yoy 80 and 5.4%yoy respectively). The share of foreign tourists in the overnight stays 70 amounted 94.4%. Cumulatively, during the first eight months, the number of over- night stays was 72.5 million (+11.8% more than in the same period last year). 60 For the whole 2016 total number of overnight stays stood at 77.8mn. It is very mn 50 certain that, with data for September, this year will officially be a new record 40 tourist season. Although the strength of tourism helped Croatia remain on the 30 path of 3%yoy real growth, it also increased the sensitivity to potential downturns in tourism. As long as Croatia is perceived as a safe destination, it will retain its 20 attractive destination status. Under such circumstances, the budget picture will 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 look more favourable due to the stronger revenue inflow, especially VAT. Sources: CBS, Economic RESEARCH/RBA On the other side foreign trade activities in terms of import and export of goods remained subdued although the latest data pointed to a slight rise. In the period CPI, PPI, yoy from January to July, foreign trade deficit widened to EUR 4.9bn (+9.3%yoy). In 4 the same period, exports growth at 15.7%yoy compared to imports growth of 2 13.2%yoy resulted in coverage of imports by exports at 61.7% (+1.4pp). -
Market Commentary Portfolio Performance Vs Benchmark
Feb. FKHR1 Monthly Fund Update 2016 Market Commentary Following the publication of Q4 results, the share price jumped by 7.06% in one day. Viadukt operated with a net profit of HRK 3.2m in After a tumultuous start of the year, February brought on a reversal 2015, but this is still 36% less profit compared to the previous year. of trends in most of our largest holdings. This is in line with the rest Revenue fell by 9.1%, which is the consequence of an overall of European and global markets, which reached a bottom in mid- reduction in total investment in the Republic of Croatia, from which February, only to recover by the end of the month. The Croatian Viadukt achieves 99% of its total revenue. However, the growth in market started this recovery even sooner, having reached its lowest share price after the announcement of financial results might have point during January. However during February, the benchmark been due to the optimistic expectations for the rest of the year. The CROBEX index stayed mostly at the same level from the start of the construction industry expects a slight recovery and increased month, with only slight fluctuations. In the meantime, our fund investment from contracting authorities. managed to achieve a return of almost 4% MoM, beating the A third position that we want to emphasize is Đuro Đaković Holding market by a large margin. (ĐĐ). After having an amazing January, on the 15th and 19th of The most important contributor was our largest holding, the Adris February it was announced that Đuro Đaković signed contracts with Group, with common stock growing by over 10%. -
Pregled Podataka O Planovima Gospodarenja Otpadom
PREGLED PODATAKA O PLANOVIMA GOSPODARENJA OTPADOM SVIBANJ 2011. Pregled podataka o planovima gospodarenja otpadom Zagreb, svibanj 2011. PREGLED PODATAKA O PLANOVIMA GOSPODARENJA OTPADOM Svibanj 2011. Pregled podataka o planovima gospodarenja otpadom Zagreb, svibanj 2011. SADRFAJ SAFETAK. ................................................................................................................... .- 2 - I UVOD. .......................................................................................................................... .- 3 - 1.1. PLAN GOSPODARENJA OTPADOM – PRAVNA OSNOVA ........................................................................... 4 1.1.1. PLANOVI FUPANIJA, GRADOVA I OPĆINA .................................................................................................... 4 1.1.2.PLANOVI PROIZVOĐAČA OTPADA ................................................................................................................ 5 II PLANOVI I IZVJEEĆA O PROVEDBI/IZVREENJU PLANOVA FUPANIJA, GRADOVA I OPĆINA. .................................................................................................. .- 6 - 2.1. PREGLED BROJA FUPANIJA, GRADOVA I OPĆINA KOJE SU IZRADILI PLAN GOSPODARENJA OTPADOM I IZVJEEĆE O PROVEDBI/IZVREENJU PLANA GOSPODARENJA OTPADOM .................... 6 III PLANOVI PROIZVOĐAČA I/ILI POSJEDNIKA OTPADA. ........................................ .- 9 - 3.1. PREGLED BROJA PRAVNIH SUBJEKATA/TVRTKI KOJI SU IZRADILI PLAN GOSPODARENJA OTPADOM U RH ................................................................................................................................................. -
CEE CIS Committee Decision
INDEX COMMITTEE DECISIONS Topic: CEE & CIS Index Committee Decisions From: Wiener Börse AG / Market & Product Development Date: December 17, 2008 New RFs for all indices were determined on the basis of closing prices of December 17, 2008. All adjustments will be implemented after the close of the trading session on December 19, 2008. The Index Committee has decided upon the following adjustments: CTX, CECE, SCECE, CECETR , CECExt effective December 22, 2008 New Number Name ISIN New FF New RF of Shares CENTRAL EUROP. MEDIA BMG200452024 36.024.273 0,75 CEZ CZ0005112300 0,37 ERSTE GROUP BANK AT0000652011 317.012.763 1,00 HTX, CECE, SCECE, CECETR , CECExt effective December 22, 2008 New Number Name ISIN New FF New RF of Shares FHB MORTGAGE BANK HU0000078175 0,75 MAGYAR OLAJ GAZI HU0000068952 0,65 OTP BANK HU0000061726 0,75 0,57 RICHTER GEDEON HU0000067624 0,88 PTX, CECE, SCECE, CECETR , CECExt effective December 22, 2008 New Number Name ISIN New FF New RF of Shares AGORA PLAGORA00067 46.391.570 TVN PLTVN0000017 169.154.223 0,50 SETX, CECExt effective December 22, 2008 New Number Name ISIN New FF New RF of Shares ERICSSON N.TESLA HRERNTRA0000 0,50 INA HRINA0RA0007 0,10 PODRAVKA HRPODRRA0004 0,50 AIK BANKA RSAIKBE79302 1,00 ATLANTSKA PLOVIDBA HRATPLRA0008 1,00 Please note: Due to the suspension of Banca Transilvania, the committee has decided that there will be no determination of new representation factors in the course of the December committee. NTX effective December 22, 2008 New Number Name ISIN New FF New RF of Shares ERSTE GROUP BANK AT0000652011 317.012.763 OTP BANK HU0000061726 0,75 OMV AG AT0000743059 0,50 VOESTALPINE AT0000937503 164.599.032 CENTRAL EUROP. -
Quarterly Financial Report I-Xii 2016
QUARTERLY FINANCIAL REPORT I-XII 2016 QUARTERLY FINANCIAL REPORT OF THE GROUP ĐURO ĐAKOVIĆ AND COMPANY ĐURO ĐAKOVIĆ GROUP PLC. I - XII 2016 QUARTERLY FINANCIAL REPORT OF THE GROUP ĐURO ĐAKOVIĆ AND COMPANY ĐURO ĐAKOVIĆ GROUP PLC. I - XII 2016 On behalf of the Management Board Tomislav Mazal, President of the Management Board Marko Bogdanović Member of the Management Board In Slavonski Brod, 30 January 2017 2 QUARTERLY FINANCIAL REPORT I-XII 2016 Construction of the biomass cogeneration plant BE-TO Sisak Foto: HEP d.d. 3 Content I MANAGEMENT REPORT 4 1. Introduction 8 1.1. General information about the Company and the Group 8 1.2. Management 9 1.3. Supervisory Committee 9 1.4. Share capital and ownership structure of Đuro Đaković Group Plc. 9 2. Description of products and services 12 2.1. Defence 12 2.2. Transport 12 2.3. Industry and Energetics 12 3. Operation of group Đuro Đaković January-December 2016 14 4. Significant events in the 4th quarter 2016 17 5. Significant events following the end of the 4th quarter 18 6. Share 19 7. Expectations in 2017 20 8. Other matters 22 8.1. Product and production development 22 8.2. Exposure to risks and risk management 22 8.3. Human resources 22 8.4. Quality, environment, health and safety, energy 22 4 QUARTERLY FINANCIAL REPORT I-XII 2016 Construction of crude oil storage tanks II ANALYSIS OF OPERATING RESULTS OF 24 ĐURO ĐAKOVIĆ GROUP Plc. AND MEMBERS OF GROUP ĐĐ 1. Key indicators 28 2. Revenue structure 31 3. Cash flow 33 4. -
FIMA Daily Insight
CROATIA | SLOVENIA | ROMANIA | BULGARIA FIMA Daily Insight June 19, 2017 CROATIA BENCHMARKS DAILY CHANGES % Croatian equities closed higher on Friday with both indices increasing; CROBEX increased 0.11% to 0,73% 1,857.87 pts and blue chip CROBEX 10 increased 0.10% to 1,107.93 pts. Regular stock turnover amounted to HRK 4.86 million. (Positive) Croatian oil and gas company INA (INARA CZ) topped the liquidity board collecting HRK 3.2 million in 0,21% turnover and its price decreased 0.78% to HRK 3,175.00. 0,11% Adris’ (ADRSRA CZ) insurance company Croatia osiguranje (CROSRA CZ) finished with restructuring process and stopped negative trends. In the period Jan-Apr, Croatia osiguranje increased net profit by 61% yoy. For 2017, Management board expects GWP to increase by 4% yoy and net profit to reach HRK 226 mln. Insurance market in Croatia has been showing improvements, therefore in May, insurance -0,25% companies recorded total gross premiums in the amount of HRK 4.14 bln, which was an increase of CROBEX SBI BET SOFIX 2.24% yoy. Non life insurance premiums grew by 2.93% yoy to HRK 2.85 bln, while life insurance premiums increased by 0.75% to HRK 1.28% yoy. (Positive) BENCHMARKS 3Y CHARTS This year Podravka (PODRRA CZ) marked again a great success on international quality evaluation and received 18 Superior Taste Awards, the most distinguished world award in food segment. All the 140 products that were being evaluated, were rewarded, which is Podravka's greatest success since it started participating on this competition and confirmation of excellence in the categories in which they 120 have been competing. -
FIMA Daily Insight
FIMA Daily Insight Wednesday, March 18, 2015 Croatia Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.35% to 1,745.30 pts and blue chip CROBEX 10 declined 0.52% to 1,012.93 pts. Regular ZAGREB STOCK EXCHANGE stock turnover amounted to HRK 6.05 million. (Negative) CROBEX Last 1.745,30 Integrated telecom operator HT (HTRA CZ) topped the liquidity board collecting HRK 1.6 million daily -0,35 in turnover and its price decreased 0.43% to HRK 162.80. YTD -0,01% According to the article published in today´s newspaper Poslovni dnevnik, Podravka CROBEX10 Last 1.012,93 (ZSE:PODR-R-A) is considering share capital increase in the amount EUR 100 mln. The aim of daily -0,52 the share capital increase is to collect funds for new investments; for the acquisition of Zito and for the construction of new Belupo facilities. Podravka said yesterday that formal decision YTD 0,57% on share capital increase is not yet made. According to the media, share capital increase Stock Turnover (EUR m) 0,79 should be complete by the end of the July this year. Share capital increase will be carried out MkCap(%of GDP) 56,91% through Zagreb Stock Exchange and Warsaw Stock Exchange. Podravka will issue new shares and the nominal price will be probably HRK 200 per share. (Positive) Source:www.zse.hr Croatian builder Viadukt [ZSE:VDKT-R-A] said on Tuesday it has signed a EUR 15.7 mln road construction contract with state-owned motorway operator Hrvatske Autoceste (HAC). -
Integrated Annual Report and Corporate Social Responsibility
2017 INTEGRATED ANNUAL REPORT AND CORPORATE SOCIAL RESPONSIBILITY EU Ecolabel : SE/011/05 In accordance with Valamar Riviera's mission, core values and strategic initiatives, this report has been printed on EU Ecolabel, FSC™ and PEFC certified wood-free Munken Lynx paper. 2017 INTEGRATED ANNUAL REPORT AND CORPORATE SOCIAL RESPONSIBILITY Valamar riViera d.d. 4 [G4-1] Message froM the ChairMan For the third consecutive year, it is my great expanded strategic partnerships, we continued pleasure to present Valamar Riviera's integrated upgrading our service quality and developing our annual report in which we encompassed business destinations and we focused especially on our reporting and sustainability reporting, thus employees. As the leading company in tourism, we presenting non-financial information on the continually work on initiatives aimed at human company’s environmental and social impacts by resource development in order to be recognized as using the Global Reporting Initiative G4 standard as the most desirable employer in Croatia’s tourism. a general guideline in order to manage our business in a sustainable way. When looking back on 2017, I am very proud to say that Valamar Riviera delivered excellent results that The principles of sustainability and social exceeded our expectations in all operating responsibility are a fundamental part of our vision, indicators and increased further the value of our GustaV Wurmböck, our mission, our values, our business model and enterprise and share. We grew revenues and Supervisory Board our daily practices. Valamar Riviera achieved operating profit in spite of the VAT rate growth in Chairman exceptional results in all key financial indicators in hospitality and a very unfavorable foreign exchange 2017 and continued its strategic path to growth and rate. -
Is Capital Structure Important in Contemporary Finance Relations?
IS CAPITAL STRUCTURE IMPORTANT IN CONTEMPORARY FINANCE RELATIONS? DEAN UČKAR Juraj Dobrila University of Pula, Faculty of Economics and Tourism »Dr. Mijo Mirković«, Pula, Croatia, e-mail: [email protected]. Abstract The various combinations of sources of financing that a business uses in its operations have multiple impacts on the generation of its cash flow. Such influence can be viewed from the aspect of forming the total cost of financing the company, from the aspect of investments where such an indicators represents the minimum level of required profitability of investment projects, as well as from the aspect of investors in an enterprise where different capital structure carries with it a different level of financial risk. It is therefore not surprising that there is considerable scientific interest in this issue and numerous researches conducted on this topic. Moreover, the relevance of the subject is also evidenced by the fact that there are numerous theories on the formation of capital structure and its consequences on the valuation of the company, that is, the influence on the market value of the company's shares. This paper will determine the average values of the formation of the capital and financial structure of Croatian companies listed on the Zagreb Stock Exchange. The analysis of 30 companies over a ten-year period from 2009 to 2018 will seek to show the impact that the formed capital structure has on profitability. By establishing a negative link between the selected debt indicators Keywords: capital structure, and the profitability indicators, the validity of contemporary financial structure, capital structure theories, which have their starting point in debt ratios, behavioral finance and are specific for developed financial profitability ratios, capital structure markets, has been rejected.