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FIMA Daily Insight

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FIMA Daily Insight CROATIA | SLOVENIA | ROMANIA | BULGARIA FIMA Daily Insight March 17, 2017 CROATIA BENCHMARKS DAILY CHANGES % Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.17% to 2,168.63 pts and blue chip CROBEX 10 decreased 0.32% to 1,237.23 pts. Regular stock turnover amounted to HRK 25.56 million. (Negative) 0,97% Frozen foods producer Ledo (LEDORA CZ) topped the liquidity board collecting HRK 5.47 million in turnover with a price increase of 0.77% to HRK 7,860.00. On March 16, AD Plastik (ADPLRA CZ) won a nomination for the production of camera supports and 0,17% covers, deflectors and air ducts for several vehicles of PSA Group. The expected revenue of the Company amounts to EUR 4.8 mln. AO AD Plastik Togliatti, Russia won a nomination for the production of injection moulded exterior parts for the vehicles Renault Logan and Sandero phase 2. The expected -0,17% revenue during a four year period amounts to EUR 4 mln. (Positive) -0,36% CROBEX SBI BET SOFIX In 2017, Atlantic Grupa (ATGRRA CZ) will acquire maximum 11.000 treasury shares. The lowest price per one treasury share is equal to the nominal value of one share whereas the highest price per one treasury share shall not exceed the average market price during 15 days preceding the acquiring of shares. The BENCHMARKS 3Y CHARTS highest price of one treasury share may be increased for up to 5%, which is the subject to the approval of the Supervisory Board of the Company. (Positive) 140 In February 2017, consumer prices in Croatia grew by 1.4% compared to the February in 2016, which is their highest increase since August 2013, according to the figures by the national statistical office (DZS). 120 (Neutral) 100 SLOVENIA The expansion of the rail track between Divaca and the port of Koper (LKPG SV) is to be financed in a 80 public-public partnership involving Slovenia as the main investor and one or more hinterland countries, according to a draft bill on the project. (Neutral) 60 In the 2016 rankings, Slovenia was 20th on the world prosperity scale, meaning that Slovenia is one of Mar-14 Mar-15 Mar-16 Mar-17 Europe’s most prosperous nations, helped along by the best natural environment of any nation on earth, CROBEX SBI BET SOFIX according to the Mrs. Mousavizadeh. Slovenia’s Economic Quality is higher than its CEE neighbours despite its recovery from the crisis has been much slower. Ranked 60th, Slovenia’s worst performance comes in the Business Environment sub-index, though good progress has been made over the past decade. Slovenia's labour market is inflexible and its financial services unaffordable, commented Mrs. BENCHMARKS 1Y % RETURNS Mousavisadeh. (Neutral) ROMANIA 40,0% Antibiotice (ATB RO) will pay out gross dividend in the amount of RON 0.03835158 per share (vs. 34,2% previously approved at RON 0.023495521 per share) represents 85.6% payout ratio (vs. previously 51.6% payout ratio) and gives a dy of 6.8% (vs. previously dy of 4.2%). Payment date is September 15, 2017. (Positive) 17,3% 12,2% In 2017, Romania’s economy is expected to grow 4.2%, inflation is seen at 0.9%, while the budget deficit is forecasted at 3.6%, according to Raiffeisen Bank analysts. (Neutral) In January 2017, Romania's current account balance posted a surplus of EUR 416 mln, from a surplus of CROBEX SBI BET SOFIX EUR 211 mln in 2016, according to the central bank. (Positive) Romania’s National Bank (BNR) wants to reduce the non-performing loans ratio in the local banking system to 6% this year, according to the BNR deputy governor Liviu Voinea. The current NPL rate SALES AND TRADING DESK CONTACTS amounts to 9-10%. (Neutral) BULGARIA Vlatko Kesegić The biggest land REIT – Advance Terrafund (6A6 BU) did not sell any land in February, the Company Phone: +385 31 636 510 announced in its regular monthly bulletin. However, it added 544 dca at an average price of BGN 850/dca. E-mail: [email protected] For the 2016-2017 agro-period the Company expects BGN 6.4 mln in rents. It manages 225k dca of land as of February 2017, including the land sold under deferred payments contracts. (Negative) Darko Horvat Bulgarian lending interest rates may reverse their decline depending on ECB’s move, according to the Phone: +385 42 66 09 62 Bulgarian Bank Association (BBA). Bulgarian bankers expect lending activity to grow faster in 2017 but E-mail: [email protected] interest margins to tighten as funding costs are already at historic lows while lending rates have been in sharp decline in 2016. Currently, average corporate lending rate is at or below 3%, while new household [email protected] mortgage loan is at an average 3.5% rate. The BBA expects overall banking system net profit to be BGN 1 bln in 2017 and BGN 1.1 bln in 2018 after posting BGN 1.39 bln in 2016. The latter, however, was also boosted by a BGN 186 mln one off on VISA deal. (Neutral) Important: Please see important disclaimer and disclosures at the end of the document 1 FIMA Daily Insight Trading day recap CROATIA Market Trunover ( EUR mn): 3,48 Volume (€mn) Leaders Laggers 1 Ledo 0,74 Puljanka 7,18% Hidroelektra -11,13% 260 2 Jamnica 0,58 Adris 3,19% Koestlin -8,03% 230 3 Valamar 0,38 Vupik 3,09% Tisak -6,43% 200 4 HT 0,34 HPB 2,28% Magma -5,56% 170 5 Podravka 0,25 Tankerska NG 2,22% KODT -5,00% 140 6 Adris - pfd 0,22 Belje 2,12% Dalekovod -4,73% 110 7 Atlantic Grupa 0,12 Valamar 1,90% Saponia -4,53% 80 8 Dalekovod 0,12 RIZO 1,84% Auto Hrvatska -3,82% 50 9 Luka Rijeka 0,10 Pevec 1,68% Hoteli Tucepi -3,33% Mar-14 Mar-15 Mar-16 Mar-17 10 Atlantska plov. 0,08 Zvijezda 1,55% SNH Delta -3,33% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,58 Volume (€mn) Leaders Laggers 150 1 Cinkarna Celje 0,52 Hotel Union 3,03% Sivent -22,22% 140 2 Luka Koper 0,34 Salus 2,35% Luka Koper -1,39% 130 3 Telekom Slo. 0,29 Petrol 2,26% Mercator -0,78% 120 4 Krka 0,15 Kmecka Druzba 2,00% Sava Re -0,30% 110 5 100 Triglav 0,09 Intereuropa 1,43% Unior -0,28% 90 6 Petrol 0,07 Telekom Slo. 1,23% Cinkarna Celje 0,00% 80 7 Sava Re 0,06 Krka 0,93% Melamin 0,00% 70 8 Gorenje 0,02 Triglav 0,92% Terme Catez 0,00% 60 9 Intereuropa 0,01 Gorenje 0,70% Nama 0,00% 50 Mar-14 Mar-15 Mar-16 Mar-1710 Mercator 0,01 Cinkarna Celje 0,00% Mlinotest 0,00% SBI ROMANIA Market Trunover ( EUR mn): 12,48 Volume (€mn) Leaders Laggers 150 1 Banca Trans. 3,73 Anteco Ploies 27,8% Avioane Craio -17,85% 140 2 Fondul Prop. 1,88 Moara Cibin S 16,67% Natura Quattuo -13,79% 130 3 120 Electrica 1,82 Ssif Broker 14,81% Braiconf -10,57% 110 4 Transgaz 1,23 Sinteza Oradea 14,80% Electroprecizi -8,21% 100 5 OMV Petrom 0,91 Imotrust Arad 9,38% Sometra Cop Mi -7,98% 90 6 BRD 0,55 Altur 7,22% Prefab Bucure -7,92% 80 70 7 Ssif Broker 0,45 Fabrica De Scu 6,90% Faimar -7,75% 60 8 Romgaz 0,41 Electroputere 6,86% Comalex Alexa -6,00% 50 9 Mar-14 Mar-15 Mar-16 Mar-17 Transelectrica 0,37 Amylon 6,43% Artego -5,17% 10 Sif 5 Oltenia 0,28 Tmk-Artrom Sla 6,00% Upet Targovis -4,01% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 1,27 Volume (€mn) Leaders Laggers 150 1 Alcomet -Shume 0,65 Enemona -Kozlo 150,00% Specialized Bu -60,83% 140 2 Investor.Bg 0,25 Vidachim 15,69% Kremikovtzi -60,00% 130 120 3 Bulgarian Real 0,04 Dobrudzha Hold 15,00% Sunny Day Var -51,27% 110 4 Vance Terrafun 0,04 Cba Asset Mana 9,80% Metizi -23,75% 100 90 5 Chimimport 0,03 Speedy 7,11% Optela-Laser T -17,91% 80 6 Euroholding Bl 0,03 Aktiv Properti 6,13% Todoroff -Sofi -16,67% 70 7 60 Sopharma 0,03 Elana Agrocred 5,56% Bulgaria Holdi -14,93% 50 8 FIB 0,02 Bg Agro 5,41% Energetics And -14,86% Sep-14 Sep-15 Sep-16 9 Industrial Hol 0,02 Medica 4,55% Yambolen -13,56% SOFIX BGBX40 index 10 Monbat 0,02 Zaharni Zavodi 4,48% Technology & I -12,31% Important: Please see important disclaimer and disclosures at the end of the document 2 FIMA Daily Insight Fundamentals - overview of selected companies SIZE PRICE VALUATION & PERFORMANCE INDICATORS Mcap TTM PAT EV/ ND / EBITDA Name Last Price 1D Δ YTD P/E EV/S P/BV ROE Dy €mn € mn EBITDA EBITDA Margin CONSTRUCTION T57 BU 51,7 -5,4 4,2 -3,58% -20,6% -9,5 20,1 0,4 1,1 -4,6 2,0% -10,5% 3,5% DLKVRA CZ 82,6 13,0 24,8 -4,73% 82,4% 6,3 3,8 0,4 2,8 2,0 9,8% 38,0% - VDKTRA CZ 23,1 0,0 375,1 -2,15% 22,2% 722,8 6,1 0,4 0,5 3,2 7,3% 0,1% - INGRRA CZ 8,7 0,1 4,8 0,64% 55,2% 97,3 -46,6 8,9 0,7 -43,6 -19,2% 0,7% - THNKRA CZ 20,5 0,1 803,4 0,56% 74,5% 162,4 15,6 0,9 0,5 12,2 6,0% 0,3% - IGHRA CZ 25,6 -7,5 309,0 0,59% 71,3% -3,4 50,0 3,2 - 40,0 6% -164,9% - DIVERSIFIED ADRSPA CZ 1234,7 59,5 492,7 0,27% 8,0% 20,7 2,1 0,5 0,5 -5,1 23,4% 5,2% 3,0% 6C4 BU 190,2 26,1 1,6 0,39% -7,1% 7,3 - -0,9 0,1 - - 3,2% 2,9% 4HS BU 9,2 0,2 3,7 - 10,6% 59,1 - - 3,5 - -20,5% 6,1% - 5V2 BU 88,0 0,4 32,9 1,09% -0,4% 238,3 28,5 5,5 1,1 16,3 19,2% 0,5% - 4EH BU 73,8 2,8 0,9 -0,44% 37,1% 26,0 18,8 1,2 1,4 11,1 6,4% 6,4% 0,3% 5SR BU 77,2 3,7 7,2 2,17% 10,8% 20,8 - - - - - - 2,9% ENERGY & UTILITY SNG RO 2413,5 #N/A N/A 28,6 1,24% 14,2% 8,8 - 1,9 1,1 - - - 9,5% SNP RO 3752,0 -177,1 0,3 -0,98% 15,7% - 2,6 1,0 0,6 0,3 31,8% -2,9% 5,0% TGN RO 919,3 132,7 356,0 -1,39% 21,1% 6,9 2,7 1,4 1,1 -1,0 52,0% - 7,8% EL RO 1062,3 81,6 14,0 0,29% 6,4% 13,0 2,4 0,4 0,8 -2,5 17,8% 6,5% 5,3% TEL RO 521,7 - 32,5 -1,67% 11,1% - - - 0,8 - - - 8,2% COTE RO 183,8 - 96,8 0,21% 22,8% - 1,8 - 1,2 -2,1 - - 7,5% INARA CZ 3923,9 13,4 2.909,9 0,00% 0,4% 292,6 13,7 2,0 2,7 1,1 14,7% 0,9% - SNN RO 413,3 33,2 6,3 0,81% 30,1% 12,5 3,0 1,2 0,3 0,2 38% 2,0% 5,3% JNAFRA CZ 858,6 38,6 6.318,8 0,00% 19,2% 22,2 8,7 6,5 1,7 -1,3 75,3% 7,9% 2,1% FOOD & BEVERAGE PODRRA CZ 375,5 53,3 391,1 -2,20% 3,1% 7,0 8,0 0,9 1,0 1,8 11,6% 15,5% 1,8% ATGRRA CZ 401,0
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