Weekly Report
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INTERCITY BROKER JSC WEEKLY REPORT BROKER-DEALER COMPANY Member of Belgrade Stock Exchange t h t h Member of Central Securities Depository and Clearing house A u g u s t 1 0 – A u g u s t 1 4 2 0 0 9 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 BSE Rally Continues, Volumes Rise Blue-chip index BELEX15 gained 8.1% and broader Fluctuation of Stock Exchange Indices BELEXline index grew 5.66%. Weekly traded value was EUR 2.71m and 85% was derived from trading in (%) in the Region (1-m Change) shares. Almost one third of traded issues recorded 20 increase in share price, e.g. on Friday, Sojaprotein’s shares were at record-high since November 2008. 15 Belgrade Stock Exchange has once more left behind other capital markets in the region. 10 NBS monetary board leaves key interest rate on hold. Number of jobless drops in 2nd consecutive month in July. Serbia's end-July FX Reserves rise 2.9% M/M to EUR 9.9bln. Serbia’s July CPI falls 5 0.9% M/M, rises 8.5% Y/Y. Free shares in privatized NIS to be distributed by year-end. City of Belgrade to obtain EUR 35m EBRD loan for rail modernization. EBRD mulls lending up to EUR 15m to 0 leading bakery firm Klas. Copper Mill in Sevojno increased the 14-Jul 20-Jul 26-Jul 1-Aug 7-Aug 13-Aug level of production to 3,651 tons in July, topped the planed level by 23%. Top petrochemicals Co HIP Petrohemija to restart production -5 in September. Djerdap 1 hydro-electric power plant overhaul starts next month. Belgrade Fair to remain state-owned after BELEX 15 CROBEX SBI 20 unsuccessful privatization. Austria’s Alpine wins EUR 4.6m tender to build road section in west Serbia. IMF Mission to Arrive on BIRS NEX 20 August 24th. NIS starts works on first gas well in Banatski Dvor, posts EUR 40.6m profit in Q2. Bosnia’s fuel retailer Optima mulls expansion to Serbia. Source: Official Websites Belex15 Belexline 650 1,280 640 1,260 630 620 1,240 610 1,220 600 1,200 590 580 1,180 570 1,160 560 550 1,140 540 1,120 530 1,100 15-Jul 21-Jul 27-Jul 2-Aug 8-Aug 14-Aug 15-Jul 21-Jul 27-Jul 2-Aug 8-Aug 14-Aug 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 44,669,054 a.d. +48.91% Napred GP -10.00% Kragujevac a.d. Beograd Dunav Simpo a.d. osiguranje a.d. Agrobanka a.d. Beograd AGBN 23,473,167 Vranje +19.47% -5.39% Beograd Energoprojekt holding Soja protein Jubmes banka ENHL 21,056,481 +14.91% -4.92% a.d. Beograd a.d. Bečej a.d. Beograd Messer Tesla fabrika sijalica a.d. Dijamant a.d. Tehnogas a.d. TSLA 17,209,208 +13.80% Zrenjanin -3.45% Pančevo Beograd Metalac a.d. Komercijalna banka a.d. Planum GP Gornji KMBN 13,492,155 +11.33% a.d. Beograd -3.25% Beograd Milanovac Business News of the Week News from the Belgrade Stock Exchange (BSE) Slovenia’s Nova KBM Considers Acquisition Of Credy Bank ► Sintelon a.d. Bačka Palanka (SNTLM) – Statement On Compulsory Sale Of Shares New credit bank from Maribor (NKBM), which is majority owned by the state, wants to take over Kragujevac-based Credy Banka, and the final ► Aleva a.d. Novi Kneževac (ALVA) – Report On Takeover Bid decision will be made until the end of August. The President of the Administration of NKBM, Matjaž Kavčić, gave "green light" for ► Kopaonik a.d. Beograd (KOPB) – Decision On Acquisition Of The appraisal of Credy Banka, while the Vice President of the bank's Proprietary Shares Supervisory Council, Borut Svetina, did not exclude the possibility that ► Sojaprotein a.d. Bečej (SJPT) – H1 2009 Financial Statement the Council may start the procedure for takeover of the bank. The Administration of NKBM started thinking about takeover of Credy ► Credy banka a.d. Kragujevac (CYBN) – H1 2009 Financial Banka when "Fiat" announced EUR 750m worth of investments in Statement Kragujevac-based Zastava factory. Majority owner of Credy Bank is the Republic of Serbia, with the share of 55%. (Source: Beta) ► Takovo a.d. Gornji Milanovac - Report On Initiated Status Change Procedure “Merger By Acquisition” Suspension Rubber Maker Tigar Sells EUR 1m In Short-Term Bonds In Private Placement, Increases Export In July Foreign Investors Participation in Total Turnover Serbian blue-chip Tigar said it sold RSD 95m (EUR 1m) worth of one- 100% year corporate bonds to the country’s largest insurer Dunav Osiguranje to fund expansion. The bonds have an annual interest rate of 16% and 80% will mature on August 5. Tigar is the leader in rubber footwear production and sales in Serbia with the market share of 70%. Its share in European market currently amounts to 5% and makes 75% of the 60% factory's incomes. In July 2009, corporation Tigar has registered growth of export and it exceeded EUR 1.2m. About 70,000 pairs of 40% rubber footwear were exported in July, mainly to constant buyers in Finland and Italy (50% of whole export). The next on the list are 20% France, Germany and Canada. After trial shipments in June for the new buyer in Great Britain, two more deliveries were made in July. 0% (Source: eKapija) 10-Aug 11-Aug 12-Aug 13-Aug 14-Aug Austrian Kronospan Started Trial Production Of Wood Panels - USD 300m Worth Of Investment Austrian company Kronospan started the trial production of wood Total FIS b-FIS s-FIS FIB plates in Lapovo, as the part of investment the worth of which is estimated at USD 300m, said the President of the Municipality of Source: Belgrade Stock Exchange Lapovo. He said that the construction of the first hall is completed, as a Foreign investor’s participation in turnover of shares (FIS) on the part of the first stage of Kronospan’s investment in the industrial zone buy-side (b-FIS) hit the highest point on August 12 (65.04%) as of Lapovo. This plant will produce chipboard plates, laminates, and wooden OSB plates for construction industry. The official beginning of well as their trading in government bonds (FIB) (22.42%). On production is expected in the end of August. (Source: Press) weekly level, foreign investors participated in total b-FIS 55.54% and in total s-FIS 40.9%. New Mines To Be Opened In Bor's Basin Republic of Serbia Bonds (Yield) The management of Mining & Smelting Basin (RTB) Bor is negotiating with a Canadian-Australian company, Bay Resources about joint investment in opening new mine called Cerovo primarno. According to Series 7-Aug-09 14-Aug-09 % change earlier estimates, this is the investment worth USD 230m. Previous A2010 95.51 95.70 +0.20% geological researches showed that about 320,000 tons of copper, 15 tons of gold and nearly 94 tons of silver can be obtained from Cerovo A2011 90.30 90.26 -0.04% primarno. Company Equest from Finland is also interested in investing A2012 86.20 85.53 -0.78% in the opening of one more mine in the vicinity of Bor. Equest financed A2013 81.66 81.02 -0.78% the opening of the Olympia mine in Greece and also the Romania’s A2014 76.66 76.29 -0.48% mine Rosia Montana. RTB Bor reported a 31% increase in copper production in H1 2009 and the ore deposits can be exploited in the A2015 73.20 72.86 -0.46% following 100 years. (Source: Novosti) Source: Belgrade Stock Exchange Middle Exchange Rate E U R / R S D Republic of Serbia T-Bills (RSD) At the auction of 3-month T-Bills held on August 11, 2009 the 94.0 securities amounting RSD 3,99bln (EUR 42.7m) were sold equaling 79.9% of the issuance volume at the interest rate of 12.19% p.a. 93.5 At the auction of 6-month T-Bills held on August 13, 2009 the entire issuance worth RSD 3bln (EUR 32.1m) was sold at the interest rate 93.0 of 12.19% p.a. 92.5 Achieved discount rates of 12.19% p.a. are higher than the key policy rate which is set at 12%. 92.0 Serbia holds scheduled auctions of three-month T-bills every week 15-Jul 21-Jul 27-Jul 2-Aug 8-Aug 14-Aug on Tuesdays and of six-month T-bills on Thursdays. The next auctions of three-month and six-month T-bills will be held on August Source: National Bank of Serbia 13 and August 18, respectively. 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.