CROATİAN BUSİNESS DELEGATİON to IRAN List of Companies (As Of
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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). -
Prospekt Izdanja Programa KZ
Institut IGH d.d. INFORMACIJSKI MEMORANDUM IZDAVANJA KOMERCIJALNIH ZAPISA INSTITUT IGH D.D. Ukupan iznos Programa: HRK 250.000.000,00 Agent izdanja 2. lipanj 2011. Institut IGH d.d. Informacijski memorandum izdanja komercijalnih zapisa Društvo Institut IGH d.d. (“IGH“” ili “Društvo” ili “Izdavatelj”) prihvaća odgovornost za sadržaj ovog Informacijskog memoranduma. Prema uvjerenju, svim saznanjima i podacima kojima IGH raspolaže, podaci iz ovog Informacijskog memoranduma čine cjelovit i istinit prikaz imovine i obveza, gubitaka i dobitaka i financijskog položaja Društva i prava sadržanih u komercijalnim zapisima te ni jedna činjenica koja bi mogla utjecati na potpunost i istinitost ovog Informacijskog memoranduma prema najboljem saznanju IGH-a nije izostavljena. Sukladno odredbi članka 343. točke 1. Zakona o tržištu kapitala (Narodne novine br.88/08, 146/08, 74/09), komercijalni zapisi iz ovog Informacijskog memoranduma ne predstavljaju vrijednosne papire na koje se odnosi obveza izrade i objave Informacijskog memoranduma sukladno odredbama Dijela trećeg, Glave I. Zakona o tržištu kapitala. Nitko nije ovlašten davati podatke i izjave u vezi s ponudom i prodajom komercijalnih zapisa, a koji nisu sadržani u ovom Informacijskom memorandumu. Ako bi se takvi podaci ili izjave dali, na njih se ne smije osloniti kao na podatke i izjave čije je objavljivanje odobrio IGH kao Izdavatelj ) . Nikakva jamstva, izričita ili implicitna, nisu dana od strane Zagrebačke banke d.d. (“Zagrebačka banka” ili “ZB” ili “Agent izdanja”) kao Agent izdanja za točnost i potpunost takvih podataka. TakoĎer, ništa iz ovog Informacijskog memoranduma ne smije se smatrati jamstvom Zagrebačke banke. Izdavanje ovog Informacijskog memoranduma niti prodaja ili kupnja komercijalnih zapisa ne impliciraju da se okolnosti vezane uz IGH nisu izmijenile od datuma izdavanja ovog Informacijskog memoranduma. -
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%. -
FIMA Daily Insight
FIMA Daily Insight Friday, March 06, 2015 Croatia Croatian equities closed higher on Friday with both indices increasing; CROBEX increased ZAGREB STOCK EXCHANGE 0.63% to 1,755.79 pts and blue chip CROBEX 10 advanced 0.77% to 1,025.21 pts. CROBEX Last 1.755,79 Regular stock turnover amounted to HRK 14.2 million. (Positive) daily 0,63 Integrated telecom operator HT (HTRA CZ) topped the liquidity board collecting HRK 5.4 YTD 0,59% million in turnover and increasing 1.52% to HRK 166.50. CROBEX10 Last 1.025,21 daily 0,77 Croatia's industrial output fell 5% on the year in January after increasing by an annual 5.3% a month earlier, the State Statistics Bureau said on Thursday. Month-on-month, YTD 1,79% industrial output was down 4% in January. (Negative) Stock Turnover (EUR m) 1,77 MkCap(%of GDP) 56,91% Valamar Riviera announced that from March 2th to March 4th has acquired treasury Source:www.zse.hr shares. After this acquisition the Company holds a total of 624.771 treasury shares representing 0,4957% of the share capital. (Positive) LJUBLJANA STOCK EXCHANGE Slovenia SBI TOP Last 796,37 Binding bids in a privatisation tender for Slovenian aircraft maintenance firm Adria Airways daily -0,25% Tehnika should be sent by March 20, one of the company's co-owners, the airport operator YTD 1,56% Aerodrom Ljubljana [LJE:AELG], confirmed on Thursday. (Positive) Stock Turnover (EUR m) 1,04 Slovenian logistics company Intereuropa [LJE:IEKG] said on Thursday its consolidated net MkCap(%of GDP) 50,95% profit plunged to 329,000 euro in 2014 from 2.1 million euro a year earlier. -
Ericsson Nikola Tesla“ D.D
Strateška analiza poduzeća „Ericsson Nikola Tesla“ d.d. Vuković, Krešimir Master's thesis / Specijalistički diplomski stručni 2018 Degree Grantor / Ustanova koja je dodijelila akademski / stručni stupanj: University of Split, Faculty of economics Split / Sveučilište u Splitu, Ekonomski fakultet Permanent link / Trajna poveznica: https://urn.nsk.hr/urn:nbn:hr:124:797551 Rights / Prava: In copyright Download date / Datum preuzimanja: 2021-10-06 Repository / Repozitorij: REFST - Repository of Economics faculty in Split SVEUČILIŠTE U SPLITU EKONOMSKI FAKULTET ZAVRŠNI RAD Strateška analiza poduzeća „Ericsson Nikola Tesla“ d.d. Mentor: Student: Doc. dr. sc. Anita Talaja Krešimir Vuković Split, rujan, 2018. Sadržaj: 1. UVOD ................................................................................................................................. 4 1.1. Definicija problema ........................................................................................................ 4 1.2. Ciljevi rada ..................................................................................................................... 5 1.3. Metode rada .................................................................................................................... 6 1.4. Struktura rada ................................................................................................................. 7 2. METODE I TEHNIKE STRATEŠKE ANALIZE ............................................................. 8 2.1. Općenito o strateškom menadžmentu ........................................................................... -
Analiza Poslovanja Na Primjeru Tvrtke Podravka D.D
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Croatian Digital Thesis Repository VELEUČILIŠTE U ŠIBENIKU ODJEL MENADŽMENT SPECIJALISTIČKI STRUČNI STUDIJ MENADŽMENTA Elena Gadže ANALIZA POSLOVANJA NA PRIMJERU TVRTKE PODRAVKA D.D. Diplomski rad Šibenik, rujan 2018. VELEUČILIŠTE U ŠIBENIKU ODJEL MENADŽMENT SPECIJALISTIČKI STRUČNI STUDIJ MENADŽMENTA ANALIZA POSLOVANJA NA PRIMJERU TVRTKE PODRAVKA D.D. Diplomski rad Kolegij: Upravljanje troškovima Mentor: Anita Grubišić, mag.oec., v.pred. Student: Elena Gadže Matični broj studenta: 13565121 Šibenik, rujan 2018. SADRŽAJ: 1. UVOD.....................................................................................................................................5 2. FINANCIJSKI IZVJEŠTAJI U REPUBLICI HRVATSKOJ.................................................7 2.1. Bilanca......................................................................................................................8 2.2. Račun dobiti i gubitka..............................................................................................9 2.3. Izvještaj o dobiti.....................................................................................................11 2.4. Izvještaj o novčanom toku......................................................................................14 2.5. Izvještaj o promjenama kapitala.............................................................................17 2.6. Bilješke uz financijske izvještaje...........................................................................18 -
Deloitte D.O.O. Transparency Report
Deloitte d.o.o. Transparency Report Deloitte d.o.o. Transparency Report April 2018 00 Deloitte d.o.o. Transparency Report Content 1 The Deloitte network and the legal and structural arrangements in the network ........................ 2 2 Legal, ownership and governance structure of the Company ................................................... 5 3 Description of the management structure of Company ........................................................... 6 4 Internal quality control system ............................................................................................ 6 5 Date of the last quality assurance review .............................................................................. 8 6 List of public-interest entities audited during the last financial year .......................................... 8 7 Independence confirmation ................................................................................................. 8 8 Continuing education ......................................................................................................... 8 9 Partner remuneration ......................................................................................................... 9 10 Rotation policy of key audit partners and staff ....................................................................... 9 11 Financial information ......................................................................................................... 9 12 Licensing requirement for statutory compliance .................................................................... -
CEE CIS Committee Decision
INDEX COMMITTEE DECISIONS Topic: CEE & CIS Index Committee Decisions From: Wiener Börse AG / Market & Product Development Date: March 18, 2009 All adjustments will be implemented after the close of the trading session on March 20, 2009 The Index Committee has decided upon the following adjustments: CTX, CECE, SCECE, CECE TR, CECExt effective March 23, 2009 New Number Name ISIN New FF New RF of Shares CEZ CZ0005112300 537.989.759 0,32 ERSTE BANK GROUP AT0000652011 0,90 TELEFONICA O2 CR CZ0009093209 0,97 Exclusion ZENTIVA NL0000405173 HTX, CECE, SCECE, CECE TR, CECExt effective March 23, 2009 New Number Name ISIN New FF New RF of Shares MAGYAR OLAJ GAZI HU0000068952 0,71 OTP BANK HU0000061726 0,95 RICHTER GEDEON HU0000067624 0,95 PTX, CECE, SCECE, CECE TR, CECExt effective March 23, 2009 New Number Name ISIN New FF New RF of Shares Exclusion AGORA PLAGORA00067 Inclusion ASSECO POLAND PLSOFTB00016 71.292.980 0,75 1,00 GETIN PLGSPR000014 710.930.354 TVN PLTVN0000017 169.159.984 SETX, CECExt effective March 23, 2009 New Number Name ISIN New FF New RF of Shares GORENJE SI0031104076 0,78 NOVA KREDITNA BKA. MARIBOR SI0021104052 0,78 PETROL SI0031102153 0,78 TELEKOM SLOVENIJE SI0031104290 0,78 Inclusion ADRIS GRUPA HRADRSPA0009 6.784.100 1,00 1,00 DALEKOVOD HRDLKVRA0006 0,50 KRKA SI0031102120 0,42 HRVATSKI TELEKOM HRHT00RA0005 0,73 Exclusion PRIVREDNA BANKA HRPBZ0RA0004 Page 1 of 5 NTX effective March 23, 2009 New Number Name ISIN New FF New RF of Shares ANDRITZ AT0000730007 0,99 Exclusion BANCA TRANSILVANIA ROTLVAACNOR1 ERSTE GROUP BANK AT0000652011 0,99 OMV AG AT0000743059 0,99 RAIFFEISEN INTERNATIONAL AT0000606306 0,99 Exclusion CENTRAL EUROP. -
CROBEX® and Crobextr® CROBEX10® and Crobex10tr
September 8th, 2020 CROBEX® and CROBEXtr® ISIN Trading Issuer Free float Number of Weighting code factor listed shares factor 1 HRADPLRA0006 ADPL AD PLASTIK d.d. 70% 4.199.584 1,00000000 2 HRADRSPA0009 ADRS2 ADRIS GRUPA d.d. 95% 6.784.100 0,36528752 3 HRARNTRA0004 ARNT Arena Hospitality Group dd 50% 5.128.721 1,00000000 4 HRATGRRA0003 ATGR ATLANTIC GRUPA d.d. 45% 3.334.300 0,48953990 5 HRATPLRA0008 ATPL ATLANTSKA PLOVIDBA d.d. 85% 1.395.520 1,00000000 6 HRDDJHRA0007 DDJH ĐURO ĐAKOVIC GRUPA d.d. 50% 10.153.230 1,00000000 7 HRDLKVRA0006 DLKV Dalekovod, d.d. 40% 24.719.305 1,00000000 8 HRERNTRA0000 ERNT ERICSSON NIKOLA TESLA d.d. 55% 1.331.650 0,98709462 9 HRHT00RA0005 HT HT d.d. 45% 80.766.229 0,15037086 10 HRIGH0RA0006 IGH INSTITUT IGH d.d. 50% 613.709 1,00000000 11 HRINGRRA0001 INGR INGRA d.d. 95% 13.545.200 1,00000000 12 HRKOEIRA0009 KOEI KONČAR d.d. 100% 2.572.119 0,59493974 13 HRKRASRA0008 KRAS KRAŠ d.d. 12% 1.498.621 1,00000000 14 HROPTERA0001 OPTE OT-OPTIMA TELEKOM d.d. 40% 69.443.264 1,00000000 15 HRPODRRA0004 PODR PODRAVKA d.d. 85% 7.120.003 0,35950401 16 HRRIVPRA0000 RIVP Valamar Riviera d.d. 55% 126.027.542 0,55422898 17 HRSAPNRA0007 SAPN Saponia d.d. 13% 658.564 1,00000000 18 HRTPNGRA0000 TPNG TANKERSKA NEXT GENERATION 50% 8.733.345 1,00000000 19 HRZABARA0009 ZABA Zagrebačka banka d.d. 4% 320.241.955 1,00000000 CROBEX10® and CROBEX10tr® ISIN Trading Issuer Free float Number of Weighting code factor listed shares factor 1 HRADPLRA0006 ADPL AD PLASTIK d.d.