CROATIA | SLOVENIA | ROMANIA | BULGARIA FIMA Daily Insight
August 17, 2017
CROATIA
BENCHMARKS DAILY CHANGES % Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.45% to 1,905.96 pts and blue chip CROBEX 10 increased 0.23% to 1,122.47 pts. Regular 0,45% stock turnover amounted to HRK 4.89 million. (Positive) 0,22% Integrated telecom operator Hrvatski Telekom (HTRA CZ) topped the liquidity board collecting HRK 1.7 million in turnover and its price decreased 0.22% to HRK 180.60.
-0,06% On August 16, Djuro Djakovic Group (DDJHRA CZ) reported that for the purpose of the nominal capital increase of the company it had subscribed 2,556,546 new shares for HRK 51.1 mln. Furthermore, Djuro Djakovic Specijalna vozila d.d. signed contract with German client on -0,50% production of wagons type Shimmns TTU worth HRK 62 mln. Delivery of the wagons will be CROBEX SBI BET SOFIX completed in 1Q 2018. (Positive)
Croatia's centre for enterprise restructuring and privatisation (CERP) launched a public call for BENCHMARKS 3Y CHARTS binding bids for the sale of 11.75% stake in port operator Luka Rijeka (LKRIRA CZ). A total of 1,584,124 shares in Luka Rijeka will be sold off-book in a single block transaction on the Zagreb 140 Stock Exchange. The minimum price per share is set at HRK 49.00, while deadline for the submission of bids is August 28. Current market price is HRK 48.98 per share. The government 120 owns a 36.78% stake in Luka Rijeka via its funds and CERP. In 1H 2017, Luka Rijeka’s sales revenues increased by 19% yoy to the amount of HRK 81.1 mln on increase in dry cargo 100 throughput (+35%), general cargo and bulk cargo throughput (+40%) and increase in container throughput of Jadranska vrata (+29%). In 1H 2017, net profit grew to HRK 11.4 mln, compared to 80 HRK 2.2 mln loss recorded in 1H 2016. Total asset amounted to HRK 822.2 mln, while total liabilities amounted to HRK 66.2 mln. The Company currently trades at 33.55 P/E and 19.84 60 EV/EBITDA. (Positive) Aug-14 Aug-15 Aug-16 CROBEX SBI BET SOFIX Croatian camping sector for this year expects to release more than last year's 17.2 mln overnight stays. By mid-August camps in Croatia achieved almost 12% more overnights than last year. (Positive) BENCHMARKS 1Y % RETURNS SLOVENIA
56,2% In June, average gross wage in Slovenia amounted to EUR 1,602.21, which was a decrease of 0.7% mom, while net wage decreased by 0.5% mom. (Negative)
ROMANIA 20,8% 11,5% In 1H 2017, Romanian state-run power grid operator Transelectrica (TEL RO) reported a net 6,5% profit of RON 98 mln, which was 31% lower than in the same period last year. The Company generated 5% lower yoy profit-making revenues of RON 615 mln on tariffs reduction. As a CROBEX SBI BET SOFIX reminder, transmission tariff for Y3 (1 July 2016 – 30 June 2017) of the current regulatory period was slashed by 11% vs. Y2 to RON 18.7/MWh. (Neutral)
Romania's gross domestic product grew an annual 5.9% in the second quarter and 5.7% in SALES AND TRADING DESK CONTACTS seasonally adjusted terms, according to the country's statistics board. (Positive)
Vlatko Kesegić The net assets of the 193 domestic and foreign open-end and closed-end investment funds Phone: +385 31 636 510 operating in Romania saw an increase of 5.1% in 2017, according to data centralized by the Romanian Association of Asset Managers, or AAF. ( ) E-mail: [email protected] Positive
BULGARIA Darko Horvat Phone: +385 42 66 09 62 In 2Q 2017, average gross monthly wage increased by 9.9% yoy to BGN 1040 per month, E-mail: [email protected] according to preliminary national statistics data. It is up 3.4% qoq. (Positive)
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): 0,67 Volume (€mn) Leaders Laggers 1 HT 0,23 Zvecevo 9,03% Viadukt -9,53% 260 2 Valamar 0,11 DDJH 6,28% Viktor Lenac -8,87% 230 3 Adris - pfd 0,10 ULPL 4,57% Petrokemija -7,15% 200 4 Podravka 0,04 ACI 3,58% HTTP Korcula -4,33% 170 5 Viktor Lenac 0,03 Ingra 3,33% Plava Laguna -4,11% 140 6 Atlantska plov. 0,02 ZABA 2,50% VABA -2,70% 110 7 CK Mlinovi 0,02 Koncar EI 2,32% Adris -2,39% 80 8 AD Plastik 0,02 Luka Rijeka 1,67% Excelsa -1,97% 50 9 Dalekovod 0,01 Maistra 1,59% IGH -1,41% Aug-14 Aug-15 Aug-16 10 Atlantic Grupa 0,01 Atlantska plov. 1,36% Optima -1,28% CROBEX CRO Tourism CROPLUS Index
SLOVENIA Market Trunover ( EUR mn): 0,55 Volume (€mn) Leaders Laggers 150 1 Krka 0,21 Gorenje 2,26% Kmecka Druzba -6,27% 140 2 Triglav 0,18 Petrol 0,49% Datalab -5,96% 130 3 Telekom Slo. 0,07 Triglav 0,02% Sava Re -1,75% 120 4 Cinkarna Celje 0,06 Telekom Slo. 0,00% Luka Koper -0,86% 110 5 100 Gorenje 0,02 Mercator 0,00% Cinkarna Celje -0,79% 90 6 Petrol 0,01 Unior 0,00% Krka -0,20% 80 7 Luka Koper 0,01 Salus 0,00% Telekom Slo. 0,00% 70 8 Sava Re 0,00 Hotel Union 0,00% Mercator 0,00% 60 9 Datalab 0,00 Melamin 0,00% Unior 0,00% 50 Aug-14 Aug-15 Aug-16 10 Intereuropa 0,00 Terme Catez 0,00% Salus 0,00% SBI ROMANIA Market Trunover ( EUR mn): 24,45 Volume (€mn) Leaders Laggers 150 1 Sif 2 Moldova 11,30 Poiana Brasov 99,0% Ntierul Naval -13,33% 140 2 Banca Trans. 4,21 Someta Tasnad 43,33% Sinteza Oradea -10,89% 130 3 120 Electrica 3,05 Romradiatoare 35,80% Comelf -6,11% 110 4 BRD 2,02 Concivia Brai 13,12% Electroarges -5,48% 100 5 Romgaz 1,25 Prodvinalco 11,30% Conted Doroho -5,33% 90 6 Sif 1 Banat-Cr 1,06 Armatura 8,28% Comrep Ploies -5,17% 80 70 7 Transgaz 0,46 Ves 7,28% Gastronom Buz -4,93% 60 8 Fondul Prop. 0,36 Remarul 16 Feb 7,12% Cemacon Zalau -4,76% 50 9 Aug-14 Aug-15 Aug-16 OMV Petrom 0,23 Iar Brasov 4,20% Perla Covasnei -4,31% 10 Transelectrica 0,09 Arcelormittal 4,12% Life Is Hard -4,27% BET BET-BK Index
BULGARIA Market Trunover ( EUR mn): 2,83 Volume (€mn) Leaders Laggers 150 1 Atomenergoremo 1,66 Zlatni Pyasatz 24,22% Insurance Comp -23,08% 140 2 Galata Investm 0,77 Technology & I 22,50% Metizi -12,05% 130 120 3 Chimimport 0,07 Vinzavod -Asen 15,00% Yutex Holding -11,36% 110 4 Bulgaria Compe 0,04 Bulgaria Housi 7,69% Bulgarian Amer -3,57% 100 90 5 Nov Vek Holdin 0,03 Nov Vek Holdin 5,84% Zaharni Zavodi -2,67% 80 6 Regala Invest 0,03 Euroholding Bl 3,74% Fund Estates R -2,44% 70 7 60 CCB 0,03 Zarneni Hrani 3,59% Elana Agrocred -2,18% 50 8 Doverie Holdin 0,02 Synergon Holdi 3,52% Neochim -Dimit -2,03% Feb-15 Feb-16 Feb-17 9 Rodna Zemya Ho 0,02 Doverie Holdin 3,04% FIB -1,80% SOFIX BGBX40 index 10 Bulgaria Stock 0,02 Bulgartabak Ho 2,76% Industrial Hol -1,35%
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 60,0 -5,8 4,9 1,04% -7,8% -10,4 23,5 0,4 1,3 -5,4 1,7% -11,3% -
DLKVRA CZ 73,9 11,0 22,1 -0,72% 62,8% 6,8 6,5 0,5 2,0 2,3 7,5% 27,2% -
VDKTRA CZ 2,2 -6,0 36,0 -9,53% -88,3% -0,4 -291,0 0,5 - -218,0 -0,2% - -
INGRRA CZ 8,5 1,1 4,7 3,33% 52,0% 8,1 39,8 8,0 0,6 33,4 20,2% 7,9% -
THNKRA CZ 14,1 0,7 550,1 0,00% 19,5% 19,0 20,2 1,0 0,3 11,6 5,0% 1,8% -
IGHRA CZ 23,2 -4,4 280,0 -1,41% 55,3% -5,2 18,6 3,1 - 13,4 16% - -
DIVERSIFIED ADRSPA CZ 1106,1 61,9 454,0 0,00% -0,5% 17,9 1,1 0,3 0,5 -4,1 26,3% 5,3% 3,7%
6C4 BU 238,3 29,5 1,9 2,53% 16,5% 8,1 - 1,4 0,3 - - 3,7% 2,8%
4HS BU 8,4 0,2 3,3 1,52% 0,9% 54,0 - - 3,2 - -20,5% 6,1% -
5V2 BU 89,9 1,0 33,6 - 1,8% 92,5 44,0 6,8 1,1 15,0 15,3% 1,3% -
4EH BU 105,3 -4,3 1,3 3,74% 95,4% -24,5 19,3 1,5 2,0 8,9 7,6% -8,4% 0,8%
5SR BU 92,3 3,8 8,6 0,00% 32,5% 24,1 - 1,0 2,0 - - 8,5% 2,5%
ENERGY & UTILITY SNG RO 2532,6 #N/A N/A 30,1 1,18% 20,4% 8,8 - 1,9 1,2 - - - 12,6%
SNP RO 3956,9 409,1 0,3 -1,23% 22,6% - 3,0 0,9 0,7 0,0 30,8% 5,1% 4,7%
TGN RO 1012,3 132,7 394,0 0,51% 34,0% 7,6 2,7 1,4 1,2 -1,0 52,0% - 11,8%
EL RO 981,4 79,4 13,0 -1,52% -1,2% 12,4 3,1 0,5 0,8 -2,5 16,9% 6,3% 5,7% TEL RO 448,7 - 28,1 -0,53% -3,9% - - - 0,7 - - - 8,0% COTE RO 178,8 - 94,6 -1,87% 20,1% - 2,0 - 1,1 -2,2 - - 17,5%
INARA CZ 4322,3 125,6 3.195,0 0,00% 10,2% 34,4 10,8 2,0 2,8 0,8 18,2% 8,6% 0,5%
SNN RO 492,2 24,7 7,5 -0,27% 55,7% 20,0 1,9 0,7 0,3 -0,3 40% 1,5% 4,4%
JNAFRA CZ 763,4 40,1 5.600,0 0,00% 5,7% 19,0 9,5 7,2 1,4 -1,3 75,7% 7,9% 2,9%
FOOD & BEVERAGE PODRRA CZ 303,4 15,5 315,0 -0,91% -16,9% 19,5 8,8 0,9 0,8 2,6 9,7% 4,1% 2,2%
ATGRRA CZ 367,7 24,5 815,1 -0,96% -7,8% 15,0 8,3 0,8 1,3 3,1 9,4% 9,1% 1,7%
LEDORA CZ #N/A N/A 38,1 #N/A N/A - #VALUE! - 9,4 1,6 - 1,0 17,1% 15,7% -
JMNCRA CZ #N/A N/A 40,8 #N/A N/A - #VALUE! - 8,4 1,2 - 0,6 13,9% 17,3% -
KRASRA CZ 86,4 3,5 465,0 0,80% -13,8% 24,7 10,2 1,0 0,9 3,5 9,3% 4,3% 1,7%
CKMLRA CZ 85,2 7,8 6.000,0 0,00% -7,1% 10,9 8,2 0,6 1,1 0,9 8% 10,9% 1,1%
BLJERA CZ #N/A N/A -4,5 #N/A N/A - #VALUE! - 15,6 1,5 - 8,2 9,4% -1,7% -
ZVZDRA CZ #N/A N/A 3,3 #N/A N/A - #VALUE! - 15,0 1,2 - 2,4 8% 2,7% -
Important: Please see important disclaimer and disclosures at the end of the document 3 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 INDUSTRIAL GRVG SV 154,9 9,5 6,3 2,26% 5,8% 16,3 6,3 0,4 0,4 3,7 7,0% 2,6% 1,6%
ERNTRA CZ 221,6 13,0 1.230,0 0,57% 5,7% 17,1 9,2 0,9 5,0 -1,7 10,2% 35,2% 9,0%
CICG SV 133,4 9,8 163,7 -0,79% 1,0% 13,7 4,0 0,6 0,9 -1,3 14,8% 6,8% 5,5%
DDJHRA CZ 34,9 -0,9 34,0 6,28% -24,7% -40,1 22,3 1,1 3,3 11,9 4,9% - -
ADPLRA CZ 95,9 8,1 168,7 0,88% 21,7% 11,9 6,9 1,1 1,0 2,5 15,6% 8,5% 5,0%
5MB BU 226,3 10,7 11,4 0,75% 17,5% 21,2 12,9 1,7 2,6 2,8 13% 11,6% 2,5%
KODTRA CZ 54,5 5,4 1.600,0 0,00% 4,6% 10,1 5,2 0,3 1,1 -0,7 6,3% 15,2% 3,5%
5MH BU 171,7 6,1 8,6 0,01% 29,4% 28,3 13,8 3,0 4,8 -0,9 21,5% 17,3% 3,0%
KOEIRA CZ 261,0 16,8 750,0 2,32% 8,7% 15,6 11,4 0,7 0,9 -3,7 6,0% 5,8% 1,6%
INFRASTRUCTURE LKPG SV 451,1 46,3 32,2 -0,86% 28,9% 9,7 6,3 2,5 1,3 1,3 39,2% 14,0% 3,0%
LKPCRA CZ 29,8 -2,8 520,0 0,00% -8,9% -10,6 -13,5 1,0 0,5 1,2 -7,4% -5,0% -
LKRIRA CZ 90,8 2,6 49,8 1,67% 3,9% 34,5 67,3 4,2 0,9 5,9 6,2% 2,8% -
MARINE ATPLRA CZ 81,7 -4,2 432,7 1,36% 53,1% -19,2 17,9 4,4 1,1 6,9 24,7% -5,4% -
TPNGRA CZ 79,0 4,4 66,9 -0,49% -10,8% 18,1 10,8 4,4 0,9 6,4 40,6% 5,3% 2,4%
LPLHRA CZ 17,2 -0,3 192,0 0,00% -4,0% -66,8 11,4 1,3 0,8 -1,8 11,6% -1,2% -
JDPLRA CZ 7,7 -8,4 34,9 0,00% -14,3% -0,9 80,1 4,9 0,2 78,5 6,1% -19,1% -
5BR BU 12,8 -0,6 0,7 - 5,6% -21,3 23,1 1,4 0,3 -0,4 6,2% -1,5% -
PHARMA KRKG SV 1800,0 130,1 54,9 -0,20% 3,8% 13,8 6,7 1,4 1,2 -0,1 21,1% 8,6% 5,0%
3JR BU 341,5 27,0 5,0 -0,30% 66,3% 12,6 9,9 0,8 1,4 2,4 8,2% 11,9% 2,0%
ATB RO 82,0 - 0,6 -1,75% 7,7% - - - 0,9 - - - 6,9%
BIO RO 71,0 - 0,3 -0,60% 22,2% - - - 1,6 - - - 5,3%
SCD RO 211,1 - 2,3 -2,11% 19,0% ------6,6%
53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0,6 - - - 13,7% -
RETAIL & DIST. RPH RO 40,6 - 0,4 3,70% 33,8% - - - 1,4 - - - -
MELR SV 213,2 -73,6 35,0 0,00% -48,5% -2,9 10,7 0,5 0,4 6,9 - -12,3% -
PETG SV 784,4 74,8 376,0 0,49% 15,7% 10,5 6,7 0,3 1,3 2,3 4,0% 12,7% 3,7%
TISKRA CZ #N/A N/A -6,1 #N/A N/A - #VALUE! - 11,8 0,1 - 4,9 1,1% 3,5% -
MDKARA CZ 61,5 12,5 15.050,0 0,00% -12,4% 4,9 6,0 0,2 0,9 3,5 3,0% 20,2% -
PVCMRA CZ - 3,0 204,0 0,49% 14,9% - - - 1,0 - 3,1% 9,0% - Important: Please see important disclaimer and disclosures at the end of the document 4 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 TELECOMS HTRA CZ 2000,7 124,0 180,6 -0,22% 6,8% 16,1 4,2 1,6 1,3 -1,2 39,5% 8,0% 3,3%
TLSG SV 542,4 48,3 83,0 0,00% 16,7% 11,2 4,4 1,2 0,7 1,9 27% 6,8% 6,0%
OPTERA CZ 26,5 1,8 3,1 -1,28% 14,5% 15,0 4,3 1,0 4,8 2,5 23,9% 33,1% -
TOURISM RIVPRA CZ 761,9 40,0 44,7 0,54% 29,2% 19,0 9,3 4,9 2,8 1,7 52,0% 15,8% 1,8%
TUHORA CZ 155,3 9,9 3.130,0 0,00% 6,1% 15,7 10,8 4,8 3,5 -0,7 45% 24,4% 1,9%
HIMRRA CZ 70,1 1,5 815,0 0,00% 0,1% 47,3 11,9 4,6 1,6 2,5 39,0% 3,4% 0,4%
ARNTRA CZ 338,6 -14,2 488,0 0,00% 4,1% -23,9 17,5 4,9 1,7 3,5 28% -10,1% -
PLAGRA CZ 531,6 31,9 7.000,0 -4,11% 27,3% 16,7 9,9 4,0 2,0 1,6 40,7% 13,2% -
LRHRA CZ 155,6 1,5 3.800,0 0,00% 3,5% 101,3 10,4 4,4 1,6 0,7 43% 1,6% -
HUPZRA CZ 175,3 10,3 3.000,0 0,00% 7,2% 17,1 - 4,2 1,6 - - 10,0% 0,5%
MAISRA CZ 473,8 19,5 320,0 1,59% 26,5% 24,4 12,8 4,3 2,6 2,8 33% 11,3% -
6AB BU 141,6 8,0 64,8 0,25% 5,5% 17,7 12,4 2,9 0,6 2,6 23,6% 3,6% -
HMSTRA CZ 20,6 0,5 295,0 0,00% 5,4% 37,7 7,2 3,1 1,2 0,3 42% 3,4% -
ACIRA CZ 85,6 0,8 5.700,0 3,58% -10,9% 101,0 8,4 3,1 1,4 -0,8 37% 1,4% -
SLRSRA CZ 86,1 -0,8 1.030,0 0,00% 14,6% -101,5 6,6 3,4 0,8 2,9 51,8% - -
ILRARA CZ 56,3 4,5 1.380,0 0,00% 6,0% 12,6 - 3,9 1,5 - - 13,1% 1,5%
Mcap TTM PAT NPL BANKS €mn € mn Last Price 1D Δ YTD P/E P/Bv ratio TE/TA L/D ROE ROA Dy TLV RO 2292,8 283,4 2,4 -1,63% 20,8% 8,3 1,7 11,6% 11,7% 0,7 20,6% 2,6% 2,1%
BRD RO 2129,2 249,1 14,0 0,57% 17,8% 8,7 1,4 12,8% 12,6% 0,7 17% 2,2% 5,2%
ZABARA CZ 2398,0 149,7 55,4 2,50% 2,5% 15,8 1,0 - 14,4% 1,0 6,4% 0,9% 9,6%
BCC RO #N/A N/A -9,4 0,1 -0,96% #VALUE! #N/A- Field Not Applicable- 3,4% 0,4 -45% -2,4% -
PBZRA CZ 1963,8 181,9 761,0 0,00% -1,0% 10,7 1,0 - 16,7% 1,0 9,6% 1,7% 3,3%
5F4 BU 301,0 48,4 5,4 -1,80% 59,8% 6,2 0,7 - 9,3% 0,7 11% 1,1% -
Mkcap TTM PAT Com. INSURANCES (€mn) € mn Price 1D YTD P/E P/Bv P/GPW TE/TA ratio ROE ROA Dy ZVTG SV 609,8 81,9 26,8 0,02% 15,6% 7,4 0,8 0,7 0,2 0,9 11,5% 2,3% 9,3%
POSR SV 270,7 32,8 15,7 -1,75% 18,9% 7,6 0,8 0,6 0,2 0,7 11% 2,0% 5,1%
CROSRA ZA 784,4 74,8 376,0 0,49% 0,3% 10,5 6,7 0,3 1,3 2,3 4,0% 12,7% 0,0%
Mkcap TTM PAT Avg. 1Y Dsc. to FUNDS (€mn) € mn Price 1D YTD P/E NAV Discount to NAV NAV Sortino Dy FP RO 1914,8 2.339,8 0,9 -0,11% 22,5% 6,0 1,2 0,3 0,3 270,8% 5,7%
Important: Please see important disclaimer and disclosures at the end of the document 5 CROATIA | SLOVENIA | ROMANIA | BULGARIA FIMA Daily Insight
INSTITUTIONAL SALES AND TRADING DESK CONTACTS:
VLATKO KESEGIĆ [email protected] +385 31 63 65 10
DARKO HORVAT [email protected] +385 42 66 09 62
TRADING DEPARTMENT: [email protected] +385 42 66 09 60
DISCLAIMER
FIMA Daily Insight is a publication issued by FIMA Securities Ltd. It discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions. It is provided for general informational purposes only and should not be relied on for any other purpose. It is not, and it is not intended to be, research, a recommendation or investment advice, as it does not constitute substantive research or analysis, not an offer to sell or the solicitation of offers to buy any FIMA Securities´ product or service. It does not take into account the particular investment objectives, restrictions, tax and financial situation or other needs of any specific client or potential client. In addition, the information is not intended to provide sufficient basis on which to make an investment decision.
This publication uses publicly available records published by the selected relevant sources and public information services (Zagreb Stock Exchange, Bloomberg, Reuters, publicly available financial reports of the Issuer, publicly available opinions of representatives of the Issuers etc.). Although we believe that the stated information and other records are reliable, we do not guarantee for their accuracy, completeness or timeliness. The opinions and information herein are current only as of the date appearing on the cover. FIMA Securities has no obligation to provide any updates or changes to such opinions and information. By publishing this FIMA Securities Ltd. does not bear any responsibility for the consequences, or for the possible damages resulted from usage of the information and records published in this publication. Single opinions stated in this publication may change without prior notice. The opinions expressed in this publication are those of various authors, and do not necessarily represent the opinions of FIMA Securities or its affiliates.
Past performance is not indicative of future results, which may vary significantly. The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur. The information and statements provided herein do not provide any assurance or guarantee as to returns that may be realised from investments in any security or other assets. This material does not purport to contain all of the information that an interested party may desire and, in fact, provides only a limited view of a particular market. Should you need more information about risks connected to investing in securities please see General Operating Conditions at https://e-trade.fima.com/documents/Opci%20uvjeti%20poslovanja%20FIMA-VRIJEDNOSNICA_01.10.2015.pdf .
This publication has not been prepared in compliance with the provisions of the Capital Market Act, and the Regulations of the Croatian Agency for Supervision of Financial Services (HANFA) ensuring independence of investment research, as also the issuance of the publication has not been subject to trading ban prior to distribution, as it has usually been foreseen for investment researches. According to the previously stated regulations this publication is considered to be promotional communication. All significant sources of information used in preparing of this publication were stated in its text.
The seat of the Company FIMA Securities Ltd. is in Varaždin, Vrazova 25, whereas the operating of the Company has been supervised by the Croatian Agency for Supervision of Financial Services. The company was entered into the Court Register of the Commercial Court in Varaždin under the number: 070052968. Protection of copyright and database records exist in this Document, and the same must not be reproduced, distributed or published by anyone regardless the intention, without previous express consent of the Company FIMA Securities Ltd. Please state the source in case of citing. All rights reserved.
FIMA Daily Insight is prepared by the employees of FIMA Securities Ltd. The first issue of FIMA Daily Insight was published on 16TH January 2009. Additional information is available upon request.
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