Slovenian Weekly Regional Overview 27.8.2017 - 31.8.2017
POLITICS:
From business sector / capital markets perspective coalition agreement brought more negative fuss than positive, as most articles discuss about possible tax hikes: from capital gains taxes to be included in income taxation (elevating rates), to possible higher corporate effective tax levels. True, coalition agreement mentions lower income tax (lower rates or higher general deductibles), however companies would be at the same time burdened by more contributions.
On the other 2TDK second railway tier project will be continued.
Privatization is not mentioned, only that they will overhaul states strategy regarding asset management with aim to increase returns. However coalition agreement also mentioned they will pursue also social and ecological goals.
All in all and as expected this government will be more focused on lifting government expenditure and not on lowering business segment tax burden which will likely even increase to balance the budget.
RESULTS:
2Q18 (1H18) results season is mostly behind us. All in all 2Q18 was slightly more bleak vs 1Q18 data with more mixed data, however most misses from our estimates perspective were counterbalanced by reaffirmed management year end guidance's (insurance sector). Consequently SBI TOP earnings are roughly down 2.2% YoY in 2Q18 vs 2Q17, but this still calculates into 3.6% YoY growth from 1H18 perspective (not all data included yet into the calculation).
Note 2Q18 data on page 2 and 4.
ALTA Invest, investicijske storitve, d.d., (ALTA Invest, investment services, Inc.) is a part of ALTA Group, the biggest financial non-banking group in Slovenia. ALTA Invest has around 28% market share on the domestic Ljubljana Stock Exchange and has more than EUR 95m of assets under management.
Our trading advantage is our execution of large trading blocks with low impact on the market. We offer trading on several platforms on numerous markets, with a wide variety of financial instruments. Our advantage is also a research department, which is both sell side and buy side and has the far most extensive and regular coverage of domestic companies. We cover 9 companies on Ljubljana Stock Exchange, which is around 90% of Mcap on LJSE – and here we are practically the only local broker providing this kind of extensive and regular coverage for Slovenian companies.
A part of ALTA Group are ALTA Skladi, a mutual fund asset management company with roughly EUR 260m of asset under management. ALTA Group is also extensively involved in corporate finance projects and raised considerable assets (fixed income and equity) in the last two years for several companies.
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