WOOD Flash – MMK: 3Q19 trading update – steel volumes and prices in line with forecasts
MMK published its 3Q19 trading update this morning (15 October). Group steel sales were up 1% qoq, but down 5% yoy (vs. NLMK’s 6% qoq fall, due to maintenance), and prices were down 1% qoq, but up 1% yoy, as MMK’s high domestic exposure largely shielded its selling prices from falling export prices during the quarter. Both of these were in line with our expectations, and represent a good result vs. the weak global steel market. Volumes for coking coal concentrate and iron ore were 10% and 17% below our expectations, rising 29% qoq, but falling 11% qoq, respectively; however, this is unlikely to be seen as material by the market, in our view. We see the numbers as neutral for the share price.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.