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Eavex Ukraine Fixed Income Weekly: Apr 3
Ukrainian Eurobonds were rather inactive last week amid a mixed news flow and general investor confusion about whether the country will manage to find a feasible energy alternative to coal from the occupied territories before the next winter season. However, there was a sharp rise in the country’s GDP-linked derivatives after JP Morgan wrote that these securities have been trading at only half of their fundamental value. In major news last week was the UK High Court’s decision to proceed wit...
Eavex Ukraine Market Monitor: Feb 20
EquityUkrainian equities listed in Kyiv finished mixed last week as local news flow was dominated by a possible energy crisis in the country. A coal supply blockade from the Donbass by rogue nationalists has created risks for thermal power plants. CentrEnergo’s CEO Oleg Kozemko said that the company has already switched into a fuel saving mode at its Tripilska plant in Kyiv province. CentrEnergo’s (CEEN) stock edged down by 1.4% to UAH 11.10 per share. The railroad blockade could cause even ...
- Dmitry Churin
Eavex Ukraine Fixed Income Weekly: Feb 20
TrendsUkrainian sovereign Eurobonds were steady last week, mostly ignoring the widely-covered developments regarding the railroad blockade of the Donbass occupied territories by rogue nationalist paramilitaries. The blockade has already caused an energy emergency situation by interrupting coal supplies. President Poroshenko has chosen public relations over force in dealing with the ostensibly pro-Ukrainian paramilitaries, warning on television about the severe economic consequences of this actio...
- Dmitry Churin
Eavex Ukraine Market Monitor: Feb 13
EquityKyiv-listed equities enjoyed a sharp rally last week as expectations of strong corporate reports for 4Q16 triggered buying activity. The first blue chip company that unveiled preliminary financial results was Raiffeisen Bank Aval (BAVL). The bank earned net profit of 2.11 kopecks per share in the fourth quarter, bringing its net profit to 6.21 kopecks per share for FY16. The stock surged 9.1% to 15.30 kopecks, its highest level since July 2014. In economic news, the government estimated th...
- Dmitry Churin
Eavex Ukraine Fixed Income Weekly: Feb 13
Quotes for Ukrainian sovereign Eurobonds rose last week following surprisingly impressive preliminary data indicating that the country’s GDP grew by 4.6% YoY in 4Q16. Positive sentiment also came from a USDA report that said Ukraine’s grain export forecast had been increased by 1.5mn tonnes to 40.4mn tonnes in the 2016/17 agricultural year (July-June). The two factors may actually be related, as the bump in 4Q growth could be due to figures that raise the estimate of Ukraine’s national cro...
- Dmitry Churin
Eavex Ukraine Market Monitor: Feb 6
EquityUkrainian stocks listed in Kyiv had a nervous trading week amid the first major escalation of the Donbass military situation in more than a year. Heavy artillery and rockets hit residential areas in the city of Avdyivka, which is on the Ukrainian side of the line and where a strategically important plant for the country’s steel sector is located. The two sides blamed each other for the spike in hostilities. A separate new problem in regard to the conflict zone also emerged when militant ...
- Dmitry Churin
Eavex Ukraine Fixed Income Weekly: Feb 6
Ukrainian sovereign Eurobonds finished lower last week as confidence took a hit from the first major escalation of the Donbass military situation in more than a year. Heavy artillery and rockets hit both separatist-controlled Donetsk and its suburb Avdyivka, which is on the Ukrainian side of the line and where a strategically important plant for the country’s steel sector is located. Some analysts said this escalation stems from Russia wanting to test the reaction of new US President Trump, wh...
- Dmitry Churin
Eavex Equity Research: Ukrainian Agriculture
Agriculture is increasing its importance in the Ukrainian economy. The industry contributes some 11% of Ukrainian GDP, has outperformed other domestic sectors over the last decade and is now the largest generator of export revenue. That said, the main players in the industry are impacted differently by devaluation, the recent changes in tax regime and have varying ability to manage their leverage.Companies covered. In the context of Ukrainian agriculture, we decided to focus on the seven publicl...
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