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Ukrainian stocks tumbled again on Thursday as equities globally continuedto be hit by fear that Greek debt woes could spread and about Spain’sbanking system. The WIG-Ukraine index plummeted 5.4% (-13.8% over the lastfive sessions), with all but two index components lower. The worstperformers were Agroton (AGT PW) -10.1%, and Kernel (KER PW) -7.8%. Webelieve Kernel’s poor 3Q results, the broad market weakness and 9%month-to-day zloty devaluation vs. USD create a perfect entry point into |
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the stock and upgraded our recommendation on Kernel yesterday to BUY.Meanwhile, the story was much the same on the local Ukrainian Exchange,which fell 2.4% (-8.5% over the last five sessions), and also only twoindex stocks posted slight gains. The day’s biggest losers wereYenakiieve Steel (ENMZ UK) -7.7% and Ukrnafta (UNAF UK) -5.7%. Ukrainianequities in London were also tagged, with Cadogan Petroleum (CAD LN)shedding 8.5% and Regal Petroleum (RPT LN) putting off 6.3%. |
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23.11.2011
Coal Energy ups top line 1.4x, bottom line 1.9x y-o-y in Jul-Sept 2011Coal Energy (CLE PW), a WSE newcomer, reported a 36% y-o-y increase in revenue to USD 39.7 mln in the first quarter of its 2012 financial year (July-September). The company increased exports in its sales structure to 49% in 1Q of FY2012 from 26% a ye...
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23.11.2011
EBRD OKs USD 36 mln loan to Sadovaya GroupThe European Bank for Reconstruction and Development’s board of directors, at a meeting yesterday, approved a loan of up to USD 36 mln for Ukrainian coal miner Sadovaya Group (SGR PW). Loan proceeds will be used to finance Sadovaya’s USD ...
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23.11.2011
Minimum land lease rate to increase by 76% as of January 1, 2012The Cabinet of Ministers issued a decree that increases the nominal cadastre value of agricultural land by 76% as of January 1, 2012. This nominal cadastre value, which varies by region, is used to calculate the minimum lease rate which farming compa...
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23.11.2011
Moratorium on agri land trade could be extended until end-2012The moratorium on agricultural land sales could be prolonged until the end of 2012 (it is currently due to expire at the end of 2011), the deputy chairman of the State Agency on Land Resources announced yesterday. The agency expects the final draft o...
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23.11.2011
Poltavaoblenergo refused permit to buy 25% of KyivenergoUkraine’s Antimonopoly Committee (AMC) refused to give a permit to Poltavaoblenergo (POON UK) to acquire a 25% stake in Kyivenergo (KIEN UK). The AMC said it based its decision on a procedural breach in the disclosure of the ultimate beneficiar...
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22.11.2011
Motor Sich, Klimov JV to start making missile engines A joint venture between Motor Sich (MSICH UK) and Russia’s Klimov plans to start production of P95 engines for guided air-to-surface missiles in Dubna (Russia) in 2012, the head of the JV said yesterday. Motor Sich currently produces 300 R95 en...
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22.11.2011
Mriya raises 9M11 revenue 2.3x y-o-y to USD 112 mlnMriya Agroholding (MAYA GR), a 240 ths ha farming company with a focus on sugar beets, reported a 129% y-o-y increase in 9M11 revenues to USD 111.9 mln in unaudited financials, part of which the company released yesterday. Mriya’s gross profit ...
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