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Since the very beginning of equity trading in Ukraine Sokrat has built a strong research team of professional and experienced analysts who provide insightful, objective and action-oriented information for financial professionals and self-directed investors, so that they may make informed investment decisions.
Sokrat Research includes coverage of both equity research on particular companies, as well as on strategic macroeconomic and political issues in Ukraine and the CIS.
May 31, 2010Ukrainian Eurobonds Weekly (May 20-27, 2010)
Last week, quotes for CDS for Ukrainian government debt experienced a decline of 75.1 basis points (by 11.1%) – from 674.9 b.p. to 599.8 b.p. At the same time, the Ukrainian CDS quotes were very volatile and reached a peak of 689.2 b.p. during the last week. Ukrainian CDS were influenced by external factors such as the global rebound after correction in world markets.
May 26, 2010Ukrainian Eurobonds Weekly (May 13-20, 2010)
Last week, quotes for CDS for Ukrainian governmental debt increased by 102.1 basis points (or by 17.8%), from 572.8 b.p. to 674.9 b.p. This increase arose from increasing pessimism about the solution to European governments’ debt problems; thus CDS for Russian and Argentinean governmental debt also rose , by 37.0% and 40.9%, respectively.
May 17, 2010Landkom – Site visit impressions
Coming back from Landkom’s operations, we decided to update our recent valuation of Landkom because of our improved outlook on financing availability and 2010–2011 operational results. We consider that stocks in Landkom though risky provide investors with high yield investment opportunity. We recommend BUYing stocks in Landkom with a fair price at USD 0.19 per share.
May 17, 2010Ukrainian Eurobonds Weekly (May 06 - 13, 2010)
Last week, quotes for CDS in the Ukraine experienced a drop of 62.4 basis points – from 635.2 b.p. to 572.8 b.p. Such a drop is connected with news about increasing optimism about the solution to the Greek problems; thus CDS for Russian, Kazakhstani and Argentinean government debt declined as well, by 59.8 b.p., 60.1 b.p. and 147.3 b.p. respectively.
April 27, 2010Ukrainian domestic bonds – investments for an added value
After a recent 3-month rally on both Ukrainian equity and debt markets (the UX Index increased by 62% in the past 3 months, while yield on the Ukraine-11 Eurobond issue YTM dropped from 11.1% to 5.3%) we still see the opportunities for both aggressive and conservatively-oriented investors. BUYing domestic government bonds (OVGZs) is our top idea in the field of fixed income and with this flash note we present the rationale.
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April 6, 2011Ukrproduct Group [UKR LN, U/R] has increased its net income by 5.1% in 2010
Ukrproduct [UKR LN, U/R], one of the largest Ukrainian dairy producers, posted its financial results for FY10. According to the Company’s data, net income rose by 5.1% YoY to GBP 1.09 mln (FY09: GBP 1.04 mln). Revenue grew by 4.3% YoY to GBP 45.02 mln (FY09: GBP 43.17 mln), profit from operations fell by 11.4% YoY to GBP 1.57 mln versus GBP 1.77 mln in FY09. EBITDA fell by 16.9% YoY to GBP 2.64 mln (FY09: GBP 3.18 mln). The EBITDA margin fell by 1.5 p.p. to 5.9% in FY10.
Metals and Mining
April 5, 2011Metinvest GOKs increased production in the 1Q11
The processing plants of Metinvest increased production of iron ore concentrate by 4%, to 8.69 million tones in the 1Q11 in comparison with the same period last year, but at the same time the production of pellets was reduced by 5%, to 2.94 million tones.
March 29, 2011MHP [MHPC LI, U/R] has increased its net income by 34.7% in FY10
MHP [MHPC LI, U/R] posted strong financial results for FY10. The Company’s net sales increased by 32.8% YoY, to USD 944.2 mln (FY09: USD 711.0 mln). The EBITDA increased by 19.8% YoY, to USD 324.7 mln (FY09: USD 271.0 mln). The EBITDA margin remains high; however, it decreased to 34.4% from 38.1% in FY10. Net income grew by 34.7% YoY, to USD 215.4 mln versus USD 160.0 mln in FY09, mostly due to increases in volume sales and prices of chicken meat and sunflower oil.
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