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Chemiсals and pharmaceuticals


Chemiсals and pharmaceuticals
April 9, 2009
Между дефляцией и инфляцией: возможность для передела отрасли
Дефляция на практически все виды товаров и сырья в 2008–2009 гг. была особенно ярко выражена для природного газа. Падение цен на азотные удобрения было меньшим, и может продолжиться. Украинские азотчики неконкурентоспособны, так как цены на природный газ в Украине существенно выше спотовых мировых. Тяжелые краткосрочные перспективы создают предпосылки для передела отрасли, которая, на наш взгляд, очень перспективна со средне– и долгосрочной точки зрения.
Chemiсals and pharmaceuticals
October 23, 2008
Ukrainian Pharmaceuticals. A forward look at GMP implementation.
Most leading Ukrainian pharmaceutical companies are outperforming the quickly growing market and obtaining market share, successfully competing with large foreign players. While international pharmaceutical producers own the market in value terms (78%), local ones own it in volume terms (61%), due to their lower price segment specialization. However, we expect local producers’ share to increase owing to a shift to the higher price segment and government support. The ability to produce more expensive drugs is supported by GMP certification and outstanding local R&D potential.
Chemiсals and pharmaceuticals
April 24, 2008
Big changes ahead
Farmak is one of the top three pharmaceutical producers in terms of output volumes in Ukraine with a strong position on the domestic market. Its well-recognized brand portfolio consists of 140 products. Stable revenue growth (+21.2% YOY and +38.9% YOY in 2006 and 2007, respectively). In 2008, the EBRD gave it a CapEx of USD 24.2 mln. Ownership is concentrated in one hand. We recommend BUYing Farmak, with an upside of 80.3% and are setting a fair target price of USD 85.7 based on several factors that, in our opinion, will drive FARM’s market price up.
Chemiсals and pharmaceuticals
July 11, 2007
Concern Stirol: time to change
Concern Stirol, a major and the most diversified Ukrainian nitrogen fertilizer producer, is set to either change its mode of operations or become unprofitable. The main reason for future losses of current Stirol is the unavoidable rise in natural gas prices. Stirol already missed an earlier IPO opportunity, and will have no cards to play beyond Fall 2007. At that time, the company can either initiate a half-way Internal Change, or undergo an External Re-evaluation via changes in ownership. A cleanup of all business segments, necessary in both cases, would only be explicitly demonstrable within the External Re-evaluation scenario. Speculation on management’s desire to be re-evaluated is an attractive, but risky, investment opportunity.

Daily monitor

Chemiсals and pharmaceuticals
March 28, 2011
Stirol [STIR UK, N/R] has increased its net loss by two times in 2010
Stirol has increased its net loss by two times in 2010 compared to 2009 – up to UAH 657.5 mln.
Chemiсals and pharmaceuticals
February 12, 2010
Nord Star Pharmashare, Darnytsia announce 2009 figures

Nord Star Pharmashare [4SI1 GR], the majority shareholder of the leading Ukrainian pharmaceutical company ‘Darnytsia’, introduced good figures in relation to its 2009 performance and plans for next year at a meeting with equity analysts. Notably, the Company’s net sales grew by 37% YoY to UAH 576 mln.

Chemiсals and pharmaceuticals
November 26, 2009
Ukraine’s ammonia production recovers in October: POSITIVE

In October 2009, ammonia production in Ukraine reached 291 thsd mt, representing a 69.5% drop YoY, according to Ukrainian News. Notably, Ukrainian ammonia production in September 2009 was 266 thsd mt, a 66% drop YoY in production.

Chemiсals and pharmaceuticals
July 28, 2009
KMED boosts net sales by 34.5% YoY to UAH 168 mln in 1H09: POSITIVE

According to information from Kyivmedpreparat [KMED UZ, U/R], a top 5 domestic producer of medical products, the company boosted net sales by 34.5% YoY to UAH 167.8 mln; net income decreased by 38.1%YoY to UAH 3.26 mln in 1H09.

Chemiсals and pharmaceuticals
July 15, 2009
OPP to be auctioned off on September 29

The auction for 99.5% of Odesa Portside Plant has been officially announced to take place on September 29, 2009. The initial price will be set at UAH 4 bln (USD 520 mln), and the auction step will amount to UAH 50 mln (USD 6.5 mln).

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