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Consumer goods
November 13, 2008Slavutych - a Stable Head of Foam

On the November 11, 2008 the Carlsberg Group – the holding company for Slavutych –held a conference on the latest tendencies on the Ukrainian beer market and released 9M2008 financial consolidated results for Slavutych and Lvivska Pyvovarnia. In spite of the slowdown of the Ukrainian beer market, Slavutych was able to increase its sales 48% YoY in value terms and expand its position on the domestic market, reaching 23.8% in 9 months 2008. We reiterate our BUY recommendation for Slavutych and put the target price of the company’s shares under review.

Consumer goods
August 20, 2008Flash Note: Kovelmoloko — Additional Share Issue

According to a press release issued by Kovelmoloko, the company is going to increase its charter fund by 15.2 times to USD 58.61 mln. The final decision on increasing the charter fund is up to KMOL’s shareholders and will be made at the company’s AGM on August 27, 2008. Its management is planning to use the proceeds from the additional share issue toward the modernization and development of its assets. Our earlier target, adjusted for the share issue, is USD 0.20 per share. We reiterate our recommendation of “BUY” for Kovelmoloko.

Consumer goods
August 8, 2008Growth Knows No Limits

Kovelmoloko is a main asset of the Western Milk Group (WMG), accounting for 33% of the group’s total output. WMG is one of the top domestic dairy producers with a 4.1% market share in 2006. WMG has a wide distribution network and is represented in all parts of Ukraine. KMOL’s sustainable financial growth, healthy investments in the plant’s modernization, improving staple access and the company’s exposure to an unsaturated market niche of functional products will enrich the value of Kovelmoloko and drive the market share price up. We recommend BUYing for KMOL with a fair price of USD 1.02.

Consumer goods
June 9, 2008Slavutych & Sun InBev Ukraine

The Ukrainian beer market expanded 18% in terms of output in 2007. Taking into account the low beer consumption per capita (61 lt) compared to average European (90 lt), we see the potential for growth on the Ukrainian beer market and are initiating coverage of two traded breweries, Sun InBev Ukraine [SUNI] and Slavutych [SLAV]. We believe that SUNI‘s excellent corporate governance standards and strong fundamentals will be key growth factors for SUNI’s market price. Moreover SLAV sustained earnings’ recovery lead us to believe, that SLAV is undervalued. We issue BUY recommendations for both stocks with a fair price of USD 0.945 for SLAV and a fair price of USD 0.14 for SUNI.

Consumer goods
May 8, 2008Prydniprovsk Dairy Plant, Dairy, Dairy quite contrary

Prydniprovsk Dairy Plant is a Ukrainian independent dairy producer with its own distribution chain. It processes 200 mt of milk daily. The company has a diversified product portfolio exposed to the high marginal baby food segment and unsaturated market niche of high value-added products. It had a stable sales growth at 10% CAGR in 2003-2006. We recommend BUYing with a fair price of USD 21.1. The company is not listed on the PFTS and traded over the counter.

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Daily monitor

Consumer goods
July 9, 2010Slavutych offers to buy back 6.5% of its shares

Slavutych brewery [SLAV UZ], a major Ukrainian beer producer, in its AGM on June 25 decided to implement a buyback program, according to which the company plans to purchase 61.8 mln shares (6.5% of the total shares) in the company on the market. According to official information, the buyback will extend from June 26 to July 26 at a price of UAH 2.1 (USD 0.26) per share, which is 9% below the current market price.

Consumer goods
August 3, 2009Ukrros plans sugar cane processing at Palmir Sugar Plant: NEUTRAL

Ukrros [UROS UZ, 36U1 GR], Ukraine’s number two sugar producer, announced its plans to process 30 thsd mt of sugar cane at Palmir Sugar Plant in Cherkassy region.

Consumer goods
July 28, 2009SIA Boryspil published strong 2Q09 results

Boryspil Airport published strong financial results for the second quarter of 2009. The airport’s net sales increased to UAH 238 mln, showing growth of 42% YoY, net income totalled UAH 85 mln (81% YoY growth). As a result, the net margin in 2Q09 was up to 35.4%. Net Debt comprises UAH 86 mln.

Consumer goods
July 6, 2009Myronivsky Khliboprodukt to increase its land bank by 40%: POSITIVE

Myronivsky Khliboprodukt [MHPC LI, BUY], one of Ukraine’s biggest land owners by land under lease rights, is going to increase its land bank by 40% to 250 thsd ha before 2011. The company operates 180 thsd ha at the moment. MHP’s CEO, Mr. Kosyuk, stated that the MHP is going to expand its positions on the domestic oil market and expects to control 10% of the domestic sunflower seed supply over the next 5-7 years.

Consumer goods
July 1, 2009EBRD considers injecting EUR 30 mln into Milkiland: POSITIVE

The EBRD will consider an injection of EUR 30 mln into Milkiland at its Board of directors meeting on July 28, 2009. The EBRD would do so through the purchase of a stake in the company. Milkiland will use the funds for further modernization and for restructuring the company’s liabilities.

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