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market Highlights
The session begun with the usual for August low liquidity but large package transaction at the end of the day changed the total turnover. 3.46% of Chimimport’s (6C4: 8.28; +2.06%) capital changed hands at BGN 8.44. The company opened lower but several market buy orders sent the price above BGN 8.40. The consolidated report of the holding company should be announced till the end of the week. The financial result of 6C4 will be defined mainly by the net result from operations with securities. First Investment Bank (5F4: 5.85; +0.52%) also was subject of improved market interest. The rest of the banking sector stayed aside from the market’s attention and closed almost unchanged. Synergon Holding (6S7: 6.49; +3.91%) erased some of previous sessions losses but in thin volumes.
Alcomet (6AM: 6.00; +5.47%) continued the positive run but in lower volumes as compared to previous sessions. Kaolin (6K1: 7.40; +2.71%) remained close to the recent lows.
| SOFIX | 1020.31 | 0.32% | 3.28 |
| BG40 | 250.69 | -0.07% | -0.18 |
| BGTR30 | 661.12 | 0.41% | 2.69 |
| BGREIT | 86.53 | 0.51% | 0.44 |
| Number | Turnover | |
| Stocks | 5 409 475 | 45 481 400.63 |
| Bonds | 25 | 49 645.97 |
| Compensatory Notes | 887 006 | 394 257.54 |
| Primary market | - | - |
BG40 (LS)/ SOFIX (RS) (chart)
Stocks in focus
Neochim
The consolidated report of Neochim (3NB: 82.00; 0.00%) confirmed the good financial results of the company. The net profit solidly improved on yearly basis to BGN 39.9 m. sales advanced by 40% y-o-y – export increased by 55% y-o-y and the domestic sales added 29% y-o-y. The ammonium nitrate was the main source of revenues. The natural gas remained with the highest part in the total cost. Trailing P/E of 6 is far below the market average as well as other multiples.
The fertilizer producer stayed unchanged during the session in low trading activity.
Neochim (chart)
Albena (6AB: 65.00; 0.0%) announced slightly lower loss for the first half of the year as compared to the same period of 2007. The negative result is BGN 11.69 million, while the consolidated revenues increased by 50% to BGN 30.7 million. Last year’s 2Q revenues were understated in the expense of 3Q. The seasonal increase of revenues during the summer period will compensate the loss.
Shares of Albena stayed in the recent tight range in very low trading range. The P/B is 1, whereas the trailing P/E is below 15. We expect a moderate increase of revenues this year but the rising costs are our primary concern as labor costs are already 20% higher.
Albena (chart)
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http://reports.aiidatapro.com/BBB/Elana/27_08_2008_Bulgaria_Daily_Report.pdf
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Copyright: 2006 Elana Trading. All rights reserved.For further Information please contact Elana Trading, 49 Bulgaria blvd. , 1404 Sofia. Phone: +359 2 810 00 40, fax: +359 2 810 00 99, e-mail: research@elana.net, web site: http://www.elana.net
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27 08 2008 Bulgaria Daily Report.pdf, 60 Kb
