market WRAP-UP
On Tuesday all indices slightly moved down. Although the volumes remained low the demand looked so weak that the prices easily declined. SOFIX lost 0.37% to 1 017.03 bps, BG40 closed at 250.87 bps (-0.15%), BGTR30 lost (-0.35%) to 658.43 bps, BG REIT fixed at 86.09 bps.(-1.81%). The main down pressure come from Albena (6AB, BGN 65.0, -5.11%), REIT company Elana (ELARG, BGN 1.85, -5.13%) and Orgahim (5ORG, BGN 173.0, -3.30%). The significant gainers were only a few with the most important ones being Toplivo (3TV, BGN 16.50, +6.80%) and Lead and Zink Complex (5OTZ, BGN 28.9, +4.98%). Large volume was registered in Chimimport (6C4, BGN 8.113, -1.06%) where more than 217k changed hands. Vouchers continued to advance in value as the strong demand for PKB pushed the price up to BGN 0.50(+19.05%) as more than 1596k changed hands, KZ advanced 5.00% to BGN 0.42 and GKZ fixed 0.39 (+5.98%).
Sofix/ BG 40 (chart)
BGREIT/ BGTR30 (chart)
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 1 017.03 | 250.87 | 86.09 | 658.43 |
| 1-day change (%) | -0.37 | -0.15 | -1.81 | -0.35 |
| 7-day change (%) | -1.01 | -0.98 | -0.43 | -1.60 |
| 90-day change (%) | -18.32 | -28.68 | -12.05 | -21.38 |
| 365-day change (%) | -35.01 | -37.49 | -13.91 | -34.16 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume (shares) | 3 561 691 |
| BSE Daily Volume (BGN) | 4 565 088 |
| Avg Daily Turnover YTD (BGN) | 11 767 080 |
| Avg Daily Turnover 12 mo. (BGN) | 19 784 771 |
Most recent macro data
| Inflation (HICP, M/M July) | 1.4% |
| Inflation (HICP, cum. 2008) | 7.2% |
| LEONIA Reference Rate | 5.24% |
| SOFIBOR /3 months/ | 7.313% |
| GDP Growth (Y/Y Q2 2008 preliminary) | 6.3% |
| Unemployment (July 2008) | 5.96% |
exchange rates
| Current | Change | |
| BGN/USD | 1.33979 | 0.01533 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.4598 | -0.0169 |
DAILY TRADING (selected stocks) (table)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
CORPORATE news
Kremikovtzi AD [4KW]
Previous owner of Kremikovtzi states interest in the plant
The previous majority owner of steel mill Kremikovtzi, Valentin Zahariev said to Dnevnik that he has interests in the recently declared insolvent plant. His company Intertrust has submitted a letter of intent to the Minister of Economy Petar Dimitrov and to the plant's receiver proposing a 5 year operational plan, under which Interstrust will assume the operations of the plant against payment of a fee, including a development and implementation of own environmental program. On a later stage, after the completion of the operational contract, Zahariev’ company may apply for the acquisition of a part of the plant’s assets.
Source: Dnevnik; FFBH
Enemona AD-Kozloduy [E4A]
Enemona shows strong Q2 results
Enemona’s sales increased 22% YoY in H1 2008 to EUR 23.3m. EBITDA margins stayed constant at 20% but the company’s bottom line jumped 49% from EUR 1.8m in H1 2007 to EUR 2.6m in the first half of this year with profit margin improving by 2% to 11%. The company’s net income considerable increase was due to a slight reduction in the financial expense from EUR 1.1m in the first half of last year to EUR 0.96m in H1 2008 paired with the 22% jump in sales. The reduction in financial expense was caused by a drop in other financial expenses which went down 60% to EUR 0.16m.
Despite Enemona’s encouraging H1 2008 performance the company’s working capital has deteriorated. Receivables increased 87% this year to EUR 30m while inventories jumped 23% to EUR 16.1m. Accounts payable during the same period, however, declined 21% thus forcing Enemona to finance its expanding working capital with short-term debt, which went up 180% to EUR 12.2m. Total debt at the end of H1 2008 reached EUR 28.9m, a 52% increase since the beginning of this year.
Source: FFBH
Monbat AD [5MB]
Monbat revenues in the month of July at BGN 12m, up 15.5% YoY
Monbat booked revenues of BGN 12m in the month of July 2008, which represents a growth of 15.5% YoY. For the first seven months of the year the company’s revenues amounted to BGN 105.5m, up 71.8% YoY. Revenues from production amounted to BGN 92.4m while other revenues were BGN 12.4m, including BGN 8.7m materials sold to Start Dobrich and machinery to Monbat DOO for BGN 3m.
July 2008 EBT came at BGN 2.5m, up 89.7% YoY. EBT increased by 119.2% YoY in the period Jan-July 2008 and stood at BGN 17.8m.
The management Board of Monbat forecasts for Q3 2008 alone revenues to amount to BGN 43.5m and EBT to stand at BGN 8.7m. Forecasts for the 9mo 2008 are: BGN 137m in revenues and BGN 24m earnings before taxes.
Source: Monbat; FFBH
Central Cooperative Bank AD [4CF]
CCB’ shareholders may entitle Board of Directors to increase registered capital by up to BGN 30m
Central Cooperative Bank will hold an extraordinary shareholders’ meeting on 10 October to discuss and vote upon proposal to entitle the Board of Directors (BoD) to authorize capital raises of up to BGN 30m in nominal value over a period of 5 years. If voted, the decision will become effective after the registration date of the amendment of the By-laws in the Trade Register. Currently, the BoD is entitled to approve increases of up to BGN 10m.
Source: CCB
Advance Terrafund ADSIC [6A6]
Advance Terrafund REIT's rights to be traded one more day
The last day for trade in the rights issued as part of the capital raise operation of Advance Terrafund REIT has been extended by one day until today. The REIT is trying to increase its capital from BGN 44m to BGN 110m through the placement of 66m new shares with a nominal and issue value of BGN 1 and BGN 1.90, respectively.
Source: Profit.bg
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BMU27-08-08.pdf, 70 Kb
