OVERVIEW
MAKROECONOMICS
Industrial production volume index — after negative movements in May, June brought another increase in production volumes
EQUITIES
market comment — CROBEX rose 0.8%; regular stock turnover reached HRK 273.2 million
BONDS
market comment — CROBIS lost 0.1% on total turnover of HRK 290.8 million
CBS RELEASES OVERVIEW
- July 31st: Foreign Trade in Goods of the R3epublic of Croatia, June 2008
- July 31st : Tourism, June 2008
- July 31st : Average Monthly Net and Gross Earnings, May 2008
- July 31st : Persons in Paid Employment, by Activities, June 2008
- August 8th: Retail Trade, June 2008
- August 8th : Producers’ Price indices of Industrial Products, July 2008
- OMV currently not interested to make a counter bid for INA’s shares
- Companies started releasing financial results for 1H
MACROECONOMICS
consumer price index
Industrial production volume index
After a drop of 2.1% recorded in May, June brought positive movement as industrial production rose 7.2%. Cumulatively, in the first half of 2008 industrial production rose 4.3%, while it is 6.6% higher if compared to the average production in 2007.
By Main Industrial Groupings Aggregation, all industries recorded production growth. The highest increase was recorded by non durable consumer products (9.6%) and energy (9%). Lower increases were showed in capital goods (5.4%), durable consumer products (3.3%) and intermediate products (3.2%).
Growth of industrial production has been generated due to 9.5% yoy increase recorded in Electricity, gas and water supply.
Mining contributed to industrial production with 6.2% increase, which is the highest growth since March 2007.
Manufacturing industry recorded an increase of 6.7%, as only 5 out of 23 categories recorded a decrease in production volume, if compared to June 2007.
The biggest contribution to the growth of manufacturing industry came from category of Publishing, printing and reproduction of recorded media, as it grew by 21.1%, as well as manufacture of machinery and equipment, with 28.5% growth. At the same time, the most significant decrease is recorded in Manufacture of radio, television and communication equipment and apparatus with 18.1% decrease, compared to June 2007, and Manufacture of motor vehicles, trailers and semi-trailers (-18.9%).
Food and beverages manufacturing, having the highest weighted average in industrial production index, grew by 4.3%.
Industrial production volume index (table)
MOVEMENTS OF INDUSTRIAL PRODUCTION (chart)
market comment
Driven by drop in crude oil prices by 4.4%, at $123.56 per barrel, popular benchmark recorded positive movements on the Zagreb SE last week. Collecting total turnover of HRK 273,2 million, CROBEX grew by 0.8%. Oil and gas company Ina collected one third of total market turnover, apropos HRK 90,7 million. Shipping company Atlantska plovidba and the largest domestic bank, Zagrebačka banka, as result of news on insider selling and announced Q2 results, experienced improved liquidity as well. Slovenian SVSM rose by 2,7% as well as the most benchmarks in region during this period. Sarajevo’s SASX 10 rose 4,5%, Banja Luka SE’s BIRS by 0,1%, Serbian Belex 15 added 1,6% while the popular benchmark of Macedonian SE rose 1,4%. Composite benchmark of Hungarian, Polish and Czech market, CECEEUR, increased by 3,2% in the observed period.
INA (INA-R-A) - OMV’s statement that it is currently not interested to make a counter bid for shares of oil and gas company Ina marked the trading of the mentioned stock last week. The Austrian company replied to Supervisory Agency’s request that they are possibly interested in further privatization of Ina in case of public tender for Government’s 19% stake or War veterans fund 7% stake in company. Despite the fact that possible takeover competition between MOL and OMV is temporarily absent, investors are still interested for this stock. Although lock–up period for part of ESOP shares expired on Tuesday, strong support on HRK 2.900 proved as sufficient. On a weekly basis the stock experienced a decrease of 0,6%.
Zagrebacka banka (ZABA-R-A) - the largest domestic bank announced excellent business results which resulted with increased liquidity of the share on the Zagreb Stock exchange. In the last three months, net interest income increased by 29% yoy, to HRK 636 million, while net income from commissions and fees increased by 15% yoy, to HRK 219 million. Income before taxation amounts to HRK 605 million (42% up) and net income rose 67%, to HRK 456 million. Cumulative net income totals to HRK 834 million (+58%). Earnings per share in the observed period is HRK 7.1 and cumulative EPS is HRK 13. Last week Zagrebačka banka recorded price increase of 8%, collecting HRK 17.2 million in stock turnover.
Atlantska plovidba (ATPL-R-A)- shipping company gained 1.1% reaching total HRK 18.9 million in stock turnover. Liquidity of the stock increased on news that a member of the board sold 2,053 of companies stocks what represents 0.15% of share capital. On a weekly basis, Jadroplov share recorded 0.1% decrease, Tankerska plovidba rose 0.3% while Uljanik plovidba remained unchanged. Baltic Dry index declined by 4.2% due to decreased interest for dry cargo shipping.
Koncar elektroindustrija (KOEI-R-A) - electric engineering holding company released Q2 results showing impressive results. sales rose by 16.2% yoy to HRK 725.7 million driven by 28.1% higher foreign sales. Operating income rocketed from HRK 0.9 million up to HRK 8.8 million or 883.5% yoy, while EBIT margin increased by 110 basis points to 1.2% consequently. EBITDA amounted to HRK 26 million (+ 62.9% yoy) and EBITDA margin improved to 3.6% vs. Q2 2007 2.6%. Net financial result positively reflected on bottom line result, soaring by 158.6% to HRK 21.2 million. Net income amounted to HRK 21 million what represents 232.3% yoy increase. Q2 earnings per share is at HRK 8.2. Significantly improved profitability didn’t left investors impassive and KOEI share rose by 5,2%.
CROBEX index - Zagreb Stock exchange 0,8%
change in 2008. -30,6%
CROBEX index - Zagreb Stock exchange (chart)
WEEKLY PERFORMANCE (AVERAGE PRICES) (chart)
- July 30th: 1H nonconsolidated results due date
World’s indices weekly performance:
- Dow Jones –1.1%
- S&P –0.2%
- Nasdaq 1.3%
- FTSE - 0.4%
- DAX +0.8%
- Nikkei +4.1%
market multiples -shares (table)
FUNDAMENTALS - BONDS (Government bonds, Municipal bonds, Corporate bonds, Government eurobonds) (tables)
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FIMA weekly report 2008 30.pdf, 243 Kb
