Daily comment:
Drop in crude oil prices positively reflected on Zagreb Stock exchange, where popular benchmark rose 1,1% up to 3.638,56 pts. YTD drop of CROBEX amounted to 30,5%. Preferred Adris share (ADRSP- A) was top liquid gainer, adding 4,2% on 2,1 m HRK turnover. We expect that company will significantly profit from Serbian government’s decision to level the taxes for domestic and foreign producers. That could add some HRK 86 million to company’s bottom line. Serbian market is estimated to some 20 bn cigarettes/year and TDR holds some 9% of the market. To improve overall distribution process, Adris started a distribution company called Adista. With its addition tobacco unit became fully vertically integrated. Adista employs some 130 people who deliver TDR’s products to 7.000 selling points. With Adista, Adris hopes to improve communication with selling points and to standardize distribution process. Construction sector also performed well today: power trunk producer and heavy constructor Dalekovod (DLKV-R-A) soared by 3,3%, construction & consulting IGH (IGH-R-A) added 2,5%, while engineering company Ingra (INGR-R-A) closed 1,4% up today. Hotel company HUP Zagreb (HUPZ-R-A) reported mixed Q2 results. Although domestic sales recorded 6,2% yoy growth, total sales are down by 6,4% to HRK 97,7 million due to the decreased other sales (- 57,4% yoy). The difference occurred as Co booked goodwill revenues from branch affiliation in amount of HRK 7,0 million. Operating expenses recorded 5,7% drop driven with lowered depreciation and other costs. EBIT slipped by 8,1% to HRK 26,0 million and EBIT margin is down to above average 26,6%. EBITDA dropped by 12,1% and amounts to 40,7 million while corresponsive margin declined to 41,7%. Net financial loss deteriorated by 91,6% to HRK 0,2 million as company had less interest costs. Bottom line result amounted to 23,3 m HRK or up by 16,4% - the Co didn’t booked minority interests in Q2.
news flash:
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CROBEX index - Zagreb Stock exchange 1,1%
change in 2008. -30,5%
Avg price change for CROBEX members (table)
market MULTIPLES -SHARES (table)
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http://reports.aiidatapro.com/CBB/FIMA/stock_report20080723.pdf
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FIMA FAS Ltd.
42000 Varazdin * Anina 2 * Croatia * Tel: +385-42-390900 * Fax: +385-42-390990 *
http://www.fima.com
e-mail: fima-fortis@fima.com
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