Daily comment:
It seems as investors on domestic capital market are still on summer vacation, as stock turnover remains at low level, amounting to HRK 19,7 million today. Average daily stock turnover in 2007 was HKR 89,1 million, while in August 2008, it was HRK 33,9 million, or a bit more than one third of 2007 average turnover. Oil and gas company Ina (INA-R-A) topped the liquidity board collecting HRK 3,3 million in turnover. Ina keeps above HRK 2.800 level (Mol’s takeover offer) reaching HRK 2.850 today. Integrated telecom HT (HT-R-A) declined 0,5% to end at HRK 282,21 collecting HRK 2,4 million in turnover. The company announced it just started an improved service regarding their IPTV network. Until now, users who wanted to install IPTV into their home needed ADSL connection through which HT would connect IPTV services as well. Today the company announced that all users of fixed line can also connect to IPTV service. HT currently provides IPTV to 71 thousands users and ADSL connection to 400 thousands households, giving 17,8% ratio of IPTV users to possible HT’s market (excluding other broadband operators). Opening IPTV service to all fixed line connections broadens IPTV market to around 1,5 million households, or more than 3 times bigger market than current. Considering HT’s very conservative balance sheet, we feel this company represents an attractive buying opportunity as in the times of financial crises and increased costs of capital such businesses are quite protected from failure. Despite payment of HRK 2,4 bn dividend (HRK 29,56 per share) the company is still loaded with cash, with some HRK 4,27 bn (HRK 52,18 per share) on its balance sheet. The company already announced that they are looking for ways to optimize their balance sheet. In our opinion, extraordinary dividend payout could be the most probable solution due to the fact that company has a history of paying extraordinary dividends. Construction consultancy Institut građevinarstva Hrvatske (IGH-R-A) gained 1,6% collecting HRK 1,1 million in turnover. The company will enter official ZSE market tomorrow at the start of the trading day. Despite further decline of BDI index, domestic shipping companies delivered mixed performance with Dubrovnik based Atlantska plovidba (ATPL-RA) losing 1,4%, while Pula based Uljanik plovidba (ULPL-R-A) and Split based Jadroplov (JDPL-R-A) gained 0,6% and 0,4%, respectively.
news flash:
- US productivity in surprise rise
- BP Compromises on Russian Oil Venture
- Argentina buys back flag carrier
- European Banks Leave Key Rates Unchanged
CROBEX index - Zagreb Stock exchange -0,2%
change in 2008. -33,5%
CROBEX index - Zagreb Stock exchange (chart)
Avg price change for CROBEX members (chart)
market multiples - shares (tables)
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http://reports.aiidatapro.com/CBB/FIMA/stock_report20080904.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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stock report20080904.pdf, 111 Kb
