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Highlights:
- Sideways trading on the market, liquidity weakens, CROBEX 0.3% up
- Atlantic Grupa – sales and net profit advanced in 1Q08, dividend payout
- Istraturist – Growth in realized overnights not reflected in sales
- Slatinska banka –1Q08 financial results released
- Croatia osiguranje to pay out HRK 112 in dividends for preferred shares
market comment:
The Croatian equity market was characterized by sideways trading on Wednesday, accompanied by a decline in market liquidity. Total regular turnover amounted to only HRK 51mn, with just 13 stocks recording more than HRK 1mn in turnover. The CROBEX moved only slightly during the day, closing with a 0.3% surplus at the end of the day. Tourism company SN Holding (+8.7%) gained the most among the most liquid stocks, accompanied by its highest turnover in almost a year. Plastics and petrochemicals producer Dioki posted a strong performance as well, gaining 8.4%, accompanied by its highest turnover in four months. Atlantic Grupa gained 3.5%, backed by an announcement on 1Q08 financial results, while THrvatski Telekom, the most liquid stock on Wednesday, gained 2%. The most significant loss among high turnovers was recorded by civil engineering company IGH (-1.7%).
market outlook:
Major movements are not likely on the Croatian equity market on Thursday. T-Hrvatski Telekom could be in focus due to announcement on financial results.
Corporate news:
Atlantic Grupa – sales and net profit advanced in 1Q08, dividend payout
Atlantic Grupa announced its 1Q08 financial results on Wednesday. The company reported 19% y/y growth in sales to HRK 443mn, 61% of which was generated on the domestic market and 39% on foreign markets, with Germany remaining the strongest market abroad. Atlantic Grupa’s own brands accounted for 48% of sales, followed by distribution of international brands (33%), the pharmacy segment (12%) and production of private labels (7%). The company increased its earning margins, with the EBITDA margin increasing from 7.9% to 9% and the EBIT margin from 5.7% to 6.7%. Net profit jumped 47% y/y to HRK 17.9mn.
According to reports in the Croatian press, supervisory board of Atlantic Grupa proposed to pay out 25% of the company’s 2007 net profit in dividends, which represents HRK 4.5 per share (approximately 0.6% dividend yield).
Istraturist – Growth in realized overnights not reflected in sales
Tourism company Istraturist recorded 63% y/y increase in realized overnights in 1Q08 (51,300 in total), but its sales advanced only 4.1% y/y to HRK 16.9mn. Most of the sales were generated in accommodation services (47%), followed by catering services (37%). The company’s costs increased significantly due to higher Business volume, with operating costs growing 23% y/y, which consequently influenced the company’s bottom line result by increasing net loss to HRK 36.8mn (as opposed to a net loss of 28.3mn in 1Q07).
Slatinska banka –1Q08 financial results released
Croatian bank announced 1Q08 results and recorded moderate 9.5% y/y growth in total income, out of which interest revenues were the strongest item with 11% y/y growth. Growth was mostly achieved in segment of corporations and financial institutions, while interest from citizens stagnated. Net interest revenues were up by 20.3% y/y which strongly contributed to the bottom line improvement of 9.9% y/y.
Croatia osiguranje to pay out HRK 112 in dividends for preferred shares
Insurer Croatia osiguranje scheduled an AGM for June 18 2008 in the company’s headquarters in Zagreb. management of the company proposed to pay out HRK 112 per share in dividends (dividend yield of 0.8%) to holders of preferred shares.
Net assets of open-end investment funds declines 4.3% in April
Net assets of Croatian open-end investment funds declined 4.3% in April to HRK 20.13bn, according to data published by the Croatian Financial Services Supervisory Agency (HANFA). Balanced funds lost the most, with their net assets dropping 11% to HRK 6.92bn, while net assets of equity funds declined 1.7% to HRK 8.03bn. Money market funds (-0.1% to HRK 4.75bn) and bond funds (-0.3% to HRK 647mn) witnessed only slight changes in their net assets.
Top 10 turnovers (table)
Top 5 Winners (table)
Top 5 Losers (table)
Croatian Equity Daily (table)
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To view the original document, please click on the link below:
http://reports.aiidatapro.com/CBB/ErsteSecurities/Daily_08_05_2008.pdf
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Copyright: Erste Securities Zagreb, Croatian Equity Daily, Thursday, May 31, 2007Sales : Zeljka Kajkut-Brni Phone: +385 62 37 2811 kajkutz@erstebank.comDamir Eror Phone: +385 62 37 2813erord@erstebank.comResearch: Damir Cukman Phone: +385 62 37 2820 cukmand@erstebank.comDavor Spoljar Phone: +385 62 37 2825 dspoljar@erstebank.com
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