Highlights:
- The CROBEX slipped 0.3% on a turnover of HRK 67mn
- Dalekovod secures new contract worth EUR 7mn
- MOL collects more than 20% stake in INA
- New brands acquired by Podravka
- T-HT bonus shares allocated
market comment:
The Croatian equity market finished 0.3% in red territory, as INA shares prevented a more severe CROBEX drop. Turnover remained almost unchanged compared to the previous day and amounted to HRK 67mn. The most traded stock was HT, which slipped 1.52% on the back of expectations of additional shares coming to the market. Shares of INA witnessed lower liquidity (only HRK 1.7mn), but increased volatility, and traded in a range of -5.7% to +3.88%. Apart from INA, which closed at its highest traded price on Friday, other gains among higher turnovers were seen in shares of Ericsson Nikola Tesla, IGH and Dalekovod, which went up 1.67%, 0.6% and 0.68%, respectively. The majority of the most liquid stocks on Friday witnessed poor performances; the biggest losers of the day were Uljanik plovidba, Viadukt and Tisak, which lost 2.82%, 4.10% and 4.4%, respectively.
market outlook:
Even though the U.S. financial sector bailout plan was approved, negative movements of future contracts on key world equity indices point to rising concerns over the World economy. Shares of HT might be in the focus due to additional bonus shares on the market.
Corporate news:
Dalekovod secures new contract worth EUR 7mn
The consortium of Siemens and Dalekovod signed a new contract with Montenegrin Electric Enterprise worth EUR 13.5mn. The project involves the expansion of three transformers and construction of a cable network. Even though the overall value of the project is EUR 13.5mn, Dalekovod’s stake is worth around EUR 7mn. According to the contract, the company committed to install Siemens equipment, to test and start up equipment and a substation and to construct a 110 kilovolt pipeline. Financing of this deal was covered with a loan from KfW bank of Germany.
MOL collects more than 20% stake in INA
INA (Reduce, current price: HRK 2,649.00, target price: HRK 2,550.00)
MOL acquired an additional 21.7% stake (2.17mn shares) in Croatian peer INA in the public offer procedure closed on Friday, boosting its stake to 46.7%, as reported by Reuters, which cited the Croatian clearing house. The official result is expected during this week; only then will it be clarified whether MOL or the Croatian state has more INA shares. The acquired shares cost some EUR 900mn for MOL, which can be paid from the credit line of EUR 2.1bn.
Via the coming transaction with the Croatian government (14-19% stake), MOL will have a clear majority in INA soon. No effect on MOL’s share price. Jakub Zidon +420 224 995 340, Jozsef Miro +36 1 235 5131, Davor Špoljar +385 62 372 825
New brands acquired by Podravka
Croatian food and beverage company Podravka announced the acquisition of two brands, “Coko” and “Cokolesnik”. The contract was signed with Droga Kolinska, a Slovenian company with a strong regional presence. This purchase of cereal flakes brands will widen the already strong Podravka cereal assortment. Financial details of this deal were not disclosed to the public.
T-HT bonus shares allocated
The Central Depository Agency announced that it allocated bonus shares of T-Hrvatski Telekom to all shareholders who had the right to receive bonus shares.
Agrokor loses tender for Duvankomerc, interested in Morava
According to Croatian daily Poslovni dnevnik, Agrokor Group, the biggest food concern in Croatia, lost in a tender for a majority stake in Montenegrin retailer Duvankomerc. Although Agrokor submitted the highest offer (EUR 6.5mn), the tender committee decided to sell Duvankomerc to Serbian company Futura Plus, which offered EUR 2.1mn. Poslovni dnevnik also speculates that Agrokor is interested in acquiring Serbian retail company Morava, formerly the biggest retailer in the country. Agrokor plans to buy shares of Morava from its minority shareholders, who hold 62,912 shares (around a 30% stake) and are ready to sell the shares at EUR 245 per share, Poslovni dnevnik said.
Crobex (chart, table)
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_06_10_2008.pdf
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Copyright: Erste Securities Zagreb, Croatian Equity Daily, Thursday, May 31, 2007 sales : Zeljka Kajkut-Brni Phone: +385 62 37 2811 kajkutz@erstebank.com Damir Eror Phone: +385 62 37 2813 erord@erstebank.com Research: Damir Cukman Phone: +385 62 37 2820 cukmand@erstebank.com Davor Spoljar Phone: +385 62 37 2825 dspoljar@erstebank.com
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Daily 06 10 2008.pdf, 208 Kb
