Highlights:
- The CROBEX drops 1.6%,no winners among high turnovers
- Dalekovod announced a new deal worth HRK 376mn
- T-Hrvatski Telekom – Bonus shares to be allocated on October 6
- INA – Employee lockup expires on September 22
- Petrokemija – Employee lockup expires on October 6
market comment:
The Croatian equity market suffered heavy losses on Wednesday, due to strong pessimism of investors, who created a strong selling pressure, resulting in an unselective sell-off. The market liquidity improved significantly, totaling HRK 73mn in regular turnover, most in the last 7 weeks, with 10 stocks exceeding HRK 1mn in turnover. The CROBEX dropped 1.6%, most in 2 months, to 3,391 points, a third lowest level in 2008. Great majority of stocks traded on the market closed in the red territory, with only 1 winner among 30 most liquid stocks. Most severe losses among high turnovers were posted by construction company Viadukt (-5.3%), which plummeted to its lowest in 2 years, and shipping company Atlantska plovidba (- 4.7%), dropping to a lowest level in 4 months. T-Hrvatski Telekom declined 0.5% to a lowest in 2 weeks, extending its negative series to 6 consecutive days. Tobacco/tourism company Adris, the most liquid stock on Wednesday, lost 1.8%, despite positive news on the company’s expansion to foreign markets.
market outlook:
Slight negative movements could again be seen on the Croatian equity market on Thursday, as the selling pressure could continue.
Corporate news:
Dalekovod announced a new deal worth HRK 376mn
Croatian construction company Dalekovod announced that it placed the best offer construction of bypass around city Rijeka. Contract of overall value HRK 376mn yet needs to be signed with Highway Rijeka-Zagreb, investor of the project, which when happens will be the second major contract signed within the period of two weeks. Contract considers construction work on an 8.8 kilometers long bypass around city Rijeka. Construction works is related to supply and installment of electro equipment and 110 kilovolt pipeline. Deadline for all construction work to be finished is set at June 1.
In our point of view signing of this contract is positive for the top line and seems company is on track of reaching its planned sales level of around HRK 2bn for year 2008 or 13% y/y growth (on the 1H level company had around 40% of FY08 plan). Mentioned contract represents 21% of FY2007 sales and is the second one of the same value signed within two weeks. What seems to be even more important is the deadline for both contracts which is in June 2009. However both deals are signed with government’s companies HAC and Highway Rijeka-Zagreb, which does not strengthen current client base and could make some pressure on margins.
T-Hrvatski Telekom – Bonus shares to be allocated on October 6
The Central Depository Agency announced that bonus shares will be allocated to shareholders of T-Hrvatski Telekom on October 6. Bonus shares will be allocated to all shareholders of T-HT who acquired their shares in the ipo and have not changed the ownership status of these shares for one year, with October 4 set as the record date. Shareholders will receive one additional share for every 10 already owned.
INA – Employee lockup expires on September 22
The Central Depository Agency announced that the lockup period of 10 months for INA employees who acquired company shares through the employee offering will expire on September 22.
Petrokemija – Employee lockup expires on October 6
A one-month lockup period for employees of chemical company Petrokemija with more than 40 years of service (who acquired company shares through the employee offering) will expire on October 6, as announced by the Central Depository Agency.
Ingra to pay out dividend on September 15
Construction company Ingra announced on Wednesday that it will pay out a dividend of HRK 200 per share on September 15. The dividend will be paid out to all shareholders registered at the Central Depository Agency on July 14.
Tankerska plovidba acquires 11,000 own shares
Shipping company Tankerska plovidba announced on Wednesday that it acquired 11,000 own shares on September 8, representing a 1.75% stake in the equity. The company did not hold own shares before this transaction.
Crobex (chart)
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_11_09_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 11 09 2008.pdf, 191 Kb
