Highlights:
- Mostly negative movements were seen on Tuesday, CROBEX down 0.6%
- Adris: TDR expands business in Serbia
- Ingra signs new deal in Kosovo worth EUR 3.5mn
market comment:
The Croatian equity market witnessed mostly negative movements on Tuesday, accompanied by low liquidity levels. The market recorded only HRK 29mn in regular turnover, with only 7 stocks exceeding more than HRK 1mn in turnover. The CROBEX declined 0.6% to 3,446 points, a lowest level since April 15. Majority of stocks traded on the market closed in the red territory, with only 2 winners among 20 most liquid stocks. Heaviest losses among high turnovers were posted by insurer Jadransko osiguranje (-7.4%) and plastic producer AD Plastik (-5.3%). Construction company Ingra performed poorly and lost 2.2%, despite the news on a new job in Kosovo, while oil company INA ended its six-day long positive series by losing 1% on Tuesday. Tourism/tobacco company Adris was one of the rare winners among high turnovers. The company gained 2.4%, supported by news on expansion of its tobacco business on the foreign markets, as well as speculations that the new law on smoking prohibition could be eased by the government.
market outlook:
The Croatian equity market could witness further negative movements on Wednesday, after situation on the world markets worsened again.
Corporate news:
Adris: TDR expands business in Serbia (N.R., current price: HRK 382.99)
Tobacco factory Tvornica Duhana Rovinj (TDR)announced on Tuesday that it acquired a 25% ownership stake in Serbian company Veletabak, one of the leading distributors in the country. Moreover, Veletabak will become exclusive distributor of TDR’s tobacco products on the Serbian market. Also, TDR signed an agreement with retail company Delta, the biggest supermarket chain in Serbia, according to which TDR’s tobacco products will be sold in Delta’s supermarkets. Mr. Davor Tomaskovic, company CEO, said that the company aims to increase its sales and market share in Serbia. TDR currently holds the third position on the Serbian tobacco market, with a 9.3% market share, selling around 2bn cigarettes annually.
This is the second news item in two days from TDR on the company’s expansion to foreign markets. The company’s most recent efforts to expand on foreign markets (Iran and Serbia), as well as those that occurred earlier this year (Italy, Germany and Dubai), represent a strongly encouraging development for its shareholders, which will certainly have a positive impact on the company’s P&L. However, it is difficult to determine the extent to which this export push could impact the company’s sales, since the company did not disclose enough detailed Information Separately, the Croatian government is considering easing its initial proposal on the new law on smoking prohibition, according to Croatian daily Jutarnji list, citing Mr. Darko Milinovic, minister of health care.
The government’s initial proposal, presented at the beginning of the year, implied smoking prohibition in all indoor public spaces. However, the negative experiences of such regulation in other European countries made the government reconsider the law. Milinovic added that it is likely that the law will be eased. It is unlikely that the law will enforce a total smoking prohibition, but rather the obligation for owners of restaurants, cafes and other properties to fully separate smoking premises from non-smoking ones. The new law on smoking prohibition should be passed in October. Davor Spoljar +385 62 372 825
Ingra signs new deal in Kosovo worth EUR 3.5mn
(N.R., current price: HRK 193.00)
Construction company Ingra announced on Tuesday that it signed a new deal in Kosovo with the Ministry of Transport on the construction of a bridge. The contract is worth EUR 3.5mn, while all work should be finished within six months.
The company stressed that this deal represents Ingra’s return to the Kosovo market, where it already had significant references, such as the construction of the Pristina Airport. Davor Spoljar +385 62 372 825
Crobex (chart)
Top 10 Turnovers (table)
Top 5 Winners (table)
Top 5 Losers (table)
Croatian Equity Daily (table)
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http://reports.aiidatapro.com/CBB/ErsteSecurities/Daily_10_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 10 09 2008.pdf, 202 Kb
