Highlights:
- Increased volatility on Monday, the CROBEX down 2.3%
- INA - Last day for competitive bids and for MOL to change its offer
- Petrokemija invested HRK 12mn in modernization
- IPK Kandit – HRK 2.5mn investment in laboratory for examination of soil
- Belisce selling noncore business in Bilokalnik IPA
market comment:
The Croatian equity market witnessed increased volatility on Monday, accompanied by somewhat lower turnovers than in the last couple of days. The market opened strongly in the green territory, with a decent number of stocks getting temporarily suspended due to strong growth. However, the sentiment changed during the day and the market turned around, sinking deep into the red territory. The CROBEX dropped 2.3% to 3,183, eve though it was significantly lower than that intraday. Biggest drops among high turnovers were seen in the construction sector, particularly by Dalekovod (-6.9%) and Institut gradevinarstva Hrvatske (-5.5%), as well as by sugar factory Viro (-4.6%). Oil company INA was the most liquid stock on Monday and declined 0.3% to its lowest in 3 weeks, accounting for almost a quarter of the total regular turnover. Most significant gainer among few winners among high turnovers was shipping company Tankerska plovidba (+1.2%).
market outlook:
It seems that bounce seen on Friday was one-day recovery. Negative movements were seen yesterday and some further drop might be seen today as well, especially if world markets continue to move in red territory.
Corporate news:
INA - Last day for competitive bids and for MOL to change its offer
(Accumulate, current price: HRK 2,802.00, target price: HRK 2,490.00)
According to Croatian Takeover Act, today would be the last day for MOL to change its takeover offer for INA. Moreover, the deadline for submitting competitive bids also expires today.
Until yesterday, a total of 7,736 of INA shares were transferred to MOL's account, out of more than 3 million for which MOL is bidding for, according to data published by the Central Depository Agency. Currently low response of investors to MOL's offer is a result of overall disappointment of INA shareholders with the price offered by MOL, as well as expectations that some other bidder could enter the race and start a bidding war. Unless something dramatic happens today, we expect that greater number of investors, including institutional, will transfer INA shares to MOL's account in the following days. Jakub Zidon +420 2 24995 - 340, Davor Spoljar +385 62 372 825
Petrokemija invested HRK 12mn in modernization
Chemical company Petrokemija announced on Monday that it had invested a total of HRK 12mn in modernization of packaging process. The company installed two new lines for automated packaging of fertilizers, so that it now has a total of 6 lines of this kind. The company added that it plans to purchase one additional line by spring 2009, which is an investment worth HRK 9mn.
IPK Kandit – HRK 2.5mn investment in laboratory for examination of soil
IPK Kandit, the second biggest producer of sugar in Croatia, said that its subsidiary for sugar refining Kandit Premier invested a total of HRK 2.5mn in development of a laboratory for examination of soil quality. With this investment, the company aims to increase both sugar beet yields and production of sugar.
Belisce selling noncore business in Bilokalnik IPA
Croatian paper and cardboard company Belisce will most likely sell bag facility in company Bilokalnik IPA in order to focus on core business. All activities not related directly to packing paper and cardboard packing will be outsourced. CEO of Bilokalnik IPA confirmed this intention by stating that along with management Board of Belisce they negotiate with a few potential buyers. Bilokalnik IPA produces 32.6mn square meters of cardboard, 24mn pieces of bags and 686,000 bags for vacuum cleaner.
Luka Rijeka and Association of wood processing industry discussed on wood stocks in port terminals
Croatian sea port Luka Rijeka and Association of wood processing industry discussed on possible cooperation regarding export of wood stock to overseas markets. Port terminals are crowded and stocks increased which brought slower demand for products of Croatian Forests, company for forests management in Croatia. A few joint measures were agreed out of which the most important is expanding bounds in terminals Rasa and Bakar.
Croatia Airlines ordered 2 more aircrafts from Bombardier
Croatia Airlines, the biggest Croatian airlines, announced on Monday that it signed a contract with Bombardier Aerospace on purchasing 2 Bombardier Q400 NextGen type aircrafts, as reported in the Croatian media. Total value of the transaction is estimated to USD 57mn. Croatia Airlines and Bombardier agreed on possible purchasing of additional 4 aircrafts of the same type, which could reach a total value of USD 180mn, media 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_23_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 23 09 2008.pdf, 203 Kb
