market WRAP-UP
The session opened with quite an enthusiasm on Wednesday but later sell pressure appeared and most of the prices bounced back to the closings from Tuesday. Still most of the issues managed to close in the green although the volumes remained below average. SOFIX closed at 1276.62 bps (+0.66%) after the support from Bulgarian American credit Bank (BACB, BGN 71.79, +5.56%) with more than 5k traded and Spraky Eltos (ELTOS) which advanced 6.93% to BGN 11.29. The company to lose most within the index was Industrial Holding Bulgaria (IHLBL, BGN 7.56, -3.05%) where more than 16k changed hands. The price weighted BG40 gained 1.09% to 362.19 bps with the major support coming from Fazerles (FZLES, BGN 193.00, +4.89%). The equally weighted BGTR30 fixed 824.38 bps (-0.20%) after the gains from BACB and Eurohold Bulgaria (EUBG, BGN 5.45, +3.10%) were more than offset by Doverie United Holding (DOVUHL, BGN 11.27, -6.01%) and Synergon Holding (PETHL, BGN 9.50, -3.17%).
SOFIX/ BG40 (chart)
BGREIT/ BGTR30 (chart)
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 1 276.62 | 362.19 | 97.50 | 824.38 |
| 1-day change (%) | 0.66 | 1.09 | -0.03 | -0.20 |
| 7-day change (%) | -4.01 | -3.03 | -0.75 | -3.89 |
| 90-day change (%) | -26.26 | -28.30 | -1.96 | -23.81 |
| 365-day change (%) | 0.94 | 48.29 | -2.50 | -17.56 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume | 1 178 282 |
| BSE Daily Turnover | 12 853 839 |
| Average Daily Turnover YTD | 15 753 419 |
| Average Daily Turnover 12 months | 38 018 118 |
Most recent macro data
| Inflation (M/M February) | 1.1% |
| Inflation (cumulative 2008) | 2.5% |
| LEONIA Reference Rate | 4.85% |
| SOFIBOR /3 months/ | 6.690% |
| GDP Growth (Y/Y 2007) | 6.2% |
| Unemployment (Jan 2008) | 7.38% |
exchange rates
| Current | Change | |
| BGN/USD | 1.24639 | 0.00625 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.5692 | -0.00791 |
DAILY TRADING (selected stocks) (table)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Telecommunication sector
Globul’s 2007 net income up 64% YoY
The number of GLOBUL's subscribers reached 3.9m at the end of 2007, up by 18.4% YoY. The company increased its post paid customer base to 1.7m in the end of 2007, up by 46% YoY. The carrier’s revenues increased by 20.4% YoY to EUR 412.1m in 2007, as core service revenues (monthly fees, airtime, SMS&data) were up by 21.7% YoY. Globul's EBITDA increased by 28% YoY, reaching EUR 161.7m for 2007, while 2007 EBITDA margin reached 39.2%, up by 230 bps compared to 2006. Net income increased by 63.9% YoY to EUR 53m.
Source: Dnevnik
CORPORATE news
MONBAT
Monbat to spend BGN 64.2m on investment
Monbat said it has earmarked BGN 64.2m to increase the production capacity and the competitiveness of its Montana and Dobrich plants and to complete the batteries recycling facilities in Serbia and Romania. Annual starter batteries output is projected to reach 3.1m by July 2009, up from 1.2m in 2006. Production of telecommunication and stationary batteries should double to 200k by the end of 2008. The company also plans to set up a new division for the manufacture of traction batteries for electrical forklifts. It should reach an annual output capacity of 250k batteries in 2009 and 750k in 2011.
Over 61% of the investment resource will be spend in 2008 and another BGN 25m in 2009. Up to BGN 16m of the necessary funding will be borrowed from banks. The remaining BGN 48.2m will come from company funds, lease financing and a possible bond issuance. The company management plans no capital raises in 2008 or 2009, unless a rival company in south-eastern Europe is acquired.
Source: Dnevnik
MOMKR
Syringe maker Momina Krepost plans increase in exports
Momina Krepost, the Veliko Tarnovo-based syringe maker, saidit plans to increase the export of medical supplies in 2008. The company will depend on the distribution network of drug maker Sopharma to deliver a boost in syringe sales. Profits are seen up 4-5% YoY in 2008 with sales expected to add 10-15% YoY.
The sales of Momina Krepost reached BGN 6.6m in 2007, up by3% YoY. The share of sales abroad increased to 35% from 32% in 2006. The biggest foreign markets for the Momina Krepost products are Russia and Ukraine.
Source: Dnevnik
YAVOV
Yavor grants aloan to its majority shareholder and buys land instead of distributing dividends
Instead of distributing dividends, Yavor is going to grant a loan of EUR 5m to its majority shareholder Intercom Group, as the loan term will be 1 year and the agreed interest rate is 8% p.a. Additionally, the company will buy one regulated land plot in Pomorie and one in Varna at the total cost of about BGN 5m including VAT. The seller of the land plots is Intercom Group, as the land is earmarked for residential and commercial building construction.
Source: Investor.bg; FFBH
PRC
PRC REIT plans an 8-fold capital increase
PRC REIT is planning to increase capital from the current BGN650k to BGN 5.2m.The fund will issue 65k rights, each of which entitles to the subscription of 8 new shares BGN 10.
Source: Profit.bg
Pending listing
DOM-Zdrave to offer 470k shares in an ipo on BSE
Financial Supervision Commission confirmed the ipo prospectus of Sofia-based Voluntary Insurance Network Zdrave (DOM Zdrave). The issue stands at BGN 470k allocated in as many common shares with a face value of BGN 1 each. The minimum issue value per share has been set at BGN 3. Currently the registered capital of the company stands at BGN 2.35m.
For H1 2007 the premium income of DOM Zdrave totaled BGN 1.9m and by the end of November 2007 they reached BGN 3.4m.
Source: Profit.bg; DnevniK
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