market WRAP-UP
Positive Friday added 0.20% to SOFIX - 1 246.97 bps, 0.07% to wide BG40 - 354.32 bps, 1.26% to BG REIT - 97.46 bps and 0.66% to BGTR30 - 821.94 bps. 2008 financial forecasts of Neochim (NEOH), announced by its management, supported the share price and Neochim closed at BGN 57.48 (+9.69%). The next on the positive grade Kaolin (KAO) moved North by 3.40% to BGN 13.96 with 2 496 shares daily turnover.Industrial Holding Bulgaria (IHLBL, BGN 7.82, +2.22%) also advanced on Friday as 11 156 shares changed hands during the session. All the banks, listed on the stock exchange closed positive except Central Cooperative Bank (CCB) which experienced sell pressure and lost 4.13% to BGN 5.80. Among REIT companies Agricultural Land Opportunity Fund Mel Invest (ALOFMI) highlighted the trade as company forthcoming capital increase created investors' support and pushed the price up to BGN 1.37 (+9.92%) on Friday.
SOFIX/ BG40 (chart)
BGREIT/ BGTR30 (chart)
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 1 246.97 | 354.32 | 97.46 | 821.94 |
| 1-day change (%) | 0.20 | 0.07 | 1.26 | 0.66 |
| 7-day change (%) | 5.19 | 4.61 | 1.67 | 5.20 |
| 90-day change (%) | -29.47 | -31.61 | -5.60 | -25.11 |
| 365-day change (%) | -1.29 | 40.26 | -2.54 | -17.81 |
| BSE Daily Volume | 1 496 125 |
| BSE Daily Turnover | 3 949 580 |
| Average Daily Turnover YTD | 15 361 113 |
| Average Daily Turnover 12 months | 37 923 148 |
Most recent macro data
| Inflation (M/M February) | 1.1% |
| Inflation (cumulative 2008) | 2.5% |
| LEONIA Reference Rate | 4.87% |
| SOFIBOR /3 months/ | 6.728% |
| GDP Growth (Y/Y 2007) | 6.2% |
| Unemployment (Feb 2008) | 7.26% |
exchange rates
| Current | Change | |
| BGN/USD | 1.23818 | -0.00078 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.5796 | 0.00099 |
DAILY TRADING (selected stocks) (table)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Macroeconomic news and statistics
Producer price index grows 13.9% YoY in February
Producer price inflation reached 13.9% YoY in February 2008,according to data of the National Statistical Institute. The inflation was mainly due to the change in prices in the processing industry, which went up by 15.3% YoY. The biggest rise was registered in food and drink prices, which jumped by a total of 22.6% YoY. Other activities with a relatively big price revision were the manufacture of metal products without machinery and equipment (13.7% YoY), of chemical products (7.6% YoY), and of non-metallic mineral products (7.3% YoY).
Source: Pari
CORPORATE news
BTH
Bulgartabac sold Kardjali Tabac for over BGN 6m
On March 28 Bulgartabac Holding and Aidatour Haskovo signed an agreement for the sale of 461 828 shares (90.56% of the capital) in Kardjali Tabac. The cost of the deal is about BGN 6m (BGN 13.02 per share), which has been paid in full.
Source: Profit.bg
TOPL
Audited Toplivo 2007 earnings up to BGN 8.3m
Toplivo, the local distributor of fuel and construction materials, posteda net profit of BGN 8.3m and sales of BGN 285m in 2007, shows the audited annual financial report of the company. Earnings are revised up by 49% from the unaudited figure, while sales are restated down by 2.8%. The company generated 43% of 2007 sales from construction materials (up from 39% in 2006), followed by liquid fuels with 25%, propane-butane with 20% and heating materials with 12%.
Source: Dnevnik
ODES
Tax expenses included this time, no surprises
The audited FY 2007 financial results of Odessos Shiprepair Yard showed sales of BGN 41.6m (up 16.5% YoY) and a net profit of BGN 7.9m (up 21% YoY). Corporate tax expenses were omitted in the preliminary results and the auditors’ correction led to a decrease of the net profit from BGN 8.9m to BGN 8m. This does not affect our analysis on the company, since we have already adjusted the figures. Otherwise, the audited statement had no significant differences with the preliminary results.
Source: FFBH
MCH
M+S Hydraulic considers share buyback
A May 16 general meeting of the shareholders in M+S Hydraulic, the local maker of hydraulic equipment, will vote in a proposal to buy back some of its outstanding shares which thereafter may be offered as incentives to the staff and managers. The size of the buyback has not been decided but it is limited by law at 3% per year. The price at which the shares could be repurchased is determined by law at 75% of the highest trade price achieved by the stock in the 52 weeks prior to the buyback (in this case BGN 13.49). The company reported sales of BGN 72m in 2007, up 25.3% YoY, and profit of BGN 4.3m, up 27.9% YoY.
Source: Dnevnik
NEOH
Neochim forecasts BGN 268m production sales in 2008
Neochim expects production sales of BGN 268m in 2008, which is a 40% increase YoY. The company forecasts higher sales because of the increased production of a basic product - ammonium nitrate fertilizer - and the rise in prices (as a result of the natural gas price hike as of January 1, 2008).
Last year the company's usual “export sales - domestic sales” ratio changed. It sold56.8% of its production on the home market in 2007, compared to 47% sold in 2006. The company’s 2007 audited non-consolidated profit reached BGN 3.1m against BGN 3.6m for 2006.
Source: Profit.bg
EMKA
Emka plans to boost its 2008 output by 11% YoY
Emka plans to increase its 2008 output by 11% YoY. Its production sales last year stood at BGN 62.5m, as 54.6% of them were realised on the foreign market versus 45.4% made on the home market. sales of isolated cables and wires accounted for 53.7% of all sales.
Emka's main clients on the foreign market are Lapp Kabel abd Faber Kabel (Germany), Isovolta (Romania), Emo Ohrid (Macedonia), Nexans (Greece), Memira (Cyprus) etc. Bigger clients in Bulgaria are Hyundai Heavy Industries Co, Ria International, Filcab, Tilkom, Dynamo etc.
The companyposted 2007 audited profit in the amount of BGN 2.6m compared to BGN 2.7m for 2006.
Source: Profit.bg
ZARYA
Balkancar Zarya forecasts annual growth in production sales of 37% in 2008
Balkancar Zarya expects that its production sales will increase by at least 37% YoY in 2008, and they will reach BGN 8.3m. According to the company, the rise in sales will come mainly from increased volumes of production sold, due to the attraction of new clients. The company plans to increase sales volumes by 29% YoY, while the output prices will be increased by 8% compared to 2007 prices.
Source: Investor.bg; FFBH
Bulgarian Stock exchange
Bulgarian Traded index (BTX) launched on the Vienna Stock exchange
The Vienna Stock exchange launcheda new index on 28 March.2008, the Bulgarian Traded index (BTX). It is a capitalization-weighted price index and is made up of the most liquid and highest capitalized stocks of BSE-Sofia.
The index is calculated in BGN, EUR andUSD. It is disseminated in real-time by Wiener Borse AG and designed as tradable index to be used as underlying for standardized derivatives (futures & options) and for structured products. The starting value was defined at 1000 index points on 3 January 2005. The BTX is calculated
Monday to Friday on every day that the BSE-Sofia is open for trading.
The following companies are included in the index with the corresponding weightings: CHIM (24.82%); FIB (19.94%); EUBG (13.62%); IHLBL (13.32%); CORP (10.79%); MONBAT (10.42%); KAO (7.10%).
The index will not be adjusted for dividend payments. There is no prescribed numberof stocks to be included in the BTX. The index capitalization of the individual stocks is determined by the multiplication of the number of shares with the current stock price and the weighting factors.
Source: FFBH
*****
To view the original document, please click on the link below:
http://reports.aiidatapro.com/BBB/FFBH/BMU31-03-08.pdf
*****
Copyright: 2006 First Financial Brokerage House. All rights reserved.For further Information please contact
FFBH, 2 Enos Str., 1408 Sofia, BulgariaPhone: +359 2 810 64 21, fax: +359 2 810 64 01, e-mail: ffbh@ffbh.bg, web site: http://www.ffbh.bg
*****
AII Data Processing does not endorse in any way, the views, opinions or recommendations expressed above. The use of the Information is subject to the terms and conditions as published by the original source, which you have to read and accept in full prior to the execution of any actions taken in reliance on Information contained herein.
 | SeeNews SeeNews is a business and financial news and information provider which brings its visitors and customers access to detailed coverage on the fast-growing companies, economies and markets of ten Southeast European nations. |
Search for: news |
Search for: deal |
Search for: market |
Search for: management |
Search for: share |
Search for: buyback |
Search for: industry |
Search for: index |
Search for: exchange |
Search for: report |
Search for: chart |
Search for: sales |
Search for: Bulgaria |
Search for: Macedonia |
Search for: Romania |
Search for: analysis |
 | Research & Profiles SeeNews – Research & Profiles enables an access to over 4,000 comprehensive company and industry profiles and researches from 10 Southeast European countries. |
Terms & ConditionsPrivacyCopyrightPublished by All Data Processing. All rights reserved. Created by Ladger.
BMU31-03-08.pdf, 69 Kb
