market Comment
Investors returned yesterday for SIFs, BET-FI index profile climbed over 3%, while BET (+0.8%) ended higher driven by TLV and BRD. TGN, TEL and SNP recorded small profit taking on good volumes. Volume was quite high at cEUR12m, mainly on SIFs, well above the recent trading sessions as well as YTD. We see a strong momentum remaining with a return of interest on SIFs, while BET large caps should also maintain momentum, particularly on the energy and utilities sectors.
World Markets
Main indices (table)
FX/Commodities/Rates (table)
Bucharest Stock exchange
| Local indices | Last close | Day % | YTD % | YoY % |
| BET | 5,771.68 | 0.80% | 23.05% | 174.01% |
| BET - C | 3,331.66 | 0.53% | 22.72% | 140.04% |
| BET - FI | 31,387.18 | 3.32% | 31.40% | 223.34% |
| ROTX* | 11,516.69 | 0.97% | 19.04% | 188.80% |
* ROTX - Romanian Traded index supported BSE and Wiener Borse
| market Digest - BSE | Daily | 30D avg | YTD avg |
| Turnover (in RONm) | 46.1 | 35.0 | 29.6 |
| Turnover (in EURm*) | 11.3 | 8.5 | 7.2 |
| Volume (in shares) | 82.0 | 210.5 | 121.3 |
| Total market cap (in RON bn) | 94.2 | 87.8 | 87.3 |
| Total market cap (in EUR bn*) | 23.0 | 21.5 | 21.3 |
* translated in last EURRON parity
| market Valuation Data (BET) | FY08A | FY09E | FY10E |
| P/E (x) | 10.7 | 16.7 | 12.6 |
| EV/EBITDA (x) | 6.2 | 6.9 | 7.1 |
| P/BV (x) | 1.9 | 1.6 | 1.5 |
| EPS growth | 35.6% | -34.5% | 8.0% |
| Div. Yield | 3.8% | 3.4% | 4.2% |
BET / BET-C / BET-FI (charts)
Major Corporate & Economic events (table)
Most Traded / Best 6 performers / Worst 6 performers (table)
BET and BET-FI constituents (table)
Top news and headlines
Financial Investment Companies (SIFs): SIFs NAV advanced on avg. by 55% YOY, to RON7.72bn at the end of February. SIF Banat Criasana reported end-February 2010 NAV of RON2.8346/share (+1.1% MoM, +87% YOY, at 46% discount vs. last price) while SIF Moldova NAV’s reflects a 0.4% MoM advance and 45% YOY rise to RON2.3468/share. SIF Transilvania reported NAV growth at 2.9% MoM and 46% YOY increase to RON1.5529/share; SIF Muntenia NAV advanced by 1.9% MoM and 15% YOY to RON1.8909/share; SIF Oltenia reported NAV of RON2.9646/share (+2% MoM, +79.3% YOY). Currently, SIFs trade at a discount of 37% (SIF Moldova) and 53% (SIF Muntenia). (Source: SIFs February portfolios)
SIF Oltenia Craiova (SIF5, SIF5.RO, SIF5.BX): SIF Oltenia acquired 9,738 shares in Transgaz Medias worth RON2.24m, and sold 100,000 shares in BRD for RON1.51m. news is neutral; both transactions are immaterial to provide major NAV impact. (Source: SIF Oltenia)
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2010.03.17 Romania Daily.pdf, 204 Kb
