Headlines
- Synergon Holding Raises 9M Net Profit 2.7 Times Y/Y
- Enemona's 9M Net Profit Down 10% Y/Y
- Bulgartabac's 9M SalesDown 24%, Says to Lose market share
- Sopharma's 9M Net Profit Falls 37% Y/Y
- Central Bank Cuts Minimum Reserve Requirement to 10%
- October Producer Prices Drop by 0.9% M/M, Rise 8.9% Y/Y
- Bulgaria Sees 2009 GDP Growth at 4.7% under Optimistic Scenario, at 2.1% in Negative Case
Overview
Bulgarian Stocks Expand Gains, Petrol in Focus Again
Main Bulgarian indices ticked a bit higher today, extending an uptrend that had started last Friday. SOFIX added 3.11 pt to finish 363.27, up 0.86%. The wider BG40 gained 1.1 pt to close at 108.60, up 1.02%. BGTR30 advanced by 0.64% to 280.83. Out of four local indices, only BGREIT, which measures the performance of Bulgaria’s REITs, posted a loss and closed at 47.38, down 2.45%.
Another 1.7 milion shares of Petrol [5PET; 3.06%] worth BGN 20.3 mln changed hands today which boosted the turnover to BGN 23.43 mln. The share price of the oil retailer has bounced by almost 30% since November 14, as more than 15.6 milion shares (14.3% of SHs capital) of the company were traded within the last two weeks.
Turnover in shares, excluding Petrol, remained low today, at BGN 2.48 mln. Two of the local REITs - Park REIT [4PK; +24.21%] and Agro Finance REIT AG; -14.8%], were among the relatively actively traded companies. In general, investors stood away from trading in the last session for the week.
| Value | Daily Chng | YTD Chng | |
| SOFIX | 363.27 | 0.86% | -79.45% |
| BG 40 | 108.60 | 1.02% | -79.04% |
| BG REIT | 47.38 | -2.45% | -54.11% |
| BGTR 30 | 280.83 | 0.64% | -74.41% |
| Shares Turnover (BGN thnds) | 22 669.57 |
| Bonds Turnover (BGN thnds) | 555.25 |
| OTC market Turnover (BGN thnds) | 112.25 |
| market Capitalisation (BGN mln) | 12 336.86 |
| market Capitalisation/GDP | 19% |
| Top Gainers | Ticker | Change |
| Bulgarian Real Estate Fund REIT | 5BU | + 25.00% |
| Park REIT | 4PK | + 24.21% |
| Expat Beta REIT | E7P | + 11.60% |
| Top Losers | Ticker | Change |
| Capman Capital Jsc. | 6C3 | -46.00% |
| Aktiv Properties REIT | 5AX | -40.00% |
| ERG Capital-3 REIT | 5ER | -16.67% |
* Gainers: Among shares with turnover above BGN thnd 10;
Losers: Among shares with turnover above BGN thnd 4
Trends
SOFIX (chart)
| P/E, ttm | Value | Daily Chng | YTD Chng | Turnover (BGN thnds) |
| 5.03 | 363.27 | 0.86% | -79.45% | 551 |
Corporate news
Synergon Holding Raises 9M Net Profit 2.7 Times Y/Y
Synergon Holding [6S7] on Friday said its nine-month net profit jumped 2.7 times to BGN 20.4 mln on the disposal of fixed assets. The group's sales revenue rose by 17.5% to BGN 304.6 mln, while costs advanced by 11.7% to BGN 278.88 mln. sales of company output were BGN 8.1 mln lower from a year earlier.
Enemona's 9M Net Profit Down 10% Y/Y
Enemona’s [E4A] nine-month consolidated net profit fell by 10.5% year-onyear to BGN 9.3 million levs, the company’s financial statement showed. Enemona’s sales revenue rose by by 39.6% to BGN 84.8 mln, while costs were up by 46.2% to BGN 77.65 mln. The company’s cash flow from operating activity was negative at BGN 1.6 mln.
Bulgartabac's 9M sales Down 24%, Says to Lose market share
Bulgartabac [57B] on Friday said its nine-month sales revenue fell by 24% on the year to BGN 193.45 mln. Bulgartabac sold 8,925 tonnes of tobacco in the first nine months of 2008, down 17% from a year earlier, its said in a statement. The company expects its market share to decrease to some 50%- 55% from about 60% now, Kornelia Ninova, one of the holding company’s executive directors, told a news conference. Net profit however, jumped to BGN 18.96 mln from BGN 7.0 mln a year yearlier on revenue from the sale of two of the company’s units earlier this year. Bulgartabac sold 78.18% of its cigarette factory Plovdiv BT for BGN 30.9 mln and a stake of the same size in tobacco factory Slantse-Stara Zagora BT for BGN 18.2 mln ob the Bulgarian Stock exchange.
Sopharma's 9M Net Profit Falls 37% Y/Y
Sopharma AD [3JR] on Friday said its nine-month net profit fell by 37% yearon- year to BGN 16.9 mln as costs rose faster than sales. sales revenue rose by 36.7% to BGN 345.04 mln, while costs were up by 47.2% to BGN 331.18 mln. The company expects no increase in this year's pre-tax profit despite the fact that it sees sales revenue growing by a yearly 5.0%-10% in 2008, it said in a statement.
Economy and Politics
Central Bank Cuts Minimum Reserve Requirement to 10%
Bulgaria's central bank (BNB) is cutting theminimum reserve requirement for commercial banks to 10% from 12% effective Monday, it said on Thursday. BNB also cut the minimum reserve requirement on funds attracted from abroad to 5.0% from 10%. The central bank said that its previous move to increase the minimum reserve requirement to 12% from 8.0% has achieved its goal to curb growth in lending. credit growth in the country has slowed to 40% this year after a 64% jump in 2007.
October Producer Prices Drop by 0.9% M/M, Rise 8.9% Y/Y
October producer prices droppedby 0.9% month-on-month and advanced by 8.9% on the year, data from the National Statistics Institute (NSI) showed on Friday. Prices in the manufacturing segment fell by a monthly 1.2% and prices in mining decreased by 2.2% month-on-month. Prices in the utilities sector, on the other hand, were up by 1.2%. Producer prices in September were down by 0.4% month-on-month and up by 11.3% year-on-year.
Bulgaria Sees 2009 GDP Growth at 4.7% under Optimistic Scenario, at 2.1% in Negative Case
Bulgaria's government expects the country’s GDP to grow by a real 4.7% in 2009 and by 5.2% in 2010 under an optimistic scenario for the expected impact of the global crisis, according to the government's three-year programme for convergence with other EU member states, media reported on Friday. In case the external environment deteriorates considerably, Bulgaria's economic growth may fall to 2.1% next year before accelerating to 3.6% in 2010. Under this scenario the government will target budget surplus of 1.6% of GDP in 2009 and 1.1% in 2010, compared to above 3% now.
Upcoming Events
Moststroy [5MY], Sparky AD [SPV]
5.12.2008 Trading in shares from the capital increases of Moststroy [5MY] and Sparky AD [SPV] starts.
BG40 Stocks (table)
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Copyright: 2006 Karoll AD. All rights reserved. For further Information please contact Karoll, 57 Hristo Botev Str, 1303 Sofia, Bulgaria |Tel. +359 2 981 13 81, fax: +359 2 986 34 66, e-mail: research@karoll.net, web site: http://www.karoll.net
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Newsletter Daily 2008.11.28.pdf, 56 Kb
