Headlines
M+S Hydraulic With 57% Higher Net Income
Non-Cons Revenues of Enemona Up 14.6%, Earnings Down
BGN 9.9 mln Q3 Loss for Lead and Zinc
Net Earnings of Toplivo Up 67%
Net Income of Sopharma Deteriorates
investments in 2009 Budget Increased
| Value | Daily Chng | YTD Chng | |
| SOFIX | 492.18 | -1.93% | -72.16% |
| BG 40 | 141.24 | -3.03% | -72.74% |
| BG REIT | 54.93 | 3.72% | -46.79% |
| BGTR 30 | 359.11 | -2.10% | -67.28% |
| Shares Turnover (BGN thnds) | 2 499.29 |
| Bonds Turnover (BGN thnds) | 3 754.88 |
| market Capitalisation (BGN mln) | 13 307.89 |
| market Capitalisation/GDP | 21% |
| Top Gainers | Ticker | Change |
| Alcomet AD | 6AM | + 6.90% |
| Bioiasis AD | 4OE | + 6.35% |
| Lomsko Pivo | 6L1 | + 6.25% |
| Top Losers | Ticker | Change |
| FINI REIT | RRH | -89.69% |
| Holding Roads AD | 6H2 | -12.09% |
| FairPlay Properties REIT | 6F3 | -11.25% |
* Gainers: Among shares with turnover above BGN thnd 10;
* Losers: Among shares with turnover above BGN thnd 4;
| P/E, ttm | Value | Daily Chng | YTD Chng | Turnover (BGN thnds) |
| 6.41 | 492.18 | -1.93% | -72.16% | 1 429 |
Overview
Nice Start, Same Old Ending
All four indices were moving up in the first half hour of the session with the SOFIX gaining as much as 2.3% by 09:48 local time. However, some 30 minutes later, the blue-chip index had moved by 2.3% in the opposite direction to finish the day with a loss of 3.03%. Only the BGREIT index, which on Thursday sank by nearly 6.0%, climbed higher.
First Investment Bank [5F4;+1.37%] and Monbat [5MB; -0.41%] were the most liquid companies on Friday. The bank closed at BGN 3.84 in a volume of BGN 555,181 after announcing the previous day nonconsolidated net profit of BGN 35 mln, 2.0% higher y-o-y. Monbat ended at BGN 6.03 in a volume of BGN 284,112. The car battery maker also published its nine-month financial results on Thursday. They showed a 59% y-o-y jump in 9M sales revenue and a rise of more than 87% in net profit.
Among the most traded shares was also Real Estate Investment Fund FINI REIT [RRH; -89.69%], which was the day's top loser. The stock, which was last traded in March, slumped by 89.7% to BGN 1.0 as 169,00 shares changed hands.
Investors' reaction to nine-month corporate results rarely help shares climb or make them lose ground as most of the buyers and sellers remain highly subjective to news coming from abroad.
Corporate news
M+S Hydraulic With 57% Higher Net Income
Hydraulic equipment manufacturer M+S Hydraulic [5MH] managed to increase its third quarter bottom line by 57% y-o-y to BGN 6.0 mln. Revenues jumped by 12% while the growth of COGS was limited to 3%, thus profitability improved significantly, with EBIT margin up to 12% compared to 9% a year ago and net income margin up to 10%, vs. 7% a year earlier.
Non-Cons Revenues of Enemona Up 14.6%, Earnings Down
Engineering group Enemona [E4A] posted non-consolidated net sales of BGN 57.3 mln, vs. BGN 50.0 mln a year earlier. Despite the 14.6% rise of revenues earnings deteriorated, down by 24.2% to BGN 5.7 mln., partially on the back of surging expenses, and partially due to sale of assets last year that had boosted the bottom line. Enemona, a member of BSE's blue-chip index SOFIX, has 14 subsidiaries active in engineering, construction, energy and gas distribution, among others.
BGN 9.9 mln Q3 Loss for Lead and Zinc
Lead and Zinc Complex [5OTZ] posted a third quarter net loss of BGN 9.9 mln, vs. net profit of BGN 21.2 mln a year ago and BGN 1.9 mln for the first six months of 2008 on deteriorating net sales. Revenues sank by 31% y-o-y to BGN 134.7 due to lower metal prices, the company said. Lead and Zinc produced 19 611 tons of lead and 20 288 tons of zinc through September, as compared with 18 311 tons of lead and 19 805 tons of zinc in the same period last year.
Net Earnings of Toplivo Up 67%
Fuel and construction materials retailer Toplivo [3TV] reported 67% growth of net profit on 14.5% higher sales. The company, part of industrial conglomerate Synergon Holding, intents to sell its loss-making liquid fuels division to sister company Synergon Petroleum in an attempt to further improve its performance. Toplivo will use the funds raised from the sale to expand its network of warehouses and retail units and to widen its share on the market for construction materials and briquettes.
Net Income of Sopharma Deteriorates
Net income of drug producer Sopharma [3JR] dropped by 42%, to BGN 15.0 mln, vs. BGN 26.0 mln a year earlier, as operating and financial expenses grew faster tnah revenues. OPEX jumped by 27% y-o-y while revenues advanced by 11%, thus EBIT decreased by 30%, to BGN 22.9 mln, and operating profitability shrank to 17.0%, vs. 27.0% a year earlier. The company’s exports rose by 26% y-o-y to BGN 80 mln in the first nine months of 2008 and represented 62% of total revenues. Sopharma's main foreign markets, which account for some 90% of its exports, are Russia, Ukraine, Kazakhstan, Azerbaijan and Belarus.
Economy and Politics
investments in Budget 2009 Increased
The government increased the projected capital expenditures in the 2009 budget to EUR 2.8 bn from a previous EUR 5.2 bn. An extra EUR 350 mln could be injected in the economy at the expense of 1% lower budget surplus, is said in a statement. The government is ready to buy back a significant part of the treasuries on its internal debt to buttress the banks’ liquidity, the Minister of Finance Plamen Oresharski also said.
Upcoming Events
Sopharma [3JR], Sopharma Logistics [6SL], Sopharma Properties REIT [6S6], Sopharma Buildings REIT [4OX]
04.11.2008: Last day for purchase of shares giving voting rights an the General Meetings of Shareholders scheduled for November 20 in Sofia.
Trends (Sofix) (chart, table)
BG40 Stocks (table)
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Newsletter Daily 2008.10.31.pdf, 171 Kb
