Reports
- 29.07.10
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Liberty Bank. 2Q and 1H10 results
Liberty Bank posted 2Q10 net income of GEL 1.8mn, a pick-up from virtually zero in the 1Q. Since being acquired by Liberty Capital, the bank has remained on a firm growth track and has boosted its market share by assets (0.5ppts q/q to 4.8%), net loans (0.5ppts to 2.7%) and client deposits (1.7ppts to 8.3%)... - 27.07.10
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Avangard. Site visit takeaways
Avangard, a Ukrainian food producer that recently IPO'd on the LSE, held an analyst day on July 22-23 that included meetings with management and site visits. The company is rapidly ramping up egg production capacities and sees around 80% output growth over the next two years, effectively consolidating the local market on its strong cost advantage (EBITDA margin of 48%). Estimates based on management’s guidance suggest the stock is trading at attractive discounts to regional food producer peers... - 21.07.10
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VAT T-bills. Hot summer offer
Ukraine’s government will issue so-called “VAT T-bills” next month to compensate companies for VAT reimbursement arrears. The upcoming issue will nearly double the current T-bill market volume and likely prompt a temporary jump in yields, offering portfolio investors a brief window of opportunity to wade into the local sovereign debt market on attractive terms... - 07.07.10
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Motor Sich Initiating Coverage. Thirst for Thrust
We initiate coverage of Motor Sich, the top CIS name in aviation engines and one of the most profitable and fastest growing global aerospace firms. Its joint advantages of a strong personnel base thanks to success in preventing a post-Soviet “brain drain” and a focus on R&D allow the company to offer competitive products to global aviation markets. With a 12M target price of US$ ... - 22.06.10
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Avdiyivka Coke. MMK unlocks capacity
The pending Metinvest-MMK Illicha M&A deal will allow Avdiyivka Coke to sharply boost output on a pick-up in sales to MMK. With enough idle facilities to meet MMK’s near-term demand, Avdiyivka is poised to become a major coke supplier to the mill already in 2011. The market has yet to price-in the coke player’s improving fundamentals and we recommend looking at AVDK as the top pick in the Basic Materials sector...
