Ukrainian stock market weekly review September 17-21, 2001 by KINTO Investments & Securities

Ukraine
Weekly Market Review
September 17 - 21, 2001

Analyst Olena Kozak

Politics & Economy

August GDP rises 10.8% YTD, industrial production is up 16.9% YTD

In August 2001, Ukraine GDP grew 12.4% from August 2000. The GDP expanded 10.8% YTD vs. the same period last year. It reached UAH 132.613 billion (USD 24.56 billion) for January-August, including a UAH 21.388 billion (USD 4 billion) increase in August itself.

Industrial production rose 11.5% in August from the same month last year, and was up 3.1 % from July 2001. It expanded 16.9% in January-August, and the highest growth rates were registered in the following sectors: coke production and oil refining - 52.5%, timber and wood products - 31.8%, machine building - 24.9%, food processing - 21.8%, and light industry - 18.9%.

Industry & Company

Auto Industry

Following yet another unsuccessful attempt to sell 81.59% in AvtoZAZ, SPF intends to lower starting price 30%

ZAZA) ended on September 14. Since nobody has declared of the intention to partake, the tender can be already called cancelled. As a result, the SPF announced that it wants to offer the stake for sale again, yet the price will be slashed 30%. Other tender requirements will not be changed. The starting price was UAH 77.005 million in this past tender declared August 22.

Notes: In 2000, the SPF made two unsuccessful attempts to sell its 31.58% interest in AvtoZAZ. The price of that stake offered Fall 2000 was set at UAH 29.8 million.

In 1998, $150 million worth of AvtoZAZ assets were transferred to JV AvtoZAZ-Daewoo, where AvtoZAZ holds 50% of shares. A 36.66% stake in JV AvtoZAZ-Daewoo held by AvtoZAZ is pledged at the Daewoo Corporation against a loan granted to AvtoZAZ to pay off a $45 million debt, and $9.2 million in interest on it (at July 1, 2001).

Brewing

Donetsk Brewery to purchase Krym Brewery from Sun Interbrew

Sun Interbrew, a subsidiary of Interbrew (Belgium), reached an agreement to sell 83.98% in Krym Brewery to Donetsk Brewery. The details of this transaction were not disclosed.

ROGA), and thus became in control of over one-third of the Ukrainian beer market.

Donetsk Brewery is part of Donetsk Beer Group. According to the press, the Donetsk beer-maker has already bought over 10% in Krym Brewery on the secondary market.

Market Summary

Source: KINTO, PFTS

21-September -2001
# Shares
MCap, $ mln
Share, %

CENTRENERGO
369,407,108
27.78
6.88

DNIPROENERGO
3,923,998
45.35
11.24

DONBASENERGO
23,644,301
44.30
10.98

KYIVENERGO
108,364,280
62.42
15.47

ZAKHIDENERGO
12,790,541
44.54
11.04

UKRNAFTA
54,228,510
179.22
44.41

Total
 
403.60
100.00

Company
Ticker
Max Bid
# Bids
Min Ask
# Asks
Spread, %
Quoted Price*

$
1 Wk Ch, %
4 Wk Ch, %
$
1 Wk Ch, %
4 Wk Ch, %
$
1 Wk Ch, %
4 Wk Ch, %

Azovstal
AZST
0.01
0.1
0.0
2
0.03
0.1
0.0
2
252.9
0.03
0.1
0.0

Centrenergo
CEEN
0.05
-7.9
-23.7
10
0.07
-2.5
-13.6
15
31.0
0.08
-0.2
-8.7

Dniproenergo
DNEN
6.56
-12.5
-20.5
9
12.36
0.1
0.0
13
88.6
11.56
-0.4
-12.9

Donbasenergo
DOEN
1.07
0.1
0.0
6
2.40
0.1
-11.7
10
124.2
1.87
-1.9
-6.0

Halychyna Oil Refinery
HANZ
0.02
0.1
354.6
4
0.04
0.1
-8.3
3
120.0
0.03
0.1
6.8

Kyivenergo
KIEN
0.50
-5.3
-12.0
10
0.73
0.1
-29.2
5
47.2
0.58
0.1
-6.2

Kyivoblenergo
KOEN
0.01
0.1
0.0
3
0.06
0.1
-38.0
4
588.9
0.05
0.1
-3.3

Mariupol Illich Iron & Steel Works
MMKI
0.01
0.1
0.0
2
0.03
-2.7
-2.8
2
243.1
0.02
-18.0
-1.4

Nizhnedniprovsk Pipe-Rolling Plant
NITR
0.06
0.1
0.0
2
0.70
0.1
0.0
3
1146.7
0.39
0.1
0.0

Poltavaoblenergo
POON
0.03
0.1
0.0
2
0.09
0.1
-28.6
5
233.3
0.07
0.1
-15.9

Slavutich Brewery
SLAV
3.18
0.1
0.0
2
6.56
0.1
0.0
2
105.9
4.75
0.1
0.0

Stirol
STIR
1.15
-0.8
-12.1
5
2.06
-11.2
-8.3
2
78.9
1.35
-5.7
1.0

Turboatom
TATM
0.04
0.1
-
1
0.07
0.1
-4.9
5
75.0
0.06
-1.1
-

Ukrnafta
UNAF
3.65
-3.9
-4.9
17
4.03
2.5
0.1
15
10.3
3.30
1.1
1.4

Ukrrichflot
FLOT
0.84
-25.0
-30.8
2
2.81
25.1
0.0
1
233.3
1.79
6.5
-9.0

Zakhidenergo
ZAEN
1.55
-17.0
-41.2
5
5.62
15.4
7.2
6
261.4
3.48
2.5
-1.4

Zaporizhkoks
ZACO
0.12
1.6
-5.7
3
0.15
0.6
3.1
4
21.1
0.41
-4.8
-18.8

Zaporizhstal
ZPST
0.03
-6.2
0.0
2
0.05
0.1
0.0
2
73.3
0.10
-0.6
1.5

* - Quoted price is a half-sum of average weighted bids and asks.

Source: PFTS, KINTO calculations

Company/
Sector
Ticker
Last Price, $
Trading Volume, $
Share of company in trading volume, %
Percent of Shares Traded, %
Price Ch, %
Mkt Cap., $ m

1 Wk
4 Wk

Energy

Kyivenergo
KIEN
0.51
8,363,965
86.89
7.64
-10.0
-40.8
54.8

Metallurgy

Makiyivka Metallurgical Plant
MKKI
0.002
3,674
0.04
0.12
0.0
0.1
3.2

Zaporizhkoks
ZACO
0.13
7,040
0.07
0.05
7.7
0.0
15.6

Zaporizhstal
ZPST
0.03
27
0.00
0.00
-0.1
60.2
33.7

Oil & Gas

Ukrnafta
UNAF
3.93
4,884
0.05
0.00
5.1
8.8
213.3

Machinery

Elektromashbud
EMBD
0.001
1,797
0.02
3.75
0.0
33.8
0.0

Food Industry

Krasnogvardiysk Butter Factory
KRMZ
0.23
56,804
0.59
12.59
-9.1
3.3
0.5

Kremenets Sugary Refinery
KRCZ
0.004
14,974
0.16
17.84
0.2
0.2
0.1

Monomakh (second emission IPO)
IPMON
1.87
1,172,991
12.19
-
-6.5
-6.5
-

Total

9,626,155
100.0

Source: PFTS, KINTO calculations