JUNE 19-27, 2023: Markets Overview
JUNE 19-27, 2023: Markets Overview
Avesta Investment Group presents the weekly overview of Uzbekistan's financial market.
TASHKENT STOCK EXCHANGE
The trading volume of the RSE Toshkent for the given period amounted to over 95.9bln UZS, which is 33 times more than the volume of the previous week. The number of deals increased by 35%, reaching a total of 10,092 transactions. This week, a total of 74 (+4) types of securities were traded, with the Top-10 accounting for about 99.2% of the stock exchange's total turnover.
The largest transaction, 67.8% of the total turnover, was registered with ORTS at a price of 174,749 UZS, totaling over 65bln UZS. The next came UZMT, which closed at a price of 70,100 UZS, totaling over 20bln UZS, and representing approximately 21% of the total turnover. Following these were M&A transactions by HKIL3 and YGGR.
AGM1 Price and Volume Dynamics
FINANCIAL NEWS
OVERVIEW
UzSAMA announced the approval of the sale of a 51% equity stake in Orta Osiyo Trans JSC (ORST) to Hyper Partners LLC for 65bln UZS or about 174,747 UZS per share. The company was listed just a few days ago, most likely specifically to execute this transaction.
Almalyk Mining JSC (AGMK) approved the decrease of the charter capital by 242bln UZS in state shares due to the transfer of the ownership for a number of assets to state entities, including a 100% stake in Angren Pipe Plant LLC to UzSAMA (stake is in ongoing privatization tender process), shares of Asakabank JSC, and a number of real estate objects.
Deutsche Kabel AG Taschkent JSC announced reorganization (probably into an LLC) and possible buy-back of shares at 16,041 UZS per share.
Apex bank JSCB decided to increase charter capital by 150bln UZS up to 250bln UZS according to the new minimum capital requirements that come into force from September. Pulatov Dilmurod Ilyasovich and Muxıtdınov Xamıdulla Nurıtdınovıch to contribute to the capital in parity.
AGM of the Qizilqumcement JSC (QZSM) has not decided on the most interesting for all minorities question of distribution of 2020-2022FY profits. Almost all shareholders voted against this question and retained profits remain possible for distribution in the future.
OTP Bank Plc. officially became the owner of 73.71% of shares of Ipotekabank JSCMB (IPTB).
Uzmetkombinat JSC (UZMK) announced the recommendation to pay 683.35 UZS (7.6%) per ordinary and 300 UZS (13%) per preferred share. Previously company paid 9M2022 divs at 528.62 UZS.
Deutsche Kabel AG Taschkent JSC and Orgres JSC recommended not to pay any dividends.
Uzumbank JSCB appointed Mr.Alexander Filippovich as the CEO instead of Mr.Sergey Gimadiyev, who left the bank last week;
Tengebank JSCB, a subsidiary of Kazakh Halyk Bank, invested 281.2bln UZS into the construction project. The developing company is Universal Packing Masters LLC, a JV between Mrs.Umida Nazarova, Mr.Murad Nazarov (CEO of Murad Buildings), and Mr.Ozgur Ozguven. The company owns the trademark for the NestOne, the first skyscraper building in Tashkent City
UPDATES
Update on JSC "UzRTSB" (URTS) non-audited results of 1Q2023: * Total assets increased by 5.5% and reached about 4.4trln UZS, out of which almost 4.2trln UZS are cash, including the deposited funds of the clients in the clearing house; * Total equity increased by 21.9% and equaled about 159.4bln UZS; * Total liabilities increased by 4.9% and reached 4.2trln UZS; * Revenue rose by 14.1% and amounted 94.7bln UZS; * COGS increased by 6.1% and reached 9.2bln UZS; * EBIT rose by 21.9% and equaled 59.6bln UZS; * Net profit increased by 25.8% and amounted 57.4bln UZS; * Estimated P/B ratio at the level of 20,605 UZS per share - 9.7; * Estimated P/E ratio at the level of 20,605 UZS per share - 7.4.
Update on JSC "Biokimyo" (BIOK) non-audited results of 1Q2023: * Total assets increased by 19.2% y-o-y up to 79.8bln UZS; * Total equity rose by 24.9% and reached 73.2bln UZS; * Total liabilities decreased by 20.3% and equaled 6.7bln UZS; * Revenue increased by 3.1% and reached 59.9bln UZS; * EBIT almost doubled and amounted to 11.2bln UZS; * Net profit also almost doubled and reached 9bln UZS; * Estimated P/B ratio at the level of 40,000 UZS per share - 1.6; * Estimated P/E ratio at the level of 40,000 UZS per share - 3.9.
Update on JSCB "Hamkorbank" (HMKB) non-audited results of 1Q2023: * Total assets increased by 26.8% y-o-y and reached 16.7trln UZS; * Total equity increased by 43.4% up to 2.8trln UZS; * Total liabilities rose by 23.9% and amounted to 13.9trln UZS; * Net interest income increased by 2.2 times and equaled 193.7bln UZS, after reservation – 139.6bln UZS (+13.6%); * Net fee and commission income increased by 56.3% and amounted to 105.8bln UZS; * Net profit almost doubled up to 247.6 bln UZS; * Estimated P/B ratio at the level of 130 UZS per share - 1.0; * Estimated P/E ratio at the level of 130 UZS per share - 3.3.
Update on JSC Toshkentvino (TKVK) non-audited results of 1Q2023: * Total assets decreased by 34.1% YoY and amounted to 728.7bln UZS; * Total equity decreased by 5.3% equaled 258.9bln UZS; * Total liabilities increased by 74.1% and equaled to 469.8bln UZS; * Revenue increased by 19% up to 217bln UZS; * COGS increased by 48.8% and reached 162.8bln UZS; * EBIT increased by 24.1% and equaled to 29.4bln UZS; * Net profit increased by 43.1% and amounted 20.6bln UZS; * Estimated P/B ratio at the level of 32,500 UZS per share - 2.3; * Estimated P/E ratio at the level of 32,500 UZS per share - 8.9.
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