Research Reports

  • 04.09.12 Financials

    UkrSotsBank has announced that it is planning to increase its charter capital by 94.5%, or by UAH 1.2bn to UAH 2.47bn (USD 309mn) with an additional s...> read more

  • 03.15.12 Metals and Mining

    Results Note for Ferrexpo...> read more

  • 03.06.12 Metals and Mining

    Research Update for Yasynivsky Coke (YASK)...> read more

  • 02.23.12 Fixed Income

    First Ukrainian International Bank (FUIB) became the 8th-largest Ukrainian bank by assets following its July 2011 merger with DongorBank. Despite impr...> read more

  • 02.15.12 Metals and Mining

    Khartsysk Pipe is one of only a few Ukrainian stocks with a track record of paying meaningful dividends over the last five years. We expect the compan...> read more

  • 02.10.12 Metals and Mining

    Black Iron represents a potentially powerful addition to the stable of Ukrainian iron ore thoroughbreds. The company, currently in the exploration sta...> read more

  • 02.08.12 Machinery

    Krukiv Wagon achieved a post-1991 production maximum and saw the average price for its railcars jump by 36% YoY in 2011. Accordingly, we raise our FY1...> read more

  • 02.07.12 Metals and Mining

    We expect Pivnichny GOK and Centralny GOK to soon report solid FY11 net profits of UAH 6.2bn and UAH 2.6bn, respectively. We presume that both compani...> read more

  • 01.19.12 Agriculture

    Ovostar operates a highly profitable business model featuring strong egg branding, which we believe can be maintained in the medium term. The company ...> read more

  • 01.12.12 Macroeconomics

    We expect Ukraine’s Hryvnia to repeat its stable performance of 2011 in the coming year, trading within a narrow range of 7.95 to 8.15 against the dol...> read more