EAVEX Weekly

March 22, 2021

It was a mixed performance for the UX index blue chips last week, with individual corporate stories continuing to be in traders’ focus. In particular, Raiffeisen Bank Aval (BAVL) announced that it will distribute 50% of its FY20 net profit as a dividend, far lower than what was expected. Although this still implies a solid 3.31 kopeck dividend per share, the bank disappointed minority investors; we had projected a 5.96 kopeck dividend. The BAVL stock had a quite muted reaction to the dividend announcement, sitting essentially unchanged at bid/ask of 46.00/49.50 kopecks. Quotes for UkrNafta (UNAF) advanced by 5.3% to UAH 221 and CentrEnergo (CEEN) rose by 3.4% to UAH 9.00. On the downside, TurboAtom (TATM) lost 3.5% to end at UAH 8.20. There was little clarity on the situation regarding Motor Sich’s (MSICH) nationalization. No mechanism of compensation for existing shareholders was announced after the Kyiv District Court arrested 100% of the shares of Motor Sich and appointed a special