EAVEX Weekly

February 22, 2021

The UX index continued its 2021 rally last week, gaining 4.1% to 1862 points. UkrNafta (UNAF) remained the primary contributor to the gauge’s growth. The UNAF stock advanced by 8.0% to UAH 242 as local traders now believe that the company in on the way to a positive transformation after it settled its production tax debt dispute with the government. Raiffeisen Bank Aval (BAVL) rose 8.5% to 51.00 kopecks after the bank surprised with an impressive net profit of UAH 764mn for January alone, which implies EPS of 1.24 kopecks. On the other hand, we do not think that Raiffeisen Aval can generate the same profit every month, as its net profit in December was UAH 80mn and UAH 347mn in November. Quotes for CentrEnergo (CEEN) edged down by 1.1% to UAH 8.70 per share. On the macroeconomic front, UkrStat reported that Ukraine’s population decreased by about 314,000 people to 41.6mn in 2020. A total number of 293,457 births were recorded in Ukraine last year, compared to 308,817 in 2019.