Ivan Shteriev Macedonian Stock Exchange CEO Rovinj, October, 2015

Transcription

1 MACEDONIAN SECURITIES MARKET (BRIEF OVERVIEW) Ivan Shteriev Macedonian Stock Exchange CEO Rovinj, October, 2015

2 REPUBLIC OF MACEDONIA MACROECONOMIC INDICATORS Q2015 GDP (real growth rates) 4,4 5,0 6,1 5,0-0,9 2,9 2,8-0,5 2.7* 3.8* 3.2* Inflation (end of period, on annual base, in %) 1,2 2,9 6,1 4,1-1,6 3,0 2,8 4,7 1,4-0,5-0,3 Unemployment rate (in %) 37,3 36,0 34,9 33,8 32,2 32,0 31,4 31,0 29,0 28,0 27,3 Total deposits (in million of EUR) Bank and savings houses credits to the private sector (annual growth rates) 21,0 30,5 39,2 34,4 3,5 7,1 8,5 5,4 6,4 10,0 9,2 Weighted interest rates on total extended denar credits (average for the period, in %, p.a.) 12,1 11,3 10,2 9,7 10,1 9,5 8,9 8,5 8,0 7,5 7,3 Weighted interest rates on total accepted denar deposits (average for the period, in %, p.a.) 5,2 4,6 4,9 5,9 7,0 7,0 5,9 5,1 4,4 3,7 3,2 Average exchange rate MKD/EUR 61,30 61,19 61,18 61,27 61,27 61,51 61,53 61,53 61,58 61,62 61,55 Trade balance f.o.b. (in million of EUR) -961, , , , , , , , , ,0-378,1 Current account balance (in million of EUR) -122,5-23,4-421,2-862,2-457,1-144,0-189,2-240,0-134,1-68,7-31,0 Direct investments - net (in million of EUR) 74,9 344,7 506,9 409,4 136,9 156,9 344,6 131,1 229,4 197,4 64,8 Source: National Bank of the Republic of Macedonia *Preliminary data for 2013,2014 and estimated data for 2015 (SSO).

3 MACEDONIAN STOCK EXCHANGE KEY FIGURES Listed companies 114 listed companies or approximately 20 % of all JSC in RM Disclosure statistic ( ) 528 information related with General Assembly and Decisions 403 other price sensitive information 131 audited financial statements 426 periodical financial statements Net profit of listed companies ( ) 53 mil. EUR ( ) 36 mil. EUR Total P/E 19,95 MBI10 P/E 17,48 Total P/B 0,75 MBI10 P/B 0,89 Turnover/mar.cap/index 2015 Total turnover 29 mil. EUR Turnover listed 16 mil. EUR Market cap. of listed companies mil EUR Market cap. % of GDP 18,10% Turnover /mar.cap 1,06% MBI10 index ( value ) 1.714,20 YTY % -5,22% YTD % -7,05% Members 10 Member firms 1 new member in pipeline Top traded 2015 Alkaloid Skopje Komercijalna banka Skopje NLB Tutunska banka Skopje Makpetrol Skopje Granit Skopje 69 % in BEST turnover Top 10 traded companies 86 % in BEST turnover 49 % in total turnover Foreign participation BUY SELL 2015(IX) 9,60% 24,71% ,56% 30,22% ,60% 14,68% ,63% 20,87% ,63% 28,31%

4 TOP TRADED COMPANIES & BONDS Top traded companies in 2015 Issuer Business Turnover BEST EUR P/E Market capitalization EUR FF % P/B Dividend yield Index member Alkaloid Skopje Pharmacy , ,29 0,94 4,15% MBI10 Komercijalna banka Skopje Finance , ,00 0,44 0,00% MBI10 NLB Tutunska banka Skopje Finance , ,03 0,78 8,66% MBI10 Makpetrol Skopje Energy ,73 0,61 0,00% MBI10 Granit Skopje Construction , ,60 0,32 3,35% MBI10 Prilepska Pivarnica Prilep Trade , ,10 0,67 0,82% / Makedonski Telekom Skopje Telecomunication , ,19 1,32 10,29% MBI10 Stopanska banka Skopje Finance , ,36 0,56 0,00% / Makedonijaturist Skopje Service , ,55 0,73 4,96% MBI10 Skopski Pazar Skopje Trade , ,08 0,89 1,51% MBI10 Total Traded bonds in 2015 Government bonds Turnover EUR Yield to maturity* Index member Denationalization V issue (RMDEN05) / OMB Denationalization VI issue (RMDEN06) ,69% OMB Denationalization VII issue (RMDEN07) ,89% OMB Denationalization VIII issue (RMDEN08) ,49% OMB Denationalization IX issue (RMDEN09) ,53% OMB Denationalization X issue (RMDEN10) ,51% OMB Denationalization XI issue (RMDEN11) ,90% OMB Denationalization XII issue (RMDEN12) ,89% OMB Denationalization XIII issue (RMDEN13) ,60% OMB Denationalization XIV issue (RMDEN14) ,26% OMB Total *annual average yield to maturity of bonds with maturity over 1 year

5 MACEDONIAN STOCK EXCHANGE PAST PERFORMANCE In EUR TRADING IN BEST BLOCK TRANSACTIONS PUBLIC AUCTIONS PUBLIC OFFERINGS TOTAL TURNOVER NUMBER OF TRANSACTIONS Market capitalization (Official market) Mar.cap/GDP% 11,30% 16,48% 33,42% 9,22% 9,46% 7,37% 6,61% 7,20% 19,54% 20,38% 18,10% МBI , , , , , , , , , , ,20 % of annual MBI10 index change 61,54 109,07-72,92 31,28-17,19-13,34-12,34 0,44 6,06-7,05 Number of listed companies Number of trading days Members TIMELINE

6 CHALENGES AND OPPORTUNITIES New reality (after 20 years) Positive factors combination Trading concentration rule (until EU accession) Historically low interests rates Mandatory listing (until 2018) Resolution of current internal political turmoil New securities Law (to be draft in 2016) EU/NATO accession Market supply vs demand (IPO, securitization, investment and pension funds, foreign investors, etc.) Mentality change SEE Link B/O SW Confidence Liberalization of F/X regime 6