FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. October 27, ,7% 15,2% 6,6% -3,3% CROBEX SBI BET SOFIX

Transcription

1 CROATIA SLOVENIA ROMANIA BULGARIA October 27, 2017 CROATIA 0,83% BENCHMARKS DAILY CHANGES % Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.83% to 1, pts and blue chip CROBEX 10 increased 0.61% to 1, pts. Regular stock turnover amounted to HRK 8.08 million. (Positive) Croatian shipping company Atlantska Plovidba (ATPLRA CZ) topped the liquidity board collecting HRK 1.35 million in turnover while its price increased 1.32% to HRK ,01% 0,23% In Jan-Sep, HT Group (HTRA CZ) increased sales revenues by 11.6% yoy to the amount of HRK 5,785 mln. Excluding Crnogorski Telekom s contribution, revenues were 2.4% higher yoy, while excluding H1 Telekom s contribution revenues were 2.1% higher yoy. HT continues with achieving growth in mobile (17%), broadband and TV (9.9%), wholesale (7.4%), energy business revenues (47.3%), system solution revenue (8.7%) and other fixed revenues (12%), while fixed voice revenues declined (2.6%). margin was improved to 40.5%. In Jan-Sep, net profit decreased by HRK 17 mln or 2.2% yoy to HRK 735 mln. (Positive) -0,73% CROBEX SBI BET SOFIX In Jan-Sep, Adris Grupa (ADRSPA CZ; ADRSRA CZ) increased sales revenues by 6% yoy to HRK 3.37 bln, while net profit grew by 5% yoy to HRK 629 mln on excellent performance in all segments. Maistra's (MAISRA CZ) operating revenues increased by 12% yoy, grew by 12% to HRK 463 mln, while net profit increased by 14% yoy to HRK 301 mln. Cromaris sales amounted to tons, which was 4% higher yoy, while sales revenues increased by 5% yoy mainly on higher exports (+6%). Croatia Osiguranje s (CROSRA CZ) GWP increased by 3% yoy to HRK 2.5 bln. The Group reached net profit in the amount of HRK 219 mln, which was an increase of 17% yoy. (Positive) 1 BENCHMARKS 3Y CHARTS In Jan-Sep 2017, AD Plastik (ADPLRA CZ) improved operating revenues by 5.9% yoy to HRK mln on increase in Russian market (+21%) as well as EU and Serbia market (+1.2%). increased by 18.2% yoy to HRK mln, while net profit surged by 33.7% yoy to HRK 41.7 mln. (Positive) In 3Q 2017, Imperial (HIMRRA CZ) increased operating revenues by 12.5% yoy to HRK mln, while net profit grew by 12.5% yoy to HRK 47.9 mln. Number of overnights increased by 5% and ADR grew by 7.5% yoy in the first nine months of (Positive) In Jan-Sep, TNG (TPNGRA CZ) improved revenues by 11.7% yoy to the amount of HRK mln as the result of a greater presence of the TNG fleet in the spot market. TNG s net profit decreased by 29.6% yoy to the amount of HRK 25.7 mln mainly due to increased costs as a result of higher exposure to the spot market, one-off costs associated to the regular five-year drydocking of Vinjerac ship. (Neutral) Oct-14 Oct-15 Oct-16 Oct-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS 26,7% In 3Q 2017, Viadukt (VDKTRA CZ) decreased sales revenues by 88% yoy to the amount of HRK 18.9 mln, while operating expenses decreased by 77% to HRK 48.8 mln. Net loss amounted to HRK 26.1 mln, compared to net profit of HRK 62 mln reached in 3Q Liquidity ratio is worsened to 0.1, compared to 0.23 in 3Q On October 2, Commercial Court in Zagreb issued a decision on the opening of bankruptcy proceedings. Furthermore, Viadukt s shares will be delisted from the regulated market, last trading date will be November 24, (Negative) SLOVENIA In Jan-Sep, Telekom Slovenije Group (TLSG SV) increased sales revenues by 3% to EUR mln mainly due to higher revenues from IT services and higher revenues on the wholesale market. The Group decreased by 2% yoy to EUR mln. Net profit grew by 25% yoy to EUR 30.1 mln mainly on lower financial expenses and higher sale. Financial expenses decreased by EUR 7.5 mln to EUR 6.1 mln. The Group earmarked a total of EUR 90.2 mln for investments in the expansion of the fibre optic access network and in the further modernisation of the mobile network and the development of new services. (Positive) 6,6% 15,2% Gorenje rejected on Thursday as misleading a recent report by the daily Delo that the company would stop producing appliances for Japan's Panasonic. It stressed that the ending of two contracts on the sale of products to Panasonic after the originally agreed period does not mean a termination of business cooperation between the two companies. According to Gorenje s business plan, compiled in 2017, sale of products to Panasonic, based on the two commercial agreements, was budgeted to generate approximately 0.5% of Gorenje Group's total revenue. (Neural) -3,3% CROBEX SBI BET SOFIX ROMANIA The Ordinary General Meeting of Shareholders of electricity distribution and supply company Electrica SA (EL RO) elected a new Executive Board, on October 26, which comprises seven members and also approved the acquisition by Electrica of Fondul Proprietatea s (FP RO) entire participation in the share capital of Electrica branches. (Neutral) SALES AND TRADING DESK CONTACTS Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com Conpet s (COTE RO) shareholders approved special dividends in the amount of RON per share, implying dy 9.3%. Ex-date is on November 9 and payment date on November 28. (Neutral) Romania may cut contributions to second pillar pension system to 3.7% from 5.1%, Labor Minister Olguta Vasilescu says at the start of the government meeting. (Neutral) The Chartered Financial Analysts Association Romania (CFA Romania) expects the Romanian leu to weaken and leu interest rates to increase in the next 12 months. (Neutral) BULGARIA In Jan-sep, Monbat (5MB BU) posted 27% yoy growth in consolidated sales revenues to BGN 228 mln. September 2017 sales alone were up 26% yoy to BGN 32 mln. Profit before tax could not keep up with the solid sales growth due to rising LME costs and less volume on the batteries side vs. higher sales of recycled lead to third parties. expanded 6.7% yoy to BGN 35.2 mln, while margin fell accordingly to 15.45% which is below management guidance of sustaining 16%-18% margin. (Neutral) Sopharma Properties REIT (6S6 BU) announced the completion of its capital raise procedure. The company managed to raise BGN 5.5 mln that will be used to improve debt to equity ratio. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 1,09 1 Atlantska plov. 0,18 Jadran TC 29,61% Viadukt -68,43% 2 Podravka 0,12 Ingra 9,20% Slatinska banka -15,14% 3 DDJH 0,09 Optima 6,90% Koestlin -9,09% 4 Arenaturist 0,07 Maistra 4,58% Hoteli Brela -8,75% 5 HT 0,07 ULPL 3,91% Tehnika -7,74% 6 Atlantic Grupa 0,06 Atlantic Grupa 3,35% DDJH -6,58% 7 Valamar 0,06 Jadroagent 3,10% HPB -4,91% 8 Plava Laguna 0,05 SNH Delta 2,78% Pevec -3,52% 9 AD Plastik 0,04 IGH 2,% Dalekovod -1,26% Oct-14 Oct-15 Oct-16 Oct Koncar EI 0,04 ZABA 2,29% Kras -1,10% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,39 1 Krka 0,16 Kmecka Druzba 4,17% Intereuropa -3,69% 2 Triglav 0,05 KD Group 2,18% Gorenje -2,63% 3 Petrol 0,05 Telekom Slo. 1,21% Triglav -1,62% 4 Cinkarna Celje 0,03 Cinkarna Celje 0,55% Krka -1,57% 5 Luka Koper 0,03 Mercator 0,00% Sava Re -1,22% 6 Sava Re 0,03 Luka Koper 0,00% Hotel Union -0,58% 7 Salus 0,01 Unior 0,00% Petrol -0,01% 70 8 Intereuropa 0,01 Salus 0,00% Mercator 0,00% 9 Telekom Slo. 0,01 Melamin 0,00% Luka Koper 0,00% Oct-14 Oct-15 Oct-16 Oct-1710 Gorenje 0,00 Terme Catez 0,00% Unior 0,00% SBI ROMANIA Market Trunover ( EUR mn): 5,15 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Fondul Prop. 2,94 Sinterom 58,4% Romradiatoare -19,20% 2 Banca Trans. 0,56 Banca Com. 56,19% Foraj Sonde Cr -11,59% 3 BRD 0,52 Btt Bucuresti 7,69% Upet Targovis -8,73% 4 Transgaz 0,30 Armatura 7,48% Semrom Munteni -7,69% 5 Transelectrica 0,17 S.C Alumil Rom 6,38% Uztel -5,26% 6 Sif 2 Moldova 0,13 Farmaceutica R 5,86% Tmk-Artrom Sla -5,05% 7 Conpet Ploies 0,12 Compania Hotel 3,91% Amonil -5,00% 8 Electrica 0,09 Dafora 3,70% Comnord Bucur -4,86% Oct-14 Oct-15 Oct-16 Oct-17 9 Bur De Valori 0,05 Sinteza Oradea 3,46% Napochim -2,44% 10 Sif 3 Transilv 0,05 Impact Develop 3,10% Bur De Valori -2,00% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,13 Volume () Leaders Laggers Apr-15 Apr-16 Apr-17 SOFIX BGBX40 index 1 Albena 0,05 Solarpro Holdi 21,63% Zaharni Zavodi -16,00% 2 Sopharma 0,03 Odessos Shipre 5,56% Sparky Eltos - -14,% 3 Cez Distributi 0,01 Zarneni Hrani 4,82% Bulgaria Holdi -10,03% 4 CCB 0,01 Emka -Sevlievo 3,67% Bulgarian Amer -5,71% 5 Odessos Shipre 0,00 Koro Bulgaria 2,16% Euroholding Bl -5,62% 6 Hydraulic Elem 0,00 Sopharma 2,02% Oil & Gas Expl -3,% 7 Chimimport 0,00 Vance Terrafun 1,54% Bulgaria Stock -2,16% 8 Slanchev Bryag 0,00 Synergon Holdi 1,13% Stara Planina -1,64% 9 M+S Hidravlik 0,00 M+S Hidravlik 1,13% Holding Varna -1,52% 10 FIB 0,00 Cez Distributi 1,12% Billboard -1,28% 2

3 Fundamentals - overview of selected companies SIZE PRICE VALUATION & PERFORMANCE INDICATORS Name CONSTRUCTION mn Last Price 1D Δ YTD P/E EV/ EV/S P/BV ND / Margin ROE T57 BU 52,9-5,3 4,3 0,59% -18,7% -10,0-196,1 0,4 1,1 46,2-0,2% -10,8% - DLKVRA CZ 67,0 2,7 20,4-1,26%,1% 24,6 8,9 0,7 1,8 3,9 8,4% 6,8% - VDKTRA CZ 0,3-17,9 5,0-68,43% -98,4% 0,0-291,0 0, ,0-0,2% - - INGRRA CZ 6,8 1,1 3,8 9,20% 24,2% 6,5 39,8 8,0 0,5 33,4 20,2% 7,9% - THNKRA CZ 7,2 0,7 286,0-7,74% -37,9% 9,7 20,2 1,0 0,2 11,6 5,0% 1,8% - IGHRA CZ 21,8-4,4 266,8 2,% 47,9% -4,9 19,2 3,1-13,9 16% - - DIVERSIFIED ADRSPA CZ 1074,4 66,4 454,5 1,68% -0,4% 16,2 1,1 0,2 0,5-4,1 26,3% 5,3% 3,7% 6C4 BU 202,2 29,4 1,7 0,61% -1,2% 6,9-1,6 0, ,6% 3,3% 4HS BU 8,8 0,2 3,5 0,00% 5,5% 56, , ,5% 6,1% - 5V2 BU 87,0 0,1 32,5-1,52% -1,5% 1309,2 38,6 6,4 1,1 13,0 16,5% 0,1% - 4EH BU 101,1-4,3 1,2-5,62% 87,7% -23,5 19,3 1,5 1,9 8,9 7,6% -8,4% 0,8% 5SR BU 84,0 4,2 7,8-1,64% 20,5% 20,1-1,1 1, ,5% 2,8% ENERGY & UTILITY SNG RO 2665,1 #N/A N/A 31,8-0,16% 27,2% 8,8-1,6 1, ,0% SNP RO 3498,1 409,1 0,3 0,00% 8,8% - 2,5 0,8 0,6 0,0 31,7% 6,9% 5,3% TGN RO 1019,0 132,7 398,0-0,% 35,4% 7,7 2,7 1,4 1,2-1,0 52,0% - 3,6% EL RO 974,9 79,4 13,0-0,31% -1,5% 12,3 3,1 0,5 0,8-2,5 16,9% 6,3% 5,7% TEL RO 472,6-29,7 0,51% 1,5% , ,9% COTE RO 199,6-106,0 0,95% 34,5% - 3,2-1,3-2, ,6% INARA CZ 4324,8 125,6 3.2,0 0,00% 12,1% 34,4 10,8 2,0 2,9 0,8 18,2% 8,6% 0,5% SNN RO 471,4 24,7 7,2 0,00% 57,3% 19,1 1,9 0,7 0,3-0,3 40% 1,5% 4,6% JNAFRA CZ 710,7 40, ,0-0,01% 0,0% 17,7 9,5 7,2 1,4-1,3 75,7% 7,9% 3,1% FOOD & BEVERAGE PODRRA CZ 299,1 15,5 315,7 1,84% -16,8% 19,3 8,8 0,9 0,8 2,6 9,7% 4,1% 2,2% ATGRRA CZ 382,9 24,5 863,0 3,35% -2,4% 15,6 8,3 0,8 1,4 3,1 9,4% 9,1% 1,6% LEDORA CZ #N/A N/A -35,8 #N/A N/A - #VALUE! - 9,6 1,8-1,1 18,2% -17,7% - JMNCRA CZ #N/A N/A -41,7 #N/A N/A - #VALUE! - 3,2 1,3-0,2 38,8% -22,0% - KRASRA CZ 82,3 3,5 4,0-1,10% -16,6% 23,5 10,2 1,0 0,9 3,5 9,3% 4,3% 1,8% CKMLRA CZ 85,2 7,8 6.,0 0,00% -5,6% 11,0 8,2 0,6 1,2 0,9 8% 10,9% 1,1% BLJERA CZ #N/A N/A -5,9 #N/A N/A - #VALUE! - 12,1 1,4-5,8 11,6% -3,2% - ZVZDRA CZ #N/A N/A -19,3 #N/A N/A - #VALUE! - 12,5 0,8-4,4 7% -18,4% - 3

4 Fundamentals - overview of selected companies Name INDUSTRIAL SIZE PRICE VALUATION & PERFORMANCE INDICATORS mn Last Price 1D Δ YTD P/E EV/ EV/S P/BV ND / Margin ROE GRVG SV 135,6 10,3 5,6-2,63% -7,4% 13,1 6,3 0,4 0,4 3,7 6,8% 2,8% 1,8% ERNTRA CZ 207,3 13, ,0 0,00% 0,5% 16,0 9,2 0,9 4,8-1,7 10,2% 35,2% 9,0% CICG SV 149,5 19,3 183,5 0,55% 13,3% 7,8 3,0 0,6 1,0-0,9 20,7% 13,1% 4,9% DDJHRA CZ 35,9-0,9 35,5-6,58% -21,4% -41,1 22,3 1,1 3,4 11,9 4,9% - - ADPLRA CZ 97,5 8,1 174,5 2,04% 25,9% 12,1 6,9 1,0 1,0 2,5 15,6% 8,5% 4,9% 5MB BU 216,4 14,9 10,9 0,00% 12,3% 14,5 11,2 1,8 2,1 2,1 16% 15,0% 2,6% KODTRA CZ 53,7 5,3 1.0,0 0,00% 4,6% 10,2 4,6 0,3 1,1-0,7 6,2% 14,4% 3,5% 5MH BU 1,6 6,3 8,0 1,13% 21,0% 25,6 14,5 3,1 5,0-0,9 21,3% 19,7% 3,2% KOEIRA CZ 239,6 16,8 700,0 0,72% 1,4% 14,3 11,4 0,7 0,8-3,7 6,0% 5,8% 1,7% INFRASTRUCTURE LKPG SV 431,2 48,0 30,8 0,00% 23,2% 9,0 6,7 2,6 1,3 1,3 39,6% 14,3% 4,5% LKPCRA CZ 28,1-2,8 0,0 0,00% -12,4% -10,0-13,5 1,0 0,5 1,2-7,4% -5,0% - LKRIRA CZ 87,9 2,6 49,0 0,00% 2,3% 33,4 67,3 4,2 0,9 5,9 6,2% 2,8% - MARINE ATPLRA CZ 99,7-4,2 537,0 1,32% 90,1% -23,5 17,9 4,4 1,3 6,9 24,7% -5,4% - TPNGRA CZ 70,9 4,0 61,0 0,00% -18,7% 17,8 10,8 4,3 0,9 6,4 40,6% 5,3% 2,6% LPLHRA CZ 14,5-0,3 164,0 0,00% -18,0% -56,1 11,4 1,3 0,7-1,8 11,6% -1,2% - JDPLRA CZ 7,5-8,4 34,5 2,04% -15,3% -0,9,1 4,9 0,2 78,5 6,1% -19,1% - 5BR BU 12,8-0,6 0,7 0,00% 5,6% -22,5 8,6 1,3 0,3-0,2 14,6% -1,4% - PHARMA KRKG SV 13,6 130,1 55,0-1,57% 4,0% 13,9 6,7 1,4 1,2-0,1 21,1% 8,6% 5,0% 3JR BU 279,1 23,8 4,0 2,02% 35,9% 11,7 10,1 0,9 1,2 2,1 9,1% 10,4% 2,5% ATB RO 79,7-0,5 0,37% 5,0% , ,0% BIO RO 65,1-0,3 0,33% 12,6% , ,6% SCD RO 206,7-2,3 0,00% 16,9% ,8% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 43,1-0,4-0,51% 42,6% , MELR SV 121,8-69,2 20,0 0,00% -70,6% -1,8 10,7 0,5 0,2 6, ,4% - PETG SV 744,7 74,6 357,0-0,01% 9,8% 10,0 6,7 0,3 1,2 2,2 4,0% 12,8% 3,9% TISKRA CZ #N/A N/A -51,3 #N/A N/A - #VALUE! - -4,5 0,2 - -0,6-3,4% - - MDKARA CZ 61,9 6, ,0 0,00% -10,4% 9,5 6,5 0,2 1,0 3,4 3,0% 10,7% - PVCMRA CZ - 3,0 204,5-3,52% 15,2% ,0-3,1% 9,0% - 4

5 Fundamentals - overview of selected companies Name TELECOMS SIZE PRICE Last Price 1D Δ YTD P/E VALUATION & PERFORMANCE INDICATORS EV/ EV/S P/BV ND / Margin HTRA CZ 1881,9 177,9 172,7-0,92% 2,2% 10,6 4,2 1,1 1,2-1,2 39,5% 8,0% 3,5% TLSG SV 542,4 48,4 83,0 1,21% 16,7% 11,2 3,9 1,1 0,8 1,8 28% 6,9% 6,0% OPTERA CZ 26,2 0,3 3,1 6,90% 15,2% 82,7 5,1 1,1 2,3 2,6 22,4% 3,5% - ROE TOURISM BANKS RIVPRA CZ 769,1 40,0 45,9-0,26% 32,6% 19,2 9,3 4,9 2,9 1,7 52,0% 15,8% 1,7% TUHORA CZ 153,7 9,9 3.1,0 0,00% 6,8% 15,5 10,8 4,8 3,6-0,7 45% 24,4% 1,9% HIMRRA CZ 69,0 1,5 815,0 0,00% 0,1% 46,5 11,9 4,6 1,6 2,5 39,0% 3,4% - ARNTRA CZ 313,9-14,2 4,0-1,08% -1,8% -22,1 17,5 4,9 1,6 3,5 28% -10,1% - PLAGRA CZ 9,4 31, ,0 0,21% 23,9% 16,0 9,9 4,0 1,9 1,6 40,7% 13,2% 0,0% LRHRA CZ 1,4 4, ,0 0,00% 8,5% 35,5 8,2 3,9 1,5 0,6 47% 4,2% - HUPZRA CZ 1,2 10, ,0 0,00% 12,0% 17,6-4,2 1, ,0% 0,5% MAISRA CZ 458,5 24,3 314,8 4,58% 24,4% 18,9 10,8 3,8 2,0 2,5 35% 11,1% - 6AB BU 135,5 7,3 62,0 0,71% 0,9% 18,5 15,1 3,2 0,6 2,8 21,1% 3,4% - HMSTRA CZ 19,2 0,5 2,0 0,00% 0,1% 36,2 6,3 2,7 1,0 0,3 42% 2,9% - ACIRA CZ 81,3 0,8 5.0,0 0,00% -14,0% 95,9 8,4 3,1 1,4-0,8 37% 1,4% - SLRSRA CZ 83,0-1, ,0 0,00% 12,3% -74,5 8,3-0,8 3, ILRARA CZ 58,2 4,5 1.4,0-1,02% 11,4% 13,0-3,9 1, ,1% 1,4% TLV RO 2086,3 283,4 2,2-0,23% 10,3% 7,5 1,6 11,6% 11,7% 0,7 20,6% 2,6% 2,3% BRD RO 18,9 249,1 12,3-0,16% 3,4% 7,6 1,2 12,8% 12,6% 0,7 17% 2,2% 5,9% ZABARA CZ 23,4 141,6 55,4 2,29% 2,6% 16,8 1,0-14,4% 1,0 5,8% 0,8% 9,6% BCC RO #N/A N/A -9,4 0,2 56,19% #VALUE! - eld Not Ap - 3,4% 0,4-45% -2,4% - PBZRA CZ 1903,7 181,9 7,0 0,00% -2,5% 10,5 1,0-17,6% 0,9 9,6% 1,7% 3,4% 5F4 BU 300,4 23,4 5,3-0,13% 59,4% 12,7 0,7-9,3% 0,7 5% 0,5% - INSURANCES FUNDS Mkcap () ZVTG SV 648,6 81,9 28,5-1,62% 23,0% 7,9 0,9 0,7 0,2 0,9 11,5% 2,3% 8,8% POSR SV 278,1 32,8 16,2-1,22% 22,2% 7,8 0,8 0,6 0,2 0,7 11% 2,0% 5,0% CROSRA ZA 744,7 74,6 357,0-0,01% 2,7% 10,0 6,7 0,3 1,2 2,2 4,0% 12,8% 0,0% Mkcap () mn Last Price 1D Δ YTD P/E mn Price 1D YTD P/E NAV Discount to NAV Avg. 1Y Dsc. to NAV FP RO 1855, ,3 0,8 0,24% 19,1% 6,0 1,2 0,3 0,3 136,4% 5,9% P/Bv mn Price 1D YTD P/E P/Bv P/GPW TE/TA NPL ratio TE/TA L/D ROE ROA Com. ratio ROE ROA Sortino 5

6 CROATIA SLOVENIA ROMANIA BULGARIA INSTITUTIONAL SALES AND TRADING DESK CONTACTS: VLATKO KESEGIĆ DARKO HORVAT TRADING DEPARTMENT: DISCLAIMER is a publication issued by FIMA Securities Ltd. It discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions. It is provided for general informational purposes only and should not be relied on for any other purpose. It is not, and it is not intended to be, research, a recommendation or investment advice, as it does not constitute substantive research or analysis, not an offer to sell or the solicitation of offers to buy any FIMA Securities product or service. It does not take into account the particular investment objectives, restrictions, tax and financial situation or other needs of any specific client or potential client. In addition, the information is not intended to provide sufficient basis on which to make an investment decision. This publication uses publicly available records published by the selected relevant sources and public information services (Zagreb Stock Exchange, Bloomberg, Reuters, publicly available financial reports of the Issuer, publicly available opinions of representatives of the Issuers etc.). Although we believe that the stated information and other records are reliable, we do not guarantee for their accuracy, completeness or timeliness. The opinions and information herein are current only as of the date appearing on the cover. FIMA Securities has no obligation to provide any updates or changes to such opinions and information. By publishing this FIMA Securities Ltd. does not bear any responsibility for the consequences, or for the possible damages resulted from usage of the information and records published in this publication. Single opinions stated in this publication may change without prior notice. The opinions expressed in this publication are those of various authors, and do not necessarily represent the opinions of FIMA Securities or its affiliates. Past performance is not indicative of future results, which may vary significantly. The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur. The information and statements provided herein do not provide any assurance or guarantee as to returns that may be realised from investments in any security or other assets. This material does not purport to contain all of the information that an interested party may desire and, in fact, provides only a limited view of a particular market. Should you need more information about risks connected to investing in securities please see General Operating Conditions at This publication has not been prepared in compliance with the provisions of the Capital Market Act, and the Regulations of the Croatian Agency for Supervision of Financial Services (HANFA) ensuring independence of investment research, as also the issuance of the publication has not been subject to trading ban prior to distribution, as it has usually been foreseen for investment researches. According to the previously stated regulations this publication is considered to be promotional communication. All significant sources of information used in preparing of this publication were stated in its text. The seat of the Company FIMA Securities Ltd. is in Varaždin, Vrazova 25, whereas the operating of the Company has been supervised by the Croatian Agency for Supervision of Financial Services. The company was entered into the Court Register of the Commercial Court in Varaždin under the number: Protection of copyright and database records exist in this Document, and the same must not be reproduced, distributed or published by anyone regardless the intention, without previous express consent of the Company FIMA Securities Ltd. Please state the source in case of citing. All rights reserved. is prepared by the employees of FIMA Securities Ltd. The first issue of was published on 16TH January Additional information is available upon request. 6