FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. February 20, ,3% 34,6% 23,7% 13,1% CROBEX SBI BET SOFIX

Transcription

1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight February 20, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,56% 0,44% 0,48% -0,03% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Croatian equities closed higher on Friday with both indices increasing; CROBEX increased 0.56% to 2, pts and blue chip CROBEX 10 increased 0.82% to 1.264,93 pts. Regular stock turnover amounted to HRK million. (Positive) Adris Group (ADRSPA CZ) topped the liquidity board collecting HRK 2.01 million in turnover with a price increase of 0.43% to HRK 0.00 In FY 2016, AD Plastik (ADPLRA CZ) improved by 15.7% yoy to HRK 133 mln while margin went up from 11.2% in 2015 to 14.1%. Quarterly, surged by 23.6% to HRK 34 mln. Sales revenues declined by 8% yoy to HRK mln, which is mainly caused by deterioration in number of orders placed by Hella and negative impact of foreign exchange movements. Net income after minority interests increased by 4.1% na HRK 48 mln mainly driven by realization of foreign exchange differences from comprehensive income. (Neutral) Russia returned export licenses to Croatian food companies, after confiscating them on February 8. Croatian companies that export meat, milk and fish products have been again returned to the Russian register, reported the (MFA). Companies that have received back their licences are Belje (BLJERA CZ) and Cromaris (ADRSRA CZ). (Positive) In 2016, total retail loans amounted to HRK bln which is a decrease of 5.5% yoy. Retail loans have been in decline since July 2015, according to the latest data from the Croatian National Bank (HNB). (Neutral) Feb-14 Feb-15 Feb-16 Feb-17 CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS SLOVENIA In 2016, Petrol Group (PETG SV) generated EUR 3.9 bln sales revenue which was an icrease of 1% compared with Operating profit amounted to EUR 99.6 mln and was 10% higher than in the previous year. The Group s increased by 6% yoy to EUR mln while net profit grew by 11% to EUR 72.7 mln. The Group sold 3.2 mln tons of petroleum products (+12%). Revenue from merchandise sales totalled EUR 5.2 mln and were 4% higher than in In 2016 the Group also sold mln m3 of natural gas, k tons of liquefied petroleum gas, 17.6 TWh of electricity and k MWh of heat, exceeding the previous year's sales figures in all areas. Petrol Group guides sales revenues of EUR 3.6 bn for 2017 with gross profit planned at EUR 386 mln. is guided at EUR 1.9 mln, net profit EUR 74.7 mln while CAPEX at EUR 63.2 mln. (Positive) Due to the request from the European Commission, state has to sell three-quarters of its ownership in Nova Ljubljanska Banka (NLB). The sale has caused a lot of disagreement in Slovenia, because it will take place during the campaign before the regular parliamentary elections in mid More news on specific activities and terms of sale are expected in May, following the publication of bank s revised financial results for (Neutral) In December, production in Slovenia's construction sector increased by 9.1% compared to December 2015, which makes it one of the fastest growing construction sectors in the EU, according to the EU's statistics office Eurostat. (Positive) 35,3% 34,6% Foreign direct investment (FDI) in Slovenia increased by EUR 2 mln last year, mostly on account of ownership capital and reinvested profit, while Slovenia's external debt decreased significantly, data by the central bank shows. (Neutral) 13,1% Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com 23,7% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS ROMANIA Romania's largest company OMV Petrom (SNP RO), majority owned by Austria's OMV, estimates annual investments of EUR 1 billion and a reserve-replacement ratio of % in the next five years, according to the company s Strategy Update The OMV Petrom CEO said that the company will increase investments to about EUR 0 mln this year, compared to EUR 570 mln in The company returned to a profit of EUR 230 mln last year, after a loss of almost EUR 1 mln. (Positive) Romcab (MCAB RO) has published the preliminary FY 2016 results recording loss at RON mln vs. previous year profit at RON 42.1 mln. Thus, operating revenues at RON 1 bln increased by 21% yoy, while operating expenses increased by 55% yoy, standing at RON 1.2 bln. Net financial results stand at loss RON 21.6 mln, down by 11% yoy. Total assets at RON 938 mln, went up by 1.3% ytd. (Negative) Romania s banking system posted RON 4.3 bln (EUR mln) net profit in 2016 which is the second highest annual profit since the onset of the economic crisis. (Positive) BULGARIA Euroins Insurance Group (4EH BU) posts 46.9% yoy higher premium revenue in January, according to the monthly bulletin by the Company. Insurance premiums surged 51% yoy in Romania due to mandatory car insurance contract. Simultaneously, the Group reports higher car sales as well. The car dealer holding Avto Union sold 446 cars which was an increase of 187% yoy due to higher Renault sales. (Positive) Bulgarian pension funds assets under management surpass BGN 10 bln, according to latest data by the Financial Supervision Commission. AUM increased by 15.2% yoy to BGN 10.8 bln with mandatory pension funds managing the biggest part BGN 8.9 bln. Total annual inflows stood at BGN 1.28 bln, up 3.2% vs a 10.5% rise in the minimum wage in the country for the period. The number of insured people is up 1.96% yoy to 4.47 mln. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 1,83 1 Adris - pfd 0,27 Magma 10,81% Hoteli Podgora -24,57% 2 Jamnica 0,23 Viktor Lenac 10,34% Jadransko Osig. -4,87% 3 Podravka 0,20 Zlatni rat 4,83% RIZO -3,47% 4 HT 0,18 Jamnica 3,77% Viro -3,17% 5 Dalekovod 0,10 Slavonski ZIF 3,67% Puljanka -3,16% 6 Valamar 0,08 Dalekovod 3,37% Badel -2,76% 7 Ledo 0,07 Ledo 2,90% Ina -2,62% 8 AD Plastik 0,07 ULPL 2,49% Solaris -2,61% 9 Pevec 0,06 Vupik 2,21% Arenaturist -2,03% Feb-14 Feb-15 Feb-16 Feb DDJH 0,05 HUP 1,79% SNH Alfa -1,81% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,93 1 Krka 0,24 Intereuropa 7,49% Datalab -2,82% 2 Telekom Slo. 0,16 Melamin 6,89% Krka -0,78% 3 Cinkarna Celje 0,13 Cetis 2,04% Triglav -0,74% 4 Gorenje 0,12 Luka Koper 1,94% Gorenje -0,38% 5 Intereuropa 0,08 Cinkarna Celje 1,% Sava Re -0,37% 6 Triglav 0,06 Kmecka Druzba 1,41% Petrol -0,30% 7 Sava Re 0,05 Telekom Slo. 1,14% Mercator 0,00% 70 8 Petrol 0,04 Hotel Union 0,63% Unior 0,00% 9 Luka Koper 0,03 Mercator 0,00% Salus 0,00% Feb-14 Feb-15 Feb-16 Feb Datalab 0,00 Unior 0,00% Terme Catez 0,00% SBI ROMANIA Market Trunover ( EUR mn): 10,98 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Banca Trans. 5,56 Potis Capital 20,0% Metav Bucures -57,% 2 Transelectrica 1,06 Fam Galati 19,89% Transporturi A -52,31% 3 Fondul Prop. 0,98 Granitul 15,00% Mat Craiova -25,00% 4 Transgaz 0,82 Constructii Fe 13,33% Romcab Tg Mur -14,93% 5 BRD 0,63 Galfinband 12,% Icepalv Bucur -12,00% 6 Electrica 0,58 Iamu Blaj 9,% Carbochim -11,76% 7 OMV Petrom 0,43 Compania Hotel 7,00% Tratament Baln -10,11% 8 Romgaz 0,42 Oil Terminal 6,43% Perla Covasnei -6,14% Feb-14 Feb-15 Feb-16 Feb-17 9 Oil Terminal 0,11 Bucur Obor Bu 5,99% Prefab Bucure -4,58% 10 Sif 2 Moldova 0,07 Prodvinalco 5,43% Turbomecanica -3,19% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 1,75 Volume () Leaders Laggers Aug-14 Aug-15 Aug-16 SOFIX BGBX40 index 1 Vance Terrafun 0,71 Todoroff -Sofi 51,52% Fund Estates R -5,00% 2 Monbat 0,41 Zlatni Pyasatz 25,07% Fairplay Prope -3,57% 3 Rodna Zemya Ho 0,09 Infra Holding 9,30% Yuri Gagarin -2,17% 4 Albena 0,09 Svilosa 9,22% Emka -Sevlievo -2,09% 5 Velgraf Asset 0,09 Favorit Hold 9,10% Bulgaria Compe -1,92% 6 FIB 0,09 Euroholding Bl 8,98% Sopharma Prope -1,32% 7 Sopharma Tring 0,06 Synergon Holdi 6,04% Cez Distributi -1,27% 8 Speedy 0,05 Aroma 5,26% Chimimport -1,07% 9 Delta Kredit S 0,05 CCB 3,82% Sofia Commerce -1,07% 10 Bulgarian Real 0,03 Bulgaria Reg C 3,58% Biovet -0,71% 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 56,9-2,1 4,6-0,04% -12,6% -26,5 3,6 0,3 1,1-2,1 9,4% -4,1% 3,2% DLKVRA CZ 64,2 2,2 19,3 3,37% 42,3% 29,3 8,5 0,9 1,4 7,1 10,7% 4,7% - VDKTRA CZ 23,7-0,6 385,7-0,21% 25,6% -43,0 4,5 0,4 0,5 1,6 9,3% -1,2% - INGRRA CZ 8,7 1,8 4,8 1,06% 55,9% 4,8-20,0 9,5 0,7-19,6-47,7% 14,7% - THNKRA CZ 19,4-0,5 761,0 0,00% 65,3% -39,9 13,6 0,8 0,5 10,8 5,7% -1,2% - IGHRA CZ 30,5-8,9 369,4-0,34% 104,8% -3,4 239,5 3,2 14,7 214,0 1% -164,9% - DIVERSIFIED ADRSPA CZ 1217,0-35,6 497,6 0,49% 9,1% -34,2 3,5 0,5 0,5-8,3 13,7% -2,9% 3,0% 6C4 BU 192,6 26,1 1,6-1,07% -5,9% 7,4 - -0,9 0, ,2% 2,9% 4HS BU 8,2 0,2 3,3 - -1,4% 52, , ,5% 6,1% - 5V2 BU 81,0 0,4 30,3-0,34% -8,3% 219,4 28,5 5,5 1,0 16,3 19,2% 0,5% - 4EH BU 45,1-27,6 0,7 8,98% 6,0% -1,6-3,2 0,6 0,9-1,2-18,7% -38,4% 0,4% 5SR BU 71,1 3,7 6,6 1,85% 2,0% 19,3 4,6 0,8 1,6-1,2 16% 8,5% 3,1% ENERGY & UTILITY SNG RO 23,7 #N/A N/A 28,0 0,54% 11,8% 8,8-1,9 1, ,7% SNP RO 3592,8-177,1 0,3-0,70% 10,0% - 2,4 1,0 0,6 0,2 35,5% -2,9% 5,2% TGN RO 947,1 132,7 364,0 4,03% 23,8% 7,1 2,7 1,4 1,1-1,0 52,0% - 7,6% EL RO 1055,1 81,6 13,8-0,29% 4,9% 12,9 2,4 0,4 0,8-2,5 17,8% 6,5% 6,2% TEL RO 525,7-32,5 0,00% 11,1% , ,2% COTE RO 188,7-98,6 0,00% 25,1% - 1,8-1,2-2, ,4% INARA CZ 4156,4-192, ,8-2,62% 6,7% -21,6 79,1 2,3 2,9 6,8 2,9% -12,6% - SNN RO 399,1 33,2 6,0 0,84% 24,7% 12,0 3,0 1,2 0,2 0,2 38% 2,0% 5,5% JNAFRA CZ 876,4 38, ,7 0,00% 22,1% 22,7 8,7 6,5 1,7-1,3 75,3% 7,9% 2,0% FOOD & BEVERAGE PODRRA CZ 391,4 53,3 409,1 0,08% 7,9% 7,3 8,0 0,9 1,0 1,8 11,6% 15,5% 1,7% ATGRRA CZ 422,9 32,5 943,8 0,78% 6,8% 13,0 14,0 1,4 3,0 3,1 10,3% 12,2% 1,4% LEDORA CZ 412,0 39, ,9 2,90% -8,4% 10,4 9,2 1,6 1,6 1,0 17,8% 15,9% 4,4% JMNCRA CZ 431,2 44, ,1 3,77% 4,2% 9,7 7,4 1,0 1,7-1,8 13,8% 18,4% - KRASRA CZ 103,2 2,4 559,1-0,16% 3,6% 42,3 11,1 0,9 1,3 1,8 8,1% 3,1% - CKMLRA CZ 90,3 6, ,0 0,00% -0,9% 13,7 8,7 0,7 1,2-1,3 8% 9,2% 1,2% BLJERA CZ 23,7-6,0 21,4-1,11% -8,2% -4,0 17,8 1,7 0,5-9,3% -2,3% - ZVZDRA CZ 55,3 3, ,1 0,86% -12,6% 16,8 15,0 1,2 0,9 2,4 8% 2,7% - 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 159,4 5,3 6,5-0,38% 8,9% 30,3 6,6 0,5 0,4 3,5 7,1% 1,4% - ERNTRA CZ 240,3 11, ,6 1,11% 15,3% 20,5 9,5 0,9 7,6-9,2% 31,1% 9,0% CICG SV 154,3 7,0 189,5 1,% 16,9% 21,9 2,4 0,3 1,1-0,7 12,9% 5,0% 2,2% DDJHRA CZ 47,1-2,6 46,1-1,77% 2,1% -17,8 39,7 1,2 3,7 19,3 3,0% -39,6% - ADPLRA CZ 86,0 6,0 152,5 1,25% 10,0% 14,4 7,7 1,0 1,0 3,2 13,2% 7,0% 5,2% 5MB BU 201,4 12,0 10,1 1,34% 4,6% 16,8 9,7 1,6 2,1 1,2 16% 12,6% 2,8% KODTRA CZ 52,8 4,3 1.5,0 0,00% 1,3% 12,4 8,2 0,5 1,5-0,2 6,2% 12,9% - 5MH BU 138,5 5,5 6,9 0,51% 4,3% 25,1 9,8 2,1 4,2-0,8 21,3% 17,0% 3,2% PTKMRA CZ 31,1-9,3 18,0-0,% 0,6% -3,3-0,5 2, ,4% - INFRASTRUCTURE LKPG SV 389,9 38,7 27,9 1,94% 11,4% 10,1 5,4 2,1 1,2 1,3 39,7% 12,4% 4,1% LKPCRA CZ 31,8-2,6 5,2 0,00% -1,9% -12,1 31,2 1,3 0,6 2,4 4,2% -4,8% - LKRIRA CZ 85,1-0,2 47,0 0,02% -1,9% -421,7 577,9 4,7 0,9-136,3 0,8% -0,2% - MARINE ATPLRA CZ 61,9-23,7 329,9 0,14% 16,8% -2,6-45,0 4,1 0,8 6,4-9,2% -26,4% - TPNGRA CZ 91,5 5,8 78,0 0,00% 4,0% 15,8 11,4 5,5 1,1 6,4 48,6% 7,0% 5,1% LPLHRA CZ 17,4-16,2 196,0-0,16% -2,1% -1,1 13,6 1,8 0,8-1,9 13,6% -76,1% - JDPLRA CZ 10,0-21,6 45,7 0,29% 12,1% -0,5-11,5 9,2 0,2-10,2-79,8% -38,5% - 5BR BU 12,4 1,2 0,7-2,7% 10, ,3 0,1 15,1% 2,9% - PHARMA KRKG SV 1675,7 105,2 51,1-0,78% -3,4% 15,9 7,9 1,7 1,2-0,1 21,5% 7,5% 5,2% 3JR BU 228,8 14,9 3,3-0,12% 11,4% 15,4 7,8 0,7 1,0 2,7 9,2% 6,9% 2,1% ATB RO 83,4-0,6 0,36% 8,1% , ,7% BIO RO,8-0,3 0,72% 3,3% , ,7% SCD RO 190,7-2,1 0,49% 6,2% , ,6% 53B BU 48,2 8,3 13,9-0,71% -8,0% 5,8-0,6 0, ,6% - RETAIL & DIST. RPH RO 36,4-0,3-0,62% 18,7% , MELR SV 402,0-2,5 66,0 0,00% -2,9% -159,0 9,9 0,5 0,6 6,4 - -0,4% - PETG SV 688,5 73,9 330,0-0,30% 1,5% 9,3 7,4 0,3 1,2 3,1 3,9% 13,3% 3,8% TISKRA CZ 47,1 1,2 147,0 0,00% -5,2% 39,6 4,9 0,1 1,3-5,2 2,7% 3,5% - MDKARA CZ 74,5 7,9 18.3,0 0,00% 6,8% 9,4 11,2 0,4 1,2 3,6 3,2% 13,5% 9,3% PVCMRA CZ - 3,0 248,0-0,85% 39,7% ,2-3,1% 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 1971,1 127,0 179,1 1,28% 6,0% 15,5 3,7 1,5 1,2-1,1 39,8% 8,3% 3,3% TLSG SV 561,7 20,9 86,0 1,14% 20,9% 26,8 4,3 1,2 0,8 1,9 28% 3,0% 5,8% OPTERA CZ 32,7 2,9 3,8-0,52% 42,4% 11,3 4,3 1,0 5,9 2,5 23,1% - - ROE TOURISM BANKS RIVPRA CZ 713,2 34,3 42,1-0,07% 21,7% 20,8 9,7 3,5 2,3 2,2 35,7% 11,7% 1,4% TUHORA CZ 168,8 10, ,0 0,00% 16,1% 16,3 10,3 4,8 3,3 0,1 47% 21,6% 3,4% HIMRRA CZ 69,6 2,8 815,0 0,00% 0,1% 25,2 12,9 5,3 1,4 2,7 41,5% 5,7% 0,4% ARNTRA CZ 163,1 1,1 556,0-2,03% 18,7% 146,9 12,8 3,7 1,5 3,5 29% 1,1% - PLAGRA CZ 511,8 31, ,2 0,00% 14,5% 16,1 8,6 3,6 1,7 2,3 42,1% 12,4% - LRHRA CZ 1,4 1, ,5-1,25% 0,7% 87,9 9,8 4,4 1,5 0,7 45% 1,7% - HUPZRA CZ 165,5 9,7 2.8,0 1,79% 1,9% 17,1 10,7 4,5 1,6 2,1 42,3% 9,9% - MAISRA CZ 426,5 18,6 290,0 1,73% 14,6% 22,9 7,8 3,5 2,0 1,9 45% 9,5% - 6AB BU 133,4 3,0 61,1 0,58% -0,7% 44,3 12,2 3,0 0,6 3,7 24,5% 1,4% 0,7% HMSTRA CZ 19,7 0,5 285,0 0,00% 1,9% 36,1-2,9 1, ,1% - ACIRA CZ 97,0 3,3 6.0,0 0,00% 1,6% 29,4-4,1 1, ,2% 2,3% SLRSRA CZ 93,0 #N/A N/A 1.,0-2,61% 24,6% , ILRARA CZ 54,7 4,2 1.3,0 0,00% 3,7% 13,1-3,6 1, ,5% 1,3% TLV RO 2074,9 285,5 2,6 0,98% 8,0% 7,3 1,5 12,1% 11,7% 0,7 20,7% 2,6% 12,8% BRD RO 1811,2 168,7 11,8 0,34% -1,0% 10,8 1,2 17,0% 12,6% 0,7 12% 1,5% 6,0% ZABARA CZ 2694,1 219,0 62,6 0,05% 15,9% 12,1 1,1-13,3% 1,0 9,4% 1,3% - BCC RO 53,3-17,0 0,1 2,82% 14,8% - 1,2-3,4% 0,4-45% -2,4% - PBZRA CZ 2304,3 #N/A N/A 898,9 0,00% 16,9% - 1,2-16,7% 1,0 ####### #VALUE! 2,8% 5F4 BU 213,7 31,6 3,8 1,04% 13,4% 6,8 0,5-8,3% 0,8 8% 0,7% - INSURANCES FUNDS Mkcap () ZVTG SV 595,7 88,8 26,2-0,74% 12,9% 6,7 0,9 0,6 0,2 0,9 12,9% 2,6% 9,5% POSR SV 278,8 33,4 16,2-0,37% 22,5% 8,0 0,9 0,6 0,2 0,9 12% 2,2% 4,0% CROSRA ZA 688,5 73,9 330,0-0,30% 8,1% 9,3 7,4 0,3 1,2 3,1 3,9% 13,3% 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 1997, ,5 0,9 0,00% 12,8% 6,0 1,2 0,3 0,3 277,1% 5,6% 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 FIMA Daily Insight INSTITUTIONAL SALES AND TRADING DESK CONTACTS: VLATKO KESEGIĆ DARKO HORVAT TRADING DEPARTMENT: DISCLAIMER FIMA Daily Insight 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. FIMA Daily Insight is prepared by the employees of FIMA Securities Ltd. The first issue of FIMA Daily Insight was published on 16TH January Additional information is available upon request. 6