FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. September 12, ,7% 16,6% 10,5% 1,6% CROBEX SBI BET SOFIX

Transcription

1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight September 12, 2017 CROATIA BENCHMARKS DAILY CHANGES % 2,% Croatian equities closed lower yesterday with both indices decreasing; CROBEX decreased 0.07% to 1, pts and blue chip CROBEX 10 decreased 0.01% to 1, pts. Regular stock turnover amounted to HRK 3.32 million. (Negative) Adris Group (ADRSPA CZ) topped the liquidity board collecting HRK 0.64 million in turnover and its price increased 0.51% to HRK ,07% -0,30% -0,72% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS CROBEX SBI BET SOFIX BENCHMARKS 1Y % RETURNS 48,7% In Jan-July, Ledo (LEDORA CZ) recorded revenues in the amount of HRK 657 mln, of HRK 157 mln and gross margin of 46%. Sales decreased due to reduce quantities of commodities and raw materials, as well as the cessation of cooperation with certain HoReC customers. All of this has Ledo to change its sales assortment and focus on products with higher margins, primarily ice cream, which increased margin to 24%. Jamnica s (JMNCRA CZ) revenues amounted to HRK 844 mln, to HRK 194 mln, while gross margin amounted to 55%. Restructuring process improved profitability and liquidity of the Company in the first seven months. Zvijezda (ZVZDRA CZ) recorded revenues in the amount of HRK 370 mln, of HRK 34 mln, while gross margin amounted 27%. The focus was on the most profitable products which positively impacted on. Konzum had a profit of HRK 5.16 bln in the first seven months, but it operates with loss, according to preliminary unconsolidated figures provided by the emergency administration of Agrokor group. The emergency management in Agrokor said that the continuation of financial and operational restructuring had improved the group's overall situation, notably regarding the stabilisation of operations of retail companies, and that since the previous report, significant progress had been made in the group's sustainability plan. (Neutral) In Jan-Aug 2017, Cromaris (ADRSRA CZ) sold more than 5 k tons of fish, which was an increase of 5% yoy, while export on Italian market grew by 21% yoy. In July-Aug 2017, sales increased by 14%, while export on Italian market grew by 49% yoy. On Italian market, Cromaris was positioned on 25-% above average market price and these high value products reached almost one fourth of total sale. (Positive) Vipnet chose Ericsson Nikola Tesla (ERNTRA CZ) to further develop its radio access network. The long term frame agreement encompasses modernization and expansion of Vipnet radio access network by using state of the art technologies. Based on Ericsson Radio System line of products, intended for radio part of mobile networks, Vipnet will have at their disposal a flexible solution adaptable to future needs on the road towards 5G, enabling cost-effectiveness and energy efficiency. (Positive) In 2Q 2017, Croatian banks decreased NPL s due to sale of receivables and the rise of new loans, but Privredna Banka Zagreb (PBZRA CZ) expects that increase of provisions, due to the restructuring of Agrokor, could increase the share of 'bad' loans in the corporate sector. (Neutral) In 2Q 2017, value of construction work performed by companies with a minimum 20 employees in Croatia grew by 3% yoy, while the value of new orders increased by 12.2%, according to Croatian Bureau of Statistics (DZS). (Positive) SLOVENIA Slovenia's biggest insurer preserved its top credit rating by ratings agency Standard & Poor's (S&P), which once again issued an A rating with a stable outlook for Zavarovalnica Triglav (ZVTG SV). (Neutral) 1,6% 10,5% 16,6% Regulated prices of petrol will increase on Tuesday, as regular petrol will be sold 2.6 cents dearer at EUR per litre, and diesel will be 2.4 cents more expensive at EUR 1.195, according to the fuel retailer OMV Slovenija. (Positive) CROBEX SBI BET SOFIX ROMANIA Romanian state calls shareholders meeting in Conpet (COTE RO) for special dividend. State calls requests the distribution of RON 85 mln as special dividend, DPS would be RON per share, implying dy 9.7%. (Positive) SALES AND TRADING DESK CONTACTS Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com Romania's trade balance posted a deficit of EUR 6.82 bln in the first seven months of 2017, which was EUR 1.7 bln higher than in the same period in 2016, according to the country's statistics board INS. (Negative) BULGARIA Bulgarian drug maker Sopharma (3JR BU) increased its stake in local peer Unipharm (59X BU) by acquiring a further 111,066 shares in the company for BGN 4.35 per share. The drug maker bought the shares on September 8 from minority shareholders who used their right to ask Sopharma to acquire their stakes in Unipharm following Sopharma s buyout bid in June. (Positive) According to the preliminary data the Industrial Production Index, seasonally adjusted, increased by 0.2% yoy in July In July 2017 working day adjusted4 Industrial Production Index rose by 4.2% in comparison with the same month of 2016, according to data of the National Statistical Institute (NSI). (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 0,45 CROBEX CRO Tourism CROPLUS Index Volume () Leaders Laggers 1 Adris - pfd 0,09 Viktor Lenac 8,54% Puljanka -21,68% 2 DDJH 0,07 Jadroplov 6,69% Hrvatski Duhani -17,65% 3 Valamar 0,06 DDJH 3,73% Tehnika -7,00% 4 AD Plastik 0,03 IGH 3,67% Croatia Osig. -5,66% 5 Viktor Lenac 0,03 Optima 3,57% Saponia -1,91% 6 Podravka 0,03 Ingra 3,26% Pik Rijeka -1,% 7 HT 0,02 PBZ 2,13% Dalekovod -1,40% 8 Koncar EI 0,02 Podravka 1,61% AD Plastik -1,20% 9 Kras 0,02 Kras 1,35% Koncar EI -1,16% 10 Maistra 0,01 Viro 0,92% HUP -0,95% SLOVENIA Market Trunover ( EUR mn): 0, SBI ROMANIA Market Trunover ( EUR mn): 15, BET BET-BK Index Volume () Leaders Laggers 1 Sava Re 0,28 KS Nalozbe 66,67% Prva Group - pfd -2,05% 2 Krka 0,13 Cinkarna Celje 1,67% Luka Koper -1,59% 3 Petrol 0,11 Triglav 0,73% Intereuropa -1,09% 4 Triglav 0,10 Telekom Slo. 0,72% Krka -0,86% 5 Luka Koper 0,05 Sava Re 0,30% Petrol -0,49% 6 Cinkarna Celje 0,01 Mercator 0,00% Gorenje -0,19% 7 Telekom Slo. 0,01 Unior 0,00% Mercator 0,00% 8 Gorenje 0,01 Salus 0,00% Unior 0,00% 9 Prva Group - pfd 0,00 Hotel Union 0,00% Salus 0,00% 10 Intereuropa 0,00 Kmecka Druzba 0,00% Hotel Union 0,00% Volume () Leaders Laggers 1 Banca Trans. 6,66 Poiana Brasov 65,0% Foraj Sonde V -51,16% 2 BRD 2,27 Chimcomplex Bo 19,40% Selca Pitesti -29,73% 3 Romgaz 1,81 Perla Covasnei 17,62% Primcom Bucur -28,49% 4 Fondul Prop. 1,51 Conpet Ploies 5,94% Concivia Brai -15,84% 5 Transgaz 1,01 Nuclearelectri 4,62% Comrep Ploies -8,97% 6 Electrica 0,48 Imotrust Arad 4,% Constructii Co -6,75% 7 Sif 5 Oltenia 0,44 BRD 4,37% Ntierul Naval- -6,15% 8 Nuclearelectri 0,29 Transelectrica 4,14% Electrocontact -4,44% 9 Sif 1 Banat-Cr 0,28 Transgaz 3,64% Fondul Oamenil -4,17% 10 OMV Petrom 0,28 Electroarges 3,36% Compania Hotel -2,16% BULGARIA Market Trunover ( EUR mn): 0,43 Volume () Leaders Laggers Mar-15 Mar-16 Mar-17 SOFIX BGBX40 index 1 Sopharma 0,28 Zenit Agrohold 87,% Razvitie Indus -15,00% 2 Euroholding Bl 0,03 Todoroff -Sofi 16,67% Energoremont H -10,53% 3 Chimimport 0,02 Zaharni Zavodi 11,17% Trace Group -9,77% 4 Sirma Group Ho 0,01 Bulgaria Compe 10,24% Industrialen C -3,61% 5 Doverie Holdin 0,01 Slanchev Bryag 10,00% Yuri Gagarin -3,% 6 Alcomet -Shume 0,01 Neochim -Dimit 5,27% Industrial Hol -3,02% 7 Slanchev Bryag 0,01 Elhim Iskra 4,38% Chimimport -2,67% 8 Trace Group 0,01 Koro Bulgaria 2,59% Sunny Day Var -1,79% 9 Vance Terrafun 0,01 Bulgaria Stock 1,98% Sopharma -1,53% 10 Bulgaria Reg C 0,01 Tchaikapharma 0,52% Elana Agrocred -1,40% 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 57,0-5,8 4,6-9,77% -12,4% -9,9 23,5 0,4 1,2-5,4 1,7% -11,3% - DLKVRA CZ 70,1 11,0 21,1-1,40% 55,4% 6,4 6,5 0,5 1,9 2,3 7,5% 27,2% - VDKTRA CZ 1,1-6,0 18,0 0,00% -94,1% -0,2-291,0 0, ,0-0,2% - - INGRRA CZ 8,1 1,1 4,4 3,26% 45,1% 7,7 39,8 8,0 0,6 33,4 20,2% 7,9% - THNKRA CZ 10,2 0,7 400,0-7,00% -13,1% 13,7 20,2 1,0 0,2 11,6 5,0% 1,8% - IGHRA CZ 23,1-4,4 279,9 3,67% 55,2% -5,2 18,6 3,1-13,4 16% - - DIVERSIFIED ADRSPA CZ 3,3 61,9 451,5 0,51% -1,1% 17,8 1,1 0,3 0,5-4,1 26,3% 5,3% 3,8% 6C4 BU 223,0 29,4 1,8-2,67% 9,0% 7,6-1,6 0, ,6% 3,0% 4HS BU 8,5 0,2 3,4-1,5% 54, , ,5% 6,1% - 5V2 BU,6 0,1 30,1 0,00% -8,8% 1212,3 38,6 6,4 1,0 13,0 16,5% 0,1% - 4EH BU 109,7-4,3 1,3 0,00% 103,7% -25,5 19,3 1,5 2,1 8,9 7,6% -8,4% 0,8% 5SR BU 90,7 4,2 8,5-0,59% 30,2% 21,8-1,1 2, ,5% 2,6% ENERGY & UTILITY SNG RO 2665,5 #N/A N/A 31,8 1,76% 27,2% 8, , ,0% SNP RO 3701,8 409,1 0,3 2,91% 15,1% - 2,5 0,8 0,6 0,0 31,7% 6,9% 5,0% TGN RO 1021,6 132,7 399,0 3,64% 35,7% 7,7 2,7 1,4 1,2-1,0 52,0% - 11,6% EL RO 973,5 79,4 12,9 1,09% -1,7% 12,3 3,1 0,5 0,8-2,5 16,9% 6,3% 5,7% TEL RO 4,7-28,9 4,14% -1,0% , ,8% COTE RO 201,5-107,0 5,94% 35,8% - 3,2-1,3-2, ,4% INARA CZ 4389,0 125, ,0 0,00% 12,6% 35,0 10,8 2,0 2,9 0,8 18,2% 8,6% 0,5% SNN RO 490,5 24,7 7,5 4,62% 55,7% 19,9 1,9 0,7 0,3-0,3 40% 1,5% 4,4% JNAFRA CZ 765,3 40,1 5.6,0 0,00% 6,6% 19,1 9,5 7,2 1,5-1,3 75,7% 7,9% 2,9% FOOD & BEVERAGE PODRRA CZ 301,5 15,5 315,0 1,61% -16,9% 19,4 8,8 0,9 0,8 2,6 9,7% 4,1% 2,2% ATGRRA CZ 3,9 24,5 5,3 0,03% -8,9% 14,7 8,3 0,8 1,3 3,1 9,4% 9,1% 1,7% LEDORA CZ #N/A N/A 38,1 #N/A N/A - #VALUE! - 9,4 1,6-1,0 17,1% 15,7% - JMNCRA CZ #N/A N/A 40,8 #N/A N/A - #VALUE! - 8,4 1,2-0,6 13,9% 17,3% - KRASRA CZ 83,1 3,5 4,0 1,35% -16,6% 23,7 10,2 1,0 0,9 3,5 9,3% 4,3% 1,8% CKMLRA CZ 84,7 7, ,0 0,00% -7,1% 10,8 8,2 0,6 1,1 0,9 8% 10,9% 1,1% BLJERA CZ #N/A N/A -4,5 #N/A N/A - #VALUE! - 15,6 1,5-8,2 9,4% -1,7% - ZVZDRA CZ #N/A N/A 3,3 #N/A N/A - #VALUE! - 15,0 1,2-2,4 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 144,1 10,3 5,9-0,19% -1,6% 13,9 6,3 0,4 0,4 3,7 6,8% 2,8% 1,7% ERNTRA CZ 213,1 13, ,5-0,79% 2,3% 16,4 9,2 0,9 4,9-1,7 10,2% 35,2% 9,0% CICG SV 144,1 9,8 176,9 1,67% 9,2% 14,8 4,0 0,6 1,0-1,3 14,8% 6,8% 5,1% DDJHRA CZ 27,0-0,9 26,5 3,73% -41,4% -31,0 22,3 1,1 2,6 11,9 4,9% - - ADPLRA CZ 92,9 8,1 164,6-1,20% 18,7% 11,5 6,9 1,1 0,9 2,5 15,6% 8,5% 5,2% 5MB BU 222,7 14,9 11,2 0,43% 15,6% 15,0 11,2 1,8 2,1 2,1 16% 15,0% 2,5% KODTRA CZ 54,2 5,4 1.0,0 0,00% 4,6% 10,1 5,2 0,3 1,1-0,7 6,3% 15,2% 3,5% 5MH BU 169,7 6,1 8,5-27,8% 28,0 13,8 3,0 4,7-0,9 21,5% 17,3% 3,1% KOEIRA CZ 249,5 16,8 721,5-1,16% 4,6% 14,9 11,4 0,7 0,8-3,7 6,0% 5,8% 1,7% INFRASTRUCTURE LKPG SV 434,0 48,0 31,0-1,59% 24,0% 9,0 6,7 2,6 1,3 1,3 39,6% 14,3% 4,5% LKPCRA CZ 29,6-2,8 520,0 0,00% -8,9% -10,5-13,5 1,0 0,5 1,2-7,4% -5,0% - LKRIRA CZ 90,5 2,6 49,9 0,00% 4,2% 34,4 67,3 4,2 1,0 5,9 6,2% 2,8% - MARINE ATPLRA CZ 82,0-4,2 437,0 0,46% 54,7% -19,3 17,9 4,4 1,1 6,9 24,7% -5,4% - TPNGRA CZ 72,2 4,4 61,5 0,00% -18,0% 16,6 10,8 4,4 0,9 6,4 40,6% 5,3% 2,6% LPLHRA CZ 16,0-0,3 1,0 0,00% -10,0% -62,2 11,4 1,3 0,8-1,8 11,6% -1,2% - JDPLRA CZ 8,5-8,4 38,6 6,69% -5,3% -1,0,1 4,9 0,2 78,5 6,1% -19,1% - 5BR BU 13,2-0,6 0,7-8,7% -23,2 8,6 1,3 0,3-0,2 14,6% -1,4% - PHARMA KRKG SV 1856,4 130,1 56,6-0,86% 7,0% 14,3 6,7 1,4 1,2-0,1 21,1% 8,6% 4,9% 3JR BU 310,8 23,8 4,5-1,53% 51,3% 13,1 10,1 0,9 1,3 2,1 9,1% 10,4% 2,2% ATB RO 78,8-0,5 0,00% 3,8% , ,1% BIO RO 65,1-0,3 1,33% 12,6% , ,6% SCD RO 209,5-2,3 1,32% 18,5% ,7% 53B BU #N/A N/A 8,7 #N/A N/A - #VALUE! - - 0, ,7% - RETAIL & DIST. RPH RO 43,4-0,4 0,00% 43,4% , MELR SV 213,7-69,2 35,1 0,00% -48,4% -3,1 10,7 0,5 0,4 6, ,4% - PETG SV 757,7 74,6 363,2-0,49% 11,8% 10,2 6,7 0,3 1,2 2,2 4,0% 12,8% 3,9% TISKRA CZ #N/A N/A -6,1 #N/A N/A - #VALUE! - 11,8 0,1-4,9 1,1% 3,5% - MDKARA CZ 61,1 12,5 15.0,0 0,00% -12,4% 4,9 6,0 0,2 0,9 3,5 3,0% 20,2% - PVCMRA CZ - 3,0 210,3-0,17% 18,4% ,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 1934,1 124,0 175,7-0,17% 3,9% 15,6 4,2 1,6 1,2-1,2 39,5% 8,0% 3,4% TLSG SV 546,4 48,3 83,6 0,72% 17,6% 11,3 4,4 1,2 0,8 1,9 27% 6,8% 6,0% OPTERA CZ 24,8 1,8 2,9 3,57% 7,8% 14,1 4,3 1,0 4,5 2,5 23,9% 33,1% - ROE TOURISM BANKS RIVPRA CZ 792,2 40,0 46,8-0,26% 35,2% 19,8 9,3 4,9 2,9 1,7 52,0% 15,8% 1,7% TUHORA CZ 155,3 9,9 3.1,0 0,00% 6,8% 15,7 10,8 4,8 3,6-0,7 45% 24,4% 1,9% HIMRRA CZ 70,1 1,5 820,0 0,00% 0,7% 47,2 11,9 4,6 1,6 2,5 39,0% 3,4% 0,4% ARNTRA CZ 334,6-14,2 485,4 0,00% 3,6% -23,6 17,5 4,9 1,7 3,5 28% -10,1% - PLAGRA CZ 530,1 31, ,0-0,48% 27,8% 16,6 9,9 4,0 2,0 1,6 40,7% 13,2% 0,0% LRHRA CZ 154,7 1,5 3.2,0 0,00% 3,6%,8 10,4 4,4 1,6 0,7 43% 1,6% - HUPZRA CZ 188,6 10, ,0-0,95% 16,1% 18,4-4,2 1, ,0% 0,5% MAISRA CZ 491,4 19,5 334,0-0,% 32,0% 25,3 12,8 4,3 2,7 2,8 33% 11,3% - 6AB BU 138,4 7,3 63,3-1,03% 3,1% 18,9 15,1 3,2 0,6 2,8 21,1% 3,4% - HMSTRA CZ 19,5 0,5 281,0 0,00% 0,4% 35,7 7,2 3,1 1,2 0,3 42% 3,4% - ACIRA CZ 85,1 0, ,0 0,00% -10,9%,4 8,4 3,1 1,4-0,8 37% 1,4% - SLRSRA CZ 84,9-0, ,0 0,00% 13,7% -,1 6,6 3,4 0,8 2,9 51,8% - - ILRARA CZ 56,4 4, ,0 0,00% 6,8% 12,6-3,9 1, ,1% 1,4% TLV RO 2152,7 283,4 2,3 2,47% 13,8% 7,8 1,6 11,6% 11,7% 0,7 20,6% 2,6% 2,2% BRD RO 1955,1 249,1 12,9 4,37% 8,6% 8,0 1,3 12,8% 12,6% 0,7 17% 2,2% 5,7% ZABARA CZ 2264,4 149,7 52,6-0,38% -2,6% 15,0 1,0-14,4% 1,0 6,4% 0,9% 10,1% BCC RO #N/A N/A -9,4 0,1-1,58% #VALUE! - eld Not Ap - 3,4% 0,4-45% -2,4% - PBZRA CZ 1966,7 181,9 767,0 2,13% -0,3% 10,7 1,0-16,7% 1,0 9,6% 1,7% 3,3% 5F4 BU 306,5 23,4 5,5-62,7% 13,0 0,7-9,3% 0,7 5% 0,5% - INSURANCES FUNDS Mkcap () mn Last Price 1D Δ YTD P/E mn Price 1D YTD P/E P/Bv P/GPW TE/TA Com. ratio ROE ROA ZVTG SV 625,2 81,9 27,5 0,73% 18,5% 7,6 0,9 0,7 0,2 0,9 11,5% 2,3% 9,1% POSR SV 289,3 32,8 16,8 0,30% 27,1% 8,1 0,9 0,6 0,2 0,7 11% 2,0% 4,8% CROSRA ZA 757,7 74,6 363,2-0,49% 0,3% 10,2 6,7 0,3 1,2 2,2 4,0% 12,8% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 18, ,9 0,8 1,% 19,4% 6,0 1,2 0,3 0,3 155,3% 5,9% P/Bv NPL ratio TE/TA L/D ROE Avg. 1Y Dsc. to NAV 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