FIMA Daily Insight CROATIA SLOVENIA ROMANIA BULGARIA. Vlatko Kesegić. Darko Horvat. February 2, ,0% 31,9% 19,4% 9,3% CROBEX SBI BET SOFIX

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1 CROATIA SLOVENIA ROMANIA BULGARIA FIMA Daily Insight February 2, 2017 CROATIA BENCHMARKS DAILY CHANGES % 0,42% 0,40% 0,13% Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.42% to 2, pts and blue chip CROBEX 10 increased 0.41% to 1.239,22 pts. Regular stock turnover amounted to HRK million. (Positive) Tourism Company Valamar Riviera (RIVPRA CZ) topped the liquidity board collecting HRK 2.39 million in turnover with a price increase of 1.32% to HRK Four Valamar s (RIVPRA CZ) hotel, Hotel Valamar Dubrovnik President 5* and hotels in Porec, Valamar Isabella 4*, Valamar Riviera 4* and Valamar Club Tamaris 4* was elected among top 25 Croatian hotels according to the TripAdvisor customers reviews. (Positive) -1,41% CROBEX SBI BET SOFIX BENCHMARKS 3Y CHARTS Hrvatski telekom (HTRA CZ) plans to dismiss full-time employees from different sectors due to continuous processes of business optimization and transformation to maintain operational efficiency. In 2017, the company will reduce the number of employees to about 3,0. (Neutral) In January 2017, Croatia reached 492 k overnight stays which was an increase of 18% compared with same month in In January was 17% yoy more tourist arrival amounting to 178 k. The growth was mainly driven by increase of foreign tourists overnights by 26% yoy to 291 k while arrivals grew by 20% to 291 k. (Positive) A protocol to the Stabilisation and Association Agreement (SAA) between the European Union and Bosnia and Herzegovina (BiH) enabling the duty-free export of Croatian food and agricultural products to BiH is applied as of February 1, and the Croatian Chamber of Commerce (HGK) expects this to increase trade between the two countries. (Positive) SLOVENIA Feb-14 Feb-15 Feb-16 Feb-17 CROBEX SBI BET SOFIX 34,0% BENCHMARKS 1Y % RETURNS 9,3% Vlatko Kesegić Phone: vkesegic@fima.com Darko Horvat Phone: dhorvat@fima.com trading@fima.com 19,4% 31,9% CROBEX SBI BET SOFIX SALES AND TRADING DESK CONTACTS A new mobile operator has entered the Slovenian market, operating from the Telekom Slovenije (TLSG SV) network. Softnet is Slovenia's seventh mobile operator and third mobile virtual network operator. After Slovenia, it plans to expand to Croatia, Bosnia-Herzegovina and Serbia. According to CEO Andrej Boštjančič, Softnet is aware of the tough competition on the Slovenian mobile operators market and is counting on a 2-3% market share. (Neutral) Please note that Ljubljana Stock Exchange will be closed on Thursday, February 2 and Friday, February 3 ROMANIA The non-performing loans (NPL) ratio dropped to 9.9% in Romania at the end of November last year, according to data published by Romania s National Bank (BNR). The NPL rate decreased by 3.6% from the beginning of 2016 until end-november, reports local Ziarul Financiar. (Positive) Romania s labor market saw accelerated increases last year, according to a report published yesterday by ejobs Group, the company that owns the online recruitment platform ejobs. The number of open positions advertised on the online recruitment platforms increased by 70% last year compared to The economy added over 170,000 employees in Romania thus managed to exceed the number of employees recorded at the end of 2008, according to the ejobs Review & Trends report. (Positive) Romanians poured into the streets of major cities to protest the government s surprise decision to quash investigations into officials being probed for corruption and seek the annulment of convictions for other convicted offenders. Demonstrations in Bucharest drew about 12,000 people demanding the government s resignation, while at least 8,000 gathered elsewhere in the eastern European nation. The cabinet late Tuesday backed proposals that had earlier sparked the biggest protests since the fall of communism. Parliament must approve the bill on pardons, while changes to the criminal code took effect after they were published in the official journal early on Wednesday. (Negative) BULGARIA Leading generic pharma producer Sopharma (3JR BU) booked best FY2016 net profit. The bottom line increased by 47% yoy on profitable divestments of its Serbian investment Ivancic and Sons. Sales revenues declined by 6% yoy to BGN mln on 2.6% yoy decline in domestic sales and 11.6% yoy drop in Russian sales. Cost optimization in all segments materials, external services and labor expenses, helped sustain operating profits. is flat at to BGN 39.6 mln, while EBIT added 2.2% yoy to BGN 25.7 mln. (Neutral) Chimimport (6C4 BU) booked 17.4% yoy decline in individual net income. Net income slipped to BGN 33.2 mln on lower profit from transactions with financial instruments. The latter is down 78% to BGN 7.6 mln. Net interest income is up 53% yoy to BGN 12.8 mln while dividend income from subsidiaries surged 14x to BGN 16.5 mln. In 2016, Chimimport initiated first dividend on ordinary shares after preferred stock convergence. The Company distributed 27% of individual profits or BGN 10.7 mln to ordinary stock holders. This translated to a BGN DPS yielding 3% on current market quotes. (Neutral) 1

2 Trading day recap CROATIA Market Trunover ( EUR mn): 2,89 1 Adris 0,68 Puljanka 10,06% Tankerkomerc -93,71% 2 Ledo 0,56 Termes 9,44% Imunoloski zavod -24,37% 3 Valamar 0,32 DDJH 9,30% Hidroelektra -10,75% 4 HT 0,18 Finvest 7,% Dalekovod -8,58% 5 AD Plastik 0,14 Chromos Agro 6,06% Tehnika -8,14% 6 DDJH 0,13 Dukat 6,06% Ingra -7,07% 7 Dalekovod 0,09 HTTP Korcula 5,37% IGH -5,14% 8 Koncar EI 0,08 Magma 5,13% Viadukt -4,49% 9 Viadukt 0,07 Excelsa 4,55% Jadroplov -4,14% Feb-14 Feb-15 Feb-16 Feb Tankerska NG 0,06 Kutjevo 4,47% Jadran TC -2,64% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 0,87 1 Triglav 0,40 Kompas 3,45% Terme Catez -2,65% 2 Luka Koper 0,12 Hram Hldg. 1,85% Datalab -1,40% 3 Krka 0,11 KD Group 1,67% Cinkarna Celje -0,97% 4 Unior 0,05 Luka Koper 1,41% Salus -0,19% 5 Telekom Slo. 0,04 Intereuropa 1,40% Krka 0,00% 6 Sava Re 0,04 Sava Re 1,28% Mercator 0,00% 7 Mercator 0,03 Triglav 0,61% Gorenje 0,00% 70 8 Intereuropa 0,02 Petrol 0,57% Unior 0,00% 9 Petrol 0,02 Telekom Slo. 0,25% Hotel Union 0,00% Feb-14 Feb-15 Feb-16 Feb Gorenje 0,02 Kmecka Druzba 0,18% Melamin 0,00% SBI ROMANIA Market Trunover ( EUR mn): 6,55 Volume () Leaders Laggers Volume () Leaders Laggers Volume () Leaders Laggers 1 Romgaz 2,85 Electrecord B 23,2% Urb Rulmenti -10,00% 2 Fondul Prop. 1,33 Prodplast 13,28% Unirea Shoppin -9,34% 3 Banca Trans. 1,06 Calipso Orade 7,88% Mobila Radaut -7,% 4 OMV Petrom 0,27 Life Is Hard 5,54% Upet Targovis -4,83% 5 Transgaz 0,25 Uzinexport-Imp 3,% Iproeb Bistri -4,% 6 Electrica 0,16 Macofil Tg Ji 3,30% Arteca Jilava -4,19% 7 Nuclearelectri 0,14 Ntierul Naval 2,14% Prodvinalco -3,81% 8 Transelectrica 0,06 Carbochim 1,54% Argus Constan -2,84% Feb-14 Feb-15 Feb-16 Feb-17 9 BRD 0,05 Uztel 1,38% Oil Terminal -2,65% 10 Sif 5 Oltenia 0,05 Braiconf 1,33% Romnav Braila -2,45% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,21 Volume () Leaders Laggers Jul-14 Jul-15 Jul-16 SOFIX BGBX40 index 1 Chimimport 0,06 Bulgaria Reg C 6,% Velbazhd -12,% 2 Trace Group 0,03 Alcomet -Shume 5,14% Aktiv Properti -12,41% 3 Sopharma 0,02 Zlaten Lev Hol 4,74% Doverie Holdin -10,26% 4 CCB 0,02 Billboard 2,29% Bulgartabak Ho -6,74% 5 FIB 0,01 Euroholding Bl 0,79% Yuri Gagarin -5,31% 6 Bulgaria Reg C 0,01 Sirma Group Ho 0,% Toplivo -4,44% 7 Aktiv Properti 0,01 Bulgarian Real 0,23% Zarneni Hrani -4,27% 8 Cez Distributi 0,00 Odessos Shipre 0,22% Chimimport -3,78% 9 Zarneni Hrani 0,00 Neochim -Dimit 0,00% Sopharma -3,41% 10 Albena 0,00 Biovet 0,00% FIB -2,69% 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 59,0-2,1 4,8-0,71% -9,4% -27,5 3,6 0,3 1,2-2,1 9,4% -4,1% 3,1% DLKVRA CZ 58,2 2,2 17,6-8,58% 29,5% 26,6 8,5 0,9 1,3 7,1 10,7% 4,7% - VDKTRA CZ 25,0-0,6 408,7-4,49% 33,1% -45,4 4,5 0,4 0,5 1,6 9,3% -1,2% - INGRRA CZ 8,6 1,8 4,7-7,07% 54,6% 4,7-20,0 9,5 0,7-19,6-47,7% 14,7% - THNKRA CZ 18,1-0,5 715,0-8,14% 55,3% -37,4 13,6 0,8 0,4 11,0 5,7% -1,2% - IGHRA CZ 30,5-8,9 371,1-5,14% 105,8% -3,4 239,5 3,2 14,7 214,0 1% -164,9% - DIVERSIFIED ADRSPA CZ 3,7-35,6 481,1 0,47% 5,4% -33,8 3,5 0,5 0,5-8,3 13,7% -2,9% 3,1% 6C4 BU 193,3 26,1 1,6-3,78% -5,5% 7,4 - -0,9 0, ,2% 2,9% 4HS BU 9,1 0,2 3,6-9,1% 58, , ,5% 6,1% - 5V2 BU 88,3 0,4 33,0-0,0% 239,3 28,5 5,5 1,1 16,3 19,2% 0,5% - 4EH BU 41,7-27,6 0,6 0,79% -2,0% -1,5-3,2 0,6 0,8-1,2-18,7% -38,4% 0,4% 5SR BU 68,7 3,7 6,4-1,58% -1,4% 18,6 4,6 0,8 1,5-1,2 16% 8,5% 3,2% ENERGY & UTILITY SNG RO 2329,5 #N/A N/A 27,5 0,18% 10,0% 8,8-1,9 1, ,8% SNP RO 3523,1-177,1 0,3 0,00% 8,4% - 2,4 1,0 0,6 0,2 35,5% -2,9% - TGN RO 822,9-318,0-1,55% 8,2% - 2,9 1,6 1,0-0, ,7% EL RO 1067,5 81,6 14,0-0,57% 6,7% 13,1 2,4 0,4 0,8-2,5 17,8% 6,5% 6,1% TEL RO 522,0-32,4 0,00% 11,0% , ,2% COTE RO 170,9-89,8-1,10% 14,0% - 1,8-1,1-2, ,1% INARA CZ 4286,8-192, ,0 0,00% 10,4% -22,3 79,1 2,3 3,0 6,8 2,9% -12,6% - SNN RO 404,2 33,2 6,1 0,99% 27,0% 12,2 3,0 1,2 0,2 0,2 38% 2,0% 5,4% JNAFRA CZ 879,3 37, ,0 0,00% 22,9% 23,7 7,7 6,2 1,8-1,3,4% 7,9% 2,0% FOOD & BEVERAGE PODRRA CZ 393,3 53,3 412,3 1,14% 8,7% 7,4 8,0 0,9 1,0 1,8 11,6% 15,5% 1,7% ATGRRA CZ 412,9 32,5 924,4 0,35% 4,6% 12,7 14,0 1,4 3,0 3,1 10,3% 12,2% 1,5% LEDORA CZ 422,9 39, ,5-1,28% -5,7% 10,6 9,2 1,6 1,6 1,0 17,8% 15,9% 4,2% JMNCRA CZ 425,3 44, ,0 0,00% 3,1% 9,6 7,4 1,0 1,7-1,8 13,8% 18,4% - KRASRA CZ 102,4 2,4 556,6 0,10% 3,1% 41,9 11,1 0,9 1,3 1,8 8,1% 3,1% - CKMLRA CZ 90,0 6, ,0 0,00% -0,9% 13,6 8,7 0,7 1,2-1,3 8% 9,2% 1,2% BLJERA CZ 25,0-6,0 22,7-1,77% -2,6% -4,2 17,8 1,7 0,5-9,3% -2,3% - ZVZDRA CZ 56,4 3, ,3-0,30% -10,5% 17,1 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 153,9 5,3 6,3 0,00% 5,1% 29,2 6,6 0,5 0,4 3,5 7,1% 1,4% - ERNTRA CZ 228,1 11, ,7 1,33% 9,9% 19,4 9,5 0,9 7,3-9,2% 31,1% 9,0% CICG SV,9 7,0 173,0-0,97% 6,8% 20,0 2,4 0,3 1,0-0,7 12,9% 5,0% 2,4% DDJHRA CZ 49,9-2,6 49,0 9,30% 8,6% -18,9 39,7 1,2 3,9 19,3 3,0% -39,6% - ADPLRA CZ 79,9 6,0 142,1 0,13% 2,5% 13,4 7,7 1,0 0,9 3,2 13,2% 7,0% 5,6% 5MB BU 197,4 12,0 9,9-0,79% 2,5% 16,4 9,7 1,6 2,0 1,2 16% 12,6% 2,8% KODTRA CZ 54,3 4, ,5 0,03% 5,3% 12,7 8,2 0,5 1,6-0,2 6,2% 12,9% - 5MH BU 131,2 5,5 6,6-0,02% -1,1% 23,8 9,8 2,1 4,0-0,8 21,3% 17,0% 3,3% PTKMRA CZ 31,7-9,3 18,4 0,00% 2,6% -3,4-0,5 2, ,4% - INFRASTRUCTURE LKPG SV 373,8 38,7 26,7 1,41% 6,8% 9,7 5,4 2,1 1,2 1,3 39,7% 12,4% 4,2% LKPCRA CZ 32,7-2,6 577,0-2,06% 1,1% -12,4 31,2 1,3 0,6 2,4 4,2% -4,8% - LKRIRA CZ 86,6-0,2 47,9 0,% 0,0% -428,7 577,9 4,7 0,9-136,3 0,8% -0,2% - MARINE ATPLRA CZ 61,5-23,7 328,9-0,56% 16,4% -2,6-45,0 4,1 0,8 6,4-9,2% -26,4% - TPNGRA CZ 92,5 5,8 79,1-1,16% 5,4% 16,0 11,4 5,5 1,1 6,4 48,6% 7,0% 5,0% LPLHRA CZ 19,3-16,2 218,0 1,41% 9,0% -1,2 13,6 1,8 0,9-1,9 13,6% -76,1% - JDPLRA CZ 10,3-21,6 47,2-4,14% 15,9% -0,5-11,5 9,2 0,2-10,2-79,8% -38,5% - 5BR BU 12,8 1,2 0,7-5,7% 10, ,3 0,1 15,1% 2,9% - PHARMA KRKG SV 1705,3 105,2 52,0 0,00% -1,7% 16,2 7,9 1,7 1,2-0,1 21,5% 7,5% 5,1% 3JR BU 224,3 14,9 3,3-3,41% 9,2% 15,1 7,8 0,7 1,0 2,7 9,2% 6,9% 2,1% ATB RO 85,6-0,6 0,00% 11,5% , ,6% BIO RO,6-0,3 0,00% 3,7% , ,7% SCD RO 1,5-2,0 0,00% 1,0% , ,9% 53B BU 46,8 8,3 13,5 0,00% -10,7% 5,6-0,6 0, ,6% - RETAIL & DIST. RPH RO 33,1-0,3 0,34% 8,5% , MELR SV 411,1-2,5 67,5 0,00% -0,7% -162,6 9,9 0,5 0,6 6,4 - -0,4% - PETG SV 682,2 73,9 327,0 0,57% 0,6% 9,2 7,4 0,3 1,2 3,1 3,9% 13,3% 3,9% TISKRA CZ 53,4 1,2 167,0 4,38% 7,7% 44,9 4,9 0,1 1,5-5,2 2,7% 3,5% - MDKARA CZ 72,0 7,9 17.0,0 0,00% 3,6% 9,1 11,2 0,4 1,2 3,6 3,2% 13,5% 9,6% PVCMRA CZ - 3,0 211,5 2,79% 19,1% ,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 1919,8 127,0 175,0 0,78% 3,5% 15,1 3,7 1,5 1,2-1,1 39,8% 8,3% 3,4% TLSG SV 530,7 20,9 81,2 0,25% 14,2% 25,3 4,3 1,2 0,8 1,9 28% 3,0% 6,2% OPTERA CZ 23,8 2,9 2,8 0,72% 3,7% 8,2 4,3 1,0 4,3 2,5 23,1% - - ROE TOURISM BANKS RIVPRA CZ 669,2 34,3 39,6 0,97% 14,6% 19,5 9,7 3,5 2,1 2,2 35,7% 11,7% 1,5% TUHORA CZ 157,2 10, ,0 0,00% 8,5% 15,2 10,3 4,8 3,1 0,1 47% 21,6% 3,6% HIMRRA CZ 69,4 2,8 815,0-1,81% 0,1% 25,1 12,9 5,3 1,4 2,7 41,5% 5,7% 0,4% ARNTRA CZ 153,0 1,1 523,3 0,08% 11,7% 137,8 12,8 3,7 1,5 3,5 29% 1,1% - PLAGRA CZ 486,4 31, ,0 0,00% 9,2% 15,3 8,6 3,6 1,6 2,3 42,1% 12,4% - LRHRA CZ 152,0-2,3 3.7,0-0,24% 2,2% -67,1 18,9 9,4 2,9 0,6 % -1,9% - HUPZRA CZ 167,8 9, ,0 0,00% 3,6% 17,4 10,7 4,5 1,6 2,1 42,3% 9,9% - MAISRA CZ 397,5 18,6 271,1 0,13% 7,1% 21,4 7,8 3,5 1,9 1,9 45% 9,5% - 6AB BU 133,6 3,0 61,2-0,08% -0,5% 44,4 12,2 3,0 0,6 3,7 24,5% 1,4% 0,7% HMSTRA CZ 19,9 0,5 287,5 1,63% 2,8% 36,3-2,9 1, ,1% - ACIRA CZ 96,7 3,3 6.0,0 0,00% 1,6% 29,3-4,1 1, ,2% 2,3% SLRSRA CZ 86,1 #N/A N/A 1.040,6 0,00% 15,8% , ILRARA CZ 52,7 4, ,5 0,00% 0,1% 12,6-3,6 1, ,5% 1,4% TLV RO 1907,2 5,2 2,4 0,85% -0,2% 3,5 1,4 12,1% 13,0% 0,7 48,8% 5,9% 13,8% BRD RO 1746,1 153,4 11,4-0,70% -4,0% 11,6 1,2 17,0% 12,2% 0,7 11% 1,4% 2,8% ZABARA CZ 2641,8 219,0 61,6 2,45% 14,0% 11,9 1,1-13,3% 1,0 9,4% 1,3% - BCC RO,1-17,0 0,1 0,98% 8,5% - 1,1-3,4% 0,4-45% -2,4% - PBZRA CZ 2258,6 #N/A N/A 883,9 1,78% 14,9% - 1,2-16,7% 1,0 ####### #VALUE! 1,1% 5F4 BU 203,6 31,6 3,6-2,69% 8,1% 6,5 0,5-8,3% 0,8 8% 0,7% - 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 566,1 88,8 24,9 0,61% 7,3% 6,4 0,8 0,6 0,2 0,9 12,9% 2,6% 10,0% POSR SV 258,3 33,4 15,0 1,28% 13,5% 7,4 0,9 0,5 0,2 0,9 12% 2,2% 4,3% CROSRA ZA 682,2 73,9 327,0 0,57% 0,0% 9,2 7,4 0,3 1,2 3,1 3,9% 13,3% 0,0% Mkcap () mn Price 1D YTD P/E NAV Discount to NAV FP RO 2121, ,2 0,9 0,90% 12,6% 6,0 1,2 0,3 0,3 236,9% 5,6% 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