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Where there is no law, but every man does what is right in his own eyes, there is the least of real liberty
Henry M. Robert

Stock Market Ratings

3 November, 1998 - 00:00


The DAR (Ukrainian acronym for Research, Analysis, and Ratings) Information
and Analytical Center together with the Ukrainian Investment Business Association
has conducted its routine poll for 62 companies and banks operating in
the Ukrainian stock market (for results of the last tall please see The
Day, July 29). Based on the poll results, quarterly ratings were formed
for securities issuers, as well as stock market operators and companies
engaged in professional registrar activity.

In terms of attractiveness of securities, Ukrnafta retained its leadership
for the third quarter running (despite all organizational and economic
disturbances). Interest in stocks of energy generating companies whose
attractiveness ranks from second through sixth, is quite understandable;
this sector still maintains export potential, although electrical power
export volume decreased from 9.4% in 1990 to 2.5% in 1997 (it should be
mentioned that Unified Energy Systems of Russia export 1.5% of generated
power).

The fall of the Illich Combine (twentieth, down from 10-11th place in
the previous quarter) and Azovstal Metallurgy (27th, down from 14th) out
of the top 15 metallurgical enterprises was caused by a series of anti-dumping
cases and limitations on metal imports imposed in the US, Canada, Latin-America,
and Turkey.

There is stable interest to the Mykolaiv Aluminum Plant (encouraged,
undoubtedly, by the Cabinet's order to the State Property Fund and Ministry
of Industry to accelerate sale of the state's block of its stock), Khartsysk
Rolled Metal and the Nyzhniodniprovsk Pipe Rolling (14th, 15th, and 16th
positions respectively).

The Styrol and Rosava companies remain stable. The return of the Ukrrichflot
Joint-Stock Shipping Company into the top  first ten companies was
obviously assured by the successful opening of its being traded on the
Vienna Stock Exchange. The experts also noticed the return of the Dniproshyna
stock, which had been absent from the stock market for the previous six
months. There is a possibility for Motor-Sich and Turboatom to further
improve their ratings: in the last quarter they were rated in the top thirty,
and are now following hard the heels of the leaders, ranking 18th and 19th
respectively. Recently, the Motor-Sich and the Sumy's Frunze Plant won
tenders for supplying engines to Iran, and negotiations are currently underway
with Turkish partners.

The problems associated with Ukrtelekom and the terms of its expected
privatization have reduced its rating. AvtoZAZ has come to a dead stop
in the middle of tile rating list, although at the time of the poll production
of Tavrias had not yet stopped.

The SINCOM, INECO, and Prospekt Investments have improved their positions
in both ratings. Due to the efforts of the Lviv experts, the Rosan-Capital,
Karpaty-Invest, and Rubin Co. have strengthened their positions.

For over a year, the rank of the registrars' leader, Energy-Register,
has never dropped lower than second. Those trailing it (occupying from
2nd to 5th positions) is led by Privatbank.

 

 

 

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