Ukraine Strategy Weekly: Presidential Runoff; 1Q19 Agricultural Reports Due
Ukrainian equities had a mixed week, with foreign-listed stocks higher (KP-Dragon +1.1%) and locally traded names weaker (PFTS -5.1% in UAH and -5.3% in USD). Among foreign-listed names, growth was broad-based, with strong grains in Ferrexpo (+6.5% w-o-w), Kernel (+2.5%) and second-tier names (Regal Petroleum +6.1%, Milkiland +5.1%, Ovostar +2.9%). A few names were down, particularly Astarta, on further negative reaction to its weak 2018 results (-7.5%), as well as MHP (-1.9%). Astarta reported 2018 net sales of $440m (-15% y-o-y), EBITDA of $62m (-53%) and net loss of $25m (vs. net income of $66m in 2017).