Research reports
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Phoenix Capital endeavors to constantly improve the company’s research methodology while maintaining a profound understanding of the processes that shape the key industries of the Ukrainian economy – and how they correlate with global tendencies. This allows the company to develop successful strategies for each and every one of its clients. Every analyst in the Phoenix Capital Research Team is driven by long-term goals and takes pride in his or her professional reputation in order to provide investment recommendations that are objective and the result of only the most rigorous analysis possible. The opinions of Phoenix Capital research analysts and experts have gained them the trust of private and institutional investors in addition to national and international media. |
| February 05, 2009 | Forum Bank: another call for parent support |  | Sector: Fixed Income Forum Bank, ranked #14 by assets in Ukraine as of Oct. 1, 2008, was acquired by German giant Commerzbank (A/Aa3/A) in late 2007. Forum posted losses in 4Q2008 and suffered from a run on deposits during this period, but its funding base was supported by injections from its parent. The Forum 09 Eurobond has a very short term to maturity and Commerzbank actively participates in trading this security. Thus Forum 09 price is higher than other Ukrainian banks. |
| February 04, 2009 | Ukrainian Hryvnia: Culmination |  | Sector: Macro The period of relative hryvnia stability is nearly over. |
| February 04, 2009 | Ukrainian steel industry: Still waters |  | Sector: Metallurgy In January, the Ukrainian steel industry continued on its upward trend, increasing crude steel production by 4.5% m-o-m, to 2.12 mln tonnes, or 68,000 tonnes in terms of daily output. Though the industry’s overall pace is slowing at the moment, it is difficult to anticipate both production and price increases for February as demand remains volatile. We expect the continuing hryvnia depreciation will serve as the main industry driver in the mid-term, helping Ukrainian steel mills to compete successfully abroad. However, the impact of the currency depreciation will likely take effect no earlier than late February. |