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 01, 2009 | Four banks posted 4Q08 results |  | Sector: Financial services Four Ukrainian banks have posted mixed 4Q2008 and FY2008 results under UAS. UkrSibbank, Ukrsotsbank and Ukreximbank increased profits during FY2008, while Forum Bank suffered losses in 4Q2008, posting a FY2008 profit of just $2 mln (-80% y-o-y). The loss in value of the hryvnia late last year (from UAH 4.86/$ on Oct. 1, 2008, to UAH 7.70/$ as of Jan. 1, 2009) affected the balance sheet and income statement of each bank. Each bank relies on support from its foreign parent and, we believe, this will be the strongest (and only) positive factor for them in 2009, when asset quality and funding base decreases are likely to put pressure on their operational results. |
| January 26, 2009 | UkrSibbank: under parents support |  | Sector: Fixed Income UkrSibbank is Ukraine’s third-largest bank, 51% owned by France’s BNP Paribas Group (AA+/Aa1/AA). In addition to shareholder support, UkrSibbank can likely count on government support given the bank’s importance to the country’s financial system. The bank has sound market positions in individual, SME and corporate business, and well-developed treasury and investment banking segments. We believe the bank will easily meet its current liabilities with the help of its parent and do not expect any problems with debt servicing in the medium term, though its Eurobonds look attractive. |
| January 22, 2009 | Укрэксимбанк: господдержки достаточно? |  | Sector: Fixed Income Укрэксимбанк – один из двух государственных банков Украины и пятый по величине банк страны по размеру активов. Являясь одним из крупнейших системных банков, Укрэксимбанк активно пользовался государственной поддержкой. Правительство, без сомнения, поддержит банк в меру возможностей и сейчас. |