Avesta Investment Group - Uzbekistan

2021-05-10 12:04:20 Government announced new round of restructurings to privatize non-efficiently used property, non-core assets and social infrastructure from largest SOEs:
- 650 objects to be transferred to SAMA from companies, including such listed ones as UZTL, AGMK, TNBN, ASBU, QZSM, UZAS, IPTB, ABKZ as well as non listed Uzbekistan Post, Uzbekneftegaz, Uzbekistan Railways, NBU, Shurtan Gas Chemical Complex, Bukhara Oil Refinery and others;
- 50 buildings, companies and infrastructure objects to be transferred to SAMA and regional administrations for operational use without sale from AGMK, QZSM, MCBA, as well as Mubarek Gas Refinery, Fergana and Bukhara Oil Refineries, NBU, Uzbekistan Railways and other;
- 50 share blocks to be transferred to SAMA, Ministry of Finance (for banking and UZAS shares) and JSC UzDonMahsulot (for flour-milling plants), including:
a) QXML (1.1%), UNSU (14.48%), UZAS (0.57%), BGSK (1.77%), QAPI (1.08%), QATT (12.66%), Elsis Savdo (13.38%), Boshtransloyiha (10.47%), Ohangarondon (5.78) and others from TNBN;
b) 100% shares in seven agro, farming, poultry and other companies from UZMK;
c) SQBN (0.54%), KKBN (0.66%), ASBU (0.31%) and IPTB (1.44%) from Uzbekistan Railways;
d) 48.86% stake in JSC Shargunkumir from UZIR;
e) stakes in 7 companies from Uzbekneftegaz;

Unfortunately, all assets will be transferred in account for decrease of state share, but only at the balance value of these assets, which is usually very low.

https://lex.uz/ru/pdfs/5409450 Open / Comment

2021-05-10 11:00:01 EBRD (21.8 million EUR), EIB (43.7 million EUR) and PROPARCO (21.8 million EUR) to finance first 100MW solar-power project of Total Eren (via 100% local subsidiary Tutly Solar LLC) in Samarqand.

https://www.ebrd.com/news/2021/ebrd-eib-and-proparco-provide-874-million-for-construction-of-total-erens-solar-power-plant-in-uzbekistan.html Open / Comment

2021-05-10 10:03:26 Unemployment rate increased in 2020 from 9 to 10.5%. Total number of officially employed peoples reached 13.2 million.

https://www.gazeta.uz/ru/2021/05/07/labor-market/ Open / Comment

2021-05-10 09:04:06 JSC Almaliq Mining (AGMK) exported products for $113.6 million in April.

https://kun.uz/news/2021/05/07/olmaliq-kon-metallurgiya-kombinati-aprel-oyida-113-mln-607-ming-dollarlik-mahsulot-eksport-qildi Open / Comment

2021-05-10 08:03:13 Fitch assigned B+ rating with stable outlook to Agros Hayot Life Insurance Company.

https://www.fitchratings.com/research/insurance/fitch-rates-uzbek-life-insurer-agros-hayot-b-outlook-stable-07-05-2021 Open / Comment

2021-05-10 07:01:27 Foreign reserves increased by $1.5 billion in April due to growth of gold reserves up to 11.7 million ounces (+0.3 million).

https://cbu.uz/ru/statistics/intlreserves/493863/ Open / Comment

2021-05-08 10:03:14 Weekend reading: Uzbekistan cuisine invades Naples.

https://www.naplesillustrated.com/tashkent-mon-amour/ Open / Comment

2021-05-08 08:59:59 Weekend reading: How Uzbekistan is developing gastronomic tourism.

https://kursiv.kz/news/kursiv-guide/2021-05/pochemu-lyudi-iz-raznykh-stran-priezzhayut-v-uzbekistan-otvedat?tg_rhash=0b6367d663b29d Open / Comment

2021-05-07 16:04:13 PJSB "Trastbank" (TRSB) announced the results of 1Q 2021 by NAS:
* Total assets grew by 40.7% y-o-y and reached 4,935 billion UZS;
* Total liabilities increased by 38% and reached 4,020 billion UZS;
* Shareholders equity rose up to 914.5 billion UZS, or by 54.6%;
* Net interest income increased by 23.8% and reached 118.2 billion UZS;
* Net fee and commission income increased by 48% and amounted 65.3 billion UZS;
* Net profit increased 1.6 times up to 93 billion UZS;
* Estimated P/B ratio at the level of 10,000 UZS per share - 3.94;
* Estimated P/E ratio at the level of 10,000 UZS per share - 11.35. Open / Comment

2021-05-07 15:09:07 JSCB "Kapitalbank" (KPBA) announced non-audited results of 1Q2021 by NAS:
* Total assets increased by 44.5% y-o-y and reached 7.7 trillion UZS;
* Total liabilities rose by 44.1% and amounted 6.7 trillion UZS;
* Shareholders equity increased by 47.3% up to 984.6 billion UZS;
* Net interest income increased 1.6 times and amounted 77.98 billion UZS, due to 1.7 times increase in net loans to customers;
* Net fee and commission income increased 2.23 times and equaled to 128.7 billion UZS;
* Net profit 6.5 times higher than in 1Q2020 and reaching 81.6 billion UZS;
* Estimated P/B ratio at the level of 1,030 UZS per share - 0.17;
* Estimated P/E ratio at the level of 1,030 UZS per share - 0.85. Open / Comment