Build the books toward new IPOs on Iran Stock Exchange!
– Today’s Iran Stock Exchange affair was with a new public offering on “Paakdis Co.”. 10% of the beverage company went public with the new book building method, tested for the first time on Iran capital market. The IRR 280 bn juice maker offered 28 mn shares on a range of IRR 2,200 to 2,310 that finally settled at IRR 2,250. SEO vowed before to resolve disputes over IPOs inequalities with the new method.
51% of the company’s share is for “Mostazafan” Foundation while the other 49% belongs to “Sina” food holding. The projected 2016/17 EPS, fully covered in H1, was considered conservative, based on a 5 % sale rate growth and a 2% rise in sale volume.
Iran to attract USD 7.2 bn finance from foreign banks!
– “The final stages of USD 10 bn currency projects shall be taken soon”, the CBI deputy foreign currency, “Gholamali Kamyab” said after the meeting with the vice president “Jahangiri”. He added that a substantial amount of unfinished foreign finance plans is to be vetted early 2017 to reach the final designated goal. In this regard dead serious negotiations are under progress with China’s EXIM, Italy’s Mediobanca and Denmark’s Danske Bank to finance a large part of CBI’s USD 10 bn currency projects.
Fixed incomes to inject at least 5% of AUM to equities!
“The market is dead and there should be measures to be taken by the regulator supporting the trades.” Almost all the market participants are unanimous about that. Now, finally after countless hours sitting with big heads, the supervisory chief announced that the fixed incomes are obliged to allot at least 5% of AUM to equities with a cap of 20% tops and the prospectus of said funds shall be amended soon. This shall pour a minimum of IRR 40,000 bn of fresh liquidity into the market.
Stock Market started the second Week Day Higher!
In the Market
The stock market closed the Sunday’s affair on a slightly higher note, with the TEDPIX finished higher by 0.01% and stood on 78,833.40. The overall Iran Stock Exchange index was only a 167 points shy of the elusive 79K mark. market picked up the pace about an hour into the session, trending upwards to a record intraday high, yet it was not able to maintain until the closing bell.
Auto tickers made the most of today’s positive points on TEDPIX. After the second reopening of the sector giant, “Saipa” was the leader of the group again and stamped 43.86 points on TSE with more than 80 mn shares changed hands that made the closing at IRR 1,145 (+4.28%). IKCO followed the trend as well of course with lower volume and the ticker closed at IRR 2,65 (+2.12%). From the technical point of view, it seems that the time-price correction of the industry is now over and with in-time support of major shareholders, a rally towards new highs would not be far fetched. Almost all the other tickers in the sector start the day in green but through the ends some showed relative weakness.
Big names in Metal sector did worse than their counterparts, with National Copper industries being the leader. the stock lost near 2% on the closing (IRR 1,904) and stamped 38.02 negative points on the index. Khuzestan steel (+0.78%) is to announce an important EPS adjustment, therefore the ticker got halted after the session end. It seems that only time will tell if the global prices are to bring prosperity back to the sector or not.
Finally, on the other side of the board, Iron Ores did better than expected. Most of the blue-chips outperformed today and Chador-Malou mines was there to lead the sector. Near 5.5 mn shares of “CHML1” traded today and the closing was at IRR 1,904 (+2.26%).
DISCLAIMER: This report has been prepared and issued by Agah Brokerage Firm on the basis of publicly available information, internally developed data and other sources believed to be reliable. The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. Agah does not assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Any expressions of opinions are subject to change without notice.
To contact reporters: Inter@agah.com