Financing Projects to Be on Track
* On the sidelines of the inauguration ceremony of President Rouhani and in a meeting between the Minister of Economy and Financial Affairs of Iran and Chinese officials, different issues, including removing hurdles ahead establishing correspondent relations were discussed. In this regard, Mr. Tayyebnia also discussed another finance project with China, i.e. to develop and sustain a refinery in Abadan, in addition to the previous one to electrify Tehran-Mashhad Railroad.
* According to Bank Middle East board member, the bank will open its branch in Munich until the end of September. As German officials have announced, among the Iranian banks applying for launching a branch in Germany, the Middle East Bank and Bank Sina’s application have been approved.
- Holding IRR 3,884,211 mn in capital, Tabriz Oil Refining has estimated to make IRR 688 EPS (169% growth) for the FY ending 20 March 2017; it is so while it had predicted to make IRR 256 EPS in its previous projections.
- Shiraz Oil Refining released its estimates for the FY ending 20 March 2018, with IRR 1,027,549 mn in capital, to realize IRR 1,211 EPS; growing by 75%, it had announced to materialize IEE 693 EPS in its previous report.
In the Market
With the rise in the zinc price, Bafq Mines and Bama in the Iron Ore industry faced buy queues nearly right from the start. Damavand Mineral and Iran Zinc Mines Development were other gainers going up more than 3%. Iran Manganese Mines, on the other hand, was the only ticker closing with a sell queue.
Despite their early growth and the rise in global metal prices, the majority of names in the Metals space went under sales pressure to some extent; after a considerable amount of growth, they seemed to start a correction phase. Fortunately, symbols got back on track the more we approached the end of the session. Among those ending in the green, Esfahan Steel, Kimia-ye Zanjan Gostaran and Iran Mineral Processing can be named which grew more than 4%. With the increase in zinc prices, producers usually resort to aluminum as its substitute; however, this failed to push symbols like Navard Aluminum and Iran Alloy Steel in the green zone. The CEO of National Iranian Copper Industries also announced that its products cost has declined by $1,000 and the company is now debt free.
Nearly the whole Sugar space went through positive trades led by Chaharmahal Sugar and Food and Hegmatan Sugar closing with buy queues. Shirvan, Qouchan and Bojnourd Sugar, Sabet Khorasan Sugar and Marvdasht Sugar were among the other gainers closing above 4% and 3%.
On the contrary and despite the positive news on the signature of the contract between IDRO and Renault Company, the whole Automotive industry nearly finished in the red led by Iran Tractor Forging, which finished with a sell queue, after 30% return within the past 7 sessions. Announcing plans like the upcoming pre-sales of Quick and stopping producing Pride, the CEO of Saipa said that the company’s AGM has went well and the ticker is now ready to be reopened.
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