Aiming at boosting business ties between Iran and Germany, three Iranian banks, namely Khavar Miane (Middle East) Bank, Parsian Bank and Sina Bank, are said to set up branches in Munich, having received the Central Bank of Iran’s (CBI) approval. Referring to their interest in exporting items from automotive, medical technology and aerospace sectors to Iran, German officials also welcome such an event and opportunity due the facilities that will be provided for German small to medium sized firms, which have enormous export prospect to Iran.
Releasing its Q2 statements, Paxan Company (Shepaxa) has managed to recognize a $0.009 EPS in the first half of the FY ending 20 December 2016; this demonstrates a 91% rise compared to the same period last year, irrespective of the drop in production and sales figures in the second quarter in comparison with the first.
Shepaxa predicted a fall in its estimated sales for the current year relying on its Q1 performance while estimated a rise in other operating income and a decrease in interest expenses which altogether resulted in the 14% positive adjustment.
The reason for the drop in sales in the first quarter of the current year has been the 6% fall in product sales despite the 2% rise in average sales price due to the growth in domestic washing powder prices since 21 June 2016; this itself dragged down the CoGS by $4.45 mn.
The company enjoys a $0.28 mn rise in its other operating income due to a hike in its proceeds from offering services to the companies in the sector. In addition, the $0.56 mn plunge in interest expenses has been due to the optimal use of funds and settlement of a part of its received facilities with higher rates. Furthermore, a $1.18 mn growth in revenue (to stand at $1.75 mn) from investments comes from the sales of investment in non-listed companies and return on bank deposits, a great part of which has been materialized in the first semester. All in all, these picture a clear image of the company being able to cover its estimated $0.02EPS at the end of the year.
In the Market
Despite the trend seen in previous sessions, names in the Oil Products group went through positive trades. Tehran Oil Refining (Shetran) was titled as the highest value and volume traded share, ending with a 1 mn share buy queue. Shiraz Oil Refining (Sheraz) and Tabriz Oil Refining (Shabriz) hit their highs. Although entered the red area at first, Lavan Oil Refinig (Shavan) eventually closed in the +3% area. Sepahan Oil (Shesepa) was the only ticker facing a sell queue.
Tickers in the Automotive sector started the session strong. Although Automobile companies failed to stay up, Spare Part Mfg. companies went through positive trades. Saipa Group (Khesapa) ended in the -0% zone and after more than 23 mn shares changed hands, it topped the space in terms of the highest volume traded. Iran Khodro Diesel (Khavar) also closed in the same area; 78% of its 21 mn shares traded were purchased by institutional investors. Iran Khodro (Khodro), however, witnessed positive trades. It was so while Iran Tractor Foundry (Khetrak) and Iran Tractor Forging (Khahen) ended in the +4% zone and Iran Foundry Industries (Kherikht) finished in the +3.5% area.
Symbols in the Metals industry mostly ended in the green, mainly due to global price growth. Esfahan’s Mobarake Steel (Foolad) closed in the +0% area and after 24 mn shares traded, was named as the highest volume traded share. National Iranian Lead and Zinc (Fasorb) closed with a slim buy queue and Hormozgan-e Jonoub Steel (Hormoz) ended in the +3% territory. In addition, 215 mn shares of Middle East Mining Industries (Midco) were block traded in the retail market.
Finally, although nearly most tickers in the Sugar, Cement, Banking and Investment spaces ended beneath their flat lines, all names in the Financial Intermediaries sector finished in the green with the Right of Qadir Khodro Leasing Company was crowned as the highest volume and value traded share.
TSE at a Glance
Summary of Trades
Major Sectors’ Daily Performance
Trading Halts and Reopenings
IFB at a Glance
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