Iran’s Economic Freedom Improved
*Statistics released by the Heritage Foundation shows the 7 point growth in Iran’s economic freedom index to reach 50.5 compared to the same period last year; this has improved Iran’s place in the world to stand at 155 among 186 countries. As the foundation website shows, to measure this index, 12 factors, quantitative and qualitative, are considered ranging from the government size to regulatory efficiency.
*Being responsible for financing by 90% in the country, Iran’s Banking system is grappling with high rates of non-performing loans up to IRR 1,100 trillion, 60% of which fall within the doubtful debt category. With high exposure to the property market, which started to go down since 2012, the improvement in the country’s economic conditions is hoped to tackle the NPL problem.
- In its un-audited projections with IRR 1,143,422 mn in capital, Lavan Oil Refining has predicted to make IRR 207 EPS based on its 8-month performance for the period ended November 20th; the company has managed to cover 73%, equal to IRR 152 during this period.
- Holding IRR 2,635,713 mn in capital, Saipa Diesel has estimated to realize IRR 52 EPS for the FY ending 19 March 2018.
- Having released its un-audited budget for the FY ending 19 March 2918, Mapna Group has predicted to make IRR 527 EPS; this posts a 1% rise compared to its budget for the previous year, i.e. IRR 523.
In the Market
The speech by the US president resulted in the relative growth among commodity prices such that Brent oil reached above $56 per barrel, copper hovers around $6,020 and zinc is traded at $2,850; all in all can promise an improvement in our market atmosphere. Therefore, a large number of companies in the Metals space ended above their flat lines with Tuka Foolad Investment and Alumrad finishing in the +4% zone. National Iranian Copper Industries ticker was reopened 1% lower at IRR 2,098 and after 14 mn shares traded, it ended in the -3.77% zone. Following its high volume trades in the other session, Arfa’ Metal and Steel also started strong; although it entered the red zone in the mid time, it finally closed in the +1.33% area.
The whole Metal Products group also closed in the green; 69.74 mn shares of Azarab Industries were also block traded in the retail market at IRR 3204.
The whole Sugar space also finished in the green with Chaharmahal Sugar and Food closing with a buy queue.
Half symbols in the Other Financial Intermediaries group finished in the green with Qadir Khodro Leasing and Iran Leasing going up more than 4%. In this group, Mellat Leasing (+2.27%) was also heard to be the only leasing company active in the housing space and beings expected to experience growth based on the Civil budget for 2017/18.
It has been heard that the halted Pasargad Oil in the Oil Products industry is to export 34,000 tons of tar to Malaysia worth IRR 91 mn; most names finished beneath their flat lines.
The majority of tickers in the Automotive industry finished in the red. Trading 47 mn shares, Saipa Group went up 2% in the mid-time, but fell in the red eventually.
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