Saipa to be on Track
Market News
– The CEO of Saipa announced the 57% production growth in the FY ended 20 March 2017 and promised the introduction of 2 new products before the current year ends. Praising the role of JCPOA in paving the way for the cooperation with foreign companies, like the agreement inked between Saipa and Citroen, he also added that Saipa Automobile Mfg. Company in Algeria, with its capital mostly coming from foreign investors, will inaugurate during the next month. Referring to the second phase of financial restructuring of this company, he announced the 157% profitability of this company as well. Such news seems to positively affect the whole Automotive industry.
– Stressing that production is being done in line with plans and as expected, the CEO of Jam Petrochemical stated that in case they manage to sustainably supply feedstock in this year according to those schemes, they will be able to export 2.5 tons of products. He also said that Persian Gulf Holding is working on offering Jam Petrochemical Company’s share in foreign exchanges, including Istanbul’s.
In the Market
Most companies in the Construction space started the session with positive trades, although in low volumes; the same trend was seen in the previous session; they eventually ended the session in a balanced trend. Sakht Ajand (+2.66%) and Iran Construction Investment (2.22%) were the top gainers in this group.
Among symbols in the Transportation group, Petrochemical Transportation ended a buy queue, although the whole space ended beneath their flat lines with Middle East Tidewater, Tuka Transportation and Persian Gulf International Transportation shedding 4%.
Despite the low value and volume trades, many halted tickers were reopened.
Saipa Diesel in the Automotive sector was reopened 12% lower at IRR 919, although Electric Khodro Sharq was reopened at IRR 2,543, 8% higher.
Iran Pipe & Machinery Mfg. in the Metals group was reopened at IRR 7,143 going up 3.5%. The company’s board member has suggested a capital raise plan by 140%, based on investors’ paid-in capital and claims from IRR 500 bn to IRR 1,200 bn.
Having held its annual general meeting with no dividend distribution, Iran Carton in Paper Products Industry returned to the market at IRR 5,291 registering a 4% growth and Kave Paper Company was also reopened at IRR 3,724 in the -0% zone, after holding its annual general meeting with no dividend payout.
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